Front Wave Research

A curve ahead. Connecting macro shifts, business fundamentals and market opportunities.

SEBI-registered Research Analyst | INH000018407

[Front Wave Research @frontwave_]

#𝗠𝗔𝗥𝗔𝗟𝗢𝗩𝗘𝗥 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗣𝗔𝗧 𝘀𝘄𝗶𝗻𝗴𝘀 𝘁𝗼 𝗽𝗿𝗼𝗳𝗶𝘁 𝗮𝘀 𝗴𝗮𝗿𝗺𝗲𝗻𝘁 𝗹𝗼𝘀𝘀𝗲𝘀 𝗻𝗮𝗿𝗿𝗼𝘄 𝟴𝟵%

Revenue: 𝗥𝘀 𝟯𝟬𝟭.𝟯𝟬 𝗖𝗿 | +𝟮𝟬.𝟲𝟳% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟳.𝟬𝟬 𝗖𝗿 | 𝘃𝘀 𝗥𝘀 -𝟮.𝟳𝟴 𝗖𝗿 𝗬𝗼𝗬
EBITDA margin: 𝟲.𝟬𝟯% | +𝟮𝟯𝟵 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗘𝗕𝗜𝗧𝗗𝗔 𝘂𝗽 𝟵𝟵.𝟵𝟮% 𝗬𝗼𝗬. Yarn result grew 90.43% with margin up 192 bps to 5.90%. Garment losses narrowed 89.48% to Rs -0.48 Cr after facility consolidation. H1 PAT of Rs 12.98 Cr is nearly 4x FY26's full-year PAT.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗰𝗼𝘀𝘁𝘀 𝘂𝗽 𝟮𝟰.𝟮𝟴% 𝗬𝗼𝗬, ahead of revenue. Garment revenue fell 10.88% YoY. Receivables rose Rs 27.57 Cr in H1. The board approved Rs 180 Cr of capex through 2030.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• H1 CFO was 1.32x PAT.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

The turnaround is showing in the numbers; input costs plus receivables need watching.

#MARALOVER #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗧𝗔𝗡𝗟𝗔 | 𝗤�� 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📈 𝗥𝗲𝗰𝗼𝗿𝗱 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗼𝗳 𝗥𝘀 𝟭,𝟯𝟱𝟭.𝟳𝟱 𝗖𝗿 𝘄𝗶𝘁𝗵 𝘀𝘁𝗿𝗼𝗻𝗴 𝗰𝗮𝘀𝗵 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻

Revenue: 𝗥𝘀 𝟭,𝟯𝟱𝟭.𝟳𝟱 𝗖𝗿 | +𝟮𝟱.𝟯𝟰% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟭𝟰𝟲.𝟰𝟮 𝗖𝗿 | +𝟭𝟳.𝟬𝟵% 𝗬𝗼𝗬
EBITDA margin: 𝟭𝟱.𝟴𝟲% | -𝟲𝟬 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗦𝗶𝘅𝘁𝗵 𝘀𝘁𝗿𝗮𝗶𝗴𝗵𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 𝗼𝗳 𝗬𝗼𝗬 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗮𝗰𝗰𝗲𝗹𝗲𝗿𝗮𝘁𝗶𝗼𝗻. H1 CFO of Rs 414.93 Cr covered PAT 1.44x, with FCF of Rs 357.48 Cr. DSO improved to ~61.5 days from ~78.7. The ValueFirst Middle East deal closed on schedule for Rs 163.28 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗚𝗿𝗼𝘀𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗱𝗼𝘄𝗻 𝟰𝟴 𝗯𝗽𝘀 𝗤𝗼𝗤 𝘁𝗼 𝟮𝟲.𝟭𝟮% as cost of services outgrew revenue. Other expenses rose 39.36% YoY. The tax rate rose to 21.83% from 19.58% on SEZ phasing. H1 carried an unrealised FX loss of Rs 7.49 Cr.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Debt-free ex-leases with Rs 719.19 Cr of cash; first interim dividend of Rs 6 per share.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Growth plus cash are strong; margins slipped slightly.

#TANLA #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗥𝗔𝗬𝗠𝗢𝗡𝗗𝗥𝗘𝗟 | 𝗤𝟮 𝗙𝗬𝟮�� 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🏭 𝗣𝗿𝗲-𝘀𝗮𝗹𝗲𝘀 𝘂𝗽 𝟵𝟴% 𝘄𝗶𝘁𝗵 𝗻𝗼 𝗻𝗲𝘄 𝗹𝗮𝘂𝗻𝗰𝗵𝗲𝘀

Revenue: 𝗥𝘀 𝟳𝟰𝟴.𝟱𝟮 𝗖𝗿 | +𝟳.𝟯𝟳% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟱𝟯.𝟬𝟲 𝗖𝗿 | -𝟭𝟭.𝟴𝟯% 𝗬𝗼𝗬
Pre-sales: 𝗥𝘀 𝟵𝟬𝟮 𝗖𝗿 | +𝟵𝟴% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗛𝟭 𝗽𝗿𝗲-𝘀𝗮𝗹𝗲𝘀 𝘂𝗽 𝟭𝟭𝟭% 𝘁𝗼 𝗥𝘀 𝟭,𝟲𝟬𝟮 𝗖𝗿, the sixth straight quarter of sequential growth. Collections rose 67% YoY to Rs 682 Cr. EBITDA margin expanded to 15.21%. The OC for Address by GS Tower B came ~18 months ahead of the RERA date.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗰𝗼𝘀𝘁𝘀 𝘂𝗽 𝟲𝟵.𝟵𝟳% 𝗬𝗼𝗬, with H1 already at 75.6-90.7% of the Rs 100-120 Cr FY27 guide. EBITDA margin trails the 17-19% guide. Gross debt rose Rs 206 Cr in H1 to Rs 1,219.73 Cr, lifting net debt/equity to 0.56x. H1 operating cash outflow was Rs -147.02 Cr.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Rs 4,100 Cr GDV of Mahim launches are lined up for H2.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Sales momentum is strong; funding costs weigh on reported profit.

#RAYMONDREL #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗚𝗥𝗔𝗩𝗜𝗧𝗔 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗖𝗼𝗽𝗽𝗲𝗿 𝗿𝗮𝗺𝗽 𝗹𝗶𝗳𝘁𝘀 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝟯𝟳.𝟴𝟰%, 𝗯𝘂𝘁 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 𝘁𝘂𝗿𝗻𝘀 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲

Revenue: 𝗥𝘀 𝟭,𝟰𝟮𝟳.𝟯𝟱 𝗖𝗿 | +𝟯𝟳.𝟴𝟰% 𝗬𝗼𝗬
PAT: +𝟲.𝟯𝟭% 𝗬𝗼𝗬 | 𝗻𝗼𝗿𝗺𝗮𝗹𝗶𝘇𝗲𝗱 𝗛𝟭 +𝟭.𝟬𝟰%
EBITDA margin: 𝟵.𝟯𝟵% | +𝟭𝟵𝟰 𝗯𝗽𝘀 𝗤𝗼𝗤

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗖𝗼𝗽𝗽𝗲𝗿 𝗺𝗮𝗿𝗴𝗶𝗻 𝘂𝗽 𝘁𝗼 𝟲.𝟴𝟳% 𝗳𝗿𝗼𝗺 𝟰.𝟭𝟳% 𝗤𝗼𝗤, with segment result nearly doubling to Rs 28.86 Cr. Aluminium revenue grew 46.48% YoY while plastics more than doubled. An interim dividend of Rs 7.70 per share was declared.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗖𝗙𝗢 𝗼𝗳 𝗥𝘀 -𝟱𝟴.𝟰𝟰 𝗖𝗿 against PAT of Rs 208.40 Cr, funded by Rs 184.68 Cr of net borrowings. Lead revenue, 58.5% of the total, fell 9.96% YoY on the Gulf scrap disruption. H1 PAT included Rs 56.17 Cr of MTM gains plus write-backs. Net debt of Rs 795.49 Cr is near the guided Rs 800-900 Cr peak.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Working-capital cycle stretched to ~108 days against the ~85-90 day target.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

The new segments are scaling; the core lead business plus cash flow are the drag.

#GRAVITA #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗛𝗢𝗠𝗘𝗙𝗜𝗥𝗦𝗧 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🏦 𝗣𝗔𝗧 𝘂𝗽 𝟮𝟵.𝟬𝟴% 𝘄𝗶𝘁𝗵 𝗰𝗼𝘀𝘁-𝘁𝗼-𝗶𝗻𝗰𝗼𝗺𝗲 𝗮𝘁 𝗮 𝗳𝗶𝘃𝗲-𝗾𝘂𝗮𝗿𝘁𝗲𝗿 𝗹𝗼𝘄

PAT: 𝗥𝘀 𝟭𝟳𝟬.𝟭𝟵 𝗖𝗿 | +𝟮𝟵.𝟬𝟴% 𝗬𝗼𝗬
PPOP: 𝗥𝘀 𝟮𝟯𝟳.𝟲𝟮 𝗖𝗿 | +𝟮𝟲.𝟬𝟳% 𝗬𝗼𝗬
GNPA: 𝟭.𝟳𝟰% | 𝘃𝘀 𝟭.𝟵% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗖𝗼𝘀𝘁-𝘁𝗼-𝗶𝗻𝗰𝗼𝗺𝗲 𝗮𝘁 𝟯𝟬.𝟲𝟭%, the best in five quarters. Credit cost of 38.1 bps sits inside the 30-40 bps guide. Direct assignment of Rs 312 Cr beat the Rs 150-200 Cr quarterly guide. Opex-to-assets returned to 2.59%.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗰𝗼𝘀𝘁𝘀 𝘂𝗽 𝟳.𝟳𝟱% 𝗤𝗼𝗤, ahead of total income growth of 5.04%, as market yields firmed. Fair-value gains fell ~40.82% YoY to Rs 12.12 Cr. Stage-3 provision coverage stands at 23.60%.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• H1 PAT up 31.63% to Rs 330.04 Cr; LCR at 147.57%.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Operating metrics are on guidance; funding cost is the variable to watch.

#HOMEFIRST #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗤𝗨𝗘𝗦𝗧𝗙𝗟𝗢𝗪 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🚨 𝗛𝟭 𝗹𝗼𝘀𝘀 𝘄𝗶𝗱𝗲𝗻𝘀 𝗮𝘀 𝗺𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗰𝗼𝘀𝘁𝘀 𝗿𝗲𝗮𝗰𝗵 𝟳𝟴.𝟱𝟰% 𝗼𝗳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲

Revenue (H1): 𝗥𝘀 𝟮𝟮.𝟱𝟵 𝗖𝗿 | -𝟭𝟯.𝟴𝟲% 𝗬𝗼𝗬
Loss (H1): 𝗥𝘀 -𝟭𝟱.𝟲𝟳 𝗖𝗿 | 𝗻𝗼𝗿𝗺𝗮𝗹𝗶𝘇𝗲𝗱 𝗥𝘀 -𝟮𝟭.𝟭𝟮 𝗖𝗿
EBITDA (H1): 𝗥𝘀 -𝟭𝟭.𝟯𝟯 𝗖𝗿 | 𝘃𝘀 𝗥𝘀 𝟲.𝟲𝟳 𝗖𝗿 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗟𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗯𝗼𝗿𝗿𝗼𝘄𝗶𝗻𝗴𝘀 𝗰𝘂𝘁 𝘁𝗼 𝗥𝘀 𝟭.𝟭𝟳 𝗖𝗿 from Rs 5.14 Cr after Rs 3.98 Cr of repayment. Inventories fell to Rs 16.63 Cr from Rs 17.73 Cr. The new auditor issued an unmodified limited review.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗰𝗼𝘀𝘁𝘀 𝗮𝘁 𝟳𝟴.𝟱𝟰% 𝗼𝗳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 against 43.23% a year ago. H1 CFO was Rs -9.59 Cr with cash at Rs 0.15 Cr. Receivable days lengthened to ~380 from ~295. Revenue fell 37.51% HoH despite an order book of Rs 50 Cr+.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

The path to breakeven needs both order conversion plus fresh funding.

#QUESTFLOW #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗙𝗗𝗖 | 𝗤𝟮 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📈 𝗣𝗔𝗧 𝘂𝗽 𝟳𝟮.𝟵𝟯% 𝗮𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗲𝘅𝗽𝗮𝗻𝗱𝘀 𝟰𝟬𝟵 𝗯𝗽𝘀

Revenue: 𝗥𝘀 𝟱𝟳𝟮.𝟭𝟰 𝗖𝗿 | +𝟮𝟬.𝟵𝟱% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟰𝟵.𝟬𝟲 𝗖𝗿 | +𝟳𝟮.𝟵𝟯% 𝗬𝗼𝗬
EBITDA margin: 𝟭𝟭.𝟮𝟰% | +𝟰𝟬𝟵 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗔𝗹𝗹 𝗰𝗼𝘀𝘁 𝗹𝗶𝗻𝗲𝘀 𝗴𝗿𝗲𝘄 𝘀𝗹𝗼𝘄𝗲𝗿 𝘁𝗵𝗮𝗻 𝗿𝗲𝘃𝗲𝗻𝘂𝗲, with normalized PAT up 70.34%. H1 CFO swung to Rs 251.26 Cr from Rs -1.94 Cr. Inventories fell Rs 53.33 Cr to Rs 301.76 Cr. A buyback of up to Rs 120 Cr at Rs 500 per share was announced.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗱𝗼𝘄𝗻 𝟭𝟰.𝟯𝟭% 𝗤𝗼𝗤 with EBITDA margin down from 21.42% in Q1. Other income fell 62.36% QoQ. Q2 absorbed a Rs 2.32 Cr fair-value loss.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Debt-free, with Rs 1,251.70 Cr of cash plus investments.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

YoY delivery is strong; the sequential dip is the item to track.

#FDC #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗚𝗔𝗡𝗗𝗛𝗔𝗥 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

⚡ 𝗣𝗔𝗧 𝘂𝗽 𝟯𝟲𝟴.𝟯𝟵% 𝗮𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗵𝗼𝗹𝗱𝘀 𝗻𝗲𝗮𝗿 𝘁𝗵𝗲 ~𝟭𝟲% 𝗴𝘂𝗶𝗱𝗲

Revenue: 𝗥𝘀 𝟭,𝟴𝟰𝟲.𝟱𝟲 𝗖𝗿 | +𝟳𝟮.𝟴𝟴% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟭𝟴𝟲.𝟮𝟴 𝗖𝗿 | +𝟯𝟲𝟴.𝟯𝟵% 𝗬𝗼𝗬
EBITDA margin: 𝟭𝟱.𝟱𝟴% | 𝘃𝘀 𝟲.𝟭𝟲% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗡𝗼𝗿𝗺𝗮𝗹𝗶𝘇𝗲𝗱 𝗣𝗔𝗧 𝗼𝗳 𝗥𝘀 𝟮𝟬𝟮.𝟮𝟳 𝗖𝗿, only 1.76% below Q1, with the QoQ dip down to the flood provision plus a higher tax rate. Borrowings halved to Rs 84.62 Cr, leaving net cash of Rs 49.96 Cr. FCF came in at Rs 148.72 Cr. CRISIL reaffirmed A+/A1 on 30 September.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗖𝗙𝗢/𝗣𝗔𝗧 𝗼𝗳 𝟬.𝟰𝟲𝘅 as receivables rose 85.74% since March to Rs 1,338.95 Cr. A Rs 21.29 Cr Silvassa flood provision was booked, with the insurance claim yet to be recognised. Employee costs rose to Rs 31.28 Cr from Rs 11.91 Cr QoQ. The tax rate rose to 24.91%, above the ~23-24% guide.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Earnings power is strong; receivables need to convert into cash.

#GANDHAR #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗠𝗘𝗗𝗣𝗟𝗨𝗦 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟮𝟭.𝟯𝟬%, 𝗯𝘂𝘁 𝗺𝗮𝗿𝗴𝗶𝗻 𝘀𝗶𝘁𝘀 ~𝟮𝟭𝟬 𝗯𝗽𝘀 𝗯𝗲𝗹𝗼𝘄 𝘁𝗵𝗲 𝗴𝘂𝗶𝗱𝗲

Revenue: 𝗥𝘀 𝟮,𝟬𝟯𝟳.𝟭𝟭 𝗖𝗿 | +𝟮𝟭.𝟯𝟬% 𝗬𝗼𝗬
PAT: +𝟲𝟵.𝟬𝟱% 𝗤𝗼𝗤 | 𝗛𝟭 -𝟴.𝟴𝟬% 𝗬𝗼𝗬
Operating EBITDA margin: 𝟯.𝟲𝟮% | 𝘃𝘀 𝟱.𝟳-𝟱.𝟴% 𝗴𝘂𝗶𝗱𝗲

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗗𝗶𝗮𝗴𝗻𝗼𝘀𝘁𝗶𝗰𝘀 𝗿𝗲𝘀𝘂𝗹𝘁 𝘂𝗽 𝘁𝗼 𝗥𝘀 𝟰.𝟵𝟯 𝗖𝗿 𝗳𝗿𝗼𝗺 𝗥𝘀 𝟬.𝟮𝟭 𝗖𝗿, with segment margin at 12.01%. Gross margin recovered 0.59 pp QoQ to 25.08%. Operating EBITDA rose 13.14% QoQ. The employee-cost ratio improved to 12.27% of revenue.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗘𝗕𝗜𝗧𝗗𝗔 𝗱𝗼𝘄𝗻 𝟭𝟲.𝟵𝟯% 𝗬𝗼𝗬 despite 21.30% revenue growth. Finance costs rose 27.06% YoY with D&A up 22.27% as the leased store base grows. A Rs 1,393.91 Cr H1 inventory build cut Q2 CFO to Rs 37.01 Cr from Rs 125.20 Cr in Q1. Promoter encumbrance stands at 74.10%.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

Sequential trends are improving; the gap to guided margin is still wide.

#MEDPLUS #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗜𝗡𝗗𝗨𝗦𝗧𝗢𝗪𝗘𝗥 | 𝗤𝟮 𝗙𝗬𝟮�� 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

💼 𝗙𝗿𝗲𝗲 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗱𝗼𝘂𝗯𝗹𝗲𝘀 𝗤𝗼𝗤, 𝗰𝗼𝘃𝗲𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗱𝗶𝘃𝗶𝗱𝗲𝗻𝗱

Revenue: 𝗥𝘀 𝟴,𝟱𝟭𝟱.𝟲 𝗖𝗿 | +𝟰.𝟬% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟭,𝟳𝟵𝟮.𝟴 𝗖𝗿 | -𝟮.𝟱𝟯% 𝗬𝗼𝗬, 𝗻𝗼𝗿𝗺𝗮𝗹𝗶𝘇𝗲𝗱 +𝟱.𝟯𝟲%
EBITDA margin: 𝟱𝟰.𝟰𝟭% | +𝟳𝟵 𝗯𝗽𝘀 𝗤𝗼𝗤

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗛𝟭 𝗙𝗖𝗙 𝗼𝗳 𝗥𝘀 𝟰,𝟯𝟯𝟮.𝟬 𝗖𝗿 covered the Rs 3,693.1 Cr dividend while funding Rs 3,864.6 Cr of capex. Q2 FCF of ~Rs 2,892.0 Cr was more than double Q1's Rs 1,440 Cr. H1 CFO was 2.32x PAT. Receivables fell 2.95% while revenue grew.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗘𝗕𝗜𝗧𝗗𝗔 𝗺𝗮𝗿𝗴𝗶𝗻 𝗱𝗼𝘄𝗻 𝟭𝟵𝟮 𝗯𝗽𝘀 𝗬𝗼𝗬 as D&A rose 7.94% on the higher capex base. Reported PAT is down on a Rs 195.2 Cr year-ago write-back. One large customer accounts for a significant share of revenue plus receivables. New Africa plus UAE subsidiaries were a Rs 5.8 Cr drag.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Cash generation is the strength; growth stays in mid-single digits.

#INDUSTOWER #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗝𝗦𝗪𝗖𝗘𝗠𝗘𝗡𝗧 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗙𝘂𝗲𝗹 𝗰𝗼𝘀𝘁𝘀 𝗷𝘂𝗺𝗽 𝟲𝟵.𝟴𝟮% 𝗮𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗳𝗮𝗹𝗹𝘀 𝟰𝟬𝟵 𝗯𝗽𝘀

Revenue: 𝗥𝘀 𝟭,𝟵𝟭𝟮.𝟭𝟱 𝗖𝗿 | +𝟯𝟯.𝟭𝟮% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟳𝟳.𝟲𝟯 𝗖𝗿 | 𝗣𝗕𝗧 -𝟭𝟲.𝟵𝟭% 𝗬𝗼𝗬
Operating EBITDA margin: 𝟭𝟰.𝟱𝟯% | -𝟰𝟬𝟵 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗛𝟭 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟮𝟳.𝟭𝟭% 𝗬𝗼𝗬 𝘁𝗼 𝗥𝘀 𝟯,𝟴𝟬𝟴.𝟱𝟲 𝗖𝗿. Subsidiaries added Rs 28.60 Cr to Operating EBITDA against Rs 9.96 Cr, in line with the North ramp. JV plus associate profit rose 102.22% to Rs 20.04 Cr. The board approved 4.0 MTPA of grinding capacity at Rs 1,078 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗣𝗼𝘄𝗲𝗿 & 𝗳𝘂𝗲𝗹 𝗮𝘁 𝟮𝟬.𝟬𝟱% 𝗼𝗳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 against 15.7% in Q1. Net debt rose Rs 431.07 Cr QoQ to Rs 4,287.07 Cr, putting net debt/EBITDA at ~3.01x against the <3.0x guardrail. Standalone PAT fell 17.73% YoY. H1 capex is only 35.7% of the Rs 2,300 Cr FY27 guide.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

Volumes are growing; fuel costs plus leverage need to ease in Q3.

#JSWCEMENT #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗔𝗩𝗜𝗩𝗔 | 𝗤�� 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🚨 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗳𝗮𝗹𝗹𝘀 𝟮𝟳.𝟮𝟬% 𝗤𝗼𝗤 𝗮𝘀 𝗿𝗲𝗰𝗲𝗶𝘃𝗮𝗯𝗹𝗲𝘀 𝗱𝗼𝘂𝗯𝗹𝗲

Revenue: 𝗥𝘀 𝟮𝟴.𝟵𝟲 𝗖𝗿 | -𝟮𝟳.𝟮𝟬% 𝗤𝗼𝗤
PAT: 𝗥𝘀 𝟬.𝟰𝟲 𝗖𝗿 | -𝟮𝟯.𝟬𝟬% 𝗤𝗼𝗤
Implied gross margin: 𝟮.𝟱𝟲% | 𝘃𝘀 𝟵.𝟵𝟳% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗛𝟭 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗼𝗳 𝗥𝘀 𝟲𝟴.𝟳𝟯 𝗖𝗿 against Rs 3.02 Cr a year ago, a base effect. Equity rose Rs 15.46 Cr in H1, including Rs 14.39 Cr from warrant conversion at Rs 18 per share. Finance costs are nil.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 𝗼𝗳 𝗥𝘀 -𝟭𝟵.𝟲𝟯 𝗖𝗿 against PAT of Rs 1.07 Cr, with cash at Rs 0.03 Cr. Receivables rose 99.46% to Rs 86.22 Cr, about 228 days of sales. The Q2 spread was positive only through an Rs 8.76 Cr inventory drawdown. The auditor's Emphasis of Matter on unconfirmed balances persists.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Rs 22.31 Cr of interest-free advances remain outstanding.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

Revenue plus cash conversion both moved the wrong way this quarter.

#AVIVA #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗜𝗙𝗕𝗜𝗡𝗗 | 𝗤𝟮 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟭𝟰.𝟬𝟰%, 𝗯𝘂𝘁 𝗺𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗰𝗼𝘀𝘁𝘀 𝗽𝘂𝘀𝗵 𝗣𝗔𝗧 𝗱𝗼𝘄𝗻 𝟮𝟬.𝟰𝟴%

Revenue (standalone): 𝗥𝘀 𝟭,𝟱𝟬𝟱.𝟮𝟴 𝗖𝗿 | +𝟭𝟰.𝟬𝟰% 𝗬𝗼𝗬
PAT (standalone): 𝗥𝘀 𝟯𝟵.𝟱𝟲 𝗖𝗿 | -𝟮𝟬.𝟰𝟴% 𝗬𝗼𝗬
PBDIT margin: 𝟲.𝟬𝟭% | ~-𝟭𝟳𝟮 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗘𝗻𝗴𝗶𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟮𝟰.𝟮𝟰% 𝗬𝗼𝗬, now the largest profit contributor at Rs 35.87 Cr PBIT with a 12.65% margin. Motor revenue grew 51.25%, with its loss narrowing to Rs 0.90 Cr. H1 CFO of Rs 115.20 Cr was 1.42x PAT. The balance sheet is net cash.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗿𝗮𝘁𝗶𝗼 𝘂𝗽 𝘁𝗼 𝟲𝟰.𝟳𝟮% 𝗳𝗿𝗼𝗺 𝟲𝟮.𝟭𝟭% as commodity plus forex costs went unpassed. Home appliances margin nearly halved to 2.33% from 4.75%. Revenue growth trails the 20%+ FY27 guide, so H2 needs ~24%. The IFB Refrigeration associate loss widened to Rs 6.56 Cr.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

Engineering is carrying the business; appliances margin needs repair.

#IFBIND #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗦𝗕𝗜𝗟𝗜𝗙𝗘 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🏦 𝗩𝗼𝗡𝗕 𝗴𝗿𝗼𝘄𝘀 𝟭𝟴.𝟵𝟭% 𝗶𝗻 𝗛𝟭 𝗮𝘀 𝗽𝗲𝗿𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝘀

Net premium income: 𝗥𝘀 𝟮𝟲,𝟴𝟳𝟳.𝟳𝟬 𝗖𝗿 | +𝟴.𝟭𝟳% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟱𝟰𝟵.𝟮𝟯 𝗖𝗿 | +𝟭𝟭.𝟬𝟱% 𝗬𝗼𝗬
VoNB (H1): 𝗥𝘀 𝟯,𝟮𝟳𝟬 𝗖𝗿 | +𝟭𝟴.𝟵𝟭% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝟭𝟯𝘁𝗵-𝗺𝗼𝗻𝘁𝗵 𝗽𝗲𝗿𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 𝗮𝘁 𝟴𝟱.𝟴𝟮%, up 45 bps YoY, with 61st-month persistency up 177 bps to 58.01%. Solvency improved to 1.97 from 1.94 with no borrowings. Non-par group life surplus tripled to Rs 658.60 Cr. Embedded value reached Rs 87,350 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗡𝗼𝗻-𝗽𝗮𝗿 𝗶𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹 𝗹𝗶𝗳𝗲 𝗱𝗲𝗳𝗶𝗰𝗶𝘁 𝘄𝗶𝗱𝗲𝗻𝗲𝗱 𝘁𝗼 ~𝗥𝘀 𝟭,𝟬𝟵𝟴.𝟬𝟭 𝗖𝗿 from ~Rs 261.45 Cr a year ago. Policyholders' fund yield excluding unrealised gains fell 124 bps to 6.41%. Q2 carried Rs 195.42 Cr of diminution provisions. Single premium fell 3.38% YoY, with the conservation ratio down to 81.71% from 84.17%.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Value creation is tracking well; premium momentum plus yields softened this quarter.

#SBILIFE #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗦𝗛𝗔𝗛𝗜𝗡𝗩𝗘𝗦𝗧 | 𝗤𝟮 𝗙𝗬𝟮�� 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗥𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝗴𝗿𝗼𝘄𝘁𝗵 𝗰𝗼𝗺𝗲𝘀 𝗳𝗿𝗼𝗺 𝗳𝗮𝗶𝗿 𝘃𝗮𝗹𝘂𝗲 𝗽𝗹𝘂𝘀 𝘁𝗮𝘅, 𝘄𝗵𝗶𝗹𝗲 𝗰𝗼𝗿𝗲 𝗽𝗿𝗼𝗳𝗶𝘁 𝗳𝗮𝗹𝗹𝘀 𝟯𝟴.𝟵𝟲%

Revenue: 𝗥𝘀 𝟭𝟳.𝟵𝟰 𝗖𝗿 | +𝟭𝟮.𝟲𝟵% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟮.𝟰𝟳 𝗖𝗿 | +𝟭𝟳.𝟰𝟮% 𝗬𝗼𝗬
Core operating PBT: 𝗥𝘀 𝟮.𝟵𝟮 𝗖𝗿 | -𝟯𝟴.𝟵𝟲% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝘁𝗮𝘅 𝗿𝗮𝘁𝗲 𝗱𝗼𝘄𝗻 𝘁𝗼 𝟮𝟭.𝟭𝟵% 𝗳𝗿𝗼𝗺 𝟯𝟲.𝟭𝟵%, lifting PAT. Subsidiaries' drag narrowed to ~Rs 0.03 Cr from ~Rs 1.58 Cr. A fresh issue raised Rs 90.17 Cr, with listing on 6 October. OCI of Rs 8.70 Cr took total comprehensive income to Rs 11.17 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗲𝘅𝗰𝗹𝘂𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗳𝗮𝗶𝗿-𝘃𝗮𝗹𝘂𝗲 𝘀𝘄𝗶𝗻𝗴 𝘄𝗮𝘀 ~𝟬.𝟰% 𝗬𝗼𝗬. Net fee revenue fell 7.73% YoY to Rs 4.93 Cr. Employee costs rose 23.85% YoY while finance costs rose 125.79%. The Rs 6.00 Cr Ficus Food Lab acquisition sits outside the capital-markets business.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

The headline growth is accounting-led; the core broking line is weakening.

#SHAHINVEST #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗖𝗢𝗡𝗖𝗢𝗥𝗗𝗕𝗜𝗢 | 𝗤𝟮 𝗙𝗬𝟮�� 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟮𝟱.𝟭𝟬% 𝘄𝗶𝘁𝗵 𝗺𝗮𝗿𝗴𝗶𝗻 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝗶𝗻𝗴 𝗤𝗼𝗤, 𝘀𝘁𝗶𝗹𝗹 𝗯𝗲𝗹𝗼𝘄 𝗹𝗮𝘀𝘁 𝘆𝗲𝗮𝗿

Revenue: 𝗥𝘀 𝟯𝟬𝟵.𝟬𝟳 𝗖𝗿 | +𝟮𝟱.𝟭𝟬% 𝗬𝗼𝗬
EBITDA: 𝗥𝘀 𝟭𝟬𝟰.𝟯𝟴 𝗖𝗿 | +𝟮𝟲.𝟳𝟭% 𝗤𝗼𝗤
EBITDA margin: 𝟯𝟯.𝟳𝟳% | +𝟭𝟵𝟳 𝗯𝗽𝘀 𝗤𝗼𝗤, -𝟮𝟬𝟱 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗛𝟭 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟮𝟱.𝟲𝟭% 𝗬𝗼𝗬 𝘁𝗼 𝗥𝘀 𝟱𝟲𝟲.𝟱𝟲 𝗖𝗿, well ahead of the ~18% growth guide. Material costs fell to 20.60% of revenue from 23.19%. H1 CFO of Rs 168.21 Cr was 1.32x PAT, with FCF of Rs 108.22 Cr. The company holds zero borrowings with Rs 445.75 Cr of liquid resources.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗠𝗮𝗿𝗴𝗶𝗻 𝟮𝟬𝟱 𝗯𝗽𝘀 𝗯𝗲𝗹𝗼𝘄 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿-𝗮𝗴𝗼 𝗹𝗲𝘃𝗲𝗹, missing the guide for margin to outpace sales growth. Inventories rose 21.89% since March, against the H1 normalisation commitment. Power & fuel rose 28.43% YoY to 11.85% of revenue. Subsidiaries plus the JV dragged PAT by Rs 5.06 Cr.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• 1:1 bonus issue on track, with record date 4 November.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Growth is strong; H2 margin delivery toward the FY28 40% goal is the test.

#CONCORDBIO #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗢𝗣𝗧𝗜𝗠𝗬𝗦𝗧𝗜𝗫 | 𝗤𝟮 𝗙𝗬𝟮�� 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗛𝟭 𝗺𝗮𝗿𝗴𝗶𝗻 𝗲𝘅𝗽𝗮𝗻𝗱𝘀 ~𝟲𝟱𝟭 𝗯𝗽𝘀 𝗼𝗻 𝗳𝗹𝗮𝘁 𝗿𝗲𝘃𝗲𝗻𝘂𝗲

Revenue (H1): 𝗥𝘀 𝟳𝟭.𝟳𝟱 𝗖𝗿 | -𝟬.𝟲𝟬% 𝗬𝗼𝗬
PAT to owners (H1): 𝗥𝘀 𝟭𝟰.𝟲𝟬 𝗖𝗿 | +𝟮𝟱.𝟱𝟳% 𝗬𝗼𝗬
EBITDA margin (H1): 𝟮𝟳.𝟮𝟭% | 𝘃𝘀 𝟮𝟬.𝟲𝟵% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗛𝟭 𝗘𝗕𝗜𝗧𝗗𝗔 𝘂𝗽 𝟯𝟬.𝟳𝟬% 𝗬𝗼𝗬 𝘁𝗼 𝗥𝘀 𝟭𝟵.𝟱𝟮 𝗖𝗿 on cost control rather than growth. The Rs 87.50 Cr IPO closed with no deviation from its objects, with Rs 45.07 Cr still unused. The company is debt-free with Rs 54.98 Cr of cash. Net worth rose 67.96% to Rs 220.82 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗖𝗙𝗢 𝗼𝗳 𝗥𝘀 -𝟮𝟲.𝟴𝟴 𝗖𝗿 on builds in inventory plus receivables. Receivable days stretched to ~150 from ~123, with inventory days at ~251 against ~207. Inventories rose 15.56% since March to Rs 81.37 Cr, so part of the margin gain leans on stock build.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Profitability improved; revenue growth plus working capital need to follow.

#OPTIMYSTIX #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗟𝗧𝗙𝗢𝗢𝗗𝗦 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗖𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 𝘀𝘁𝗿𝗼𝗻𝗴 𝗮𝘀 𝘁𝗵𝗲 𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝘀𝗵𝗲𝗲𝘁 𝘁𝘂𝗿𝗻𝘀 𝗻𝗲𝘁 𝗰𝗮𝘀𝗵, 𝗯𝘂𝘁 𝗺𝗮𝗿𝗴𝗶𝗻 𝘁𝗿𝗮𝗶𝗹𝘀 𝘁𝗵𝗲 𝗴𝘂𝗶𝗱𝗲

Revenue: 𝗥𝘀 𝟯,𝟮𝟯𝟰.𝟭𝟰 𝗖𝗿 | +𝟭𝟲.𝟵𝟰% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟭𝟴𝟬.𝟮𝟬 𝗖𝗿 | +𝟵.𝟵𝟴% 𝗬𝗼𝗬
EBITDA margin: 𝟭𝟭.𝟬𝟬% | 𝘃𝘀 ~𝟭𝟮% 𝗙𝗬𝟮𝟳 𝗴𝘂𝗶𝗱𝗲

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗛𝟭 𝗖𝗙𝗢 𝗼𝗳 𝗥𝘀 𝟭,𝟯𝟳𝟭.𝟭𝟳 𝗖𝗿, 3.77x PAT, as inventories drew down Rs 1,242.18 Cr. Net debt of Rs 636.19 Cr turned into net cash of Rs 227.75 Cr ex-lease. H1 FCF came in at Rs 1,038.83 Cr. EBITDA grew 13.13% YoY to Rs 357.72 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗚𝗿𝗼𝘀𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗱𝗼𝘄𝗻 𝟭𝟲𝟳 𝗯𝗽𝘀 𝗬𝗼𝗬 𝘁𝗼 𝟯𝟮.𝟱𝟮%, below the 33-33.5% guide. H2 needs a 12.76% EBITDA margin to reach the full-year target. Finance costs rose 22.69% YoY with D&A up 28.39%, holding PBT growth to 7.96%. Standalone PAT fell 10.15% YoY to Rs 64.02 Cr.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Ecopure faces a preliminary 26.60% dumping margin on organic soybean meal, with an appeal pending.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Cash generation is strong; the margin path to the FY27 guide is the open question.

#LTFOODS #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗥𝗔𝗬𝗠𝗢𝗡𝗗 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

⚡ 𝗔𝗲𝗿𝗼𝘀𝗽𝗮𝗰𝗲 & 𝗱𝗲𝗳𝗲𝗻𝗰𝗲 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟳𝟮.𝟬% 𝗮𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗯𝗲𝗮𝘁𝘀 𝘁𝗵𝗲 𝗴𝘂𝗶𝗱𝗲

Revenue: 𝗥𝘀 𝟲𝟱𝟱.𝟭𝟲 𝗖𝗿 | +𝟮𝟰.𝟮% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟯𝟮.𝟬𝟲 𝗖𝗿 | +𝟭𝟯𝟬.𝟴% 𝗬𝗼𝗬
EBITDA margin: 𝟭𝟱.𝟭𝟯% | +𝟭𝟬𝟳 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗔𝗲𝗿𝗼𝘀𝗽𝗮𝗰𝗲 & 𝗱𝗲𝗳𝗲𝗻𝗰𝗲 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟳𝟮.𝟬% 𝗬𝗼𝗬, with EBIT margin up 438 bps to 13.31%. The segment's revenue share rose to 21.3% from 15.4%. EBITDA grew 30.4% to Rs 103.37 Cr, or 56.0% excluding the year-ago land gain. Margin sits above the 12-13% FY27 guide.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗘𝗕𝗜𝗧𝗗𝗔 𝗺𝗮𝗿𝗴𝗶𝗻 𝗱𝗼𝘄𝗻 𝟳𝟲 𝗯𝗽𝘀 𝗤𝗼𝗤, against the guided QoQ expansion path. Precision technology EBIT margin slipped to 8.56% from 9.40% QoQ. H1 FCF was Rs -26.21 Cr. Non-controlling interests took 30.3% of quarterly PAT while holding 8.5% of equity.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• H1 CFO of Rs 50.13 Cr against an outflow of Rs 33.36 Cr a year ago.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

The engineering pivot is delivering; the QoQ margin dip is the item to track.

#RAYMOND #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗞𝗜𝗥𝗟𝗢𝗦𝗕𝗥𝗢𝗦 | 𝗤𝟮 𝗙𝗬𝟮�� 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📈 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗮𝗰𝗰𝗲𝗹𝗲𝗿𝗮𝘁𝗲𝘀 𝘁𝗼 +𝟮𝟰.𝟮%, 𝗯𝘂𝘁 𝗶𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗱𝗿𝗮𝗶𝗻𝘀 𝗰𝗮𝘀𝗵

Revenue: 𝗥𝘀 𝟭,𝟮𝟳𝟲.𝟳𝟬 𝗖𝗿 | +𝟮𝟰.𝟮% 𝗬𝗼𝗬
PAT (standalone): 𝗥𝘀 𝟱𝟰𝟰 𝗠𝗻 | +𝟰𝟰.𝟳% 𝗬𝗼𝗬
EBITDA margin: 𝟵.𝟳𝟯% | -𝟴𝟮 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗮𝗰𝗰𝗲𝗹𝗲𝗿𝗮𝘁𝗲𝗱 from 12.9% in Q1. International revenue grew 25.4% YoY to Rs 4,633 Mn. The Rs 4,062.20 Cr order book means only ~4% H2 growth is needed to meet the FY27 guide. Standalone debt/equity is 0.01x.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗰𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝗱 𝗖𝗙𝗢 𝗼𝗳 𝗥𝘀 -𝟱𝟴𝟬 𝗠𝗻 against Rs 1,056 Mn a year ago. Inventory rose to Rs 10,283 Mn from Rs 8,724 Mn in March, against management's commitment to improve it in Q2. Material costs grew 38.6% YoY, ahead of revenue. Consolidated PAT grew only 3.5% YoY.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Finance costs rose 50.8% YoY to Rs 98 Mn consolidated.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Revenue delivery is on track; margin plus cash conversion are the swing factors.

#KIRLOSBROS #Q2FY27 #Earnings