Here’s a list of stocks that are in focus going into trade today

Here’s a list of stocks that are in focus going into trade today

Here’s a list of stocks that are in focus going into trade today

Here’s how the global market cues are placed this morning

• Neutral, TP Rs 175
• An in-line 1Q.
• Gross margins were flat qoq but declined by -90bps yoy, while EBITDA margins declined by -100bps yoy.
• ASOK did not see margin impact this quarter partly because of lower cost inventory being sold this quarter, along with 200-225bps price hike in MHCV and 350bps+ price hike in LCV in FY27 till date, out of which 100bps+ in MHCV and 200bps+ in LCV taken in July are yet to be passed on.
• On gross margins – as higher cost inventory is sold in Q2, and 1Q RM costs higher than 4Q, 2Q GM impact should be higher than 1Q with management expecting some softening and reversal 3QFY27E onwards.
• Demand heading into August remained strong – with full year domestic truck volume growth outlook of HSD.

• O-P, TP Raised to Rs 196
• 1Q Ebitda margin came in at 10.1%, above consensus estimate of 9.6%
• Gross margin remained largely flattish despite increased raw material costs (300bps), supported by
• (1) 1.5% price hike in 1Q
• (2) cost reduction measures other than using low-cost inventory.
• AL said raw material costs remain on an inflationary trajectory in 2Q; to offset this, AL has already implemented c.1-2% price increases in July and expects further mitigation through continued value re-engineering.
• On demand side AL expects volume growth momentum to continue in FY27.

• Neutral, TP Rs 194
• Steady performance to continue
• 1Q results broadly in-line; healthy demand outlook & margins to improve
• Valuation in fair zone at 11.6x FY28F. EV/EBITDA.
• 1QFY27 EBITDA margin at 10.1% vs 9.7% est
• Key downside risks: Weak growth in 2HFY27F, commodity & regulatory cost pressures
• Key upside risks: Stronger upcycle or market share gains

• Upgrade to OW, TP raised to Rs 8350
• Stock is down 19% in last 3M vs. Nifty +1% & has underperformed peers that are up 30-60%
• With overhang of margin concerns behind post strong 1Q & guide upgrade, believe stock should catch up with peers given that it offers the highest earnings CAGR over the next 2Ys helped by PCB and mobile rampup
• See three main takeaways from earnings call:
• 1) Revenue growth guidance for FY27 was upgraded for the Consumer Durables business (13-15% vs. earlier 12-13%) and maintained for the Electronics (40%) and Railways businesses (30-35%);
• 2) FY27 Ebitda margin guide upgraded to closer to 1Q levels (8%) at consol. level from earlier guide of 50-100bps decline;
• 3) Mobile foray remains on track for 1QFY28 commercial production with 8mn units in FY28 and 15-16mn in FY29.

• O-p, TP Rs 8100
• Reported adjusted Ebitda of Rs 3.27bn (+28% YoY/-9% QoQ), in line with estimates, supported by better-than-expected margins.
• Management maintained its growth outlook across segments (electronics growth guidance looks optimistic), but electronics margins are likely to remain under pressure in Q2 due to higher input costs.
• Key expansion projects remain on track
• Trim revenue estimates to reflect slower growth in durables and electronics but leave Ebitda largely unchanged on faster margin recovery.
• PAT cut is sharper as raise minorities in electronics to 40% (from 30%)

• O-P, TP Rs 1160
• Reported network revenue growth of 15% YoY (beating estimates) mainly driven by an increase in operational beds but partly offset by the discontinuation of high-value oncology drugs.
• Its margin miss was due to higher opex from new bed adds and its acquisition
• Max plans to increase bed capacity by 66% over FY27-30, albeit in a phased manner.
• It is making a move into the medical education business targeting ROCE of 25-30%
• Cut estimates due to phased addition & higher costs for new bed additions

• Ow, TP Rs 1300
• 1QFY27 marked a return to mid-teens growth, with revenue/EBITDA up 15% YoY each & 3% ahead of estimates
• Margins were stable YoY, but moderated QoQ, reflecting a near-term drag from new brownfield commissioning and the Kalinga (Bhubaneswar) acquisition.
• Volumes remained healthy (network occupancy at 75% despite a 13% YoY increase in operational beds), and ARPOB grew 5% YoY/QoQ.
• After two quarters of softer growth, expect growth & profitability to improve
• Balance sheet remains comfortable, with net debt/EBITDA below 1x.

• Buy, TP Rs 1300
• Q1 ahead of estimates; will only get better
• Brownfield capacity additions to drive growth ahead
• Management indicated a 150-seat medical college may require Rs3bn investment & est potential returns of 25-30%

• Buy, TP Rs 250
• Q1 EBITDA grew 5% YoY, 4% above JEFe on better-than expected margins.
• PAT rose 9% YoY, but was 6% miss on lower financial income & higher tax rate
• Revenues grew 13% YoY, with 16-22% growth across 2Ws, PVs & CVs.
• EBITDA margin was up slight 20bp QoQ (down 90bp YoY) despite higher commodity prices
• Co secured multiple new orders in 2Ws/4Ws, & is expanding its non-auto footprint with a new order in renewable energy

• Neutral, TP Rs 6100
• Cos India performance remains underwhelming (+10% YoY), with branded business up 12% but trade generics flat, limiting overall growth.
• While expect trade generics to recover over coming quarters, see it as a structural constraint with growth likely capped at high single digits, implying India growth could remain below peers even as execution improves.
• Higher opex also tempered margin delivery despite the sharp improvement in gross margin, with benefit largely reinvested
• See profitability weighed by newer platforms: Occlutech is likely margin-dilutive over the next few years (breakeven in FY27), while Enzene (US CDMO) should take ~4–5 quarters to reach breakeven per mgmt, keeping margin visibility constrained in the near-to-medium term
• See limited earnings momentum and few clear near-term drivers to re-rate the name.

• U-P, TP Rs 4900
• 1Q below expectations, with revenue missing estimate by 3% but EBITDA largely in line
• US revenue rose 7% YoY, driven by growth in base business but declined sequentially
• India business saw 10% YoY growth, underperforming Indian pharma market growth of 13% due to weakness in trade generics business
• RoW business posted strong revenue growth of 35% YoY.
• Management moderated its outlook for Occlutech acquisition, citing delays in acquisition closure and integration.
• For remaining 8.5 months of FY27, company targets Rs4bn revenue from Occlutech at near breakeven levels, while expecting annual margin improvement and a gradual scale-up over the next 3-4 years.

• Neutral, TP Rs 6100
• Cos India performance remains underwhelming (+10% YoY), with branded business up 12% but trade generics flat, limiting overall growth.
• While expect trade generics to recover over coming quarters, see it as a structural constraint with growth likely capped at high single digits, implying India growth could remain below peers even as execution improves.
• Higher opex also tempered margin delivery despite the sharp improvement in gross margin, with benefit largely reinvested
• See profitability weighed by newer platforms: Occlutech is likely margin-dilutive over the next few years (breakeven in FY27), while Enzene (US CDMO) should take ~4–5 quarters to reach breakeven per mgmt, keeping margin visibility constrained in the near-to-medium term
• See limited earnings momentum and few clear near-term drivers to re-rate the name

• U-P, TP Rs 4900
• 1Q below expectations, with revenue missing estimate by 3% but EBITDA largely in line
• US revenue rose 7% YoY, driven by growth in base business but declined sequentially
• India business saw 10% YoY growth, underperforming Indian pharma market growth of 13% due to weakness in trade generics business
• RoW business posted strong revenue growth of 35% YoY.
• Management moderated its outlook for Occlutech acquisition, citing delays in acquisition closure and integration.
• For remaining 8.5 months of FY27, company targets Rs4bn revenue from Occlutech at near breakeven levels, while expecting annual margin improvement and a gradual scale-up over the next 3-4 years.

• Upgrade to Buy, TP Rs 6400
• Upgrade on

1. a) inexpensive valuations @24xFY28E vs India-focused peers at 38x;
2. b) underperformance in last 6M by >20% vs Nifty Pharma primarily led by CEO moving out;
3. c) While new CEO hunt is on, 1QFY27 was robust (11% sales growth, EBITDA @ 20.5%) – FY27 guide intact despite cost pressures;
4. d) are enthused by India gr guide of double digit growth (last few years have been 6-9%);
5. e) Other businesses should do well too: mid-to-high single-digit US gr, healthy double-digit ROW growth and CDMO biz to break even.

• GPM increase was strong
• (250bps+ both YoY, QoQ) and lends scope for beating EBITDAM guide.

• Neutral, TP Rs 1357
• 1QFY27 EBITDA in line with consensus; focus on growth
• High competition to delay margin recovery
• Maintain 25%/15%y-y AC industry volume growth in FY27F/28F, with Voltas UCP revenue growing 29%/22% y-y (35%/21% y-y earlier on weak CR
• However, focus on market share over profitability will keep margin recovery slower
• Compressor JV localization execution will remain a key monitorable for meaningful benefits longer term

• U-P TP Rs 1160
• 1Q Ebitda was largely in line with estimate with strong, industry leading growth in room air-conditioners (RAC).
• Margins were low despite strong volume growth and price increases (albeit amid commodity inflation).
• It announced a JV with Atomberg to manufacture compressors, with capacity of 2.8mt units.
• While street is likely to take robust growth numbers positively, low growth in projects & margin concern remain.

• Buy, TP Rs 1550
• Amid heightened competitive intensity & cost pressure, RAC volume grew 45% YoY (2x of industry) leading to 17.3% secondary market share for YTD June’FY27 (market share lead over the nearest competitor is 4ppt), however, margins remained subdued at 5.3% (+168bps YoY).
• Voltas has also signed an JV agreement with Atomberg Innovation to develop and manufacture high efficiency RAC compressors (2.8mn) in India (commercial production expected in 18 months).
• Management highlighted, of the total 10-12% cost increase (7-8% for rating/table change and 4-5% for commodity, currency, freight, etc), Voltas has already passed on most of it and may reduce some channel schemes to improve margins.

• O-P, TP cut to Rs 195
• Standalone 1QFY27 PAT missed by 14% due to a 7% miss in unit margins even as volume was 1% ahead of forecast.
• Its unit margin was at a record low and Ebitda fell to a five-year low.
• Management maintained its long-term unit Ebitda guidance of Rs7/scm but stayed away from giving any near-term indications
• Cut 27/28 EPS estimates 16%/7%

• Downgrade to N, TP Rs 155
• Delhi EV policy a drag on CNG volumes; margins may remain under pressure in 2Q
• 1QFY27 below estimates as margins disappoint
• IGL is least preferred pick among CGDs given volume & margin pressures
• Stock trades at 12.8x FY28F EPS vs its historical one-year-forward average of 18.6x

• Buy, TP Rs 4875
• MM unveils global pick-up & refreshed BE6
• New lifestyler targets global market, while refreshed BE6 strengthens its proposition with added features & SDV
• Lifestyler looks attractive & is competitively priced in India
• MM’s total addressable global pick-up market could be around 1mn units annually, with Hilux, Ranger & D-Max among key models
• Even a 3-5% global share could translate into 30-50k units annually, offering meaningful export upside; however, global competition & customer acceptance of an Indian
• brand remain key monitorables
• STK currently trades at 12.8x EV/EBITDA

Buy, TP Rs 4260

M&M launched BE 6 SPORTEQ EV, extending its BEV lineup

New model has been loaded with a bevy of attractive tech features

All new technology and software features introduced on SPORTEQ series will be made available to existing BE 6, XEV 9e and XEV 9S customers through over-the-air (OTA) software updates, to be rolled out in phases starting January 2027.

With BE6 SPORTEQ, M&M has also introduced BaaS (Battery as a Service)

Model starts at Rs1.15mn with BaaS and battery at Rs3.75 per km (considering 60km per day usage).

Deliveries are expected to commence from 26th Aug 2026

Think that new model will augment M&M’s growing market share in EVs as the company is also expanding capacity.

• Sell, TP Rs 860
• CSL’s results were 10% ahead of expectations, as better-than-expected execution was aided by an in-line margin performance.
• However, profitability was down 28%/37% yoy/qoq, driven by partial margin normalization after the execution of one-time ship repair orders for INS Vikrant and Vikramaditya
• Progress on tie-ups with HD KSOE (Hyundai), Maersk or Drydocks World, along with the recently announced expansion of the ship repair facility at Vadinar, would be key catalysts after Indian government’s Rs700 bn shipbuilding package.

TRADE SET UP

• Brent Oil at over $88 !
• Iran-US MoU signed in June is set to expire today
• Kpler: No vessels transited through SoH on Sunday
• Iran’s Foreign Minister on Saturday: U.S. must agree to Iran’s conditions for SoH to open
• Reports: US readies unprecedented ‘economic isolation’ plan for Iran
• On Friday: U.S. equities finished mostly lower; Nasdaq -0.3%
• Headline U.S. retail sales fell 0.6% in July (consensus +0.1%)
• Focus on earnings from the consumer sector – Walmart, Target, & Home Depot
• Nifty has been stuck in a lower high, lower low channel for last 10 days
• Nifty support at 24,300, resistance at 24,400 & then 24,460

GIFTNifty lower indicates a start in the red for the Indian market

On Friday, Nifty experienced a decline for the fourth consecutive session, continuing its phase of consolidation within a range-bound trading environment. The index finished 29 points lower at 24,366, with the overall chart pattern indicating a gradual weakening trend over the last nine sessions.

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With the results season coming to an end, which, contrary to expectations, turned out to have more hits than misses, the market will now look for directional triggers, which only stem from global cues.

Monitoring developments in West Asia and the subsequent impact on crude oil prices and the currency, will be key for the markets.