Systematix Institutional Equities

While milk supply could be constrained, volatile and procurement costs could remain elevated nearterm, Systematix believes Dodla has the requisite playbook of pricing, inventory management, procurement network and supply chain capabilities to play this phase out.

Prolonged margin pressure, higher funding costs, change in growth outlook on account of elevated crude oil prices, regulatory changes around flexi loans and any deterioration in asset quality remain key risks to the brokerage's valuation.

Government of India's keenness to provide complete transfer of technology from DRDO to private players could enable Apollo Micro Systems to secure large, platform-level opportunities, similar to Solar Industries' evolution into manufacturing complete Pinaka systems, adds the brokerage.

Timex Group has successfully engineered a structural corporate turnaround, evolving from a historically loss-making entity into a high-margin, assetlight luxury and fashion watch powerhouse, highlights the brokerage.

TCS is taking measured steps to narrow the gap with larger peers, with a sharper focus on large-deal wins and a renewed, capability-led M&A strategy, adds the brokerage.

Jubilant Pharmova's revenue rose 17.3% YoY to Rs 2,229 crore, broadly in line with expectations.

While Pantaloons, TMRW and luxury businesses delivered double-digit growth in Q1, Systematix remains cautious on the pace of earnings recovery owing to margin pressure, input-cost inflation and continued investments in newer businesses.

Revenue rose 32% YoY and Ebitda surged 50% in Q1 FY27, but Systematix remains cautious on Lupin's near-term US business outlook amid increasing competition in key products.

Despite the target price hike, Systematix retained its Hold rating on Trent as it expects like-for-like growth to remain in the low-to-mid single digits amid ongoing store densification.

Vedanta Aluminium's successful ramp-up of Bharat Aluminium Company, Lanjigarh, Sijimali and captive coal mines as per guidance provides scope for further earnings improvement and a potential rerating, says Systematix.

Gulf Oil Lubricants India delivered a record operational performance in Q1 FY27, driven by exceptional volume growth and strong execution amid a challenging operating environment of sharp input cost inflation and supply disruptions.

UPL's Q1 revenue growth was supported by disciplined pricing actions, favorable currency movements and growth across segments, while profitability improved on the back of contribution margin expansion, better product mix and lower finance costs, adds the brokerage.

Divi's reiterated its confidence in sustaining double-digit revenue growth over the medium term, supported by commercialisation of validation projects, peptide opportunities, ongoing capacity additions and continued momentum in the custom synthesis business, adds Systematix.

The brokerage highlighted that Asian Paints' strong volume growth performance for a fourth straight quarter cements an upward shift in the trajectory; nevertheless, it factors in near-term volume growth at the lower end of the guided range in view of the base now turning high.

The brokerage said V-Mart's operational performance in the June quarter was broadly in line with expectations, with growth driven by healthy store additions, improving productivity and strong traction across both the V-Mart and Unlimited formats.

Coromandel's current valuation does not fully capture the long-term benefits of its capacity expansion, portfolio diversification and increasing share of value-added businesses, offering an attractive risk-reward opportunity for investors with a medium- to long-term investment horizon, believes the brokerage.

Systematix has lowered its FY27E/FY28E/FY29E earnings estimates for Infosys by 0.5%-1.8%, factoring in recent performance, cut in upper-end of guidance, higher competitive intensity across industry and client-specific issues.

Systematix maintaines its bullish view on Nuvoco Vistas Corporation and increased its target price, citing improved realisations, better cost efficiencies and strong execution of expansion projects.

Specialty Chemicals Q1 Preview: Although specialty sector valuations have been corrected from their post-Covid highs, fluorination-focused companies continue to trade at premiums to historical averages, adds Systematix

India's wind sector remains structurally positive, but Q1 FY27 capacity addition of 1.35GW, down 18% YoY and 15% QoQ, reflects a softer commissioning cycle and rising execution bottlenecks, adds the brokerage.