Name: Latest research reports of Natco Pharma Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Natco Pharma Ltd.
Rating: 1
Author: ICICI Securities Limited

Natco Pharma Ltd.

15 Nov 2025

864.80

-0.52%

Earnings hiccups imminent

Sell: Natco Pharma Ltd.

Recommendation Target

ICICI Securities Limited

Natco’s Q2FY26 result was ahead of our expectations, driven by higher supplies of gRevlimid which would fade away in H2FY26; management guides for profitability to drop to INR 2.75-3bn in H2 (vs. INR 10bn in H1).

Natco Pharma Ltd. is trading above its 50 day SMA of 830.6

Bharat Dynamics Ltd.

15 Nov 2025

1512.70

-2.85%

Strong performance; guides for revenue CAGR of over 30% backed by order book

Hold: Bharat Dynamics Ltd.

Recommendation Target

ICICI Securities Limited

BDL’s Q2FY26 performance beat consensus expectation as EBITDA grew 90% YoY driven by strong sales (+114% YoY). EBITDA margin fell 180bps YoY to 16.3%, implying an adverse product mix (gross margin was lower) and potentially higher R&D expenses (other expenses were higher).

Number of FII/FPI investors decreased from 216 to 184 in Sep 2025 qtr

Flair Writing Industries Ltd

15 Nov 2025

300.55

-2.09%

Flair Writing Industires Ltd. Tgt 368

Buy: Flair Writing Industries Ltd

BP Wealth

one of India's leading manufacturers of writing instruments. The company holds approximately 9% market share in India's writing and creative instruments sector and ranks among the top three players in the overall industry. Headquartered in Mumbai, Flair operates 11 manufacturing facilities across Valsad (Gujarat), Naigaon (Maharashtra), Daman, and Dehradun. Flair owns several established brands, including FLAIR, HAUSER (acquired in 2014), PIERRE CARDIN, ZOOX, FLAIR CREATIVE, and FLAIR HOUSEWARE. The company has established long-term relationships with international brands and operates as both a brand owner and OEM manufacturer. The company boasts the largest distributor/dealer network in the writing instruments industry in India. As of June...

BP Wealth released a Buy report for Flair Writing Industries Ltd with a price target of 368.0 on 15 Nov, 2025.

IPO

TREND | 14 Nov 2025

IPO Note - Fujiyama Power Systems Limited - 14112025

IPO

HDFC Securities

Issue Snapshot: Issue Open: November 13 November 17, 2025 Price Band: Rs. 216-228 *Issue Size: Up to Rs 828 cr (Fresh issue of up to Rs 600 cr + Offer for sale of upto 1,00,00,000 eq sh) Reservation for: QIB atleast 75% eq sh Non-Institutional upto 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail upto 10% eq sh Face Value: Rs 1 Book value: Rs 16.58 (June 30, 2025) Bid size: - 65 eq sh and in multiples thereof 100% Book built Issue IPO Note - Fujiyama Power Systems Limited - 14112025

Trendlyne Analysis released a IPO Note report for IPO on 17 Nov, 2025.

Ganesha Ecosphere Ltd.

14 Nov 2025

834.00

-1.78%

Ganesha Ecosphere Ltd

Buy: Ganesha Ecosphere Ltd.

Target

Keynote Capitals Ltd

Quarterly Update Q2FY26

Ganesha Ecosphere Ltd. has lost -32.66% in the last 1 Month

Relaxo Footwears Ltd.

14 Nov 2025

408.45

-1.40%

Tepid performance continues; hopeful of recovery from 4Q

sell: Relaxo Footwears Ltd.

Target

Motilal Oswal

Relaxo Footwears’ (RLXF) 2QFY26 results reflect persistent volume pressure amid muted demand trends and transient impact from the GST implementation.

Relaxo Footwears Ltd. is trading below all available SMAs

Deepak Nitrite Ltd.

14 Nov 2025

1691.80

-0.73%

Muted operating performance amid macro challenges

Sell: Deepak Nitrite Ltd.

Target

Motilal Oswal

Deepak Nitrite (DN) reported a weak operating performance, with EBITDA declining 31% YoY to INR2b in 2QFY26. Gross margin contracted 440bp YoY to 27.6% and EBITDA margin contracted 390bp, driven by macro headwinds, pricing trends, and tariff developments.

Motilal Oswal decreased Sell price target of Deepak Nitrite Ltd. to 1530.0 on 14 Nov, 2025.

Voltas Ltd.

14 Nov 2025

1395.80

-1.13%

Disappointing performance; recovery expected in 2HFY26

Neutral: Voltas Ltd.

Target

Motilal Oswal

Voltas (VOLT)’s revenue declined ~10% YoY to INR23.5b (in line) in 2QFY26, driven by a 23%/5% dip in UCP/PES segments, while EMPS revenue grew ~10% YoY.

Motilal Oswal increased Neutral price target of Voltas Ltd. to 1390.0 on 14 Nov, 2025.

HDB Financial Services Ltd.

14 Nov 2025

737.65

-0.84%

Poised for an improved 2H with receding asset-quality headwinds

Neutral: HDB Financial Services Ltd.

Target

Motilal Oswal

Over the past year, HDB Financial (HDB) has navigated a phase of consolidation, reflected in subdued disbursement momentum, modest AUM growth, and emerging asset-quality pressure across a few of its key product segments.

Number of FII/FPI investors decreased from 256 to 155 in Sep 2025 qtr

Vishal Mega Mart Ltd.

14 Nov 2025

130.92

-3.28%

Another superlative quarter on all fronts

Buy: Vishal Mega Mart Ltd.

Target

Motilal Oswal

Vishal Mega Mart (VMM) delivered another strong quarter, with ~22% YoY revenue growth, led by 25 net store additions (+15% YoY) and robust ~12.8% adjusted SSSG, benefiting from an early festive season.

Number of FII/FPI investors increased from 270 to 527 in Sep 2025 qtr.