July 2026 | Q1FY27 Results, Company Deep Dives, Dhan Broker, Macro

📊Q1FY27 Results — Key Prints

TVS Motor — Beat across the board. Revenue ₹139Bn (+38% YoY, 4% ahead of estimates); EBITDA margin 12.8% (101bps beat); PAT ₹11.7Bn (+51% YoY, 20% beat). June 2026 monthly volumes: 47% YoY growth. ASP up 8% YoY reflecting premiumisation.

Sona BLW — Beat vs estimates. Q1FY27 concall highlights:

Denso JV now structured as two JVs: Sona becomes the first Indian auto company to receive royalties from a global auto tech firm (Denso’s strength = Hybrid; Sona’s = EV/traction).
Ambition to 10x revenue over 10 years; auto and robotics tech converging.
BEV revenue grew 107% in Q1 despite weak US EV demand.
Margin pressure from RM inflation and pass-through lag (April worst, May worse, June improved). Traction motors at highest mix but lowest margins — explains QoQ margin dip.
Heavy rare earth magnets still import-restricted.

Thyrocare — Strong beat: Revenue +24%, EBITDA and PAT +34%

Eternal (Zomato) — QC EBIT 4% (actual, incl ESOP). Steady-state QC margin raised to 6%. AOV range-bound. Inventory losses ~1.8% of NOV (~₹1,200 Cr annualised waste). Blinkit launching “gourmet” stores in top 8 cities. Deep discount model deemed unsustainable for competitors based on past South India learnings. Bistro adding 10 kitchens/quarter.

Metropolis — Q1FY27: 16% revenue growth + margin expansion. 25%+ IRR at median valuations. Forensic flags: Core Diagnostics acquisition (₹246.8 Cr for ₹110 Cr revenue business); goodwill ₹589.9 Cr; audit trail limitation in FY25 auditor report; 29 Code of Conduct complaints.

IPru AMC — EBITDA Miss due to employee cost. AUM growth 1.2% QoQ (vs 1% estimate). IPru flows strong; HDFC AMC flows slowing (though 1Y performance improved).

Sagility — FY27 guidance maintained: low double-digit organic cc revenue growth, EBITDA margin 24-25%. ~120bps headwind from Karnataka/Telangana minimum wage revision absorbed into guidance.

Nestle — All four product groups in strong double-digit growth.

IGIL — Consol strong (23% revenue, 30% EBITDA/PAT); standalone weaker (21% revenue, 15% EBITDA, -500bps margin from Other Expenses).

Newgen — Low growth situation guided for FY27.

Havells — Poor. Cables +27%, Lloyds +15% (low FY26 base was -35%). ECD momentum positive signal for Crompton.

APL Apollo (APAT) — Q1 Preview: Volume growth expected flat YoY (steel price inflation, dealer destocking). Unitary margin holding ~₹5,500/MT (+15% YoY). FY27 guidance of 15-20% volume and 20-25% EBITDA growth maintained; acceleration expected from Q2 as commodity prices ease.

Alphabet Q2 2026 — Cloud +82% YoY; backlog grew to $514Bn; 90% of Fortune 100 using Gemini Enterprise.

🏗️ Company Deep Dives

Action Construction Equipment (ACE):

₹3,395 Cr revenue, 18.33% EBITDA (incl OI), debt-free, ₹1,200 Cr cash, 8-10x asset turns.
Mobile crane market shares: >70% Hydra, 50-51% New Gen. Only 3-4% in heavy cranes (vs Chinese predatory pricing); KATO Works JV targeting ₹300 Cr → ₹700-800 Cr with ADD notification.
Defense order book: ₹575 Cr; targeting 10-15% of topline from defense + exports.
Revenue target: ₹6,000-7,000 Cr by FY29-30.
Governance flag: FY25 auditor reported accounting audit trail was disabled — alterations cannot be independently reconstructed. FY26 annual report not yet published; remediation unverified as of July 2026.
IRR: 30%+ at 5Y median (₹1,200 Cr cash creates potential upside on Other Income).

Sandhar Technologies — ROCE Deep Dive:

Post-tax ROCE ~11.3% vs peer median ~15.4%. Key reasons: lowest EBIT margin (5.1%) + highest fixed asset intensity (36.4% of revenue) in peer group.
Mature India business (excl. new projects): pre-tax ROCE ~17.3% (adjusted for one-offs) — respectable.
New projects (₹342 Cr invested): EBITDA negative ₹1 Cr, EBT loss ₹46 Cr — pure denominator drag.
Overseas: EBT loss ₹26.2 Cr; 180-day RM pass-through lag vs India’s ~3 months.
FY22-FY26 cumulative capex ~₹1,400 Cr. Investment cycle problem, not structural failure.
New projects (die-casting, Sanaswadi, EV, Romania) expected to turn FY27-28.

Shadowfax Technologies (IPO forensics):

Revenue ₹4,202 Cr FY26, PAT >₹100 Cr, adj EBITDA margin ~4.7%.
Meesho = ~49% of H1 FY26 revenue; top 5 = 74%; Flipkart = 12.3% (also investor-related entity).
71 FIRs against franchisees/riders for theft and COD misappropriation (₹3.2 Cr aggregate).
2 criminal counter-complaints name promoter Abhishek Bansal (franchise disputes over COD reconciliation).
Alleged data breach (5mn users, Nov 2023) — company response unclear.
Gig-worker classification risk; any social security expansion is material at thin 4-5% EBITDA margins.
IPO: Flipkart selling ₹700 Cr stake via block deal.
IRR: 25% at 2.8x revenue exit. 20% IRR needs 51x FY28 PE — requires significant re-rating.

Crizac (IPO forensics):

No criminal/SEBI actions against promoters.
Pre-IPO restructuring: ₹103.56 Cr software purchase from promoter entity + ₹74.88 Cr termination fee — valuation benchmarking unclear.
UAE subsidiary (UCOL FZE, Sharjah): no operational logic in an India-UK corridor — likely invoicing hub.
Internal auditors resigned 4 days before FY26 annual results approval.
95% revenue from UK, audited by obscure firm (BLS Burnells) — Indian statutory auditor has a major blind spot.
100% OFS IPO (₹860 Cr); promoters’ acquisition cost was effectively zero.
Key focus area: where did the ₹103.56 Cr software payment and ₹74.88 Cr termination fee ultimately go?

Quality Power (QPOWER):

~₹59.8 Cr other income vs ₹186 Cr PAT (~32% of PAT is non-operating); negative FCF.
EBITDA margin surge (8% → 24%) largely from Turkish hyperinflationary accounting (Endoks sub).
291% Q3 FY26 revenue growth is against a collapsed base + Mehru consolidation (Mehru gross margin only 10-11%).
Promoters took ₹125 Cr soft loan post-IPO despite ₹858 Cr raise. 74% of IPO was OFS.
Trailing P/E ~75, EV/EBITDA ~38. But HVDC, BESS and Hitachi Energy order momentum is real.

Park Medi World:

2nd largest private hospital chain in North India (Haryana market leader); 16 hospitals, 3,960 beds.
FY26: Revenue ₹1,679 Cr (+21%), EBITDA 26% margin, PAT 16% margin, ROCE 18%, ROE 20%.
Capex/bed: ₹34-35 lakhs (lowest in industry). Debt-free from Q1FY27.
Key concern: 83% govt payor mix — highest of any hospital covered; transitioning to 70-30 over 12-18 months.
Expansion: 5,460 beds by March 2028; 10,000+ beds by FY33. CGHS rate hike = 5-7.5% revenue tailwind.

Artemis: 18-20% IRR at 5Y median. Raipur O&M greenfield started; 1-1.5% EBITDA drag for ~15 months. Dr. cost is the key margin gap vs peers (10%+ higher vs comparable hospitals).

🏦 Fintech / Brokers

Dhan — Founder Call Notes:

Targets “super traders” (~4 Cr out of 12 Cr total traders); has captured ~10% of this TAM.
ARPU ~₹13,000/yr (2nd to Zerodha’s ₹14,000); Angel One ₹8,000; Groww ₹4,000.
78% revenue from derivatives; plan to bring to 55% over 5 years.
$120mn raised for wealth expansion; phygital model, Tier 2/3 studios.
CAC sub ₹1,000. 50% of super traders are profitable — less impacted by F&O regulatory changes.
AI still only an “enabler” (no P&L impact yet). No fundraise planned for 2 years.

Groww Q1FY27: Added 115k net NSE Active Clients while industry saw net decline of 257k. FY24 employee cost was inflated by one-off founding team compensation payout (adjusted, employee cost is 16% of revenue, not 45%). Bond distribution license: 6 months old, not yet monetized. Wealth management strategy: open questions on phygital vs digital; only getting 35bps from affluent customers vs Nuvama’s 95bps. Zerodha filed for IB license. Algo retail traders will now have near-zero latency parity with institutions.

Regulatory tailwind for brokers: MCX options premium growth improved in June (bullion-led)

🌍 Commodities / Macro

Copper: Upstream tightness (negative TC/RCs, H2SO4 shortage affecting SxEW in DRC and Chile) is not yet transmitting to refined market — LME warehouses well-stocked, premiums low ($30-60/t), market in contango. IEA warns supply outlook worsening. Firm copper prices = positive for Polycab, Hindcopper.

China power equipment: India opening doors for Chinese power equipment imports — watch for potential competitive pressure on domestic T&D names.

IT hiring recovery: Recruitment billings +18% in Q1FY27 (vs +9.5% in Q4). Structural AI displacement trend intact but cyclical recovery visible.

Indian wealth market: Only 15% formally managed (vs 60-75% globally). 73% held in real assets. 30 lakh households hold $100k+ surplus.