JM Financial Ltd. Share Price

BHEL Q2 Profit Jumps 119% to ₹821 Crore as Margins Improve

Bharat Heavy Electricals Limited (

) reported a strong Q2 FY27 performance, with net profit more than doubling year-on-year. However, the market reaction remained cautious as investors weighed improving execution and margins against valuation concerns and the sustainability of future growth. Key Q2 FY27 Highlights - Consolidated revenue from operations increased 24% year-on-year to ₹9,300 crore. - Net profit rose 119% to ₹821 crore, compared with ₹375 crore a year earlier. - EBITDA margin expanded 330 basis points year-on-year to 11%, supported by better gross margins and execution of newer, better-priced orders. - The order book stood at approximately ₹2.6 lakh crore, providing substantial execution visibility. What Are Brokerages Saying? Nuvama retained its Buy rating and raised its target price to ₹540 from ₹530. It expects execution-led margin improvement to support earnings growth, although it flagged weaker fresh order inflows and revised its FY27 earnings estimate downward. JM Financial also maintained its Buy rating and raised its target price to ₹535, citing stronger margins, improved working capital, better collections and a promising thermal power project pipeline. My View BHEL’s results indicate a meaningful improvement in execution and operating profitability. The large order book and potential demand from thermal power projects provide a supportive medium-term outlook. However, investors should not extrapolate one strong quarter indefinitely. Fresh order inflows declined sharply year-on-year, and timely project execution, cash-flow conversion and sustained margin expansion remain critical. The key question is whether BHEL can convert its substantial order book into consistent earnings growth at a valuation that leaves room for future returns.

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Tata Technologies Q2: Revenue Rises 28%, Profit Grows 4%

Tata Technologies (

) reported a mixed Q2 FY27 performance, with strong revenue growth but a comparatively modest increase in net profit. The results reflect improving business momentum, but Goldman Sachs and JM Financial remain cautious about the stock’s valuation and the sustainability of future growth. Key Q2 FY27 Highlights * Revenue from operations rose 28% year-on-year to ₹1,699 crore. * Net profit increased 4% to ₹171 crore, compared with ₹166 crore a year earlier. * Services revenue grew 34% to ₹1,356 crore. * Operating EBITDA increased 32% to ₹273 crore. * EBITDA margin expanded 40 basis points year-on-year to 16.1%. * Services revenue grew 4.3% quarter-on-quarter in constant-currency terms to $142 million. Why Are Brokerages Still Bearish? Goldman Sachs maintained its Sell rating, although it raised its target price to ₹560 from ₹540. It noted that Q2 performance was broadly in line with expectations and highlighted the expected revenue ramp-up from a $138 million deal with a European luxury automaker in the second half of FY27. JM Financial retained its Reduce rating with a ₹735 target price, citing concerns around German automotive demand, the technology segment and the margin trajectory. It also believes expectations from large deals are already reflected in the stock’s valuation. My View Tata Technologies is showing encouraging revenue momentum, supported by its services business and large-deal pipeline. However, the gap between revenue growth and profit growth deserves attention. The next phase depends on converting new contracts into sustainable revenue while protecting margins. Investors should track automotive-sector demand, execution of large programmes, constant-currency growth and profitability. Strong quarterly growth is positive, but the investment case also depends on how much future growth is already priced into the stock.

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Tata Elxsi Ltd ₹10 crore strategic investment in KAVIA AI

Tata Elxsi’s board will meet on October 13 to approve audited standalone and consolidated Q2 and H1 FY27 results, with an investor call at 7:00 PM IST the same day. In Q1 FY27, the company reported revenue of ₹1,021 crore (up ~14% YoY), net profit of ₹171 crore (up ~19% YoY), and a 21% operating margin. On October 6, Tata Elxsi announced a strategic investment in KAVIA AI to scale AI-driven software engineering for products and enterprises, alongside its push into Physical AI for automotive, healthcare, and industrial use cases. On the market side, shares rose about 2.06% to ₹3,194.60 in morning trade on October 12, after hitting a 52-week low of ₹3,000 on October 8; the stock is down 37% year-to-date, and JM Financial initiated coverage with a Reduce rating and ₹3,200 target, citing weak near-term growth visibility despite strong medium-term execution.

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Honasa Consumer jumps 10% on strong Q2 update

Limited (HONASA) surged 10.5% to ₹488.10 on the BSE on October 6 after guiding for Q2 FY27 net sales value (NSV) growth in the early thirties year-on-year. The stock is now close to its 52-week high of ₹509.90. The Mamaearth parent expects its largest brand to grow in the high teens. Its younger brands, including The Derma Co., Aqualogica and Dr. Sheth's, are expected to grow around the mid-forties. Management also expects an early double-digit EBITDA margin in Q2, with strong year-on-year gains. Trading volumes jumped over three-fold, with 3.63% of the company's equity changing hands. Brokerages turned more positive. Kotak Securities upgraded the stock to Buy from Add and raised its fair value to ₹580 from ₹455. It said Honasa has moved from a high-burn D2C company to a profitable, multi-brand FMCG platform. JM Financial has a Buy rating with a ₹560 target. The numbers need context. This is a guidance update, not reported results. JM Financial had estimated 27% sales growth, and attributes part of it to the Reginald acquisition, so organic growth is lower than the headline. Mamaearth, still the core brand, is growing at less than half the pace of the newer brands. Kotak's ₹580 value is based on 50 times Sep-2028 earnings, so the stock already carries a premium valuation. Investors should watch whether actual Q2 results match the early-thirties guidance, organic growth excluding acquisitions, EBITDA margin delivery and Mamaearth's growth trend. The key question is whether newer brands can keep driving growth fast enough to justify the premium valuation.

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Aequs: $1 billion order book, four straight years of losses

Aequs Limited (NSE: AEQUS) grew Q1 FY27 consolidated revenue 55% to ₹395.5 crore. Aerospace, at 81% of revenue, grew 40% to ₹322.2 crore. The stock is up 96% since its December 2025 listing and trades at 12.4 times book value. What happened Aerospace EBITDA rose 35% to ₹73.1 crore, though it was below the ₹101 crore in Q4 FY26. Utilisation was 70% globally and 78% in India. The aerospace order book crossed $1 billion, rising 13% QoQ from $889 million. Aequs signed two new aerostructures Tier-1 agreements and won its first contract to manufacture Airbus A320 wheels for Safran Landing Systems under a 15-year sole-source deal. Why it matters The order book change matters. The portfolio now has 5,740 qualified products, with 86 added in Q1 alone. The top three customer groups have an average relationship of 15 years. My view Four consecutive years of losses: ₹(110), ₹(14), ₹(102) and ₹(113) crore. Operating profit is positive. Interest, depreciation and other costs consume it. IPO proceeds cut net debt to equity to 0.34 times from 0.88 times. But operating cash flow turned negative at ₹41.4 crore as working capital expanded. Full year FY27 capex is ₹660 crore, including ₹160 crore for aerospace. The Hosur ecosystem needs ₹1,900 crore over 10 years, with revenue from FY29. JM Financial downgraded to Reduce in May 2026 with a ₹210 target. The stock closed at ₹275, about 31% above that. What I am watching Q2 FY27 results, operating cash flow turning positive, and the first consolidated profit. On the chart, ₹200 is the IPO listing area and the key support. My stance: Wait for one profitable quarter. The order book is real. The profits are not yet there. Disclosure: I do not hold a position in Aequs Limited at the time of writing. This is not investment advice.

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Infosys holds its July low as Kotak flags a guidance cut

Infosys Limited shares hit a 52-week low of Rs 980.30 on 29 September, just under the 1 July low of Rs 982.40, then closed above it. Q2 FY27 results are due on 23 October. Q1 FY27 (consolidated, 23 July): - Revenue: Rs 48,211 crore, up 14.0% YoY; constant currency up 2.4% YoY, 1.0% QoQ - Operating margin: 21.1%, up 30 bps YoY - PAT: Rs 7,769 crore, up 12.2%; EPS Rs 19.19, up 14.9% after the buyback - Large deal TCV: $3.6 billion, 61% net new - FY27 guidance cut to 1.5% to 3%, from 3.5% at the top; margin band 20% to 22% kept September's fall was sector-wide (US rates, visa fees, crude near $100). Kotak Institutional Equities expects a muted Q2 and another guidance cut (fair value Rs 1,200); JM Financial has Add, target Rs 1,130. Infosys [] shares trade at Rs 1,000.16 at 10:56 AM IST on 1 October on StockGro, ***** (NSE near Rs 1,014), down 12.9 percent in a month. P/E 13.45, sector near 20x. My view: accumulate in halves, the second half only after 23 October. Against TCS (my 1 October post), Infosys grew 1.0 percent QoQ in constant currency to TCS's 0.4, lifted margin 30 bps where TCS lost 50, and signed $3.6 billion of large deals, at about the same 13x annualised profit. That keeps it first in my IT ranking. The risk is the 23 October guidance. A trim at the top end is my base case; a lower end below 1.5 percent or a margin band below 20 percent would change my mind. Holders: hold. Fresh money: half between Rs 980 and 1,015 now, half after the guidance. Exit on a close below Rs 980.30, the September low. Resistance: the 1 September close of Rs 1,156. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.

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