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1. Motilal Oswal Financial Services:

This financial services firm rose over 8% on Thursday after its asset management subsidiary reported that its Assets Under Management (AUM) had surpassed Rs 1.5 lakh crore. This marks a sharp increase from a quarter ago, when it was just above Rs 1.2 lakh crore. Over the past five years, its AUM has increased at a CAGR of 34%.

For FY25, the company reported an 18.5% increase in revenue, beating Forecaster estimates slightly by 0.7%. Net profit was flat for the year, mainly due to a Rs 743 crore loss in the treasury segment during Q4, which caused a 15% miss in profit estimates.

Wealth and asset management now contributes over 80% of group revenue, and the remainder comes from the broking and housing finance businesses. Housing finance grew by 13% in FY25, while other verticals saw 30%+ growth. Private Wealth Management remains the most profitable division, contributing more than 40% to operating income.

Group Managing Director, Navin Agarwal, said, “We believe the Private Wealth Management business will contribute a larger share of profitability for the group in the coming years due to higher growth as we continue to penetrate more customers with differentiated products and services.”

Agarwal added, “We believe that the Motilal Oswal Group is very well placed to benefit from the financialization theme, which is a long-term mega trend.” He expects this trend to play out over several decades, especially in India, given the low penetration of investment products and services.

Emkay Global maintains its ‘Buy’ rating on the stock with a lower target price of Rs 850, due to the treasury impact. Despite this, the brokerage expects revenue to grow at a CAGR of 10% and operating profit at a CAGR of 12% over FY26–28, citing the company’s historical resilience in volatile market conditions.

2. Torrent Pharmaceuticals:

This pharma company has risen by 4.5% over the past week after it signed an agreement to buy a controlling stake in JB Chemicals & Pharmaceuticals (JBCP) at a valuation of Rs 25,600 crore. The acquisition will be followed by a merger of the two entities. Torrent Pharma will acquire a 46.4% stake from US-based private equity firm KKR for Rs 11,900 crore, and will later launch a mandatory open offer to acquire up to 26% from public shareholders.

JBCP has reported sales and net profit CAGR of 17% and 19%, respectively over FY22–25, reaching Rs 3,900 crore in revenue and Rs 660 crore in profit. While cardiology is the leading therapy area for both JBCP and Torrent, their focus products differ, which could support complementary growth post-acquisition. Torrent’s market share in cardiology after the acquisition is projected to increase by 410 bps to 11.3%. However, analysts expect the contribution of the India business to Torrent’s overall revenue to rise by only 50 bps, to around 57%. In the international market, there is no overlap for the companies in the US business. In Russia, JB’s brands have been growing at a relatively faster pace, and it also has an established presence in South Africa.

Torrent will get access to JBCP’s international contract development and manufacturing organization (CDMO) business, a segment where it currently has no presence. JBCP leads globally in the lozenges CDMO segment—an oral treatment used to treat throat irritation, which has been a key driver of its international operations.

As of FY25, Torrent has an EBITDA margin of 32%, while JB Pharma’s stands at 26%. Commenting on the potential improvement, Aman Mehta, Whole-time Director, said, “The immediate 1–2 years could see gains in the cost side, through procurement savings, operational efficiencies, and elimination of overlaps. Revenue-side benefits like cross-selling and portfolio expansion should be visible in the following years.” He added that margins should improve over the 3–5 year period, with near-term gains largely driven by cost synergies.

ICICI Securities has a ‘Hold’ rating on Torrent with a target price of Rs 3,500. The brokerage highlights that JB Pharma’s ophthalmology (eye-care) brand could support overall margin expansion post-acquisition. Additionally, the deal may give Torrent an entry into contract manufacturing of lozenges and help strengthen its presence in the US, Russia, and South Africa.

3. Amber Enterprises India:

This consumer electronics company rose by 8.3% over the past week as its subsidiary, IL JIN Electronics entered into a definitive agreement to take a majority stake in Power-One Micro Systems, a battery storage and solar inverter manufacturer. The company’s Executive Chairman & CEO, Jasbir Singh, said, “This transaction will provide a foothold for Amber’s Electronic Division into the rapidly growing sector for batteries, EV chargers, UPS and the solar inverter market.

The company also laid out plans to invest Rs 6,000 crore in an electronics manufacturing plant near Noida International Airport at Jewar. The facility will produce printed circuit boards (PCBs), home appliances, and consumer electronics. Yamuna Expressway Industrial Development Authority (YEIDA) has already issued a Letter of Intent to the firm for 100 acres of land in Noida, near the Yamuna Expressway.

The company posted a 48.1% increase in revenue for FY25, while its net profit surged by 83.3% due to robust growth in consumer durables & electronics segment. It surpassed the Forecaster operating revenue estimate by 4.4%, but missed the net profit estimate by 6.2% as its railway sub-systems & mobility division saw a decline in revenues as the focus remained on non-AC coaches and due to delay in railway projects across regions. The company appears in a screener of stocks with strong momentum.

Mr. Singh, speaking on future guidance, said, “We expect the electronics business to grow by 30% in FY26, with segment PBT margins improving by 300 basis points to 9-10%.” The firm plans to invest Rs 3,000 crore in the electronics segment over the next five years. Of this, 65% of the capex is expected to be recovered through the PLI scheme and government subsidies, while the company will bear the remaining 35%.

Sharekhan has retained a ‘Buy’ rating on Amber Enterprises with a target price of Rs 8,142. The brokerage sees it well positioned to benefit from growing demand in the components ecosystem. It highlights long term growth drivers for the room air conditioner (RAC) industry, including low penetration, rising temperatures, changing lifestyles, and increasing demand from Tier II to Tier IV cities, all of which are expected to boost AC component demand and support Amber’s growth.

4. Apollo Hospitals Enterprise:

Thishospital company rose 3.5% on July 1 after announcing thedemerger of its non-hospital businesses into a new company, Apollo Healthtech, which isexpected to list on stock exchanges within 18 to 21 months.

Thedemerger consolidates Apollo’s existing pharmacy distribution business (offline and online), Keimed (third-party distribution), and telehealth into a single entity. Post-demerger, Apollo Hospitals will operate two separately listed businesses: one focused on healthcare services (hospitals, diagnostics, and primary/specialty care), and the other on omnichannel pharmacy and digital health through Apollo Healthtech.

In FY25, the businesses proposed for demergergenerated revenue of Rs 16,300 crore andaim to reach Rs 25,000 crore by March 2027, with a 7% EBITDA margin. Growth is expected to come from an expanded digital health offering and wider pharmacy reach.

Commenting on Apollo Healthtech's outlook, Madhivanan Balakrishnan, CEO of Apollo Health Co,said, “We are looking at a revenue growth of around 22–23% on a YoY basis. We remain committed to achieving a break-even on the digital Apollo 24/7 platform by the end of this financial year.” Sanjeev Gupta, CFO of Apollo Healthadded that Apollo 24/7 posted a loss of Rs 80 crore in the last quarter, which is expected to reduce to zero over the next four quarters. The loss wasdue to the high operating costs associated with scaling its digital healthcare platform.

Analystsbelieve that the listing of Apollo Healthtech will simplify Apollo’s overall structure and help investors see the value of each business separately. Meanwhile, Apollo Hospitals will focus on core hospital operations as theyplan to invest over Rs 8,000 crore in the next five years to add more than 4,300 beds across India. 

Apollo Healthtech willpay a royalty to Apollo Hospitals for the ‘Apollo’ brand name. This royalty is likely to be approximately Rs 10 crore annually, with an increase over time.

Following the announcement, Motilal Oswalreiterated its ‘Buy’ rating with an upgraded target price of Rs 8,720, citing the strategic demerger as a key catalyst. The move unlocks value, enables focused growth, and positions Apollo Healthtech as a leading digital health and pharmacy platform.

5. Gabriel India:

This auto parts & equipment manufacturer rose 44.2% over the past week and touched a 52-week high of Rs 1,011.4 on July 2, after its boardannounced a restructuring plan. Gabriel's parent company, the ANAND Group, plans to combine and restructure its businesses to achieve revenues of Rs 50,000 crore by 2030.

Gabriel India manufactures suspension parts for two-wheelers, passenger cars, commercial vehicles, and railways. Its parent company, ANAND Group, owns two other automobile-related businesses, Anchemco and Asia Investment. 

Anchemco manufactures vehicle brake fluids, coolants, and diesel exhaust fluids. Asia Investments, along with its joint ventures (JVs), manufactures driveshafts, sealants and sunroofs.

The merger plans involve the restructuring of these two businesses under one roof. Anchemco will merge with Asia Investments. Post merger, the entire automotive business of Asia Investments, including Anchemco and its joint ventures, will be separated and merged into Gabriel.

Alongside this merger, Gabriel is diversifying beyond suspension products into new areas, such as solar dampers for the renewable energy sector. Atul Jaggi, Managing Director,said, “We aim to scale new products like solar dampers to Rs 200-300 crore in revenue over the next 2-3 years. We plan to double sunroof production capacity in the second half of FY26 and intend to expand the product portfolio.”

The company’s net profit rose 14.4% to Rs 211.9 crore inFY25. Revenue grew 8.9% to Rs 3,643.3 crore, driven by higher sales in the two-wheeler segment and the utility vehicles (UVs) segment. Anchemco and its joint ventures generated annual revenue of Rs 4,000 crore in FY26. Post merger, Gabriel's revenue is expected to increase to Rs 8,000 crore.

Elara Securitiesmaintains its 'Buy' rating with a higher target price of Rs 1,115 per share, citing that the company’s transition from a single-product to a multi-product business is expected to improve margins. The brokerage believes that after the merger, the company will expand into multiple products, segments, and geographies. It projects EPS to grow at a 45% CAGR from FY25-27.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations

In Zindagi Na Milegi Dobara (ZNMD), Hrithik Roshan's character dreams of retiring at 40, in arguably Bollywood’s first example of FIRE ambitions: Financially Independent, Retire Early.

But in Hollywood's The Intern, Robert De Niro plays a 70 year old widower who joins a startup as an intern — not for money, but purpose.

One kind of hero wants freedom after 40, and the other seeks meaning after 70.

ZNMD was released in 2011, when India’s fertility rate was 2.5. The Intern came out in the US in 2015, when its fertility rate was 1.8. Today, India’s fertility rate is at 1.9, below replacement and closer to the US. More of our movie viewers are older, with the median age in states like Maharashtra, Tamil Nadu and Karnataka between 30-35. Rather than focusing on the dreams of the young, there is talk about a Hindi remake of The Intern.

India has already begun ageing. As fertility rates decline, the share of older people in India's population is rising even as all other groups fall. The share of senior citizens (65+) has gone up from 5% in 2010 to 7% today and will hit 15% by 2050.

This puts pressure on the working population. They face a rising number of dependents, having to take care of their children as well as their parents. The share of this working population in India will peak in less than a decade, in 2034, at 69%.

In this week's Analyticks,

Is India greying early?: A fall in fertility rates is changing India's demographics
Screener: All Stars: High scorers across key metrics

Ageing like fine wine..or not?

Indian society is going through a quiet but significant change. Fewer children are being born, and people are living longer. You can already see the change on both ends of the age spectrum.

Our child population (ages 0-14) has been shrinking since 2010, and declined by 0.85% in 2o24 alone. The fertility rate, number of babies per woman, in India is now below the replacement rate of 2.1, which means that we are not replacing people who die.

As a result, over time the share of taxpayers in India's population will fall, while that of beneficiaries – older generations – will rise. This will put more pressure on government budgets and economic growth.

India has hit lower fertility faster than expected

India has reached below replacement levels at a relatively low per capita income compared to developed economies, but in line with some emerging Asian countries. Economists have some theories: educated women in conservative Asian societies are more reluctant to have children, and support systems for families in these societies are, unlike in Europe, quite limited.

The silver hair impact on GDP

When Indians hear that our population may fall in coming years, the usual response is "Good! The country is too crowded."

That is true, but the transition to a lower population is economically painful. Ageing economies, for instance, grow more slowly. Even if people delay retirement and work for a few more years, it doesn’t offset the drag on growth. European countries, where average ages are 45+, are expected to see an 8% decline in per capita incomes by 2050, even if current employment rates stay the same.

India has benefitted from its young population for decades. It has helped increase average incomes by 0.7 percentage points per year between 1997 and 2023, according to McKinsey. But this demographic dividend won’t last - by 2050, this advantage will shrink to just 0.2 percentage points per year, meaning India can no longer rely on population structure alone to drive growth.

The stock market hit from older people

Working people save some of their income, and after retirement, they use those savings. Younger people invest in equities, but as the population gets older, they prefer safer investments like bonds. They get rid of their loans and probably don’t need another post-retirement. Thus, overall debt levels go down.

The Reserve Bank of Australia found that these patterns hold for both developed and emerging economies. As the working population grows, equity markets and banks benefit. But once the 65+ group dominates, bond markets gain and savings drop.

Then there is the pensions impact. Today, only 12% of India’s population is covered by the formal pension system.  Older states like Himachal Pradesh, Punjab, and Kerala already spend over 20% of their revenues on pensions. These are the ageing states of India.

Are we getting old before getting rich?

Getting older fast is not great news for an emerging economy like India. Like people, economies growing old without enough financial security have a tough time. Unlike rich countries that have ample capital and already built infrastructure, developing countries face multiple challenges: job creation, defence needs, climate adaptation, and ageing. They all need resources.

In India, over 40% of senior citizens are poor, 78% have no pension cover, and only 18% have health insurance. At this pace, India could have 300 million elderly citizens without any pension support by 2050. McKinsey warns that India has a 33-year window to get rich before it gets old. 

Governments are adapting. Japan made long-term care a legal right in 2000. Singapore is building elderly-friendly housing with inbuilt medical and social facilities. China is aggressively developing senior-focused products and services, like chewable health foods, comfortable clothing, and targeted entertainment.

India’s silver economy is still nascent. Older folks contribute about 3% to GDP today, with the potential to add 1.5 percentage points if more seniors rejoin the workforce, according to Rohini Nilekani Philanthropies’ study. 

India is estimated to have the largest working-age population by 2100, followed by Nigeria, China and the US, despite a huge decline in the absolute number of workers. This means India has more time and headroom to prepare for its silver age. But a higher absolute number of working-age people alone won't guarantee growth unless they are productively employed, healthy, and skilled. The clock is ticking.

Screener: All Stars: High scorers across key metrics

All Stars: Top performing stocks with high scores across metrics

Despite the volatility of 2025, which has been marked with trade tensions and the drums of war, some Indian stocks continued to show financial strength and strong performance across metrics. This screener identifies such all-star  stocks that score high across metrics like the DVM scores, Piotroski score, buy-sell zone, checklist scores, and strengths, weaknesses, opportunities & threats (SWOT).

These all-star stocks come from the banking, telecom services, healthcare facilities, internet & catalogue retail, and heavy electrical equipment industries. Major stocks that show up in the screener are Schneider Electric Infrastructure, TVS Motor, Bharat Heavy Electricals, Apollo Hospitals Enterprise, State Bank of India, Adani Ports & Special Economic Zone, ICICI Bank, and Bharti Airtel. 

Schneider Electric Infrastructure’s stock has surged 940% over the past five years. This heavy electrical equipment manufacturer has a good Trendlyne durability score of 90, strong technicals and a high Piotroski score of 8. The firm turned profitable in FY22 with a net profit of Rs 27.6 crore. Since then, its net profit has increased to Rs 267.9 crore in FY25, up 55.7%. Its revenue grew 20.1% to Rs 2,661.3 crore in FY25, helping it achieve a five-year CAGR of 13.8%. The company’s focus on fast-growing segments, including developing data centres, electric vehicles (EVs), semiconductors, and services drove its revenue growth, while falling inflation, higher energy demand, and an improved product mix of products with higher margins helped improve profitability. 

Apollo Hospitals Enterprise also features in the screener after its stock jumped 639.8% over the past five years. This healthcare facilities provider has a good Trendlyne durability score of 80, helped by strong technicals and a healthy Piotroski score of 7. The company’s revenue grew for the past four consecutive years to Rs 19,165.5 crore in FY25, while net profit surged 60.9% YoY to Rs 1,445.9 crore. According to analysts at Geojit BNP Paribas, improvements in the healthcare services, diagnostics & retail health, and offline & online pharmacy segments helped revenue growth. Meanwhile, higher patient occupancy and improved pricing & product mix with higher margins have boosted profits. Its board also approved the demerger of its digital health, pharmacy distribution, and telehealth businesses into a new listed entity, NewCo, on June 30.

You can find some popular screeners here.

Global geopolitical tensions and economic slowdowns are reminding the corporate world of an important lesson: “Cash is king.”

The era of low interest rates post the 2008 crisis – when central banks worldwide reduced rates to record lows to stimulate growth – got businesses used to debt, and fuelled startups growing rapidly on borrowed money. But as interest rates climb back up, companies are seeing the benefits of having surplus cash on the balance sheet. 

There is, of course, a balance between too little cash and too much. Very high cash reserves suggest that investment opportunities are being missed or are not available. Excess undeployed cash is also vulnerable to inflation, which erodes its real value over time.

In FY25, the cash reserves of Nifty 500 companies grew 17% to Rs 17.5 lakh crore, supported by healthy operating margins alongside modest growth in capital expenditure.

Among sectors, the IT consulting & software industry led with cash reserves of Rs 1.17 lakh crore, followed closely by the automobile and auto ancillary sector at Rs 1.15 lakh crore. Metals and mining firms collectively held Rs 1.1 lakh crore, and engineering companies had over Rs 73,000 crore.

Bhavesh Shah, Head of Investment Banking at Equirus, says, “The Covid pandemic triggered a realisation among corporates to maintain higher liquidity for unforeseen challenges. Simultaneously, consumer behaviour, including post-pandemic revenge buying, boosted company performance and added to cash reserves.” 

In this edition of Chart of the Week, we analyse thestocks with the highest and lowest cash reserves and the reasons for the same.

Strong financial positions, steady profits and diversified businesses have enabled companies such as Reliance Industries in the oil and gas sector, Tata Motors in automobiles and auto components, Infosys in software and services, and Larsen & Toubro in the cement and construction sector to maintain high cash reserves.

On the other hand, when it comes to companies with low cash reserves, sectors such as food, beverages, and tobacco, pharmaceuticals and biotechnology, and chemicals and petrochemicals feature in the list. Some companies with low cash reserves include Balrampur Chini, Concord Biotech and Clean Science and Technology, mainly due to high spending on expansion and dividend payments.

Reliance Industries tops cash reserves to fuel expansion and green energy push

Reliance Industries holds the highest cash reserves among Indian companies. In FY25, it reported Rs 1.06 lakh crore in cash reserves, representing a 45.2% CAGR over the five years. 

Reliance generates strong cash flows from its retail and telecom businesses, which now contribute more than half of its consolidated EBITDA. Sanjay Mookim, an analyst at JPMorgan, says, “Back in FY17, a staggering 96% of Reliance’s EBITDA came from its core energy operations. Fast forward to FY25, consumer verticals have taken centre stage.”

For FY26, Reliance plans to invest Rs 75,000 crore through internal accruals and external borrowings for its new energy business, including the development of a 20 gigawatt (GW) solar photovoltaic (PV) manufacturing plant, expansion of retail stores, and a petrochemical expansion. 

Auto and IT strengthen their cash reserves to accelerate EV and AI investments

The growing adoption of electric vehicles (EVs) and rising demand for artificial intelligence (AI) are prompting automobile and software companies to strengthen their cash reserves to fund shifting market needs. 

Tata Motors holds the highest cash reserves in the automobile and auto components sector at Rs 40,834 crore, driven by a profit CAGR of 239% over the past two years. In FY25, Tata Motors repaid its Jaguar Land Rover (JLR) debt, earned higher earnings from increased sales of premium models, and benefited from better pricing. The company earns 70% of its revenue from the JLR business.

Despite its strong financial position, Tata Motors’ sales declined in recent months due to weak demand in both passenger and commercial vehicles, increased competition, macro headwinds, and the expiration of government subsidies such as the FAME scheme.

For FY26, Tata Motors plans to invest £3.8 billion (Rs 40,000 crore) in JLR’s electric vehicle manufacturing facilities in the United Kingdom (UK). In India, the company plans to invest Rs 33,000-35,000 crore by FY30, primarily through internal accruals, to launch new electric vehicle models and upgrade its passenger vehicle manufacturing facilities.

Ashok Leyland holds cash reserves of Rs 7,263.4 crore as of FY25. The company transitioned to a net cash surplus of Rs 4,242 crore from a net debt of Rs 89 crore in FY24, helped by improved margins resulting from lower raw material costs, a more favourable product mix, and higher sales.

K.M. Balaji, CFO, says, “In FY26, we plan to invest Rs 1,000 crore in product development for switch mobility (EV division) and expansion of Hinduja Leyland Finance, using internal accruals.”

Infosys leads the software and services sector with cash reserves of Rs 24,455 crore, supported by higher operating cash flow and better working capital management.

It consistently returned cash to shareholders through dividends and buybacks, raising its dividends at a 16% CAGR over five years to Rs 20,289 crore in FY25.

HCL Technologies holds Rs 21,289 crore in cash reserves in FY25, supported by strong operating cash flows of Rs 22,261 crore and lower acquisition spending of Rs 2,032 crore. New deals in AI and engineering research and development (R&D) services have boosted revenue growth, and high-margin businesses, such as the software segment, have helped the company grow its cash reserves.

C. Vijayakumar, CEO, says, “In FY26 and beyond, cash reserves will fund AI, generative AI, and acquisitions to strengthen market presence.” He also highlights the Rs 77,000 crore order pipeline for FY25 and steady cash reserves that support the company’s FY26 revenue growth target of 2% to 5%.

Cyclical sectors maintain high cash reserves to navigate market volatility

Cyclical sectors including cement and construction, utilities, and metals and mining, are vulnerable to market volatility, compelling companies to maintain substantial cash reserves as a cushion.

Engineering giant Larsen & Toubro (L&T), which operates in the cement and construction sector, had cash reserves of Rs 22,965 crore at the end of FY25, a 49.5% increase from the previous year. 

L&T’s net profit rose 15.1% to Rs 15,037 crore in FY25, on the back of a 15.3% increase in revenue, which reached Rs 2.5 lakh crore. The company reported a strong order book of Rs 5.7 lakh crore. 

R. Shankar Raman, CFO, says, “We expect order inflows and revenues to grow by 10% and 15%, respectively, in FY26. We aim for margins of 8.3% in the projects and manufacturing portfolio and plan to build three semiconductor fabrication facilities in India over the next five to ten years, with potential investments of over Rs 1 lakh crore.”

Grasim Industries, the flagship company of the Aditya Birla Group, held cash reserves of Rs 7,905 crore as of FY25, a 70% increase from the previous year. Strong revenue and dividend inflows from its core businesses—cement (UltraTech Cement), chemicals, and financial services (Aditya Birla Capital)—drove this growth.

In utilities, Tata Power leads with cash reserves of Rs 11,751 crore, supported by higher revenue from improved billing and collections from distribution companies, lower finance costs, and reduced capital expenditure in FY25.

CEO Praveer Sinha notes, “For FY26, we have planned an investment of Rs 25,000 crore, with 50% allocated to renewables, 20% to power generation, and 30% to transmission and distribution, funded through internal accruals and debt.”

In the metals and mining sector, Coal India holds cash reserves of Rs 34,215 crore in FY25, helped by higher coal production, strong demand, and increased e-auction premiums. 

Pharma, food, and beverage sectors face a cash crunch amid huge investments

Large investments have left stocks in the pharmaceutical and biotechnology sector, as well as in food, beverages, and tobacco, with the lowest cash reserves in FY25.

Concord Biotech holds the lowest cash reserves in the pharmaceutical and biotechnology sector, with Rs 1.2 crore as of FY25. Its stock has risen 17.08% over the past year. The company invested Rs 160 crore to upgrade its manufacturing facilities, bringing down its cash reserves from Rs 47 crore in the previous year.

Balrampur Chini holds the lowest cash reserves in thefood, beverages, and tobacco sector, at Rs 3.4 crore in FY25, following an investment of Rs 880.4 crore in the Polylactic Acid (PLA)project. It funded the project through internal accruals and debt, which reduced its reserves.

Godfrey Phillips' cash reserves declined to Rs 30.3 crore in FY25 due to higher spending on fixed assets and a 43.7% dividend payout.

BEML, a manufacturer of heavy-duty trucks and trailers, held Rs 5 crore in cash reserves in FY25, down from Rs 39.3 crore in FY23. This was due to increased spending on fixed assets and higher working capital needs. Despite lower cash flow, BEML paid Rs 85 crore in dividends in FY25, further decreasing its cash reserves.

1. Federal Bank:

Motilal Oswal maintains its ‘Buy’ rating on this bank with a target price of Rs 250, a 14.3% upside. Federal Bank is focusing on strengthening its deposit base by boosting growth in current account (CA) deposits. Overall deposit growth was moderate at 12% in FY25, led by a 15.6% increase in current and savings account (CASA) deposits. However, the CASA ratio remained modest at around 30.2%.

Analysts Nitin Aggarwal, Dixit Sankharva, and Disha Singhal expect deposit growth to pick up pace, projecting a CAGR of 15.1% over FY26–28. A push to grow CA deposits and a stronger non-resident (NR) customer base will be key here. They estimate that the CASA ratio will improve to 34–35% by FY28.

The bank's asset quality remains strong, with gross non-performing assets (GNPA) at 1.8% and net NPA at 0.4% in FY25, along with a healthy provision coverage ratio (PCR) of over 75%. While Federal Bank remains cautious on unsecured lending, it may gradually increase exposure as the environment improves. Analysts estimate the bank will achieve around 17% CAGR in loans over FY26–28.

The health of a bank has historically depended on management keeping a steady head during boom times, and limiting over-lending and unsecured lending. In this vein, Aggarwal, Sankharva, and Singhal note that the new CEO KVS Manian “is focusing on sustainable, returns-driven growth”. They expect return on assets and return on equity to improve by FY28, supported by better margins and a stronger asset mix. However, they add, “near-term net interest margins (NIMs) may face pressure from high funding costs.”

2. Metro Brands:

Emkay reiterates its ‘Buy’ rating on this footwear seller with a target price of Rs 1,400, a 23.2% upside. Metro is strategically filling product gaps in its portfolio and continues to be a preferred platform for international brands entering India. The company has been appointed as the exclusive retail and digital partner for Clarks in India and neighbouring countries—Bangladesh, Bhutan, Nepal, Maldives, and Sri Lanka.

Clarks is known for its comfort-focused premium footwear, with an average selling price of Rs 3,000–7,000. Metro will manage Clarks' e-commerce channels in India, including its website.

Kaushal Paresh, CFO, said during the Q4 results, “E-commerce is growing faster than our overall business. Going forward, the focus will shift to profitability while also exploring opportunities in quick commerce. We will continue to spend 3 to 4% of revenue on advertising to promote new launches and boost brand awareness.”

Metro has declined by 6.6% over the past six months. Analysts Devanshu Bansal and Mohit Dodeja highlight that the stock has delivered a 15% revenue CAGR over the last decade and has the potential to perform even better in the coming years.

3. Radico Khaitan:

Sharekhan initiates a ‘Buy’ rating on this beverage company with a target price of Rs 3,090, a 20.2% upside. In FY25, the company’s operating profit margin rose by 160 basis points to 13.9%, driven by higher sales of premium products and cost optimisation in its production and packaging verticals.

Since April 2022, the company has incurred a capex of Rs 950 crore (funded partly by debt of Rs 631 crore), for the expansion of its Rampur and Sitapur facilities. Management plans to reduce debt by 35–40% in FY26 and aims to become debt-free by FY27. Analysts believe this will improve earnings growth and expect the return on equity to rise to 18% by FY27 from the current 13%.

Over FY21–25, the company’s revenue and volume from the prestige & above (P&A) segment grew at a CAGR of 25% and 19%, respectively, thanks to strong performance in its core brands. Analysts expect a double-digit growth momentum in the P&A segment, with a CAGR volume growth of 52% by FY27 from new launches in premium and luxury brands and expansion in both domestic and international markets.

Management aims to improve profit margins by approximately 100 basis points each year, reaching a target of around 17–19% in three years. Analysts believe the UK-India free trade agreement (FTA) will reduce import duties and boost the company’s profitability on UK exports. They estimate revenue and net profit to grow by 18% and 41%, respectively, over FY26–27.

4. Escorts Kubota:

Geojit BNP Paribas initiates a ‘Buy’ rating on this commercial vehicle manufacturer with a target price of Rs 3,801, a 14.5% upside. In FY25, revenue rose 15.7% to Rs 10,705.1 crore, while net profit grew 20.5% to Rs 1,264.9 crore, driven by an increase in tractor sales, lower commodity costs and price realisation.

Analyst Saji John writes that Escorts Kubota is the third-largest agricultural tractor manufacturer in India with an 11.1% market share. He expects its volume growth to improve in FY26 due to strong agricultural output and the government’s infrastructure projects, which will support sales of construction equipment.

The company has planned a capital expenditure of Rs 350–400 crore for FY26 to expand its manufacturing facility and develop new products. Management plans to launch the new Powertrac paddy series of tractors in the 52–60 horsepower (HP) range for southern markets in Q3 FY26. Additionally, it aims to introduce mid-segment tractors in the 40–45 HP range in Q2 FY26 to fill product gaps.

The analyst projects mid-single-digit growth for the domestic tractor segment in FY26, driven by new product launches in both the construction equipment and tractor segments. They expect exports to grow by 20–25% in FY26 and estimate revenue and net profit will rise by 10.5% and 16%, respectively, over FY26–27.

5. GAIL (India):

ICICI Securities reiterates its ‘Buy’ rating on this utility company, with a target price of Rs 245, a 29.2% upside. In FY25, revenue rose 6.6%, while net profit grew 25.7% to Rs 12,499.8 crore, driven by higher gas and polymer production volumes.

The management aims to achieve a profit of Rs 4,000–4,500 crore from the gas business in FY26, down from Rs 4,833 crore in FY25. This is due to the shutdown of its Kanpur fertiliser plant and the delay in commissioning the Durgapur-Haldia and Dhamra-Haldia pipelines. However, the management plans to sell 105 million standard cubic meters per day (mmscmd) of gas in FY26, up from 101 mmscmd in FY25, through new domestic and international contracts.

The company plans to invest Rs 10,700 crore in FY26 to expand its petrochemical facility at Usar and the Dabhol Liquefied Natural Gas (LNG) terminal. Analysts Probal Sen and Hardik Solanki expect the company to boost its revenue by raising gas tariffs by 15–20% in the first half of FY26.

Analysts see strong business prospects for GAIL by FY27 and FY28, driven by a recovery in its petrochemicals segment and the commissioning of new LNG plants, which will boost demand for gas transportation and trading. They forecast net profit growth of 10% over FY26–28.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

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1. Zee Entertainment:

This broadcasting & cable TV company has risen over 13% in the past week after sharing a positive business outlook. Zee announced plans to achieve breakeven in its digital platform, Zee5, which reported an EBITDA loss of Rs 548 crore in FY25. 

The company says that it is moving away from a ‘growth-at-any-cost’ strategy to a more focused and disciplined approach. To support this turnaround, it aims to cut costs, improve content monetization, and boost user engagement. Zee5 has been weighing down the company’s overall performance in recent years, and a turnaround is likely to be challenging.

Zee aims to improve its EBITDA margin to 18–20% in FY26, up from 14.4% in FY25. The firm is also targeting a rise in TV viewership share to 17.5%, compared to 16.8% last year. The stock has declined 7% over the past year.

On June 16, the company’s board approved issuing up to 17 crore fully convertible warrants to promoter group entities at Rs 132 per warrant, around 2.6% above SEBI’s floor price. This move will bring in about Rs 2,240 crore in capital and increase promoter shareholding from around 4% to over 18%.

Analysts believe the promoters are funding the warrant purchase using money recovered from Essel Group dues — about Rs 600 crore has been recovered recently, with a potential recovery of up to Rs 1,800 crore over the next 12–18 months. The Essel Group (Zee’s promoter) had borrowed heavily and pledged Zee shares to repay other debts. While Zee hasn’t specified how the fresh funds will be used, analysts see the move as sentimentally positive.

In FY25, the company’s revenue declined by 4%, largely due to a 11% drop in domestic advertising revenue, impacted by a weak macro environment and a packed sports calendar. Mukund Galgali, Deputy CEO and CFO, said, “We are targeting improvement in ad revenue through re-entry into free-to-air channels (free TV channels), launch of new genres such as mini-series, and a focus on regional content. We are hopeful of an 8–10% increase in advertising revenue during FY26.”

Motilal Oswal maintains a ‘Neutral’ rating on the stock, as the company hasn’t clarified how the newly raised funds will be used, and a market purchase of shares may have been a better option. The brokerage also believes that a steady recovery in advertising revenue is crucial for Zee to achieve its targeted 8–10% revenue CAGR with its current portfolio.

2. KPIT Technologies:

This IT consulting & software company fell over 6% on June 24 after it released a mid-quarter update about the uncertainty surrounding its business. Rising geopolitical concerns and confusion around US’ auto tariffs have spooked clients across geographies. Management highlights that even though the order pipeline remains strong, conversions are much slower. In the medium term, management expects offshoring to grow further, with auto OEMs hoping to lower overall costs as the dust surrounding tariffs settles.

In FY25, the company reported revenue growth of 22% and net profit growth of 41%. Revenue came in line with estimates, while net profit was 6% ahead of estimates. Forecaster projects 10% YoY revenue growth in Q1 FY26; however, expects net profit to be flat YoY. The acquisition of Caresoft’s Global Engineering Solutions business is expected to close by the end of Q1, which is expected to boost consolidated revenue by 4% starting Q2.

The company gets 50% of its revenue from the UK and Europe, 30% from the Americas region, and the remaining 17% from the rest of the world. KPIT in its latest update, notes that Europe is looking positive while the US and Asia are somewhat uncertain. This is a stark contrast to Q4, where revenue from Asia grew by 73% and the US grew by 4% YoY, while declining by 6% YoY in Europe.

Co-founder and Chairman Ravi Pandit, said, “The deal closures have been going up consistently – from $202 million in Q1 to $280 million in Q4, while revenues haven’t yet fully reflected this,” noting that the pipeline is strong. He acknowledged that clients have turned cautious following Trump’s recent auto tariffs, but expressed confidence that trade agreements will likely be resolved within the next three to four months.

Geojit maintains a ‘Buy’ rating on the stock with a lower target price of Rs 1,456 per share. Despite investment in technology and salary hikes, analysts at Geojit expect margins to stabilise at 20-21% for FY26. The brokerage highlights that delays in the integration and ramp-up of large-scale projects due to global trade tensions could impact revenue, affecting short-term financial performance and growth projections.

3. Grasim Industries:

This cement & cement products company touched a 52-week high on 27th June as its paints subsidiary, Birla Opus Paints started operations of its resin manufacturing plant in Mahad (Maharashtra) this week. This plant has an installed capacity of 22 million litres per annum (MLPA), with which Grasim expects to meet its resin needs for paint manufacturing in-house.

Since entering the decorative paints market in 2021 under the Birla Opus brand, Grasim Industries has been a disruptor, capturing over 10% revenue share in the organized paints sector. Deep discounts, strategic hires, and well-placed manufacturing units have helped its market cap jump 84% in four years, while rivals like Asian Paints, Berger, and Kansai Nerolac saw a 23% decline.

The company posted a 13.4% increase in revenue for FY25, but net profit fell 34.2% due to higher costs of key raw materials, particularly cellulosic fibre used in textiles and packaging. It marginally surpassed the Forecaster operating revenue estimate by 1.1% led by a positive growth in the cement and paint businesses. The company appears in a screener of stocks with strong momentum.

Himanshu Kapania, MD & Business Head of Birla Opus, said, “ We have achieved the fastest capacity ramp-up in the world, with 5 out of 6 plants commercialized by March 2025, adding 1,096 MLPA in FY25, a 21% share of the organized decorative paints capacity. Our final plant in Kharagpur is set to be launched in H1FY26, which will raise our total capacity to 1,332 MLPA. With the launch of the Kharagpur plant, Birla Opus will achieve a 24% capacity share in the sector, paving the way to scale up from our current high single-digit revenue market share to one that better reflects our capacity leadership.”

Geojit BNP Paribas has retained a ‘Buy’ rating on Grasim Industries with a higher target price of Rs 3,033. The brokerage believes Grasim’s diverse portfolio positions it to tap into emerging growth opportunities. It expects strong growth in the cement segment, driven by government infrastructure spending and rural demand. In paints, the company is likely to gain ground in the premium segment through new plant launches and high capacity utilisation at Birla Opus.

4. IndiaMART InterMESH:

Thisretail company rose 6% on July 25 after Nuvama Institutional Equitiesupgraded it to a 'Buy' rating from 'Reduce', with a target of Rs 3,800 per share. The brokerage expects the company to enter a new demand cycle in Q2 and Q3 of FY26, driven by increased subscriber additions, an expansion of the in-house sales team, and higher marketing expenditures.

IndiaMART operates a business-to-business (B2B) online marketplace that connects buyers with suppliers. The company controls 60% of the market. Most of its revenue comes from paid subscriptions available to the suppliers listed on the platform. These subscription plans include Platinum and Gold plans, which contribute 75% of total revenue, while the entry-level Silver plan accounts for the remaining 25%.

The brokerage highlights that the company has improved the platform segment and expanded its in-house sales team to reduce churn in the Silver segment. Indiamart projects revenue to grow at an 18% CAGR over FY26–28.

Average revenue per user (ARPU) improved by 11% to Rs 61,000 in FY25, driven by a price hike in gold and platinum subscription plans. Dinesh Agarwal, CEO,said, “For FY26, we aim to maintain ARPU growth of 9–10% by addressing churn and improving product-market fit.”

The silver subscription segment had a monthly customer churn rate of over 7% in Q4 FY25. Agarwalsaid, “We have achieved a 66% reduction in supplier cancellations in the silver segment, and we aim to reach 80% by the end of Q2 FY26. By improving lead quality and user experience, we expect to retain more silver segment suppliers, boost subscriber growth, and drive higher revenue.”

The company’s net profitrose 64.9% to Rs 550.7 crore in FY25, beatingForecaster estimates by 15%, driven by higher other income and lower marketing and sales expenses. Revenue grew 16% to Rs 1,388.3 crore, driven by improved realisation from suppliers and a broader customer base.

In FY25, the company’s EBITDA margin stood at 38%. Jitin Diwan, CFO,said, “Margins will likely normalise to 33%–35% from the current 38%–40% once customer churn in the silver segment reduces, and we plan to increase advertising spend to Rs 50–100 crore annually, which could reduce margins by up to 500 basis points.”

5. NLC India:

Thismining and power company rose 2.3% on June 23 after receiving anorder from Tamil Nadu Green Energy Corp. The order is for the development of three Battery Energy Storage System (BESS) projects, with a combined capacity of 250 MW/500 MWh, located at Ottapidaram, Annupankulam, and Kayathar in Tamil Nadu.

In FY25, the company beat its revenue and net profitForecaster estimates. Its revenuerose 17.6% to Rs 15,280.7 crore and its net profit grew 41.4% to Rs 2,621.4 crore. Strong coal and lignite productiondrove this growth. 

The commissioning of a new unit at the Ghatampur thermal plant in Q4 contributed over Rs 700 crore in revenue.Favourable tarifforders also added around Rs 600 crore to net profit, as NLC was able to recover pending dues and interest from state power distribution companies.

Commenting on future plans, Director (Finance) Prasanna Kumar Acharya,said “We want to have a lignite mining capacity of 104.4 million tonnes, a thermal power generation capacity of 10,020 MW and renewable energy (RE) capacity of 10,110 MW by 2030, making the RE capacity more than conventional capacity” 

The company hasguided a capex of Rs 1,16,880 crore for this expansion by FY30. Acharya mentions that this expansioncould more than double NLC India’s revenue to Rs 37,000 crore and nearly double its net profit to Rs 5,300 crore by FY30, implying a CAGR of 19% and 14%, respectively.

However, NLC India may face somechallenges. Land acquisition is a major issue, especially at Neyveli, where lignite output is expected to be only 3 million tonnes in FY26 against a capacity of 7 million tonnes. Power plants are often directed by state load dispatch centres to reduce their generation, especially during the daytime when solar generation is high, which affects their revenue. The Ghatampur unit,despite generating revenue, reported losses as it could not run at full capacity. Projects like the Pachwara coal block and the lignite-to-ethanol plant are also delayed because of pending approvals and re-tendering.

Axis Direct hasmaintained its ‘Buy’ rating on the stock, citing strong growth visibility from capacity expansions across thermal, mining, and renewable energy. It also highlighted the company’s plans to list its green energy business, NLC India Renewables, by Q2FY27, to fund its renewable energy expansion.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations