Front Wave Research

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

SEBI-registered Research Analyst | INH000018407

[Front Wave Research @frontwave_]

#𝗦𝗠𝗔𝗥𝗧𝗟𝗜𝗡𝗞 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗣𝗔𝗧 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗱𝗼𝘂𝗯𝗹𝗲𝘀 𝗬𝗼𝗬, 𝘄𝗵𝗶𝗹𝗲 𝗰𝗵𝗶𝗽𝘀𝗲𝘁 𝗰𝗼𝘀𝘁𝘀 𝘀𝗾𝘂𝗲𝗲𝘇𝗲 𝗺𝗮𝗿𝗴𝗶𝗻 𝗤𝗼𝗤

Revenue: 𝗥𝘀 𝟴𝟬.𝟯𝟳 𝗖𝗿 | +𝟭𝟰.𝟯𝟴% 𝗬𝗼𝗬, +𝟮𝟯.𝟭𝟯% 𝗤𝗼𝗤
PAT: 𝗥𝘀 𝟰.𝟬𝟱 𝗖𝗿 | +𝟭𝟭𝟳.𝟮𝟴% 𝗬𝗼𝗬
EBITDA margin: 𝟱.𝟮𝟳% | +𝟯𝟬𝟱 𝗯𝗽𝘀 𝗬𝗼𝗬, -𝟭𝟴𝟬 𝗯𝗽𝘀 𝗤𝗼𝗤

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗥𝗲𝗰𝗲𝗶𝘃𝗮𝗯𝗹𝗲𝘀 𝗳𝗲𝗹𝗹 𝗥𝘀 𝟭𝟵.𝟴𝟭 𝗖𝗿 (𝟮𝟮.𝟭𝟱%) 𝘀𝗶𝗻𝗰𝗲 𝗠𝗮𝗿𝗰𝗵 𝟮𝟬𝟮𝟲. Employee cost eased to 8.51% of revenue from 9.18% QoQ, with other expenses at 5.50% from 6.70%. H1 PAT grew 139.08% YoY to Rs 9.66 Cr. A first dividend of Rs 2/share was paid.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀 𝗷𝘂𝗺𝗽𝗲𝗱 𝘁𝗼 𝟴𝟴.𝟴𝟰% 𝗼𝗳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗳𝗿𝗼𝗺 𝟳𝟳.𝟬𝟱% 𝗶𝗻 𝗤𝟭 on chipset inflation plus a weak rupee. H1 operating cash flow was negative at Rs (14.84) Cr as inventory rose 76.48% to Rs 59.70 Cr. Digisol contributes 108.08% of consolidated PAT. A Rs 3.36 Cr GST notice on Digisol carries no provision.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Growth is back; margin plus cash conversion need to stabilise.

#SMARTLINK #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗥𝗘𝗙𝗘𝗫 | 𝗤�� 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗪𝗶𝗻𝗱 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘁𝘂𝗿𝗻𝘀 𝗽𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗹𝗲, 𝗯𝘂𝘁 𝗿𝗲𝗰𝗲𝗶𝘃𝗮𝗯𝗹𝗲𝘀 𝘀𝘁𝗿𝗲𝘁𝗰𝗵 𝗰𝗮𝘀𝗵 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻

Consolidated revenue: 𝗥𝘀 𝟳𝟲𝟭.𝟯𝟮 𝗖𝗿 | +𝟴𝟯.𝟱𝟵% 𝗬𝗼𝗬
Standalone revenue: 𝗥𝘀 𝟱𝟱𝟵.𝟱𝟭 𝗖𝗿 | +𝟯𝟲.𝟭𝟮% 𝗬𝗼𝗬
Standalone net margin: 𝟭𝟬.𝟲𝟰% | 𝘄𝗶𝘁𝗵𝗶𝗻 𝟭𝟬-𝟭𝟮% 𝘁𝗮𝗿𝗴𝗲𝘁

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗪𝗶𝗻𝗱𝗽𝗼𝘄𝗲𝗿 𝗣𝗕𝗜𝗧 𝘁𝘂𝗿𝗻𝗲𝗱 𝗽𝗼𝘀𝗶𝘁𝗶𝘃𝗲 𝗮𝘁 𝗥𝘀 𝟵.𝟬𝟰 𝗖𝗿 𝗼𝗻 𝗥𝘀 𝟮𝟬𝟭.𝟴𝟬 𝗖𝗿 𝗿𝗲𝘃𝗲𝗻𝘂𝗲. Ash & Coal Handling revenue grew 33.67% with PBIT at a 16.65% margin, inside the 15-18% band. Consolidated net cash stood at Rs 95.56 Cr. The Green Mobility demerger targets listing by end Q3 FY27.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝘀𝘁𝗮𝗻𝗱𝗮𝗹𝗼𝗻𝗲 𝗖𝗙𝗢 𝗼𝗳 𝗥𝘀 𝟮𝟰.𝟬𝟳 𝗖𝗿 𝘃𝘀 𝗣𝗔𝗧 𝗼𝗳 𝗥𝘀 𝟭𝟯𝟮.𝟴𝟳 𝗖𝗿 (𝟬.𝟭𝟴𝘅). Receivable days of ~146 exceed the 105-125 day guide. Standalone finance costs rose 105.66% YoY. The wind FY27 target needs ~Rs 1,251 Cr in H2, about 2.5x the H1 run-rate.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Profitability is on target; collections plus wind execution need to catch up.

#REFEX #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗖𝗥𝗔𝗙𝗧𝗦𝗠𝗔𝗡 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🏭 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟰𝟳.𝟭% 𝘄𝗶𝘁𝗵 𝗣𝗔𝗧 𝘂𝗽 𝟲𝟴.𝟲%, 𝘄𝗵𝗶𝗹𝗲 𝗮𝗹𝘂𝗺𝗶𝗻𝗶𝘂𝗺 𝗹𝗮𝗴 𝘀𝗾𝘂𝗲𝗲𝘇𝗲𝘀 𝗺𝗮𝗿𝗴𝗶𝗻

Revenue: 𝗥𝘀 𝟮,𝟵𝟰𝟱.𝟮𝟬 𝗖𝗿 | +𝟰𝟳.𝟭% 𝗬𝗼𝗬, +𝟮𝟭.𝟭% 𝗤𝗼𝗤
PAT growth: 𝟲𝟴.𝟲% 𝗬𝗼𝗬
EBITDA margin: 𝟭𝟯.𝟯𝟮% | -𝟮𝟰𝟵 𝗯𝗽𝘀 𝗤𝗼𝗤

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗣𝗼𝘄𝗲𝗿𝘁𝗿𝗮𝗶𝗻 𝗘𝗕𝗜𝗧 𝗺𝗮𝗿𝗴𝗶𝗻 𝘂𝗽 ~𝟯𝟰𝟬 𝗯𝗽𝘀 𝗬𝗼𝗬 𝘁𝗼 𝟭𝟴.𝟬𝟰% with EBIT up 71.0%. Industrial & Engineering margin rose to 7.62% from 1.45%. The Rs 2,000 Cr QIP went to debt repayment, cutting D/E to 0.66x from 1.02x. H2 needs about 8.9% growth to meet the mid-teens FY27 guide.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗮𝘁 𝗥𝘀 (𝟱𝟭𝟰.𝟲𝟰) 𝗖𝗿, with FCF at Rs (1,606.08) Cr funded by the QIP. Aluminium segment margin fell to 7.50% from 10.13% in Q1. Inventory rose Rs 766 Cr plus receivables Rs 422 Cr since March. Other income doubled to Rs 19.73 Cr, including grant income plus asset-sale gains.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Growth is strong; aluminium margin plus cash generation decide H2.

#CRAFTSMAN #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗦𝗛𝗣𝗟𝗣𝗨𝗡𝗘 | 𝗤𝟮 𝗙��𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝘀𝗹𝗼𝘄𝘀 𝘄𝗵𝗶𝗹𝗲 𝘁𝗮𝘅 𝗻𝗼𝗿𝗺𝗮𝗹𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝗰𝘂𝘁𝘀 𝗣𝗔𝗧 𝟮𝟭.𝟯𝟭%

Revenue: 𝗥𝘀 𝟭𝟵.𝟱𝟯 𝗖𝗿 | +𝟯.𝟳𝟮% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟰.𝟮𝟬 𝗖𝗿 | -𝟮𝟭.𝟯𝟭% 𝗬𝗼𝗬
PBT: 𝗥𝘀 𝟱.𝟵𝟴 𝗖𝗿 | -𝟬.𝟴𝟲% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗖𝗮𝘀𝗵 𝘁𝗿𝗶𝗽𝗹𝗲𝗱 𝘁𝗼 𝗥𝘀 𝟮𝟬.𝟰𝟯 𝗖𝗿 𝗳𝗿𝗼𝗺 𝗥𝘀 𝟲.𝟴𝟰 𝗖𝗿 𝗮𝘁 𝗠𝗮𝗿𝗰𝗵, with borrowings at just Rs 0.25 Cr. Employee costs were flat YoY. H1 FCF of Rs 5.04 Cr compares with Rs 4.02 Cr a year ago. Receivables held flat since March.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗧𝗵𝗲 𝗘𝗧𝗥 𝗿𝗼𝘀𝗲 𝘁𝗼 𝟮𝟵.𝟳𝟵% 𝗳𝗿𝗼𝗺 𝟭𝟭.𝟱𝟰% 𝗬𝗼𝗬. Other expenses rose 32.27% YoY, compressing margin ~148 bps to 33.52%. Revenue growth lags the 10-12% industry rate cited by the company. Rs 9.63 Cr went into new inter-corporate loans with no FY26 dividend paid.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

A cash-rich balance sheet; capital allocation is the question to watch.

#SHPLPUNE #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗖𝗛𝗢𝗟𝗔𝗙𝗜𝗡 | 𝗤𝟮 𝗙��𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🏦 𝗗𝗶𝘀𝗯𝘂𝗿𝘀𝗲𝗺𝗲𝗻𝘁𝘀 𝘂𝗽 𝟰𝟳% 𝘄𝗶𝘁𝗵 𝗔𝗨𝗠 𝗴𝗿𝗼𝘄𝘁𝗵 𝗮𝗯𝗼𝘃𝗲 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗽𝗹𝘂𝘀 𝗹𝗼𝘄𝗲𝗿 𝗰𝗿𝗲𝗱𝗶𝘁 𝗰𝗼𝘀𝘁𝘀

AUM: 𝗥𝘀 𝟮,𝟲𝟴,𝟬𝟬𝟵 𝗖𝗿 | +𝟮𝟱% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟭,𝟲𝟯𝟬.𝟬𝟳 𝗖𝗿 | +𝟰𝟭.𝟬𝟵% 𝗬𝗼𝗬
Disbursements: 𝗥𝘀 𝟯𝟱,𝟴𝟳𝟮 𝗖𝗿 | +𝟰𝟳% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗜𝗺𝗽𝗮𝗶𝗿𝗺𝗲𝗻𝘁 𝗳𝗲𝗹𝗹 𝟮.𝟱𝟰% 𝗬𝗼𝗬 𝘄𝗶𝘁𝗵 𝗚𝗡𝗣𝗔 𝗮𝘁 𝟰.𝟰𝟰% 𝗳𝗿𝗼𝗺 𝟰.𝟱𝟳% 𝗬𝗼𝗬. Vehicle Finance result grew 41.74% with margin up 327 bps to 20.49%. Gold loan AUM rose 61% QoQ to Rs 3,446 Cr. The opex ratio of 3.02% sits within the 3.0-3.1% guide.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗦𝘁𝗮𝗴𝗲-𝟯 𝗰𝗼𝘃𝗲𝗿𝗮𝗴𝗲 𝘀𝗹𝗶𝗽𝗽𝗲𝗱 𝘁𝗼 𝟰𝟱.𝟯𝟮% 𝗳𝗿𝗼𝗺 𝟰𝟱.𝟳𝟯% 𝗤𝗼𝗤. Employee costs rose 24.80% QoQ, ahead of income. Finance cost rose to 46.23% of total income. LAP segment result fell 17.97% QoQ.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Board approved a Rs 5,000 Cr QIP; CAR at 20.62% with Tier-1 at 16.02%

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Growth is running ahead of guidance with the capital raise lined up.

#CHOLAFIN #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗗𝗜𝗔𝗠𝗜𝗡𝗘𝗦𝗤 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗟𝗼𝘀𝘀 𝗻𝗮𝗿𝗿𝗼𝘄𝘀 𝗬𝗼𝗬 𝘄𝗶𝘁𝗵 𝗱𝗲𝗯𝘁 𝗿𝗲𝗽𝗮𝗶𝗱, 𝗯𝘂𝘁 𝘁𝗵𝗲 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 𝘀𝗹𝗶𝗽𝘀 𝗯𝗮𝗰𝗸 𝗳𝗿𝗼𝗺 𝗤𝟭

Revenue: 𝗥𝘀 𝟵.𝟴𝟳 𝗖𝗿 | +𝟲.𝟬𝟵% 𝗬𝗼𝗬, -𝟯𝟭.𝟯𝟰% 𝗤𝗼𝗤
Net loss: 𝗥𝘀 (𝟮.𝟮𝟬) 𝗖𝗿 | 𝗻𝗮𝗿𝗿𝗼𝘄𝗲𝗱 𝟰𝟳.𝟬𝟯% 𝗬𝗼𝗬
EBITDA: 𝗥𝘀 (𝟭.𝟳𝟱) 𝗖𝗿 | 𝘃𝘀 𝗥𝘀 𝟬.𝟯𝟵 𝗖𝗿 𝗶𝗻 𝗤𝟭

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗢𝘃𝗲𝗿𝗱𝗿𝗮𝗳𝘁 𝗼𝗳 𝗥𝘀 𝟴.𝟭𝟵 𝗖𝗿 𝗳𝘂𝗹𝗹𝘆 𝗿𝗲𝗽𝗮𝗶𝗱, leaving net cash of Rs 28.21 Cr. H1 CFO swung to Rs 9.05 Cr from Rs (7.12) Cr. H1 loss narrowed 66.96% to Rs (2.30) Cr. FCF was Rs 2.89 Cr after Rs 6.16 Cr capex.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗗𝗔𝗖𝗟 𝗙𝗶𝗻𝗲 𝗖𝗵𝗲𝗺 𝗵𝗮𝘀 𝘆𝗲𝘁 𝘁𝗼 𝘀𝘁𝗮𝗿𝘁 𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻, with Rs 0.02 Cr of revenue in the quarter. Standalone moved to a Rs 1.70 Cr loss from a Rs 0.27 Cr profit in Q1. The YoY cost improvement is flattered by Rs 5.69 Cr of ECL in the year-ago base.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

The balance sheet is cleaner, but profitability has not returned.

#DIAMINESQ #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗖𝗢𝗡𝗧𝗥𝗢𝗟𝗣𝗥 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📈 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟮𝟴.𝟴𝟮% 𝘄𝗶𝘁𝗵 𝗺𝗮𝗿𝗴𝗶𝗻 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝗶𝗻𝗴; 𝗣𝗔𝗧 𝗱𝗿𝗼𝗽 𝗶𝘀 𝗮 𝘁𝗮𝘅 𝗯𝗮𝘀𝗲 𝗲𝗳𝗳𝗲𝗰𝘁

Revenue: 𝗥𝘀 𝟭𝟰𝟰.𝟮𝟮 𝗖𝗿 | +𝟮𝟴.𝟴𝟮% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟭𝟯.𝟭𝟯 𝗖𝗿 | -𝟮𝟵.𝟯𝟳% 𝗬𝗼𝗬
Standalone EBITDA margin: 𝟮𝟰.𝟱𝟳% | +𝟰𝟰𝟮 𝗯𝗽𝘀 𝗤𝗼𝗤

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗦𝘁𝗮𝗻𝗱𝗮𝗹𝗼𝗻𝗲 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗮𝗰𝗰𝗲𝗹𝗲𝗿𝗮𝘁𝗲𝗱 𝘁𝗼 𝟮𝟴.𝟮𝟴% 𝗬𝗼𝗬 𝗳𝗿𝗼𝗺 𝟰.𝟭𝟲% 𝗶𝗻 𝗤𝟭. Standalone PBT before exceptionals grew 28.34% YoY to Rs 29.45 Cr. H1 standalone growth of 16.30% is above the 10-15% FY27 guide. H1 CFO was 1.46x PAT with the company effectively debt-free.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗧𝗵𝗲 𝗘𝗧𝗥 𝗿𝗼𝘀𝗲 𝘁𝗼 𝟰𝟱.𝟱𝟭% 𝗳𝗿𝗼𝗺 𝟭𝟰.𝟯𝟴% 𝗼𝗻 𝗮 𝗠𝗔𝗧-𝗰𝗿𝗲𝗱𝗶𝘁 𝗯𝗮𝘀𝗲 𝗲𝗳𝗳𝗲𝗰𝘁. Foreign subsidiaries lost Rs 633.13 lakh, missing the near-breakeven timeline, though the loss narrowed 27% QoQ. Standalone margin is 370 bps below the year-ago record. Material costs rose 40.9% YoY, faster than revenue.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Operations are ahead of guidance; the overseas subsidiary drag is the open item.

#CONTROLPR #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗞𝗦𝗖𝗟 | ��𝟮 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗤𝟮 𝗹𝗼𝘀𝘀 𝗻𝗮𝗿𝗿𝗼𝘄𝘀, 𝗯𝘂𝘁 𝗛𝟭 𝗱𝗲𝗰𝗹𝗶𝗻𝗲𝘀 𝗹𝗲𝗮𝘃𝗲 𝘁𝗵𝗲 𝗙𝗬𝟮𝟳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝘂𝗶𝗱𝗲 𝗼𝘂𝘁 𝗼𝗳 𝗿𝗲𝗮𝗰𝗵

Revenue: 𝗥𝘀 𝟮𝟰𝟰.𝟭𝟰 𝗖𝗿 | +𝟭𝟭.𝟱𝟯% 𝗬𝗼𝗬
Net loss: 𝗥𝘀 (𝟴.𝟳𝟴) 𝗖𝗿 | 𝘃𝘀 𝗥𝘀 (𝟭𝟱.𝟰𝟯) 𝗖𝗿 𝗬𝗼𝗬
H1 EBITDA margin: 𝟯𝟬.𝟳𝟮% | 𝘃𝘀 >𝟮𝟰% 𝗴𝘂𝗶𝗱𝗲

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗦𝘁𝗮𝗻𝗱𝗮𝗹𝗼𝗻𝗲 𝗘𝗕𝗜𝗧𝗗𝗔 𝗿𝗼𝘀𝗲 𝘁𝗼 𝗥𝘀 𝟭𝟬.𝟴𝟭 𝗖𝗿 𝗳𝗿𝗼𝗺 𝗥𝘀 𝟬.𝟭𝟲 𝗖𝗿 𝗬𝗼𝗬, with standalone revenue up 29.84%. H1 material cost ratio improved to 51.48% from 53.06%. H1 capex of Rs 82.47 Cr is on track against the Rs 129 Cr plan.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗳𝗲𝗹𝗹 𝟴.𝟰𝟯% 𝗬𝗼𝗬 𝘄𝗶𝘁𝗵 𝗣𝗔𝗧 𝗱𝗼𝘄𝗻 𝟭𝟮.𝟳𝟰%; the +15-20% FY27 guide needs H2 growth of 94.54-116.52%. H1 CFO was negative at Rs (153.00) Cr with FCF at Rs (235.47) Cr. Cash fell to Rs 7.44 Cr from Rs 41.52 Cr. The ~Rs 300 Cr end-Q2 cash guide was missed.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Interim dividend of Rs 5/share, record date 6 Nov 2026

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

Working-capital normalisation is behind plan; the H2 sale season carries the year.

#KSCL #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗔𝗗𝗔𝗡𝗜𝗘𝗡𝗧 | 𝗤𝟮 𝗙��𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

⚡ 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟳𝟱.𝟭𝟰% 𝘄𝗶𝘁𝗵 𝗰𝗼𝗽𝗽𝗲𝗿 𝗮𝗵𝗲𝗮𝗱 𝗼𝗳 𝗿𝘂𝗻-𝗿𝗮𝘁𝗲; 𝗣𝗔𝗧 𝗱𝗿𝗼𝗽 𝗶𝘀 𝗮 𝗯𝗮𝘀𝗲 𝗲𝗳𝗳𝗲𝗰𝘁

Revenue: 𝗥𝘀 𝟯𝟳,𝟮𝟭𝟱.𝟲𝟮 𝗖𝗿 | +𝟳𝟱.𝟭𝟰% 𝗬𝗼𝗬, +𝟭𝟯.𝟬𝟯% 𝗤𝗼𝗤
EBITDA: 𝗥𝘀 𝟲,𝟯𝟭𝟲.𝟬𝟰 𝗖𝗿 | +𝟲𝟭.𝟴𝟲% 𝗬𝗼𝗬
PBT pre-exceptional: 𝗥𝘀 𝟮,𝟬𝟬𝟮.𝟬𝟮 𝗖𝗿 | +𝟭𝟰𝟱.𝟴𝟰% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗖𝗼𝗽𝗽𝗲𝗿 𝗘𝗕𝗜𝗧 𝗼𝗳 𝗥𝘀 𝟭,𝟬𝟯𝟴.𝟭𝟭 𝗖𝗿 𝘃𝘀 𝗮 𝗥𝘀 (𝟮𝟳𝟳.𝟲𝟱) 𝗖𝗿 𝗹𝗼𝘀𝘀, above the ~Rs 800 Cr quarterly run-rate management cited. Commercial Mining returned to breakeven EBIT. The Rs 15,000 Cr QIP cut D/E to 0.94x from 1.50x. H1 CFO rose to Rs 6,318.24 Cr from Rs 628.46 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗥𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝗣𝗔𝗧 𝗳𝗲𝗹𝗹 𝟱𝟰.𝟴𝟰% 𝗬𝗼𝗬 𝗼𝗻 𝗮 𝗥𝘀 𝟯,𝟱𝟴𝟯.𝟮𝟴 𝗖𝗿 𝗽𝗿𝗶𝗼𝗿-𝘆𝗲𝗮𝗿 𝗲𝘅𝗰𝗲𝗽𝘁𝗶𝗼𝗻𝗮𝗹 𝗴𝗮𝗶𝗻. Mining services revenue fell 7.13% YoY vs a 16-20% growth guide. The ETR rose to 47.32% from 22.76%. Consolidated results carry a modified audit conclusion, repeated from Q1, over MIAL and NMIAL matters.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Operating build is steady; mining services plus the audit matters are the watch items.

#ADANIENT #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗚𝗔𝗧𝗘𝗪𝗔𝗬 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗚𝘂𝗶𝗱𝗲𝗱 𝗺𝗮𝗿𝗴𝗶𝗻 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆 𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝗲𝗱, 𝘄𝗵𝗶𝗹𝗲 𝘁𝗮𝘅 𝗿𝗲𝗴𝗶𝗺𝗲 𝗰𝗵𝗮𝗻𝗴𝗲 𝗰𝘂𝘁𝘀 𝗿𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝗣𝗔𝗧

EBITDA: 𝗥𝘀 𝟭𝟯𝟭.𝟱𝟭 𝗖𝗿 | +𝟲.𝟱𝟱% 𝗬𝗼𝗬, 𝟮𝟮.𝟰𝟲% 𝗺𝗮𝗿𝗴𝗶𝗻
PBT pre-exceptional: 𝗥𝘀 𝟳𝟵.𝟬𝟮 𝗖𝗿 | +𝟭𝟱.𝟬𝟳% 𝗬𝗼𝗬
Reported PAT: -𝟭𝟯.𝟰𝟴% 𝗬𝗼𝗬 | +𝟭𝟯.𝟵𝟮% 𝘁𝗮𝘅-𝗻𝗼𝗿𝗺𝗮𝗹𝗶𝘇𝗲𝗱

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗜𝗖𝗟 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝗺𝗮𝗿𝗴𝗶𝗻 𝗯𝗮𝗰𝗸 𝘁𝗼 𝟭𝟵.𝟱𝟮% 𝗳𝗿𝗼𝗺 𝟭𝟴.𝟯𝟮% 𝗶𝗻 𝗤𝟭, with the segment result up 19.39% QoQ. Finance costs fell 16.57% YoY to Rs 13.24 Cr. H1 CFO of Rs 174.92 Cr covered capex of Rs 58.43 Cr plus dividends of Rs 62.46 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝗿𝗲𝘄 𝗼𝗻𝗹𝘆 𝟭.𝟬𝟰% 𝗬𝗼𝗬 𝘃𝘀 𝘁𝗵𝗲 𝗱𝗼𝘂𝗯𝗹𝗲-𝗱𝗶𝗴𝗶𝘁 𝗙𝗬𝟮𝟳 𝗮𝗺𝗯𝗶𝘁𝗶𝗼𝗻. The ETR rose to 25.94% from 3.44% after the 115BAA opt-in. Receivables rose Rs 5,051 lakh since March. The review conclusion is qualified on Jaipur ICD Benami proceedings, with Rs 184.10 Cr of SEIS demands unprovisioned.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Margins are on plan; H2 volumes from the JNPT rail ramp decide the year.

#GATEWAY #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗭𝗘𝗡𝗢𝗧𝗘𝗖𝗛 | 𝗤𝟮 𝗙��𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🚨 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗱𝗼𝘄𝗻 𝟰𝟬.𝟬𝟳% 𝗬𝗼𝗬 𝗮𝘀 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝘃𝗼𝗹𝘂𝗺𝗲𝘀 𝗳𝗿𝗼𝗺 𝗶𝘁𝘀 𝘀𝗼𝗹𝗲 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗱𝗿𝗼𝗽

Revenue: 𝗥𝘀 𝟲.𝟭𝟯 𝗖𝗿 | -𝟰𝟬.𝟬𝟳% 𝗬𝗼𝗬, -𝟯𝟲.𝟭𝟭% 𝗤𝗼𝗤
Net loss: 𝗥𝘀 (𝟮.𝟱𝟳) 𝗖𝗿 | 𝘃𝘀 𝗥𝘀 (𝟬.𝟰𝟲) 𝗖𝗿 𝗶𝗻 𝗤𝟭
EBITDA margin: (𝟯𝟯.𝟭𝟬)% | 𝘃𝘀 +𝟮𝟮.𝟴𝟳% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗗𝗲𝗯𝘁-𝗳𝗿𝗲𝗲 𝘄𝗶𝘁𝗵 𝗥𝘀 𝟮𝟴.𝟱𝟰 𝗖𝗿 𝗼𝗳 𝗰𝗮𝘀𝗵, about 26% of total assets. Receivables fell to Rs 1.87 Cr from Rs 8.78 Cr. H1 CFO was positive at Rs 3.38 Cr. Lease rent from Sun Pharma held at Rs 1.02 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝟭𝟬𝟬% 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝗰𝗲 𝗼𝗻 𝗦𝘂𝗻 𝗣𝗵𝗮𝗿𝗺𝗮 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝘃𝗼𝗹𝘂𝗺𝗲𝘀. Employee costs rose to 76.54% of revenue from 37.18% YoY. The loss widened against management's AGM pledge to restore positive performance. H1 FCF was negative at Rs (2.55) Cr, funded from cash.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

The cash pile buys time; recovery rests on promoter volume allocation.

#ZENOTECH #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗣𝗥𝗨𝗗𝗘𝗡𝗧 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

💼 𝗠𝗮𝗿𝗴𝗶𝗻 𝗮𝗯𝗼𝘃𝗲 𝘁𝗵𝗲 𝗴𝘂𝗶𝗱𝗲𝗱 𝗯𝗮𝗻𝗱 𝗮𝘀 𝗽𝗮𝘆𝗼𝘂𝘁 𝗿𝗮𝘁𝗶𝗼 𝗰𝗼𝗺𝗽𝗿𝗲𝘀𝘀𝗲𝘀

Revenue: 𝗥𝘀 𝟯𝟴𝟴.𝟳𝟯 𝗖𝗿 | +𝟮𝟭.𝟱𝟲% 𝗬𝗼𝗬, +𝟭𝟭.𝟴𝟮% 𝗤𝗼𝗤
PAT: 𝗥𝘀 𝟳𝟭.𝟳𝟬 𝗖𝗿 | +𝟯𝟯.𝟵𝟮% 𝗬𝗼𝗬
OPM: 𝟮𝟲.𝟰𝟰% | +𝟯𝟴𝟳 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗣𝗮𝘆𝗼𝘂𝘁 𝗿𝗮𝘁𝗶𝗼 𝗳𝗲𝗹𝗹 𝘁𝗼 𝟱𝟰.𝟴𝟵% 𝗳𝗿𝗼𝗺 𝟲𝟬.𝟬𝟵% 𝗬𝗼𝗬, lifting OPM above the ~25.6-25.8% representative band. Operating profit rose 42.41% YoY to Rs 102.79 Cr. Growth was fully organic. H1 FCF was Rs 120.22 Cr on a zero-debt balance sheet.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲 𝗰𝗼𝘀𝘁 𝘂𝗽 𝟯𝟭.𝟳𝟵% 𝗬𝗼𝗬 𝘃𝘀 𝘁𝗵𝗲 +𝟭𝟰% 𝗙𝗬𝟮𝟳 𝗴𝘂𝗶𝗱𝗲; H2 would need to run 14.93% below H1 to meet it. Other income fell 81.77% QoQ to Rs 3.80 Cr, so PAT dipped 4.09% QoQ. Other expenses grew 17.42% QoQ, ahead of revenue.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Clean organic growth; employee cost is the guide at risk.

#PRUDENT #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗞𝗦𝗟 | 𝗤𝟮 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📈 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗽𝗶𝗰𝗸𝘀 𝘂𝗽 𝘄𝗶𝘁𝗵 𝗺𝗮𝗿𝗴𝗶𝗻 𝘂𝗽 ~𝟯𝟬𝟬 𝗯𝗽𝘀 𝗼𝗻 𝗮 𝗻𝗲𝘁 𝗰𝗮𝘀𝗵 𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝘀𝗵𝗲𝗲𝘁

Revenue: 𝗥𝘀 𝟰𝟵𝟰.𝟯𝟴 𝗖𝗿 | +𝟴.𝟰𝟬% 𝗬𝗼𝗬, +𝟲.𝟰𝟭% 𝗤𝗼𝗤
PAT: 𝗥𝘀 𝟳𝟵.𝟴𝟳 𝗖𝗿 | +𝟮𝟳.𝟳𝟭% 𝗬𝗼𝗬
EBITDA margin: 𝟮𝟱.𝟭𝟮% | +𝟯𝟬𝟳 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗘𝗕𝗜𝗧𝗗𝗔 𝗺𝗮𝗿𝗴𝗶𝗻 𝗲𝘅𝗰𝗹𝘂𝗱𝗶𝗻𝗴 𝗼𝘁𝗵𝗲𝗿 𝗶𝗻𝗰𝗼𝗺𝗲 𝗿𝗼𝘀𝗲 𝘁𝗼 𝟮𝟭.𝟲𝟴% 𝗳𝗿𝗼𝗺 𝟭𝟴.𝟳𝟯% 𝗬𝗼𝗬. Revenue growth accelerated from 4.93% YoY in Q1. Net cash stood at Rs 259.60 Cr after a Rs 43.65 Cr dividend. H1 FCF was Rs 29.50 Cr after Rs 51.36 Cr capex.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗖𝗙𝗢/𝗣𝗔𝗧 𝗼𝗳 𝟬.𝟱𝟱𝘅, with inventory up 12.09% since March to Rs 319.89 Cr. Raw materials rose to 53.07% of revenue from 52.13% amid coking-coal inflation. Contingent liabilities total Rs 216.75 Cr, including a Rs 136.45 Cr Forest Development Tax matter at the Supreme Court.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Clean earnings with no exceptional items; cash conversion is the item to track.

#KSL #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗩𝗔𝗞𝗥𝗔𝗡𝗚𝗘𝗘 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

🔄 𝗠𝗮𝗿𝗴𝗶𝗻 𝘂𝗽 𝟮𝟲𝟯 𝗯𝗽𝘀 𝗼𝗻 𝗰𝗼𝘀𝘁 𝗰𝗼𝗻𝘁𝗿𝗼𝗹, 𝗯𝘂𝘁 𝗮 𝗵𝗶𝗴𝗵𝗲𝗿 𝘁𝗮𝘅 𝗿𝗮𝘁𝗲 𝗱𝗿𝗮𝗴𝘀 𝗣𝗔𝗧

Revenue: 𝗥𝘀 𝟲𝟭.𝟲𝟴 𝗖𝗿 | -𝟭𝟬.𝟳𝟭% 𝗬𝗼𝗬, +𝟭𝟬.𝟯𝟬% 𝗤𝗼𝗤
EBIDTA: 𝗥𝘀 𝟵.𝟰𝟲 𝗖𝗿 | +𝟳.𝟴𝟱% 𝗬𝗼𝗬, 𝟭𝟱.𝟯𝟯% 𝗺𝗮𝗿𝗴𝗶𝗻
Consolidated PAT: -𝟵.𝟵𝟰% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗩𝗮𝗸𝗿𝗮𝗻𝗴𝗲𝗲 𝗞𝗲𝗻𝗱𝗿𝗮 𝗿𝗲𝘀𝘂𝗹𝘁 𝘂𝗽 𝟱𝟴.𝟭% 𝗬𝗼𝗬 𝘁𝗼 𝗥𝘀 𝟱.𝟲𝟰 𝗖𝗿, with margin up ~420 bps to 11.14%. Other expenses fell 21.04% YoY. ATM revenue recovered 54.96% QoQ to Rs 14.31 Cr. The company is debt-free.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗔𝗧𝗠 (𝗩𝗼𝗿𝘁𝗲𝘅) 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝗹𝗼𝘀𝘀 𝘄𝗶𝗱𝗲𝗻𝗲𝗱 𝘁𝗼 𝗥𝘀 (𝟭.𝟯𝟯) 𝗖𝗿 𝗳𝗿𝗼𝗺 𝗥𝘀 (𝟭.𝟬𝟲) 𝗖𝗿 𝗶𝗻 𝗤𝟭. The effective tax rate rose to 36.69% from 26.31%. H1 CFO was 0.46x PAT with FCF negative at Rs (1.82) Cr. Receivables rose to Rs 26.19 Cr from Rs 20.47 Cr while revenue declined.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟡 Neutral

Kendra is carrying the group; the ATM order book has to show up in profit.

#VAKRANGEE #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗣𝗩𝗥𝗜𝗡𝗢𝗫 | 𝗤𝟮 ��𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📈 𝗥𝗲𝗰𝗼𝗿𝗱 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 𝘄𝗶𝘁𝗵 𝗣𝗔𝗧 𝘂𝗽 𝟭𝟰𝟵.𝟰%, 𝘄𝗵𝗶𝗹𝗲 𝘀𝗰𝗿𝗲𝗲𝗻 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝘀 𝘁𝗿𝗮𝗶𝗹 𝘁𝗵𝗲 𝗽𝗹𝗮𝗻

Revenue: 𝗥𝘀 𝟮,𝟭𝟬𝟱.𝟭 𝗖𝗿 | +𝟭𝟲.𝟵𝟴% 𝗬𝗼𝗬, +𝟮𝟵.𝟳𝟳% 𝗤𝗼𝗤
PAT: 𝗥𝘀 𝟮𝟲𝟯.𝟭 𝗖𝗿 | +𝟭𝟰𝟵.𝟰% 𝗬𝗼𝗬
EBITDA margin: 𝟮𝟭.𝟰% 𝗽𝗿𝗲-𝗜𝗻𝗱 𝗔𝗦 𝟭𝟭𝟲 | +𝟯𝟴𝟵 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗚𝗿𝗼𝘀𝘀 𝗱𝗲𝗯𝘁 𝗱𝗼𝘄𝗻 𝘁𝗼 𝗥𝘀 𝟱𝟬𝟬.𝟵 𝗖𝗿, 𝗺𝗲𝗲𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 ~𝗥𝘀 𝟱𝟬𝟬 𝗖𝗿 𝘁𝗮𝗿𝗴𝗲𝘁, with net cash of Rs 132.4 Cr held after a Rs 303.4 Cr buyback. Exhibition segment margin expanded 842 bps YoY. Production and distribution swung to a Rs 10.0 Cr profit. H1 FCF was Rs 1,255.5 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝟮𝟭 𝗴𝗿𝗼𝘀𝘀 𝘀𝗰𝗿𝗲𝗲𝗻 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝘀 𝘃𝘀 𝗮 𝟵𝟬-𝟭𝟬𝟬 𝗙𝗬𝟮𝟳 𝘁𝗮𝗿𝗴𝗲𝘁, leaving ~70-80 for H2. Only 1 of 28-30 planned SMART screens is live. Film-hire costs rose ~218 bps QoQ to 23.60% of exhibition revenue on blockbuster bonus payouts. The 25% tax rate is mostly non-cash use of a finite DTA, now at Rs 415.1 Cr.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Balance sheet repair is done; screen growth is the H2 marker.

#PVRINOX #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗕𝗔𝗝𝗔𝗝𝗘𝗟𝗘𝗖 | 𝗤𝟮 𝗙𝗬��𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗣𝗔𝗧 𝘂𝗽 𝟭𝟲𝟰.𝟳𝟭% 𝗼𝗻 𝗰𝗼𝘀𝘁 𝗰𝘂𝘁𝘀, 𝘄𝗵𝗶𝗹𝗲 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗽𝗹𝘂𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗺𝗶𝘀𝘀 𝘁𝗮𝗿𝗴𝗲𝘁𝘀

Revenue growth: 𝟭.𝟰𝟲% 𝗬𝗼𝗬 | 𝘃𝘀 𝟴-𝟭𝟬% 𝗮𝗺𝗯𝗶𝘁𝗶𝗼𝗻
PAT: 𝗥𝘀 𝟮𝟲.𝟭𝟬 𝗖𝗿 | +𝟭𝟲𝟰.𝟳𝟭% 𝗬𝗼𝗬
EBIT margin: 𝟰.𝟰𝟰% | 𝘃𝘀 𝟲-𝟵% 𝘁𝗮𝗿𝗴𝗲𝘁 𝗯𝗮𝗻𝗱

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝘀 𝗘𝗕𝗜𝗧 𝘂𝗽 𝟯𝟱𝟳.𝟵𝟯% 𝗬𝗼𝗬 𝘁𝗼 𝗥𝘀 𝟯𝟰.𝟬𝟳 𝗖𝗿, with margin at 4.00% vs 0.89%. Employee costs fell 19.59% YoY with D&A down 17.38%. The JV share swung to a Rs 0.80 Cr profit from a Rs 4.77 Cr loss. There were no exceptional items.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗟𝗶𝗴𝗵𝘁𝗶𝗻𝗴 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝗺𝗮𝗿𝗴𝗶𝗻 𝗳𝗲𝗹𝗹 𝘁𝗼 𝟯.𝟭𝟬% 𝗳𝗿𝗼𝗺 𝟳.𝟵𝟰%, against the double-digit margin promise of 6 Aug 2026. H1 operating cash flow was negative at Rs (49.78) Cr on a Rs 171.79 Cr inventory build. Raw material costs rose 32.83% YoY against 1.46% revenue growth. A Rs 627.36 lakh West Bengal GST demand upheld on appeal carries no provision.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

Profit gains came from costs, not growth; leadership changes from Jan 2027 add a variable.

#BAJAJELEC #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗩𝗘𝗗𝗟 | ��𝟮 𝗙𝗬𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📈 𝗠𝗮𝗿𝗴𝗶𝗻 𝘂𝗽 𝟴𝟵𝟯 𝗯𝗽𝘀 𝘄𝗶𝘁𝗵 𝗻𝗲𝘁 𝗱𝗲𝗯𝘁 𝗱𝗼𝘄𝗻 𝗥𝘀 𝟰,𝟱𝟰𝟮 𝗖𝗿, 𝗹𝗲𝗱 𝗯𝘆 𝘇𝗶𝗻𝗰

Revenue: 𝗥𝘀 𝟮𝟲,𝟯𝟱𝟲 𝗖𝗿 | +𝟱𝟳.𝟰𝟴% 𝗬𝗼𝗬
PAT (continuing): 𝗥𝘀 𝟲,𝟮𝟬𝟮 𝗖𝗿 | +𝟭𝟱𝟬.𝟵𝟵% 𝗬𝗼𝗬
EBITDA margin: 𝟯𝟳.𝟳𝟭% | +𝟴𝟵𝟯 𝗯𝗽𝘀 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗭𝗶𝗻𝗰-𝗟𝗲𝗮𝗱-𝗦𝗶𝗹𝘃𝗲𝗿 𝗜𝗻𝗱𝗶𝗮 𝗘𝗕𝗜𝗧𝗗𝗔 𝗼𝗳 𝗥𝘀 𝟵,𝟮𝟰𝟯 𝗖𝗿 𝗮𝘁 𝗮 𝟲𝟯.𝟲𝟰% 𝗺𝗮𝗿𝗴𝗶𝗻, 𝘂𝗽 𝟭𝟬𝟴.𝟰𝟲% 𝗬𝗼𝗬. Zinc International EBITDA rose to Rs 550 Cr from Rs 250 Cr QoQ. Net debt fell to Rs 3,757 Cr with DSCR at 4.87 vs 2.52. H1 FCF was Rs 7,849 Cr after Rs 6,197 Cr of capex.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗠𝗶𝗻𝗼𝗿𝗶𝘁𝘆 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝘁𝗼𝗼𝗸 𝟰𝟭.𝟭𝟱% 𝗼𝗳 𝗰𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝗱 𝗣𝗔𝗧, so PAT to owners of Rs 3,650 Cr fell 33.31% QoQ. The copper margin of 0.86% sits well below the ~5% FY27 guide. Inventory rose Rs 1,621 Cr on the balance sheet since March. The auditor flagged an emphasis of matter on regulatory investigations, including a June 2026 ED FEMA search.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Rs 5/share interim dividend approved on 8 Oct 2026

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

A strong zinc-led quarter post-demerger; copper plus minority leakage cap what reaches owners.

#VEDL #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗞𝗣𝗜𝗧𝗧𝗘𝗖𝗛 | 𝗤𝟮 𝗙��𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗦𝗲𝗾𝘂𝗲𝗻𝘁𝗶𝗮𝗹 𝗺𝗮𝗿𝗴𝗶𝗻 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆, 𝗯𝘂𝘁 𝗬𝗼𝗬 𝗽𝗿𝗼𝗳𝗶𝘁 𝗳𝗮𝗹𝗹𝘀 𝟮𝟴.𝟲𝟰% 𝗼𝗻 𝗘𝘂𝗿𝗼𝗽𝗲 𝘄𝗲𝗮𝗸𝗻𝗲𝘀𝘀

Revenue: 𝗥𝘀 𝟭,𝟲𝟵𝟬.𝟵𝟳 𝗖𝗿 | +𝟲.𝟱𝟬% 𝗬𝗼𝗬, +𝟬.𝟵𝟱% 𝗤𝗼𝗤
PAT: 𝗥𝘀 𝟭𝟮𝟬.𝟲𝟲 𝗖𝗿 | -𝟮𝟴.𝟲𝟰% 𝗬𝗼𝗬
EBITDA margin: 𝟭𝟳.𝟳𝟰% | -𝟯𝟯𝟲 𝗯𝗽𝘀 𝗬𝗼𝗬, +𝟱𝟲 𝗯𝗽𝘀 𝗤𝗼𝗤

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗔𝗺𝗲𝗿𝗶𝗰𝗮𝘀 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟯𝟱.𝟯𝟬% 𝗬𝗼𝗬 𝘄𝗶𝘁𝗵 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝗺𝗮𝗿𝗴𝗶𝗻 𝗮𝘁 𝟮𝟴.𝟱𝟲%. RoW revenue grew 9.08% QoQ with margin back to 13.11% from 9.73%. The flattish-QoQ revenue plus sequential margin markers were both met. Borrowings fell to Rs 419.61 Cr from Rs 462.17 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗛𝟭 𝗺𝗮𝗿𝗴𝗶𝗻 𝗼𝗳 𝟭𝟳.𝟰𝟲% 𝗻𝗲𝗲𝗱𝘀 ~𝟮𝟯.𝟱𝟰% 𝗶𝗻 𝗛𝟮 𝘁𝗼 𝗿𝗲𝗮𝗰𝗵 𝘁𝗵𝗲 𝟮𝟬.𝟱% 𝗙𝗬𝟮𝟳 𝗳𝗹𝗼𝗼𝗿. UK & Europe revenue fell 13.31% QoQ with segment margin down ~820 bps YoY to 11.87%. H1 CFO/PAT was 0.50x with FCF near breakeven at Rs 5.64 Cr. Employee cost rose to 63.66% of revenue despite a deferred wage hike.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Normalized PAT fell 23.29% YoY; the Qorix JV loss widened to Rs 15.57 Cr

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

Q2 markers were met, but the FY27 margin band now looks a stretch.

#KPITTECH #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗦𝗧𝗬𝗥𝗘𝗡𝗜𝗫 | 𝗤𝟮 𝗙��𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

📉 𝗦𝘁𝘆𝗿𝗲𝗻𝗲 𝗰𝗼𝘀𝘁 𝘀𝗽𝗶𝗸𝗲 𝗽𝗹𝘂𝘀 𝗮 𝗧𝗵𝗮𝗶𝗹𝗮𝗻𝗱 𝗹𝗼𝘀𝘀 𝗰𝘂𝘁 𝗣𝗔𝗧 𝟰𝟴.𝟭𝟵%

Revenue: 𝗥𝘀 𝟵𝟵𝟯.𝟱𝟭 𝗖𝗿 | +𝟮𝟰.𝟯𝟲% 𝗬𝗼𝗬
PAT: 𝗥𝘀 𝟮𝟯.𝟭𝟳 𝗖𝗿 | -𝟰𝟴.𝟭𝟵% 𝗬𝗼𝗬
EBITDA margin: 𝟳.𝟱𝟴% | 𝘃𝘀 𝟭𝟭.𝟬𝟯% 𝗬𝗼𝗬

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗦𝘁𝗮𝗻𝗱𝗮𝗹𝗼𝗻𝗲 𝗜𝗻𝗱𝗶𝗮 𝗣𝗕𝗗𝗜𝗧 𝗴𝗿𝗲𝘄 𝟯.𝟯𝟯% 𝗬𝗼𝗬 𝘁𝗼 𝗥𝘀 𝟴𝟰.𝟰𝟴 𝗖𝗿 despite the styrene spike. Consolidated borrowings fell Rs 71.40 Cr since March, with standalone debt-free. H1 operating cash flow was Rs 137.80 Cr vs a Rs (64.83) Cr outflow a year ago. ABS Phase 1 capex is on track from internal accruals.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗧𝗵𝗮𝗶𝗹𝗮𝗻𝗱 𝘀𝘂𝗯𝘀𝗶𝗱𝗶𝗮𝗿𝘆 𝗹𝗼𝘀𝘁 𝗥𝘀 (𝟮𝟵.𝟲𝟮) 𝗖𝗿 𝘃𝘀 𝗮 𝗥𝘀 𝟱.𝟬𝟯 𝗖𝗿 𝗽𝗿𝗼𝗳𝗶𝘁 𝗶𝗻 𝗤𝟭, against breakeven guidance. Material costs rose 37.83% YoY to 76.36% of revenue. Standalone margin of 10.82% is below the ~14% level management guided to. The consolidated ETR rose to 42.62% as Thailand losses get no tax offset.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🔴 Negative

India is holding up; Thailand plus formula-pricing lag are the drags to watch.

#STYRENIX #Q2FY27 #Earnings

[Front Wave Research @frontwave_]

#𝗖𝗔𝗥𝗧𝗥𝗔𝗗𝗘 | 𝗤𝟮 𝗙��𝟮𝟳 𝗥𝗲𝘀𝘂𝗹𝘁𝘀

⚡ 𝗥𝗲𝗰𝗼𝗿𝗱 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘄𝗶𝘁𝗵 𝗺𝗮𝗿𝗴𝗶𝗻 𝗮𝗯𝗼𝘃𝗲 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲, 𝘄𝗵𝗶𝗹𝗲 𝘁𝗮𝘅 𝗽𝗹𝘂𝘀 𝗡𝗖𝗜 𝗵𝗼𝗹𝗱 𝗣𝗔𝗧 𝗳𝗹𝗮𝘁

Revenue: 𝗥𝘀 𝟮𝟭𝟯.𝟬𝟵 𝗖𝗿 | +𝟭𝟬.𝟭𝟳% 𝗬𝗼𝗬
EBITDA margin: 𝟯𝟱.𝟲𝟳% | ~𝟰𝟳𝟬 𝗯𝗽𝘀 𝗮𝗯𝗼𝘃𝗲 𝘁𝗵𝗲 >𝟯𝟭% 𝗴𝘂𝗶𝗱𝗲
PAT to owners: -𝟬.𝟯𝟬% 𝗬𝗼𝗬 | +𝟭𝟲.𝟮𝟭% 𝗤𝗼𝗤

𝗞𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿: → 𝗢𝗟𝗫 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝗶𝗲𝗱𝘀 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘂𝗽 𝟮𝟲.𝟰𝟭% 𝗬𝗼𝗬 𝘄𝗶𝘁𝗵 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝗿𝗲𝘀𝘂𝗹𝘁 𝘂𝗽 𝟰𝟭.𝟴𝟭% at a 38.09% margin. Remarketing result grew 29.16% with margin at 30.16%. All three segment margins expanded YoY. H1 CFO was 1.12x PAT with FCF of Rs 101.25 Cr.

𝗞𝗲𝘆 𝘄𝗮𝘁𝗰𝗵: → 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗴𝗿𝗲𝘄 𝟰.𝟮𝟲% 𝗬𝗼𝗬, well below the ~25% long-term guide. Remarketing growth of 12.26% trailed its ~22% guide. Tax expense rose 22.93% YoY as the ETR moved to 22.81% on OLX taxability, while NCI rose 46.58%. Share-based expenses rose 86.6% YoY to Rs 6.36 Cr.

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗼𝗶𝗻𝘁𝘀:
• Zero debt with Rs 1,088.06 Cr of cash plus investments

𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗩𝗶𝗲𝘄: 🟢 Positive

Margins are ahead of plan; consumer growth needs to re-accelerate for PAT to follow.

#CARTRADE #Q2FY27 #Earnings