Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available .
Broker Research reports: latest Downgrades
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HPCL delivered a steady performance, driven by strong refining throughput, disciplined cost management under the Samriddhi programme, and improved operational efficiency across its marketing network. Looking ahead, the commissioning of the residue upgradation facility and stabilisation of the Barmer refinery are expected to enhance product yields and margin resilience. The management's focus on digital transformation, real-time optimisation tools and AI-...
Indian Hotels Company Limited (IHCL), incorporated in 1902, is one of the country's leading hospitality companies. Tata Sons holds a 38.2% stake in IHCL, which has a vast geographical presence and owns leading brands such as Taj, Ginger and Vivanta. At the...
Indian Oil Corporation Ltd (IOCL) manufactures petroleum and petroleum products and is also engaged in the exploration and refining of crude oil. Its products include lubricating oils, liquid petroleum gas and aviation turbine fuel. IOCL's presence...
PB Fintech Ltd. (PBFL) owns online financial services platforms Policybazaar' & Paisabazaar'. By collaborating with financial services companies, including insurance providers, the company aims to enrich its platform and deliver a seamless consumer...
Sobha Limited remains well positioned for sustained growth, supported by healthy launch visibility across key markets and improving regional diversification. The company slightly missed its revised FY26 pre-sales guidance because of delays in a key project. The management continues to maintain a ~30% pre-sales growth outlook. In addition, strong revenue visibility through ~Rs. 18,600 crore of unrecognized revenue is expected to support cash flows and profitability. Considering the healthy growth outlook, we maintain an Accumulate rating with a...
Management guided 1517% piping volume growth on steady plumbing demand and favourable PVC pricing; overall volume growth at 1213% with EBITDA margins sustained at 1414.5%. We cut FY27E EPS by 13.3% factoring in the non-recurrence of Q4FY26 inventory gains, near-term PVC volatility amid input inflation, and higher depreciation from...
UPL saw a healthy growth momentum in Q4FY26, supported by improved execution and sharper capital allocation across key business verticals. The management highlighted broad-based traction across the global crop protection business, seeds platform, India business and the specialty chemicals segment. The company also continued to focus on differentiated and sustainable product offerings to improve the quality of growth. The management said specialty chemicals, biologicals and...
EBITDA fell 33.7% YoY to Rs. 221cr, and the EBITDA margin contracted 240bps YoY to 4.6%, due to increase in cost of materials. Rep. PAT declined 51.9% YoY to Rs. 113cr, due to lower operating profitability, especially in cooling, along with inflation and currency-related margin pressure. The company delivered marginal growth driven by its leadership in cooling products, portfolio refresh with AI-powered innovations and strengthened brand positioning through refreshed marketing. Management remains focused on premiumisation, deeper localisation at manufacturing facilities, expanded distribution and intelligent...
We remain cautious on Ramco Cements due to mounting cost pressures and a challenging operating environment that could weigh on profitability over the near term. Management has guided for cement demand growth of 6–7% in FY27; however, demand in Q1FY27 remained muted due to state elections across Tamil Nadu, Kerala, and West Bengal.
