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1. Manappuram Finance:

ICICI Securities upgrades its rating on this NBFC to ‘Buy’ with a target price of Rs 305, a 13.2% upside. Manappuram is working to expand its share of gold loans to 75% of its total loans, up from the current 65%. The goal is to improve the share of secured loans to 90% and reduce the share of unsecured microfinance. The management believes this shift will improve asset quality by reducing exposure to riskier segments.

To achieve this, the company will offer gold loans through its subsidiaries. It plans to introduce them at its Asirvad subsidiary, which has around 1,100 branches. If successful, the model will be extended to other subsidiaries. Under this plan, the company expects gold loan branches to grow to over 5,000 by year-end, up from 4,044 now.

Analysts Ansuman Deb, Shubham Prajapati, and Sanil Desai are also optimistic about the appointment of new CEO Deepak Reddy. They expect him to strengthen core businesses such as gold loans, vehicle loans, and housing finance, along with improving governance and customer focus.

In Q1FY26, the company's AUM rose 3% QoQ but fell 1.4% YoY, mainly because of weak performance at Asirvad Microfinance. The segment has been under pressure as many borrowers took on excessive debt, leading to higher defaults. This pushed up credit costs and weighed on profitability. The management expects conditions to improve and hopes the segment to recover by Q4FY26.

2. Global Health (Medanta):

Axis Direct maintains a ‘Buy’ rating on this hospitals chain with a target price of Rs 1,550, an upside of 12.9%. In Q1, the company’s net profit rose 45% YoY, beating Forecaster estimates by 17.2%, helped by a one-time gain from an interest reversal. However, EBITDA margins fell to 22%, down 190 bps YoY, due to annual salary hikes and costs related to the new Noida hospital.

The company’s average revenue per occupied bed (ARPOB) grew 4% YoY in Q1. Management expects mature hospitals to see 3–7% annual growth, mainly from treating more complex cases rather than price hikes. For newer hospitals, ARPOB may fluctuate quarterly but should gradually rise over time, supported by shorter patient stays. Management added that occupancy for advanced care hospitals will likely peak at 70–75% in FY26.

Medanta plans to invest Rs 3,500 crore to add 3,000 new beds over the next five years, along with Rs 450 crore for maintenance in the next three years. Analyst Aman Goyal notes that the company’s strong balance sheet will support this expansion, along with technology upgrades and acquisitions in key regions.

3. Can Fin Homes:

Geojit BNP Paribas upgrades its rating to ‘Buy’ on this housing finance company with a target price of Rs 900, an upside of 17.2%. In Q1FY26, the company’s loan disbursements grew 9% YoY to Rs 2,000 crore. The management expects disbursements of Rs 10,500 crore in FY26, with Rs 2,500 crore planned for Q2. Net profit rose 12.1%, even as the company increased provisions to clear out overdue accounts early in the year.

Can Fin Homes has passed on the recent repo rate cuts to its customers, lowering rates by 25 bps. However, the benefit will reach borrowers gradually, since most loans reset only once a year. By Q1, 67% of the loan book was on annual resets, down from 72% in March. The remaining loans reset every quarter.

Analyst Arun Kailasan notes that with banks passing on rate cuts to customers with a delay, net interest margins should remain stable. He expects net interest income to grow 11.2% and net profit to rise 40.4% over FY26–27.

4. Lemon Tree Hotels:

IDBI Capital maintains a ‘Buy’ rating on this hotel company with a target price of Rs 177, a 19% upside. The company’s Q1FY26 revenue rose 17.8% YoY to Rs 315.8 crore. Growth was driven by a 10% rise in average room rate to Rs 6,236 and higher management fees from third-party contracts and its subsidiary, Fleur Hotels.

Analysts Archana Gude and Jaydeep Taparia note broad-based growth, with Aurika Mumbai’s occupancy jumping to 76.6% from 45.8% last year, driven by higher corporate and direct bookings. During the quarter, the company signed 14 new management and franchise contracts, adding 1,273 rooms, and operationalised five hotels with ~400 rooms.

Management expects accelerated growth across owned, leased, managed and franchised assets, supported by strong travel demand, new contracts, and expansion. Net debt declined 11% YoY to Rs 1,658 crore, and the company targets becoming debt-free within the next 18 months.

5. MRF:

Anand Rathi maintains a ‘Buy’ rating on this auto tyres manufacturer with a target price of Rs 1,70,000, a 16% upside. MRF’s Q1FY26 revenue grew 6.7% YoY, beating Forecaster estimates by 3.1%. Growth was driven by stronger domestic demand and an improvement in product pricing. However, EBITDA margin declined to 12.4% from 14.1% last year due to higher input costs.

Management noted that the April-June quarter usually brings higher sales, as new vehicle production boosts orders from original equipment manufacturers and replacement demand also picks up. But this year, demand was subdued due to tariff issues in April, the impact of geopolitical tensions in May, and early monsoons.

Despite these challenges, analyst Mumuksh Mandlesha remains optimistic about the company. The brokerage expects revenue, EBITDA, and net profit to grow at a CAGR of 9%, 13%, and 19%, over FY26-28. This is supported by stronger replacement and export demand, market share gains, and margin recovery from lower rubber and crude derivative prices.

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

(You can find all analyst picks here)

The first quarter of FY26 was marked by market volatility, largely driven by global trade tensions. During these months, the US and India were busy negotiating the first phase of a Bilateral Trade Agreement, to improve trade between the two countries, and bring down tariffs on both sides.

But President Trump blew up the negotiations, complaining about India’s imports on Russian oil, and imposed a 50% import tariff on Indian goods. The move prompted a warning from Moody's about a potential slowdown in India's manufacturing sector and overall economic growth. However, S&P Global Ratings expects the tariffs to have limited impact on the economy, noting that exports to the US are small and key sectors like pharma and consumer electronics are largely exempt. The agency also upgraded India’s sovereign rating from ‘BBB-’ to ‘BBB’.

To invest in markets as volatile as this, people follow superstar investors like RARE Enterprises, Ashish Kacholia, Sunil Singhania, and Vijay Kedia for insights. Their buying and selling activity helps retail investors identify promising sectors and stocks. We take a look at their top buys in Q1FY26.

In Q1, most superstar investors remained cautious due to market volatility. They made fewer additions and more stake sales, continuing the pattern seen from the March quarter. The chart below shows changes in their current public portfolio net worth. 

Despite limited buying, several of their existing holdings delivered strong gains during the quarter, leading to a rise in net worth for most of these investors. Note that superstar net worth includes current holding changes, as well as new buys and sells. 

Each superstar investor's portfolio reflects their unique investing style and sector preferences. The chart below highlights the dominant sectors in each investor’s public portfolio. 

Sector preferences vary among superstar investors – RARE Enterprises leans towards the Textiles Apparels & Accessories, while Ashish Kacholia favours general industrials. Sunil Singhania focuses on the metals & mining sector, and Vijay Kedia’s preferred industry is automobiles & auto components. Dolly Khanna leans more towards the fertilizers industry, and Porinju Veliyath’s top sector is software & services.

Ashish Kacholia added just one new stock to his portfolio in Q1, which topped the list of best-performing stocks for the quarter. Dolly Khanna made the most new investments during this period, with Coffee Day Enterprises emerging as her top-performing stock. Here’s a look at the key stocks held by these superstar investors.

Kacholia’s Gujarat Apollo Industries topped the list with a 34.5% rise over the past quarter. Among Dolly Khanna’s holdings, Coffee Day Enterprisesrose 30.8%, followed by Southern Petrochemicals Industries and Sarla Performance Fibers. Porinju’s RPSG Ventures also appears in the list, gaining 4.9% in Q1.

RARE Enterprises records no new buys in Q1

Rakesh Jhunjhunwala’s portfolio, currently managed by Rekha Jhunjhunwala and RARE Enterprises, has risen by 10% to Rs 61737.8 crore as of August 18. The fund has stayed relatively quiet in recent months, making no new purchases or stake increases during the quarter. However, RARE has fully sold its stake in Nazara Technologies.

Net worth has increased despite no stake additions, driven by strong performance in key holdings such as Star Health and Allied Insurance, Concord Biotech, Fortis Healthcare, etc. However, its two largest holdings, Inventurus Knowledge Solutions and Titan Company, recorded nearly flat performance in the past quarter.

Ashish Kacholia adds a new company in Q4, raises stake in three

Ashish Kacholia’s net worth rose 7.3% to Rs 2,659 crore as of August 18. During the quarter, the ace investor addedGujarat Apollo Industries, a small-capindustrial machinery maker, to his portfolio, investing about Rs 5 crore for a 1.1% stake.

FIIs alsoincreased their holding in the company, from a mere 0.01% to 0.14% during the quarter. The stock appears in ascreener of stocks that outperformed their industry during the quarter. It has risen by 73.8% over the past year.

Kacholia also bought a 0.3% stake inAgarwal Industrial Corp during Q1, increasing his holding to 4.3%. The stock ranks high on Trendlyne’s checklist with a score of 56.5%. However, it has declined by 32.3% over the past year.

He also made small additions of 0.1% each to his holdings in Tanfac Industries and Aeroflex Industries. Both companies have strong Durability scores and rank high on Trendlyne’s checklist. They also turn up in a screener of stocks that have delivered consistently high returns over the past five years.

Sunil Singhania slightly increases his stake in Mastek

Sunil Singhania’s Abakkus Fund saw its net worth drop 2.2% to Rs 2,452.3 crore as of August 18. Singhania’s fund remained cautious during the quarter, making more stake sales and adding only a small 0.1% stake in Mastek.

The fund now holds a 2.8% stake in the IT consulting firm. However, this is down from 3% stake in the June quarter last year.

Trendlyne classifies Mastek as a Mid-range Performer, driven by its high Durability score but average Valuation and Momentum scores. The stock is undervalued based on both current PE and future earnings estimates.

Analysts estimate the stock could rise around 22% over the next year, with an average target price of Rs 3,072. It has already gained 7.3% in the past quarter.

Vijay Kedia makes no new buys in Q1

Vijay Kedia's net worth has fallen by 13.4%, reaching Rs 1,193.8 crore as of August 18. He has been relatively quiet in recent months, making no new purchases or stake increases during the quarter, but has sold stakes in a few companies.

Dolly Khanna adds three new companies in Q1

Dolly Khanna's net worth increased by 37%, reaching Rs 533.3 crore as of August 18. She publicly holds 17 companies and continued to expand her portfolio in Q1 by adding three new companies and increasing stakes in another seven. 

Her new investments include a 1.7% stake in Southern Petrochemicals Industries Corp, a fertilizer manufacturer, and a 1.6% stake in Coffee Day Enterprises, which runs coffee outlets. She also bought a 1% stake in Sarla Performance Fibers, a textiles firm.

Over the past quarter, Southern Petrochemicals’ share price has risen by 16.9%, Coffee Day has gained 30.8%, while Sarla Performance has increased by 0.3%. 

Khanna increased her stake in Mangalore Chemicals & Fertilizers by acquiring 1.1%, taking her holding to 3.3%. This is the fourth consecutive quarter where she has raised her stake in the company. It has surged 158.9% over the past year, outperforming its industry by 59 percentage points.

Khanna also bought minor stakes in Som Distilleries & Breweries (0.4%), 20 Microns (0.3%), and 0.2% each in Prakash Industries and Rajshree Sugars & Chemicals. Additionally, she made small purchases in KCP Sugar, Zuari Industries, and GHCL. 

Porinju Veliyath adds an IT consulting firm to his portfolio in Q1

Porinju Veliyath's net worth increased by 13.5%, reaching Rs 232.2 crore. During the June quarter, he added RPSG Ventures to his portfolio, acquiring a 1.4% stake in the IT consulting & software company. The company’s share price has increased by 12.2% over the past year, outperforming its industry by 23.6 percentage points. 

During Q1FY26, Porinju increased his stake in Orient Bell by 0.9%, taking his holding to 4.6% in the ceramics manufacturer. The stock has strong Durability and Valuation scores of 85 and 61.3. The company has gained 3.9% over the past quarter. 

He also picked up a 0.4% stake in Apollo Sindoori Hotels and now holds 2.1% in the hotels stock. The company has gained 8.7% over the past quarter, outperforming the industry by 8.4 percentage points. It also has a high Durability score of 65. 

Porinju bought a 0.2% stake each in Sundaram Brake Lining and M M Rubber Company. He has a 1.3% stake in both the auto parts maker as well as the auto tyres manufacturer. These companies feature in a screener of stocks with zero promoter pledge.

Let me say this upfront: a human is writing this email. These days, it can be hard to tell. Robot dogs, a flirty, artificial voice in your ear, a fully automated car like Kitt in Knight Rider: it all went from fiction to real life very fast.

We have quickly moved from being in awe of these technologies to worrying about China's ability to dominate AI. But nearly three years after the US sparked the AI boom, the rest of the world is still playing catch-up. For now, the AI story is very much an American story.

The US currently controls 69% of the world’s AI computing power, giving it a dominant edge. The real race for now is not between US and China, but between US companies.

Different AI companies dominate regular users and enterprise

ChatGPT became a household name faster than any other company before it. It now has nearly 80% market share worldwide among chatbots as of June 2025, with over 5.7 million monthly active users.

People use it for all kinds of things. Some people have replaced Googling with searching via GPT (although its not entirely reliable). Others like digital marketer Meg Faibisch Kühn say they have offloaded most of their daily tasks to the chatbot, using it to plan schedules, write work emails and content, give ideas for recipes, and plan her garden (in these cases, GPT sounds grossly underpaid for the work it does).

Perplexity came a distant second among users with an 11% market share. Microsoft Copilot holds 4.9%, Google Gemini 2.2%, followed by Anthropic’s Claude (1.1%), and DeepSeek (1%).

While ChatGPT dominates among everyday users, the enterprise AI scene is a different story. By the end of 2023, OpenAI held 50% of the enterprise LLM market, but its lead has since slipped to 25%—half its share from two years ago. Anthropic now leads with 32%, while Google is at 20%.

API market share soars for Anthropic, Google models as they push Enterprise solutions

Anthropic’s rise began with Claude Sonnet 3.5 in mid-2024 and accelerated with Claude Sonnet 3.7, the first agent-first LLM. By mid-2025, newer models like Claude Sonnet 4 and Claude Code made it the go-to choice for developers. Its biggest win? Code generation—Claude now owns 42% of that market, double OpenAI’s share. Google's Gemini is catching up fast to Claude and GPT.

Meta’s Llama lags with 9%, and DeepSeek, despite its splashy debut earlier this year, holds just 1%.

Tug of war: AI models try to balance between intelligence, speed and price

Every AI company is playing a tricky, three-way tug-of-war: make the smartest model, make it lightning fast, and make it cheap enough that customers don’t faint when they see the bill.

OpenAI’s latest model, GPT-5, which came out on August 7, has quickly gained the top spot in terms of Intelligence as per the Artificial Analysis Intelligence Index. OpenAI CEO Sam Altman says the model is “significantly better” than its predecessors. In a briefing ahead of launch, Altman said, “GPT-5 is the first time that it really feels like talking to an expert in any topic.” The actual rollout however, got mixed reviews from users.

ChatGPT’s new AI models grab top spot across metrics

But intelligence isn’t everything (any nerd trying to snag a prom date can confirm this). Speed is where Google’s Gemini 2.5 Flash steals the show, clocking in as the fastest major model right now.

OpenAI’s surprise runner up in this category is actually its new open-source model, which keeps up in many benchmarks despite being much cheaper to run.

Then there is the cost game. OpenAI’s open-source release has 120 billion parameters, but activates only 5 billion at a time through expert routing. This selective firing of neurons means you pay less for similar quality of answers, making it a hit with developers watching their API bills.

AI firms raise billions to train new models, and are still losing money

Building the smartest AI isn’t just about algorithms and talent — it’s also about having a bank account big enough to run a small country. Analysts estimate the largest training runs could exceed a billion dollars in cost by 2027.

OpenAI recently raised over $8 billion as part of its $40 billion fundraise planned for this year, at a valuation of $300 billion. This is to fund the company’s expansion plans and massive compute bills. In 2024, OpenAI reported a loss of around $5 billion on $3.7 billion in revenue. For 2025, it’s bracing for an $8 billion cash burn.

Currently, most AI firms like ChatGPT are burning more than one dollar to generate every dollar in revenue. However costs are coming down fast at the unit level (per token or query) due to advances in software and hardware.

Anthropic, the new enterprise AI darling, is in its own arms race. It pulled in $3.5 billion in March at a $62 billion valuation — and now it’s reportedly negotiating another $3–5 billion round at almost triple that price tag. The firm’s revenue shot up from about $1 billion annualised in December last year to $3 billion by July this year, with some trackers betting it could hit $5 bn in topline by year-end.

However, neither OpenAI nor Anthropic is footing these bills alone. Both rely heavily on hyperscalers such as Microsoft, Amazon, and Google, who not only pour in investment cash but also offer cloud credits and discounted compute power. It’s a symbiotic deal: AI labs get to train massive models without going bankrupt, and cloud giants lock in years of juicy infrastructure revenue.

Big Tech, in response, is going all in to build AI data centers, networking, and custom silicon. Microsoft, Alphabet, Amazon, and Meta together plan well over $350 billion in 2025 AI-related spending to meet soaring demand for training these models and run queries from users across the globe.

And this isn’t just a future bet. Demand from AI players is already lifting cloud revenues for tech giants, with Microsoft leading quarterly growth thanks to its deep partnership with OpenAI.

Hyperscalers’ cloud growth rebounds as AI demand ramp up

China plays catch-up

Unlike in the US, where private companies lead AI development, the Chinese government is driving much of the investment in the country’s AI infrastructure. Bank of America expects China’s AI spending to reach $98 billion in 2025, with $56 billion from the government and $42 billion from private players for data centres and energy needs. However, this comes to about 25% of what the US is expected to spend this year.

US to spend four times more than China this year on AI

China’s AI ambitions got noticed in early 2025 with the launch of DeepSeek. Built for just $5.6 million, the model stunned the industry by matching the performance of flagship systems from OpenAI and Anthropic—each developed at costs exceeding $100 million.

Jeffrey Towson, founder of TechMoat Consulting, said, “China and the US have pulled way out front in the AI race. China used to be one to two years behind the US. Now, it is likely only two to three months behind.”

In their latest move to close the gap with the US, Chinese firms plan to deploy over 115,000 Nvidia H100 and H200 GPUs across 39 massive data centres rising in the country’s western deserts. The goal: to train models on par with those from OpenAI. These chips, however, are among the advanced AI processors the US has banned from export to China—making the buildout both a technological milestone and a geopolitical flashpoint.

The US ban on exporting advanced AI chips is aimed at keeping its lead in the global AI race. The restrictions have cut China off from Nvidia’s most powerful processors, including the flagship B200 Blackwell chip. Recently, after the US demanded a 15% cut in chip sales to China, the Chinese government urged local players to use homegrown chips for national security reasons.

The competition is on. For now, unless Chinese companies spring another surprise, the US is well in the lead in both models and market share.

1. Alkem Laboratories:

Thispharma company rose 10% over the past week after posting strongQ1FY26 results and unveiling plans to expand into Saudi Arabia. Jefferies upgraded the stock from ‘Underperform’ to ‘Buy’, calling Alkem’s “pivot towards accelerating growth” a “refreshing” shift already visible in the numbers.

Revenue grew 11% YoY inQ1, beatingForecaster estimates by 4.3%, thanks to robust domestic sales and a rebound in the US business. Net profit also came in well ahead of estimates after rising 22%, due to a better product mix and lower raw material costs. EBITDA margin expanded 300 bps to 22.5%. Management expects margins to sustain at this level for FY26, aided by cost efficiency programs and a higher share of branded generics.

The domestic market, whichcontributes over 60% of total sales, grew on the back of new launches and rising demand in both chronic and acute therapies. The US business, which accounts for more than one-fifth of revenue, grew 9% despite price erosion, helped by market share gains in key products. 

Still, management warns that revenue could take a hit if President Donald Trump follows through on tariff threats against the pharmaceutical sector. Addressing this concern, MD Sandeep Singhsaid, “We are actively diversifying our portfolio, increasing local manufacturing in the US through partnerships, and focusing more on complex generics and branded products that face less price erosion.”

Diversifying beyond the US forms a key pillar of Alkem’s growth strategy, with international markets other than the US currently contributing only 10% to the total revenue. The firm recentlysigned a joint venture agreement to build a manufacturing facility in Saudi Arabia to expand its presence in the Middle East. “Our partner brings strong local market access, and combined with our robust product pipeline, we are confident about the opportunity,” Singh adds. The new facility is expected to start operations in FY27.

2. Hero MotorCorp:

This two-wheeler manufacturer surged 5.2% over the past week following the announcement of its Q1FY26 results on August 6. Hero MotoCorp’s net profit increased 63% YoY to Rs 1,705.3 crore, beating Forecaster estimates by 61.5%, driven by lower raw materials and inventory expenses. The company features in a screener of companies with increasing profits every quarter for the past four quarters.

Revenue fell 3.8% to Rs 10,037.7 crore, mainly due to a 10.9% drop in volumes from a temporary production halt that slowed dispatches. The management highlighted that it had taken a five-day shutdown in April at four plants to address supply chain issues and carry out maintenance, but production has since normalised. Meanwhile, global business grew 27%, remaining a bright spot. Hero exports to Latin America, Africa, West Asia, and Europe and remains focused on expanding its footprint.

If we look at the domestic two-wheeler industry, performance in the first four months of FY26 was a mixed bag. April and May saw strong growth, driven by the marriage season and improved rural demand. However, this momentum slowed in June and July due to the early arrival of the monsoon. Ashutosh Varma, the Chief Business Officer, said, “We expect demand to recover as the festive season approaches. Volume growth was slow for the industry, but we feel that it's a postponement and volumes will come back to the 6–7% range for the full year”.

During the quarter, Hero MotoCorp continued to strengthen its product range. It launched Destini 125 and Xoom 125 in the 125cc scooter segment, boosting its position in the premium category. In the 100cc motorcycle space, Hero added the HF Deluxe Pro to its HF Deluxe range, targeting value-conscious buyers. The company’s two-wheeler market share improved 100 bps QoQ to 30.9%.

Following the company’s Q1 performance, Motilal Oswal reiterated its ‘Buy’ rating with a Rs 5,355 target price. The brokerage expects volume growth driven by new launches and higher exports. It believes the company will gain from a gradual rural recovery, backed by its strong brand in the economy and executive segments.

3. Kalpataru Projects International:

This construction & engineering player has risen by 10.4% in the past week after announcing its Q1FY26 results on August 7. The company’s revenue beat Trendlyne’s Forecaster estimates by 11.4%. Net profit exceeded expectations by 23.3%, driven by strong execution in transmission & distribution (T&D), buildings & factories (B&F), and oil & gas segments.

Over 75% of Kalpataru's order book is in the T&D and B&F segments. Management notes that they have a tender pipeline of Rs 1.2 lakh crore in these two areas over the next 12–18 months, helped by investments in grid expansion and energy transition in India and abroad. These segments deliver EBITDA margins of 9–10%, higher than the company’s total margin of 8.5% in Q1FY26. This should provide an overall margin boost.

However, the water infrastructure segment, which makes up about 14% of the company’s order book, posted a 5% YoY revenue decline in Q1 due to delayed payments in states such as Uttar Pradesh and Jharkhand. The company is now prioritising projects only in states with better payment records and centrally funded projects with approved budgets. It expects the water infra segment to see single-digit growth in FY26, supported by improving collections and a selective approach to new orders.

MD & CEO Manish Manod said the company expects FY26 revenue growth of 20–25% and is targeting order inflows of over Rs 26,000 crore. He added that many of the recent orders are design-build contracts, which may take longer to convert into revenue. “It would not happen in Q2 or Q3. It would only start in Q4, so the impact will be more visible on an annualised basis,” Manod noted.

Motilal Oswal has a ‘Buy’ rating on Kalpataru, citing improved execution of existing orders and healthy cash flow from better customer advances and claim settlements. A spike in commodity prices and higher promoter pledges are key concerns, but new T&D orders domestically and internationally should support growth. On Trendlyne, the stock is overvalued at the current PE but undervalued based on future earnings estimates.

4. PG Electroplast:

This consumer electronics equipment manufacturer fell 35% over the past week following the announcement of its Q1FY26 results on August 8 and weak FY26 growth guidance. The company's net profit fell 20% YoY due to lower sales of room air conditioners (RACs) and coolers, and higher finance costs. However, its revenue grew 15%, helped by higher sales from the washing machine segment. Both revenue and net profit missedForecaster estimates.

PG Electroplast is a third-party manufacturer that makes and assembles electronic products like RACs, washing machines, and TVs for brands such as Godrej, Blue Star and Honeywell. The stock features in ascreener of companies where mutual funds increased their shareholding in the past quarter.

Faced with operational challenges, soft seasonal sales and excess inventory with brands, the management revised its FY26 revenue growth guidance to 19%, down from the earlier 30%. It also lowered its EBITDA margin guidance by over 150 bps on account of fixed costs surpassing sales.

Vishal Gupta, Managing Director, notes, "60% of our total revenue comes from the air conditioners business. The early arrival of the monsoon affected their sales, making Q1 a subdued start to the year." 

The company’s management highlighted that it remains confident in its long-term growth prospects. However, in the short term, due to higher inventory build-up, it trimmed its FY26 capital expenditure plan by 15% from the earlier guidance to Rs 750 crore. 

The company earns 14% of its total revenue from the washing machine and television businesses. For FY26, management expects 45% growth in the washing machine segment and 60% growth in the television segment.

Guptasaid, "We expect inventory levels to normalise in Q3 as brands start picking up inventory for the festive season, and we plan to use Rs 300 crore of capex to build a new plant for the refrigerator business and increase washing machine capacity from 1.2 million to 2 million units in FY26."

Following the guidance revision, Nuvamamaintained a 'Buy' rating but cut its price target by 35% to Rs 710, citing high inventory levels and softer air conditioner demand. The brokerage revised FY26 EPS estimates by 36% due to higher interest costs and margin contraction in the air conditioner segment.

5. Fortis Healthcare:

Thishealthcare company has surged 8.6% over the past week, hitting its all-time high on August 14 after the company announced itsQ1FY26 results. Fortis Healthcare’s net profit rose 56.8% YoY to Rs 260.3 crore, and revenue increased 16.6% to Rs 2,166.7 crore. The growth camefrom strong performance in the healthcare and diagnostics segments.

The healthcare segmentposted an 18.6% YoY revenue increase in Q1 FY26, driven by a 10.2% rise in average revenue per occupied bed (ARPOB) and a higher occupancy rate of 69%, versus 67% a year ago. The diagnostics business, operated under Agilus Diagnostics,reported a 7.4% increase in revenue. This was supported by expansion of its network to 4,261 centres, growth in preventive and genomics portfolios, and the launch of 30 new tests.

Fortis Healthcare is pursuing aggressive capacity expansion. Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare,said, “We are going to add capacity of approximately 900 beds in the current financial year, and expect to operationalize approximately 50% of these beds." This expansion includes the recentacquisition of Shrimann Superspecialty Hospital in Jalandhar, which added 228 beds and was worth Rs 420 crore. The company also plans to add 450 beds in Mohali and 180 beds in Amritsar over the coming years.

In July 2025, Fortis Healthcaresigned an operations and maintenance agreement with Gleneagles India to manage around 700 beds across five hospitals and a clinic. This deal expands Fortis’ presence to new cities, including Hyderabad and Chennai. The company will receive a monthly service fee of 3% of the net revenue from these facilities.

Following the results, Prabhudas Lilladhermaintained a ‘Buy’ rating, expecting continued margin gains from treating higher value specialties, improving cost efficiency, and adding capacity. The brokerage sees acquisitions and brownfield projects as key growth drivers, but notes that execution will be critical to sustain the current momentum.

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

Indian markets have been under pressure in the past few weeks, with US President Trump’s 50% import tariffs on Indian goods and a sell-off by foreign investors worried about high valuations and tepid earnings. 

But the search doesn’t stop in a volatile market – investors and traders are always on the hunt for alpha,  excess returns on their investments relative to the benchmark. 

In an environment where sudden downturns can quickly erase short-term gains, the value of patience and a long-term outlook stands out more than ever. As legendary investor Peter Lynch put it, “The real key to making money in stocks is not to get scared out of them.”

This strategy of picking great stocks and then holding them through market cycles is exactly what the ‘DVM - High Performing, Highly Durable Companies’ screener is designed to help with. This screener evaluates companies on multiple factors—including management quality, financial health, valuation, and several dozen technicals— to find high-quality stocks built to deliver superior long-term returns. 

In this edition of Chart of the Week, we analyse the historical performance of this DVM screener. The screener selects stocks from the ‘all stocks’ and Nifty 500 universe, with strong financial durability, reasonable valuation, and positive momentum scores. From the shortlisted companies, it chooses the top five stocks with the highest durability scores. 

High DVM stocks from the all-stocks universe outperformed those from the Nifty 500 universe

We ran screener backtests for both the all-stocks universe and the Nifty 500 universe from March 2013 to August 2025. These backtests compared the quarterly performance of the strategies against the Nifty 500 benchmark. 

The screeners delivered cumulative returns of 6,643.4% and 4,377.7% for all stocks and the Nifty 500 universe, with a CAGR of 40.3% and 35.8%. The time period was over 12 years and 5 months. In contrast, the benchmark’s CAGR stands at 13.7%. The portfolio update frequency chosen for this backtest is quarterly.

The heatmaps track quarterly returns from Q1FY14 to Q2FY26. The all-stocks universe posted positive returns in 30 of 50 quarters and beat the Nifty 500 index in 31 quarters. For the Nifty 500 universe, this strategy delivered positive returns in 34 of 50 quarters and outperformed the Nifty 500 index in 32 of them. 

The strategy underwent a maximum drawdown of 55.4% December 2017 to March 2020 for the ‘all stocks’ universe. For the Nifty 500 selection, the strategy saw a maximum drawdown of 28.5% from December 2017 to March 2020. "Maximum drawdown" represents the largest observed loss from a portfolio’s peak to its lowest point before a new peak is attained. 

This strategy is automated and does not have a set stop loss, so the drawdowns show the maximum loss potential under this approach. Introducing a stop loss can reduce periods of negative returns and lower maximum drawdowns.

The DVM screener for the all stocks universe currently includes stocks like Kwality Pharmaceuticals, Krishana Phoschem, TGV SRAAC, Khaitan Chemicals & Fertilizers and Infobeans Technologies. Meanwhile, the screener for the Nifty 500 universe has stocks such as GE Vernova T&D India, NAVA, DCM Shriram, Alkyle Amines Chemicals and RHI Magnesita India.

In the course of the backtest, for the all stocks selection, Aegis Logistics delivered the highest returns of 199.2%. Meanwhile, Butterfly Gandhimathi Appliances gave the highest losses of 51.8%. On the other hand, Ceat gave the highest returns of 428.8% for the Nifty 500 universe, while Triveni Engineering & Industries’ stock price had the highest fall of 48.8%. 

Let’s look at stocks with the highest returns over the past two years from the DVM screener’s backtest. Electrical equipment producer Apar Industries was part of the screener from June 30, 2023, to March 28, 2024. During this period, it delivered a return of 101.1%.

Apar Industries tops DVM screener performance over two years

Kirloskar Brothers, a compressors & pumps manufacturer, was active in the screener from March 28, 2024, to June 28, 2024. In these three months, the company gave a return of 93.8%. Improvements in the company’s financials in Q1FY25 on the back of strong demand in the domestic and export markets helped its stock price surge. 

Similarly, Force Motors, a cars & utility vehicles manufacturer, was active in the screener from March 28, 2025, to June 30, 2025. In these three months, the company gave a return of 77.5%. The company secured a significant order to supply 2,978 Gurkha Light Vehicles worth Rs 2,500 crore to the Indian Army and Air Force in March. In Q1FY26, Force Motors’ net profit surged 52.4% YoY to Rs 176.3 crore, led by lower finance costs and an improvement in product mix to higher margin products.

ITD Cementation, a cement & construction company, was active in the screener from June 28, 2024, to June 28, 2025. During this period, the stock delivered a return of 77.8%.

Lastly, Great Eastern Shipping Company, which provides shipping and offshore business services to oil & gas companies, was active in the screener for a year. The stock delivered returns of 65% during the period starting June 30, 2023, to June 28, 2024.

Kwality Pharma leads in year gain among active DVM stocks

Moving to the quarterly and yearly price change percentages of stocks currently active in the screener. Pharmaceuticals company Kwality Pharmaceuticals’ stock price rose by 56.9% in the past quarter and 121.9% in the past year. The company’s net profit increased by 42.7% YoY in Q1FY26, driven by lower inventory expenses.

Fertilizers manufacturer Krishana Phoschem saw its share price surge by 90.5% in the past quarter, with gains of 91.9% in the past year. The company’s revenue increased by 47.9% while net profit jumped 114% in FY25.

Meanwhile, Khaitan Chemicals & Fertilizers, which manufactures single super phosphate fertilisers, sulphuric acid and its variants, witnessed a 102.2% increase in share price over the past year and a 32.5% rise in the past quarter. Infobeans Technologies, on the other hand, saw an 82% uptick in its stock price in the past quarter and a 25.6% growth in the past year.

Lastly, TGV SRAAC saw its share price jump by 13.8% in the past quarter, with a 9.9% rise in the past year. This commodity chemicals manufacturer’s Q1FY26 net profit surged 182.6% YoY. 

In summary, this DVM screener identifies stocks that offer medium to long-term gain potential with moderate risk. Despite uncertainties like the pandemic, global conflicts and import tariffs, the all stocks screener delivered a mean quarterly return of 10.6%. It consistently maintained an average of 4.9 stocks, indicating diversified investment, except for Q1FY21, when no stocks qualified. Comparing both universes, the Nifty 500 stocks achieved positive returns in 34 out of 50 quarters, while stocks in the all-stocks universe posted positive returns in 30 out of 50 quarters.

Past backtest returns are not indicative of future returns. This Trendlyne analysis is intended solely for investor education, helping you make informed decisions independently. It should not be interpreted as an investment recommendation

The sun has gone behind the clouds this August, and the stock market is feeling it. After the pain of July’s 2.9% drop, there was some early good news as Q1 earnings came in. But a news cycle filled with Trump threats has kept volatility up, and the momentum score for the Nifty right now is underwhelming.

Still, one green signal keeps flashing: retail investors. While FIIs have been running for the exits, Indian retail investors haven't blinked and are still betting big on the India growth story.

Equity mutual funds saw a a record Rs 42,702 crore in inflows in July - an 81% jump from June, says AMFI. 

OmniScience Capital’s CEO and chief investment strategist said, “This indicates that the investor seems to be following a policy of buying more on dips and continuing with their SIPs. Investors are allocating to all categories of equity MFs, though bias is still more towards smallcaps”. 

As retail investors continue to buy, how have superstar investors moved in the past quarter? Let’s take a look.

Sharp teeth: Superstar investors bounce back in Q1FY26, but volatility bites

The Richie Rich investors have become a little poorer. The second half of FY25 was an especially rough ride for superstar investors, as markets slid from record highs into correction territory. The last quarter of FY25 hit net worth the hardest, with FIIs selling and weak earnings. 

How is the story changing now? Nilesh Shah, Managing Director of Kotak AMC, said, “Upcoming meetings involving Trump, Putin, and the US delegation visiting India are expected to influence market movements significantly. The imposition of a 50% tariff by the US is seen as a trade embargo, impacting several Indian industries. These geopolitical developments will drive market sentiment going forward.”

For superstar investors, the mood had brightened in Q1FY26, with portfolios rebounding on the back of rising share prices and fresh fund infusions. Rakesh Jhunjhunwala & Associates' (managed by Rare Enterprises) and Ashish Kacholia’s holdings jumped in double digits—Star Health and Allied Insurance powered Rare’s gains, while Balu Forge Industries lifted Kacholia’s.

Superstar investors see portfolio net worth recover in Q1FY26 before falling again

But the comeback was short-lived. Volatility and new tariffs have limited the recovery, pushing investors back into wait-and-watch mode. Superstar net worth is well below their peak levels, a reminder that even the sharpest minds can’t escape the market’s swings. 

Ace investors’ net worth falls from their H2FY25 peaks 

Rakesh Jhunjhunwala & Associates and Mukul Agrawal’s portfolio are the exceptions here. But it comes with a caveat. Both these superstars have infused fresh funds into their holdings, which has increased their net worth. 

While others trimmed or held their positions in Q1, Mukul Agrawal went the other way — buying aggressively. 

Breaking the trend: Agrawal snaps up new stocks in a choppy market

Agrawal picked up stakes in seven new companies, a sharp pivot from the prior quarter when he sold 13 holdings and added just one new name. Agrawal seems to be shifting quickly between offence and defence as market tides change.

Expert investors buy new stakes in financially strong companies

A few superstars bought new stakes in nine companies in Q1, mainly in the small-cap space. Seven of these buys were by Mukul Agrawal.

Two patterns stand out. First, seven of the nine picks have outpaced the benchmark over the past quarter. Second, these stocks boast solid fundamentals, reflected in strong Trendlyne Durability scores.

New buys: Superstar investors bet on financially healthy companies

General Industrials emerged as a clear favourite, featuring across portfolios. The standout performer was Monolithisch, which debuted on June 19 with a 61% listing gain; Agrawal’s stake in the SME company is now worth Rs 20.3 crore.

Most new bets beat the benchmark index last quarter

Not every bet paid off—Inox Wind and Wendt, bought by Akash Bhanshali and Agrawal, respectively, lagged the market. But other names shone bright, with Ashish Kacholia’s Gujarat Apollo Industries surging 31% in the same period.

Big names cut ties with some longtime winners

A few old favourites were shown the exit in Q1. Vijay Kedia parted ways with his multibagger Tejas Networks, a stock that has halved in value over the past year.

Rare Enterprises cut its stake in a once-favourite, Nazara Technologies, from 7.1% to under 1%—despite the stock’s 26% rally in the past quarter. The internet and software company has reported YoY profit declines in two of the past four quarters.

Top investors sell stakes in old favourites

Sunil Singhania also exited his 2020 pick, ADF Foods, which has a low Trendlyne Durability score and is tagged as an ‘Await Turnaround’ company. Meanwhile, Akash Bhanshali pared his holding in Welspun Corp—owned since 2018—to below 1%.

Vijay Kedia’s 2019 bet Neuland Labs shines in long-term growth 

Neuland Labs, the pharma player, stands out as the best-performing long-term bet for both Vijay Kedia and Mukul Agrawal. However, Kedia has outpaced Agrawal in returns, thanks to his timely entry in 2019 when the stock was trading at lower levels.

Best long-term holdings for superstars: Kedia's Neuland Labs tops the list

Akash’s long-term bet, Sudarshan Chemicals, lags compared to other superstar investors’ top long-term performers. His biggest holding, Gujarat Fluorochemicals (30% of his portfolio), has underperformed the benchmark index. However, Bhanshali's net worth has almost tripled in the past two years due to high performance in their other holdings and fresh buys in new stocks.

See the complete list of superstar buys here, and their sells here.