Overweight, Target Price Rs 2,130 NSE reported 2Q27 consolidated revenue from operations of Rs 40.7 bn (+10.6% YoY, -10.8% QoQ), 4% ahead of JPMe. Strong expense control resulted in operating EBITDA coming in at Rs 30.8bn (+10.7/-13.2% YoY/QoQ), & 5.5% above JPMe. EBITDA margins were stable at 75.7% (+6/-204bp YoY/QoQ) despite lower revenues QoQ. Lower other income (+0.9%/-29.5% YoY/QoQ) dragged core APAT to Rs 25.6bn (+10.1/-16.2% YoY/QoQ), 3.5% above JPMe NSE trades at a FY28E P/E of 36.8x.
\n\nNeutral, Target Price Rs 1,100 2QFY27 – NII beat, but loan growth slows In-line core performance; weak treasury, higher opex offset by one time gain on SBI FUNDS stake sale NIM expansion led to NII beat; higher opex, lower other income resulted in PPOP miss Growth guidance maintained at 14-15% in FY27P; asset quality benign
\n\nSell, Target Price cut to Rs 550 from Rs 675 Revenue grew 7.5% YoY (1% below Citi est) on a low base (-4.3%) partly affected by shift in festive period. Profitability was weak as well with EBITDA declining 1% YoY (21% below Citi est) & adj PAT declining 12% YoY (65% below Citi est) Pre-IND AS 116 EBITDA margin was 6% in 1HFY27 vs 7.5% in 1HFY26…
Original source: https://www.cnbctv18.com/entertainment/
