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Waaree Energies Ltd. (CMP: Rs 2,283 | M. Cap: Rs 65,679 cr) Financial Update 🔹Revenue at Rs 7,518 cr, up 23.9% YoY and down 5.2% QoQ. 🔹EBITDA at Rs 1,335 cr, down 14.8% YoY and 7.3% QoQ. 🔹PAT at Rs 754 cr, down 14.2% YoY and 15.5% QoQ. 🔹Trades at a FY27E and FY28E P/E multiple of 14.6x/13.5x based on Bloomberg earnings consensus. EBITDA Margin: 2QFY27: 17.8% 1QFY27: 18.2% 2QFY26: 25.8% Key Concall Highlights 🔹Mixed performance in revenue: In 2QFY27, revenue from operations grew 23.9% YoY but declined 5.2% QoQ to Rs 7,518 cr. Revenue distribution for 2QFY27 comprised Retail at 46.1% (Rs 3,464 cr), Utility/IPP/C&I at 22.9%, Overseas at 18.5%, and EPC, O&M, T&D, and other services at 12.6%. Retail revenue increased 252.9% YoY in 2QFY27 to Rs 3,464 cr (vs. Rs 982 cr in 2QFY26). Domestic India revenue expanded to Rs 6,129 cr in 2QFY27 (from Rs 3,191 cr in 2QFY26). Total overseas revenue stood at Rs 1,389 cr in 2QFY27 vs. Rs 2,875 cr in 2QFY26. Solar PV module sales volume grew 27.4% YoY to 3.0 GW in 2QFY27 (up from 2.4 GW in 2QFY26). Customer concentration continued to decline; the Top 5 customers accounted for 15.2% of 2QFY27 revenue (down from 37.1% in 1QFY27), while the Top 10 accounted for 20.4% (down from 28.9% in 1QFY27). 🔹Margin contraction during the quarter: EBITDA margins contracted 800 bps YoY and 160 bps QoQ during the quarter. The 800 bps YoY decline in margins was on account of structural changes in the industry. However, 1QFY27 included a non-recurring US duty refund. On a like-for-like core operational basis (excluding the duty refund), core EBITDA margins expanded substantially sequentially in 2QFY27. Core margin expansion was driven by higher cell utilization in India (increasing from ~800 MW in 1QFY27 to over 1.1 GW in 2QFY27) and increased US module plant utilization (rising from 60% to over 70%). 🔹US business: Revenue from US-based domestic manufacturing grew 113% YoY in 1HFY27, contributing Rs 1,300 cr in 2QFY27 (up from Rs 732 cr in 2QFY26). Prior to Section 232, export FOB prices were USD 0.25 to USD 0.26/Wp compared to US domestic module prices of USD 0.29 to USD 0.30/Wp. Post-Section 232, landed prices for imported modules in the US rise to ~USD 0.44/Wp (USD 0.38 Minimum Import Price (MIP) + 15% duty), giving locally manufactured US modules significant pricing power and demand certainty. Direct exports from India yield an operating EBITDA of USD 0.03 to USD 0.04 per watt peak. Local manufacturing in the US generates USD 0.02 to USD 0.03 per watt peak in core operating margin (at over 70% utilization) plus USD 0.07 per watt peak in Inflation Reduction Act (IRA) incentives, delivering an aggregate EBITDA margin of USD 0.08 to USD 0.09 per watt peak. 🔹Capex to drive future growth: Waaree is executing a total capex programme of over Rs 30,000 cr across solar manufacturing, energy storage, glass, inverters, transformers, and green hydrogen. As of 2QFY27, 35% of the total capex is deployed, 28% is under execution, and 37% is in the planning stage. The remaining balance capex will be deployed as 30% in FY27E, 40% in FY28E, and 30% in FY29E. Capex allocation is divided into Solar (51%), BESS (31%), Services/Infrastructure (14%), and Others (4%). Total module capacity will expand from ~26 GW to 29 GW (comprising 24.2 GW in India and 4.8 GW in the US). Cell capacity in India is expanding from 5.4 GW to 15.4 GW (~15 GW total). The 10 GW expansion at one facility is on track for FY27 commissioning (5 GW in 3QFY27 and 5 GW in 4QFY27). 🔹Data centre opportunity: Data centres in India and globally require a minimum 51% renewable energy mix. Every 1 GW of data centre capacity requires 5 GW of solar, 4 to 5 GWh of BESS, and 3 to 4 GW of wind capacity, presenting a massive growth driver. 🔹Order book update: Total consolidated unexecuted order book as of Oct’26 stood at ~Rs 59,200 cr. Solar PV module order book volume stood at 25.6 GW. The order book mix stands at 48.4% domestic India, 43.8% domestic US, and 7.8% exports from India (down from 24% export share in the prior quarter). 🔹Outlook: Management explicitly reaffirmed its FY27 Operating EBITDA guidance of Rs 7,000 cr to Rs 7,700 cr. Having generated Rs 2,775.1 cr in 1HFY27 EBITDA, 2HFY27 is projected to deliver 55% to 60% of full-year EBITDA guidance due to back-ended volume execution. 4QFY27 performance will be driven by new US module lines (1.6 GW live in 3Q, 1.6 GW live in 4Q), ramp-up of 5 GW Indian cell capacity, and normalized non-DCR module dispatches following ALMM extension adjustments. Inverters, transformers, and electrolysers combined are expected to generate Rs 7,000 cr to Rs 8,000 cr in annual revenue, with transformer and inverter EBITDA margins estimated at 18% to 22%. Disclaimer: bit.ly/R_disclaimer02 Source: SBI Securities Research

Birlasoft Ltd. (CMP: Rs 306 | M. Cap: Rs 8,601 cr) Financial Update 🔹Revenue at Rs 1,416 cr, up 2.7% QoQ and 6.6% YoY. 🔹EBITDA at Rs 215 cr, down 3.3% QoQ and up 1.0% YoY. 🔹EBIT at Rs 190 cr, down 6.5% QoQ and 1.5% YoY. 🔹PAT at Rs 160 cr, down 0.8% QoQ and up 37.5% YoY. 🔹The company announced an interim dividend of Rs 3 per share. 🔹Trades at a FY27E and FY28E P/E multiple of 13.2x/12.1x based on Bloomberg earnings consensus. EBIT Margin: 2QFY27: 13.4% 1QFY27: 14.7% 2QFY26: 14.5% Key Concall Highlights 🔹Strong growth in revenue: Birlasoft reported consolidated revenue of USD 148.3 mn, registering a sequential growth of 2.1% QoQ in both USD and Constant Currency (CC) terms. In Rupee terms, revenue stood at Rs 14,16 cr, representing a growth of 2.7% QoQ and 6.6% YoY. Manufacturing share of revenue increased to 38.7% (vs 37.6% in 1Q FY27), delivering a solid 5.2% QoQ growth in USD terms, led primarily by discrete manufacturing. BFSI share of revenue reached 25.7% (vs 25.3% in 1Q FY27), growing 3.6% QoQ in USD terms. Revenue expansion was driven by sustained growth across top customer accounts, solid execution in core verticals, and continuous expansion in Digital & Data and ERP offerings. 🔹Margin contraction: EBITDA Margin: Stood at 15.2%, down 95 bps QoQ and 84 bps YoY, EBIT Margin was down 131 bps QoQ. The company implemented an organization-wide compensation revision effective Jul’26 absorbed approximately 170 bps of EBITDA margin QoQ. Also, the company continuous upfront investments in expanding the sales force and domain/service line capabilities. Other expenses rose due to temporary additions of complementary workforce (~50 resources) to cover niche skills required at short notice. 🔹AI Commentary: Birlasoft has been designated as an OpenAI Select Partner, collaborating to build, deploy, and scale enterprise AI solutions using advanced models like GPT-6 Astra. The company earned official AWS AI Services Competency recognition for delivering production-scale Generative AI and Agentic AI solutions. Birlasoft's AI ecosystem is anchored by three core platforms, Cogito: Core enterprise Agentic AI platform, LynX: AI-powered test engineering platform and Sigma: Agentic AIOps and Application Management Services (AMS) platform. 🔹Order booking & Deal TCV position: In 2Q FY27, the company’s TCV Stood at USD 116.1 mn (New Deal Wins TCV: USD 47 mn; Renewals TCV: USD 69 mn). Management acknowledged that 2QFY27 deal execution was softer than internal expectations as some larger deals slipped into 3QFY27 and 4QFY27 for closing. 🔹Outlook: Management explicitly reiterated that 2HFY27 financial performance will be better than 1HFY27, driven by revenue execution, pipeline conversion, and expanding top-account relationships. 3QFY27 is expected to reflect typical seasonal softness due to client furloughs and fewer working days with furlough impact anticipated to be similar to last year. In 4QFY27 growth is subject to order book execution between Oct’26 and Feb’27, 4QFY27 is projected to be the strongest quarter of the fiscal year, provided no unforeseen client shocks occur. Disclaimer: bit.ly/R_disclaimer02 Source: SBI Securities Research

Market Scanner for 29th October Key Levels for the day! To access the complete Derivatives Report click here bit.ly/4jN03Ps Disclaimer : bit.ly/R_disclaimer02

2QFY27 Result Update United Spirits Ltd. (CMP: Rs 1,227 | Mkt Cap: Rs 89,628 cr) Financial Overview 🔹 Consolidated Revenue at Rs 3,264 cr; up 20.5%/2.9% QoQ/YoY respectively 🔹 Consolidated EBITDA at Rs 643 cr; up 49.9% QoQ and down 3.6% YoY 🔹 Consolidated PAT at Rs 428 cr; down 7.6%/7.8% QoQ/YoY respectively 🔹 Trades at a FY27E/FY28E Bloomberg consensus P/E multiple of 45.6x and 40.5x respectively EBITDA Margin 2QFY27: 19.7% 1QFY27: 15.8% 2QFY26: 21.0% Concall is scheduled on 29th October at 4 PM Disclaimer: bit.ly/R_disclaimer02

Key Index Levels at a Glance! Track the 20, 50, 100 & 200-day SMAs of key indices. Stay aligned with the trend. 📈📉 Disclaimer: bit.ly/R_disclaimer02 #NiftyLevels #BankNifty #TechnicalAnalysis #SMA #ChartSetup #SupportResistance #MarketUpdate #StockMarketIndia

India’s Index of Industrial Production moderated to 6.7% YoY, aided by strong performance in the Manufacturing and Electricity & Gas Supply sectors. India’s Index of Industrial Production moderated to 6.7% YoY in September 2026 from 7.8% in August 2026 (revised from the initial estimate of 8.0%), supported by 7.6% growth in Manufacturing and 11.2% growth in Electricity & Gas Supply. However, Mining & Quarrying contracted by 6.2%, partially offsetting the growth in industrial output. Sectoral Growth in the Index 🔹Mining & Quarrying: -6.2% YoY vs -4.6% YoY in Aug’26. 🔹Manufacturing: +7.6% YoY vs +8.6% YoY in Aug’26. 🔹Electricity & Gas Supply Supply: +11.2% YoY vs +12.3% YoY in Aug’26. 🔹Water Supply, Sewerage & Waste Management: +5.8% YoY vs +6.3% YoY in Aug’26. Use-based Growth in the Index 🔹Primary Goods: +4.0% YoY vs +4.2% YoY in Aug’26 🔹Capital Goods: +10.4% YoY vs +15.9% YoY in Aug’26 🔹Intermediate Goods: +12.2% YoY vs +14.2% YoY in Aug’26 🔹Infrastructure/Construction Goods: +7.2% YoY vs +8.0% YoY in Aug’26 🔹Consumer Durables: +6.0% YoY vs +10.5% YoY in Aug’26 🔹Consumer Non-Durables: +1.4% YoY vs -1.1% YoY in Aug’26 Source: Ministry of Statistics and Programme Implementation (MoSPI) Disclaimer : bit.ly/R_disclaimer02

FIIs were net buyers in the cash market on October 28, purchasing equities worth ₹872 crore. They have been net buyers in 5 out of the last 8 trading sessions, with cumulative net inflows of ₹2,118 crore during this period. Meanwhile, the FII long-short ratio in index futures edged up marginally to 11.68% on October 28, compared to 11.65% on October 27. Short buildup was observed in index futures on the first day of the November expiry series, indicating continued caution among market participants. The benchmark Nifty has been consolidating within a narrow range of 457 points over the past five trading sessions, forming largely indecisive candlestick patterns that reflect a lack of clear directional conviction. In contrast, the broader market has displayed relative strength, with the Nifty Midcap 100 and Nifty Smallcap 100 rebounding healthily from their recent lows. From a technical perspective, Nifty continues to trade below its key short-term moving averages, suggesting that the near-term trend remains under pressure. However, momentum indicators and oscillators point towards consolidation rather than a sharp directional move. The daily RSI has also been moving sideways for the past eleven trading sessions, highlighting the lack of strong momentum in either direction. Going ahead, the 22530–22500 zone is expected to act as a crucial support area. A decisive break below 22500 could intensify selling pressure and drag the index towards 22350 in the near term. On the upside, the 22830–22850 zone is likely to act as an immediate resistance. A sustained move above 22850 would signal improving momentum and could strengthen the near-term outlook. Disclaimer : bit.ly/R_disclaimer02

2QFY27 - Key Results today 29th October 2026 (Thursday) 1. Coal India 2. Asian Paints 3. InterGlobe Aviation 4. Trent 5. Laurus Labs 6. Ambuja Cements 7. Godrej Consumer Products 8. Welspun Corp 9. Apar Industries 10. Motilal Oswal Financial Services 11. Suzlon Energy 12. Blue Star 13. Milky Mist Dairy Food 14. Firstsource Solutions 15. MTAR Technologies 16. Timken India 17. Grindwell Norton 18. Deepak Nitrite 19. Pine Labs 20. Brigade Enterprises 21. Alivus Life Sciences 22. Shadowfax Technologies 23. CAMS 24. Indegene 25. Paradeep Phosphates 26. Shaily Engineering Plastics 27. Horizon Industrial Parks 28. Privi Speciality Chemicals 29. JSW Holdings 30. V-Guard Industries 31. Vedanta Power 32. Vedanta Oil and Gas 33. Paras Defence 34. Voltamp Transformers 35. Black Buck 36. Strides Pharma Science 37. IEX 38. P N Gadgil Jewellers 39. Thyrocare Technologies 40. KRN Heat Exchanger 41. Equitas SFB 42. Garware Technical Fibres 43. Bliss GVS Pharma 44. Sanofi India 45. Restaurant Brands Asia 46. IRB InvIT Fund 47. Senores Pharmaceuticals 48. Wheels India 49. Archean Chemical Industries 50. Ram Ratna Wires 51. Kalpataru 52. Seshaasai Technologies 53. Sambhv Steel Tubes 54. CARE Ratings 55. RPG Life Sciences 56. Praj Industries 57. Man Infraconstruction 58. ICRA 59. Greaves Cotton 60. ARCIL 61. Steamhouse India 62. Greenply Industries 63. Symphony 64. Ind-Swift Laboratories 65. Indostar Capital Finance 66. Indraprastha Medical 67. Borosil 68. HeidelbergCement India 69. Monarch Networth Capital 70. NIIT Learning Systems 71. Nilkamal 72. Hubtown 73. NOCIL 74. ESAF SFB 75. GK Energy 76. Krishna Defence 77. EPACK Durable 78. STL Networks 79. NINtec Systems 80. Silver Touch Technologies 81. Menon Bearings 82. AYM Syntex 83. Suryoday SFB 84. Bharat Parenterals 85. Anlon Healthcare 86. DCW 87. India Motor Parts 88. Alldigi Tech 89. Capital SFB 90. Lincoln Pharmaceuticals 91. Fino Payments Bank Disclaimer: bit.ly/R_disclaimer02