Siemens reported a profit that looks spectacular on the surface — up roughly fivefold — but the underlying picture is more layered. The headline number was boosted by a ₹2,099 crore gain from discontinued operations, while profit from continuing operations actually fell to ₹343 crore. Revenue came in between ₹4,195 crore and ₹4,714 crore depending on the segment reported, with pre-tax profit at ₹434 crore. What stood out beyond the quarter itself was the order backlog, which touched ₹45,030 crore, and a stock that is already up 28% year-to-date. The company declared an ₹18 dividend for FY26 at its 68th AGM, rewarding shareholders even as the core earnings line stayed under pressure.
Macquarie maintains an Outperform rating on Zydus Life with a target price of ₹1,285, following an operational beat and maintained FY27 guidance. The brokerage expects the Consumer business to deliver double-digit growth in FY27. Citi has upgraded Zydus Life to Sell with a higher target price of ₹1,040 from ₹900, citing India outperformance and Mirabegron resilience driving the Q1 beat. Investec also maintains a Sell rating but raises the target price to ₹1,090 from ₹1,000, noting the company is in investment phase with pay-off far off. Kotak Securities maintains a Sell rating on MRF at ₹1,25,000, expecting commodity headwinds to continue weighing on margins.
JPMorgan maintains an Overweight rating at ₹1,175 despite unexpected CEO resignation, with CFO taking over as CEO. The brokerage expects uncertainty surrounding the transition to weigh on share price in the short term, potentially compressing valuation multiples until investors gain confidence in the new leadership team. Citi maintains a Buy rating at ₹1,350, noting the company's repeated references to 'candor' and 'pace' likely point to greater transparency and sharper accountability. GS maintains a Buy rating but cuts the target price to ₹1,175 from ₹1,330, awaiting greater clarity on key strategic initiatives under the new management.
Citi maintains a Buy rating on Vodafone Idea at ₹17, highlighting Q1FY27 operating beat and improved capex visibility. The brokerage notes visibility on accelerated capex over the next few quarters, with funding constraints gradually easing. Jefferies maintains a Buy rating on Finolex Cables at ₹1,410, upgraded from ₹1,200, following a strong Q1 beat driven by multiple price hikes in electricals and communication segments. MS maintains an Equal-weight rating on Manappuram Finance at ₹360, upgraded from ₹270, citing strong gold loan delivery and guidance along with NIM expansion. Kalpataru Projects reported a 45% jump in Q1 profit to ₹310 crore, with margins improving alongside earnings growth, and the order book now stands at ₹66,607 crore.
Kotak Securities maintains a Buy rating on Bandhan Bank at ₹235, noting the management's cautious stance on microfinance growth amid near-term macro uncertainty. The brokerage expects credit cost to be a key driver of RoA improvement. Nomura downgrades Lloyds Metal to Neutral from Buy at ₹1,950, citing valuation catching up with execution progress and much of the growth story being priced in. JPMorgan maintains a Neutral rating on Amara Raja at ₹1,070, expecting margins to have bottomed out in Q1 despite margin misses due to higher brand promotion expenses and manufacturing upgrade costs.
