IDBI Capital

Astral expects double-digit plumbing growth with 16%18% Ebitda margins, alongside 15%20% growth guidance for adhesives, adds the brokerage.

IDBI Capital retained Hold on Surya Roshni with a target price of Rs 225, downgraded Ddev Plastiks to Hold from Buy.

Despite temporary weakness in corporate travel, Lemon Tree Hotels delivered steady Q1 growth, expanded its portfolio, and remains well positioned to benefit from strong demand in India's mid-market hospitality segment.

Finolex Industries' sales volumes fell 27% in Q1 FY27 amid PVC market volatility, prompting IDBI Capital to cut earnings estimates and maintain a Hold rating.

Navin Fluorine International remained in focus after IDBI Capital said the specialty chemicals maker is well-positioned for future growth, driven by robust momentum across its High Performance Products (HPP), Specialty Chemicals and CDMO businesses.

Muthoot Finance reported a strong Q1 with consolidated assets under management rising 43% YoY to Rs 1.92 trillion, while standalone gold loan AUM grew 44% YoY to Rs 1.63 trillion, driven by healthy customer additions and strong demand, highlights IDBI Capital.

The brokerag highlighted that Indegene is the only listed, pure-play life sciences commercialisation company at scale, with global rivals like EVERSANA and Syneos, and its 18%+ earnings growth comfortably supporting a valuation toward the lower-middle end of Indian IT-services peer range.

Birlasoft's revenue grew a modest 0.3% CC QoQ, with dollar revenue flattish at $145.2 million, a marked contrast to peers like Coforge which posted double-digit growth, adds the brokerage.

Coforge's confident commentary on Q2 deal pipeline, AI-led "Enterprise Autonomy" positioning (Coforge Neuron platform), and 86% revenue contribution from AI/engineering/cloud services strengthens the structural growth narrative, adds the brokerage.

While revenue exceeded estimates, margins came under pressure due to elevated raw material costs, however, IDBI Capital believes the company's operational efficiencies, improving product mix, and expansion into high-margin segments support its long-term growth outlook.

Jindal Steel has guided for capex of Rs 8,500 crore for FY27.

Cyient's core design, engineering and technology segment reported a soft quarter; revenue of $162.5 million, down 0.5% QoQ / 0.9% YoY in CC terms, dragged by a sharp reversal in the strategic units segment and continued discretionary spending delays tied to West Asiarelated supply chain disruption.

Improving traction in retail, SME and rural businesses, along with a stronger liability franchise, is expected to support sustainable loan growth and profitability, adds the brokerage.

Union Bank of India's net interest margin expanded 16 basis points QoQ to 2.80%, management has guided margins to improve further, adds the brokerage.

The brokerage believes Rainbow is well positioned to capitalise on the long-term growth opportunity in India's underpenetrated pediatric and maternal healthcare market, on the back of its leadership in pediatric critical care, integrated mother and child healthcare platform, differentiated hub-and-spoke operating model and asset-light expansion strategy.

TCS' workforce grew to 593,798 with strong campus hiring, approx. 14,000 fresher signaling confidence in demand normalisation, highlights the brokerage.

With Q1 FY27 earnings season approaching, investors will closely monitor management commentary on deal pipelines, AI monetisation opportunities, hiring trends, margin outlook and discretionary spending recovery across major sectors, says IDBI Capital.

Union Bank of India, India's fifth-largest PSU bank with a Rs 23.8 lakh crore business, has completed one of the most compelling post-merger transformations in Indian public sector banking, adds the brokerage.

PL Capital forecasts net sales/Ebitda CAGR of 22.8%/28.3% over FY26-28E and believes Brigade Hotel's long-term growth is more promising given majority of the new assets would be operational by end of FY30E.

The brokerage remains cautiously optimistic about the industry's near term performance and believe that the subdued demand and volatile raw material prices will keep Finolex Industires' operational performance under pressure in near term.