Arvind Fashions - Strong Quarter; H2 Expected To Be Sequentially Better; Maintain BUY

Arvind Fashions (AFL) posted a strong performance in Q2FY27, with revenue rising by 10% YoY led by 7.3% retail LTL growth. Adjusted for festive/online tower event shift, revenue grew by 15%, led by 10% retail LTL growth. EBITDA margin rose 67bps YoY to 13.9%, led by better gross margin (up 137bps). AFL saw a high double-digit LFL growth in Q3FY27 QTD. Going ahead, the management targets mid-double-digit revenue growth with EBITDA margin expansion (+30-40bps) for H2FY27. The company aims for 150 gross stores openings (vs 47 in H1FY27) and 12-15% net sq. ft. addition (vs 9.2% in H1FY27). It is setting up a new shirt manufacturing unit in MP (which would meet 25-30% of its total shirt requirement) to diversify supply chain and lower geopolitical risks. Thus, we retain BUY rating on the stock with a revised TP of Rs450 (from Rs720 earlier), valuing it at 25x on Sep-28e EPS (vs. 11x FY28e EV/EBITDA previously).

Strong Quarterly Performance: Revenue grew by 10% YoY, led by 7.3% retail LTL growth. EBITDA margin rose 67bps YoY to 13.9%, driven by 137bps YoY rise in gross margin to 53.9%, owing to better channel mix and lower discounting. APAT (adjusted for discontinued operations) grew 29.6% YoY to Rs489mn.

Channel-mix and RM Inflation: Retail channel grew ~15% YoY, led by LTL growth and store expansion while online B2C channel grew ~28% YoY. Adjusted for festive/online tower event shift, B2C growth came in at 45%. Direct channel mix (retail + online B2C) rose 380bps YoY to 53% and the management plans to increase it to 65%, going ahead. Wholesale channel saw mid-single-digit growth in consumer sales, due to festive shift, forming 33% of sales (vs. 31%). AFL would continue to see the benefit of low-cost inventory in Q3FY27 and plans to take a price hike of 1.5-2% to offset the impact of 5% inflationary pressure.

Brand-wise: USPA delivered strong double-digit LTL growth with lower retail discounting with direct channel mix for the brand growing by 25%+. Arrow reported 35%+ growth in online B2C, while Flying Machine’s direct channel mix improved by 3%+. Tommy Hilfiger and Calvin Klein saw high-single-digit LTL growth, led by premiumisation and continued network expansion.

Store Addition: AFL added net 19 stores (47 gross) in H1FY27 (vs. net 21 storez in H1FY26), expanding retail area by 9.2% YoY to 1.38 mn sq. ft. in Sep-26. AFL plans to add 150 gross stores with growth in net retail area of 12-15% in FY27.

Balance Sheet: Net debt rose to Rs5.8bn in Sep-26 from Rs4.7bn in Mar-26, led by inventory build-up (from 96 days in FY26-end to 101 days in H1FY27) and higher capex (up ~90% YoY for setting up of shirt manufacturing unit, new corporate office and store addition). However, net debt is targeted to reduce by the end of FY27 in anticipation of FCF of Rs1.5-1.75bn in H2FY27.

Outlook and Valuation: We expect AFL’s revenue/EBITDA/PAT to clock ~12/13/32% CAGR over FY26-29e. W trim our EPS estimate by 19.2/16.1% for FY27/28e. We introduce FY29e and maintain BUY rating on the stock with a revised TP of Rs450, valuing it at 25x Sep-28 EPS. At CMP, the stock trades at ~37.1/23.9/16.5x FY27/28/29e PE. Key Risks: (a) Weak consumer sentiment; (b) intense competition; and (c) higher capex.

Titan And Fastrack Smart Bring Smarter Celebrations This Diwali Season

* From capturing the energy of festive celebrations to inspiring healthier beginnings, the campaign bring smart technology closer to everyday life through activity tracking, connectivity and wellness-led features

From festive shopping to family gatherings and the promise of a fresh start, the festive season is shaped by how people choose to celebrate. Titan Smart is bringing this energy into focus through festive campaigns for Fastrack Smart and Titan Smart, connecting smartwatch technology with the everyday moments, interests and routines of consumers.

The festive season brings its own rhythm, from days filled with celebrations and spontaneous plans to a time for fresh beginnings and renewed personal goals. The brand taps into these seasonal moments through two distinct brand narratives, tailored for its distinct consumer cohorts: Fastrack Smart speaks to socially active, trend-conscious youngsters by tapping into the energy, movement and social experiences that define their celebrations, while Titan Smart is aimed at late twenties and early thirties, who are balancing professional goals with personal interests and a growing focus on well-being routines.

Commenting on the festive initiative, Mr. Seenivasan Krishnamurthy, CSMO – Smart Wearables Division at Titan Company Limited, said, “Festivals bring together people, rituals and moments that make life meaningful. With our festive campaigns, we want smart technology to feel relevant to the way people actually live. Fastrack Smart celebrates the movement and social energy of the season, while Titan Smart encourages consumers to make space for healthier routines and well-being. Our ambition is to make smartwatches useful companions to everyday life, beyond connectivity alone.”

Fastrack Smart brings the energy of the festive season to life, starting with Diwali, ‘Have a Smart Blast’ campaign carries the spirit forward, reflecting the excitement of shopping trips, festive outfit planning, meeting friends and visiting family. The festive range includes Revoltt XR1 Pro (₹2,799), Xtreme S (₹2,999) and Jupiter R3 Pro (₹2,899). With AMOLED displays, customisable festive themed cloud watch faces, BT calling, and fitness and wellness features such as heart rate, sleep and stress monitoring, the smartwatches bring together expressive design and everyday utility, helping young consumers stay connected and track their activity through the festive rush.

Titan Smart’s Diwali narrative approaches ‘Smart Beginnings – A Smarter Start to Living Better’ campaign, building on the spirit of new beginnings, encouraging consumers to embrace healthier, more mindful routines alongside their work, personal goals and interests. At the heart of the Titan Smart festive collection are AiRA (₹6999-8499), Evoke 2.0 (₹8499) and Evoke S (₹8999)

bringing together smart functionality and everyday convenience. Designed to complement consumers’ routines, the collections offer features that support connectivity, activity tracking and personal well-being, making technology a more purposeful part of everyday life.

This festive season, celebrate every moment in style with up to 30% off on Titan Smart and up to 50% off on Fastrack Smart. The festive collection will be available across Titan and Fastrack brand websites, across Titan World & Fastrack stores, leading e-commerce platforms and authorized watches and mobile retail stores, offering consumers multiple ways to discover a smartwatch that complements their style and lifestyle.

State Bank Of India (SBI) - Strong Quarter; ~15% RoE To Sustain; Maintain BUY

SBI delivered a strong performance in Q2FY27, led by margin expansion, improvement in asset quality and robust business growth. NII beat estimate, as NIM grew 8bps q/q to 2.94%, aided by lower CoF. PPoP miss was largely optical; the NSE stake sale/revaluation gain was routed through AFS reserve instead of P&L and Rs8.5bn of Q4 opex was brought forward. Adjusting for these, core operating performance remained healthy. Further, asset quality remains best-in-class, with gross/net slippages coming in at 43/17bps. Credit growth remained strong at 18.2% y/y, while deposit growth improved to 12.3% y/y (vs. 9.7% in Q1), led by retail TDs. The US$10.8bn FCNR (B) mobilisation lifted LCR to 140%. ECL transition impact (~3% of net worth) looks manageable and stress from drought-affected states is likely be negligible. We expect SBI to keep growing in-line with the system, with RoA/RoE sustaining >1/15% over the medium-term. SBI remains our high conviction pick amongst the large banks. We maintain BUY rating on SBI with an SOTP-based TP of Rs1,317, valuing its core operations at 1.3x FY29e P/ABV and subsidiaries at Rs194/share.

NIM expands; one-offs drag PPoP: NIM grew 8bps q/q to 2.94%, led by lower CoF and better yields despite 102bps q/q rise in LDR, which the management attributed to lower CoF, as FCNR (B) deposits were mostly used to repay high-cost borrowings. We expect margin to improve further after the rate hike. About 49% of loan book is linked to EBLR (32%) and T-bill (17%) benchmarks and should reprice quickly, while MCLR-linked loans (27%) will follow with a lag. But PPoP missed estimate, as Rs111bn gain from NSE stake sale and revaluation went directly to AFS reserve instead of via P&L. Core fee income grew 11.4% y/y, while treasury booked Rs12.7bn MTM loss. Other opex rose 14.9% y/y, as the bank brought forward Rs8.5bn of expenses usually booked in Q4 (which will continue in Q3), to smoothen out the usual Q4 spike.

Slippages moderate: Gross slippages fell to 43bps (from 60bps in Q1FY27 and 48bps in Q2FY26), while net slippages improved to 17bps (from 31bps in Q1FY27 and 26bps in Q2FY26). The bank estimates a net (post-tax) impact of Rs195bn from the ECL transition, equivalent to ~3% of Q2FY27 net worth. As per the management’s initial assessment ~Rs100bn (39bps of Q2FY27 loans) of the portfolio in drought-affected states could be eligible for restructuring. But the management noted that the borrowers typically do not opt for restructuring, suggesting that the eventual amount is likely to be significantly lower.

Credit growth remains strong: Net advances grew 18.2% y/y, aided by domestic loans (up 17.8% y/y) and overseas credit (22.9% y/y). We expect FY27e credit growth at ~14%, broadly in line with the system. Deposit growth improved to 12.3% y/y (vs. 9.7% in Q1), led by healthy retail TD growth of 16.7% y/y, while CASA grew 8.1% y/y. LCR remained comfortable at 140% (vs. 126% in Q1). Bank mobilised ~US$10.8bn under FCNR (B) scheme.

Valuation: We maintain BUY rating on SBI with an SOTP-based TP of Rs1,317, valuing the core bank at 1.3x FY29e P/ABV and assigning Rs194/share to subsidiaries.

Key Risks: (a) Lumpy slippages; and (b) lower credit growth.

Max Healthcare - Strong Show, Expansion Plans Offer Strong Growth Visibility; Retain BUY

Max Healthcare posted a strong performance in 2QFY27, with revenue/ EBITDA rising by 18/18% y/y, while PAT fell by 20%. Consolidated revenue grew by 18% y/y to Rs30.6bn (up 25% y/y ex-Oncology), while Max Labs/Max@Home revenue came in at Rs660/860mn (up 24/37% y/y). Overall occupancy remained flat y/y at 77%, while ARPP rose 8% y/y to Rs231k. Other Key Highlights: (a) Its board approved Rs930mn capex for redevelopment and clinical capacity enhancement programme at Max Super Speciality Hospital, Sec-128, Noida; (b) Rs4.15bn capex approved for 209 brownfield beds across existing hospitals. This includes 85 beds at MSSH, Noida, 60 beds at MSSH, Vaishali and 64 beds at BLK Max and; (c) Company approved revision of project cost to Rs11bn and timeline for completion of the proposed ~525-bed hospital at Sec-56, Gurugram to Apr-27. Introducing our estimates for FY29 and rolling forward our valuation to 1HFY29e, we maintain BUY rating on the stock with a revised TP of Rs.1,200 (Rs1,220 earlier), valuing its hospital/laboratory business at 30/25x 1HFY29e EV/EBITDA.

Operating Performance: Consolidated EBITDA grew 18% y/y to Rs.8.2bn in Q2FY27, while revenue rose 18% y/y to Rs30.6bn, mainly led by 13% y/y rise in OBDs. EBITDA margin stood at 26.8% (flat on y/y basis). Share of oncology in IPD revenue dropped to 21% from 26% in Q2FY26, owing to discontinuation of select chemotherapy drugs for institutional patients.

Brownfield and Greenfield Expansion Augur Well: Following a Rights Issue and a secondary purchase of 50k shares, its stake in Kalinga Hospital, a 250-bed hospital in Bhubaneswar, rose from ~58.28% to ~66.34% in Q2FY27. The board of directors has approved Rs4bn capex for 209 brownfield beds (a) 85 at Max Super Speciality Hospital (MSSH) Noida; (b) 60 at MSSH Vaishali; and (c) 64 at BLK-Max, along with a multi-level car parking tower at BLK-Max.

Kalinga Hospital Posts Strong Numbers: Kalinga Hospital became a subsidiary of the company on 18th of May-26, marking Max Healthcare's entry into the Odisha healthcare market and establishing a platform for long-term growth in Eastern India. In Q2FY27, the hospital reported revenue and EBITDA of ~Rs.380mn and ~Rs40mn, respectively. Average occupancy stood at 52% during the period. Currently, 80 beds are shut for renovation and a large part of these would be available by Dec-26.

Outlook and Valuation: Despite pressure on oncology business, the company delivered strong results in Q2FY27. Looking ahead, we expect growth prospects to remain intact, led by: (a) ramping up of Max Smart and Max Vaishali; (b) brownfield addition; and (c) beds expansion plans for long-term. Factoring in lower Onco revenues and likely implementation of price caps on Onco drugs, we marginally trim our EBITDA estimates by 3% each for FY27/28E. We expect the company’s revenue and EBITDA to clock 18% each CAGR each over FY26-29e. Introducing our estimates for FY29e and rolling forward our valuation to 1HFY29e, we maintain BUY rating on the stock with a revised TP of Rs.1,200 (Rs1,220 earlier), valuing its hospital/laboratory business at 30/25x 1HFY29e EV/EBITDA.

Key Risks: (a) Delay in project execution; (b) adverse regulations; and (c) lower international business.

Vasan Eye Care Launches ‘Safe Eyes, Safe Deepavali’ To Support Children With Firecracker-Related Eye Injuries

* Vasan's CSR initiative this Diwali provides treatment, including first aid and surgery where required, for children below 15 years who suffer firecracker-related eye injuries

Vasan Eye Care, part of ASG Hospital Limited has launched ‘Safe Eyes, Safe Deepavali’, a children’s eye safety initiative for the festive season. Under the initiative, children below 15 years of age who suffer firecracker-related eye injuries will receive treatment at Vasan Eye Care under the company’s Corporate Social Responsibility (CSR) programme. The initiative will run from 4th November 2026 to 14th November 2026 at 200+ Vasan Eye Care and ASG Eye Hospital centres across 95+ cities.

The campaign has a simple message - celebrate responsibly and protect the sparkle in every child’s eye. Treatment under the initiative will include first aid, emergency eye care, pharmacy and surgery where required. Optical products, such as spectacles, are not included, and terms and conditions apply. Families can call the dedicated helpline, 1800 5713 333, for guidance and to be directed to the nearest participating centre.

Firecracker-related eye injuries increase every Deepavali, and children make up a large share of the cases. Injuries to the cornea and other parts of the front of the eye are among the most common, and some can cause lasting damage to vision if they are not treated quickly by an eye specialist. The first few hours after an injury often decide how well the eye recovers. During Deepavali last year, more than 500 children were treated for firecracker eye injuries at Vasan & ASG centres.

Dr. Arun Singhvi, MD & CEO, ASG Hospital Limited, said: “Deepavali is a festival for which children wait all year, and a few seconds near a firecracker should not cost a child their eyesight. Most of these injuries can be prevented with simple precautions and close adult supervision. If an injury does happen, time is critical and the child should quickly be brought to an eye specialist. Through ‘Safe Eyes, Safe Deepavali’, we want to help families celebrate safely and make sure an injured child gets specialist care without delay.”

Dr. K Kamal Babu, COO (South), ASG Hospital Limited & Vasan Eye Care, said: “Across South India, Deepavali is celebrated with early-morning prayers, oil lamps and crackers, and children are always the most excited. A little care at that moment can protect a child’s eyesight for life. We request parents to supervise children closely and, if an injury occurs, to call our helpline and reach the nearest Vasan Eye Care centre, or any nearby eye care clinic or centre, without delay.”

Vasan Eye Care - ASG Eye Hospital advises families to follow five simple precautions:

Keep a safe distance: light fireworks at arm’s length, preferably with a long incense stick, and step back straight away.

Wear protective glasses: children, and adults lighting fireworks, should wear protective eyewear.

Supervise children: children should handle fireworks only under the watch of an adult.

Never lean over fireworks: do not bend over a cracker while lighting it and never go back to one that has failed to go off.

Never rub an injured eye: rubbing can push particles deeper and make the injury worse.

In case of an injury, keep the child calm and both eyes as still as possible. Do not rub or press the eye or try to remove anything stuck in it. Do not wash it with a jet of water, or apply kajal, ointments, drops or any home remedy. Cover the eye lightly with a clean shield, such as the bottom of a paper cup, without putting pressure on it. Call the helpline on 1800 5713 333 and take the child to the nearest Vasan Eye Care centre or any eye emergency service at once. Early specialist care can make the difference between recovery and permanent loss of vision. 

Voltas And Voltas Beko Bring Festive Cheer With Special Diwali Offers On Home Appliances

* Consumers can avail cashback of up to ₹6,000, Exchange offer up to 10000 Rs, 5-year comprehensive warranty on select products, zero down payment, extended EMI tenures and fixed EMIs starting at ₹1,088

Voltas Limited and its joint venture brand Voltas Beko, from the house of Tata, have announced their much-awaited ‘Diwali Offers’, bringing consumers an opportunity to upgrade their homes with attractive festive benefits across cooling and home appliances, including air conditioners, washing machines, refrigerators, microwaves and dishwashers. The offers combine cashback benefits, flexible financing options and warranty benefits to help consumers make their festive purchases more rewarding.

The offers include cashback of up to ₹6,000 on select Voltas and Voltas Beko products, five years of comprehensive warranty on select products, zero down payment schemes with six-, eight- and ten-EMI options, extended EMI tenures of up to 18 months, and fixed EMIs starting at ₹1,088. In addition, consumers can take advantage of Voltas and Voltas Beko's smart upgrade programme, which offers exchange benefits of up to ₹10,000 on eligible products. The programme provides a convenient, technology-enabled exchange experience with free doorstep pickup, instant exchange valuation through QR-based processing and immediate digital payouts, enabling consumers to upgrade to newer and more energy-efficient appliances with ease.

Key highlights of the Diwali consumer offers include:

Five-year comprehensive warranty: Available on select products.

Cashback up to ₹6,000: On select Voltas and Voltas Beko products.

Exchange benefits up to ₹10,000: Available on select air conditioners, washing machines, refrigerators, dishwashers and microwaves through a hassle-free exchange programme.

Zero down payment: Choice of 6, 8, 10-EMI schemes with zero advance payment.

Long-tenure EMI scheme: Flexible financing options with tenures extending up to 18 months.

Fixed EMI: Fixed EMI options starting at ₹1,088.

Adding to the festive excitement, Voltas and Voltas Beko have also launched the "Jeet Ka Mahafestival" campaign across Voltas Company-owned Stores and Brand Shops. As part of the promotion, consumers purchasing eligible products can participate in a scratch-and-win programme and receive assured gifts, making festive shopping even more rewarding.

Further, Voltas Beko is offering deals across its home appliance portfolio. Washing machines are available from ₹20,990 and feature Hygiene+™ technology, while refrigerators start at ₹21,553 and feature HarvestFresh™ freshness technology. Consumers can also explore microwaves priced at ₹4,990 for quick two-minute festive cooking and dishwashers starting at ₹19,990, offering added convenience for post-celebration clean-ups.

Commenting on the festive offers, Mr. Mukundan Menon, Managing Director, Voltas Limited, said, “Diwali is an important time for families to invest in their homes and make everyday living more comfortable. Through our festive offers, we aim to bring greater value to consumers by combining attractive savings with flexible payment options and added assurance on select products. With Voltas and Voltas Beko, we are making it easier for households to bring home solutions that meet their evolving needs, while making festive upgrades more accessible.”

The offers are available until 30 November 2026 at participating Voltas brand stores, authorised retail outlets and partner channels. Consumers can visit their nearest retailer to learn more about the offers and applicable terms and conditions. Products can also be explored at www.voltas.com and www.voltasbeko.com.

This festive season, with a compelling mix of savings, convenience and rewards, Voltas and Voltas Beko continue to reinforce their commitment to delivering innovative, customer-centric solutions that bring greater comfort, convenience and joy to homes across India.

About Voltas Limited

Voltas Limited, founded in India in 1954 and part of the Tata Group, is a premier air conditioning and engineering solutions provider, projects specialist, and one of the leading players in the consumer durables category. Alongside its undisputed market leadership in Room Air Conditioners with a footprint of over 30,000 touch points. Voltas has expanded into the Home Appliances Segment through a wide range of innovative products under Voltbek Home Appliances Pvt Ltd. The Company’s portfolio also includes Commercial Refrigeration, Home Comfort Products and Commercial Air Conditioning Products, offering comprehensive cooling and comfort solutions. 

Free Mega Artificial Limb (Legs/Forearms) Camp On November 15, 2026 In Bengaluru

For the 20th year Karnataka Marwari Samaj in association with Bhagwan Mahaveer Vikalang Sahayata Samiti (Jaipur Foot) organizing a ‘Free Artificial limb Measurement Camp “. The camp, organized in association with Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), will offer free fittings of artificial limbs, calipers, crutches, and other assistive devices. A team of experienced prosthetic and orthotics experts will assess patients and provide personalized care.

The measurement camp will be conducted on Sunday 15th November 2026 time 8:00 AM – 2:00 PM at Maharaja Agrasen Bhavan, near Ashoka Pillar, Jayanagar, Bengaluru -560011, Time 8:00 am to 3:00 pm.

This initiative is completely free and aims to restore mobility and independence to those in need. If you or someone you know could benefit from this camp, please reach out to us and register. Please bring your Aadhaar card, a photo of your legs or hands, and a phone number for registration. Let’s come together to spread the word and make a difference in the lives of many. Your support can help someone walk again, hold their loved ones, and live a life full of possibilities.

Speaking on the announcement Praveen Tulsiyan –President –KMS said “committed to serving humanity and empowering differently-abled individuals. This initiative is part of our ongoing efforts to support individuals with disabilities are receiving high-quality artificial limbs and other devices they couldn't afford before. These camps build community support, raise awareness, and help people regain mobility, improving lives and societal engagement.

Sri Bimal Kumar Saraogi, Project Director, Karnataka Marwari Samaj said, “Each of us has been affected in various ways, and it is imperative that we contribute according to our capabilities to support others. KMS remains unwavering in its social vision and commitment to assisting individuals with disabilities in reclaiming their mobility and dignity. Through the provision of high-quality, durable artificial limbs and other assistive devices, we aim to significantly improve their quality of life.”

Interested individuals are requested to pre-register by contacting

Rinkesh: +91 90197 21885

Sandeep Poddar: +91 87922 88404