News from trendlyne

1. Home First Finance Company India: 

Motilal Oswal reiterates its ‘Buy’ call on this housing finance company, with a target price of Rs 1,425, an upside of 28.6%. Analysts Abhijit Tibrewal and Nitin Aggarwal cite strong loan growth, better collections, and stable margins. Home First posted a healthy Q4FY26 performance: profit rose 43% YoY, and net interest income grew 37%. Assets under management (AUM) increased 25% to Rs 15,900 crore, helped by strong disbursements and steady spreads.

Management says the company is starting FY27 on a stronger footing. It appears to have fixed earlier issues with employee turnover and collections. The company plans to add 30–40 branches in FY27 and expand in existing markets. It continues to focus on affordable housing and clarified that larger loan sizes are due to rising property prices, not riskier lending.

Tibrewal and Aggarwal believe the company is a steady ship, and is in a great position to keep growing. Its focus on affordable housing, careful lending, and stable loan quality will support earnings. They expect the company's loan portfolio (AUM) to grow 23% annually and its net profit to grow 18% annually over the next two years.

2. Aadhar Housing Finance:

It looks like analysts are preferring the housing finance space in today’s volatile market. IDBI Capital reiterates its ‘Buy’ rating on this housing finance provider, with a target price of Rs 602, implying an upside of 23.5%. Aadhar Housing posted robust Q4FY26 results, where its revenue climbed 19% YoY, and net profit jumped 27%, boosted by higher loan disbursements, increased assets under management (AUM), affordable housing expansion, and stable asset quality.

Analysts Sweta Padhi and Smit Shah point to continued housing demand, healthy operating leverage, and stable asset quality for its strong outlook and earnings growth. The company continues to benefit from its granular, secured retail portfolio and improving operating efficiency. Its cost-to-income ratio should decline further. Management affirmed their guidance: 20% AUM and net profit growth each, and 17-18% higher disbursements over the medium-term.

Padhi and Shah noted that management’s shift toward emerging regional markets and self-employed borrowers helps yield expansion, while AI-led underwriting and collections improve productivity. With stable margins and consistent earnings visibility, the company is well-positioned for compounding. Disciplined risk management and strong distribution expansion support this. They expect the company to deliver a net interest income CAGR of 20.7% through FY28.

3. Polycab India: 

Prabhudas Lilladher maintains its ‘Buy’ rating on this wires & cables manufacturer, with a higher target price of Rs 10,282, a 14% upside. Polycab reported healthy Q4FY26 results: revenue jumped 26.9% YoY, and net profit rose 6.3%. Analysts Praveen Sahay and Shivam Patel noted that strong cable demand and execution drove top-line and profit growth, despite softer trade sentiment and Middle East disruptions.

Cables outperformed wires during the quarter, while institutional sales grew faster than channel sales. Analysts added that volume growth remained low, impacted by construction halts in North & West India, geopolitical disruptions, and softer secondary sales. However, cumulative price hikes of 18-19% during the quarter helped higher realisations.

Management highlighted a robust medium-term demand outlook, with significant capital expenditure in utilities, renewables, data centres, manufacturing, railways, and infrastructure. Exports are also expected to become a key growth driver. They plan Rs 6,000-8,000 crore in capex over the next five years, allocating ~90% to wires & cables, ~5% to backward integration, and the rest to fast-moving electrical goods. Sahay and Patel expect Polycab to deliver about 20.1% revenue and net profit CAGRs through FY28, fueled by improved margins and stronger sales momentum.

4. Emcure Pharmaceuticals: 

BOB Capital Markets maintains its ‘Buy’ rating on this pharma company, with a target price of Rs 1,965, an upside of 18.6%. Analyst Foram Parekh remains positive as Emcure continues to deliver strong international growth, margin improvement, and expansion in specialised medicines in regulated countries such as Europe and Canada. Higher shipping and material costs from Middle East tensions are a short-term risk. However, the company has enough inventory to handle disruptions for the next 3-6 months.

Emcure posted strong Q4FY26 results. Revenue grew 16.7% YoY, driven by robust growth in Europe, Canada, and emerging markets. Management forecasts revenue growth in the low-to-mid teens for FY27. They also expect EBITDA margins to improve by 75-100 basis points. The company expects its domestic business to outpace the industry. It is also adding new products through partnerships with Sanofi and Roche for diabetes and kidney treatments.

Parekh predicts international business will keep growing in the mid-teens. This growth comes from new drugs, a partnership in Canada, and strong demand for anti-retroviral treatments. She forecasts revenue to grow 13% annually, EBITDA 18%, and net profit 24% from FY27-29.

5. Tata Consumer Products: 

ICICI Direct retains its ‘Buy’ call on this tea & coffee producer, with a target price of Rs 1,420, an upside of 13.3%. Tata Consumer reported strong Q4FY26 results: revenue jumped 17.6% YoY, and net profit climbed 21.5%, thanks to growth across segments and lower tea input costs.

Analysts Kaustubh Pawaskar and Abhishek Shankar believe its growth businesses, new Organic Foods acquisition, and a recovery in capital foods will drive future revenue. The company is seeing healthy growth in its Tata Sampann brand, helped by new product launches. A new diversified distribution strategy also boosted sales of its premium products. Management is guiding for double-digit revenue growth in FY27.

Pawaskar and Shankar noted that tea prices have corrected from their highs and should remain stable in FY27, while coffee price correction benefits will be effective from Q1FY27. They expect the company to deliver a revenue CAGR of 13% and a net profit CAGR of 21% over FY27-28.

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

(You can find all analyst picks here)

The Nifty 50 closed lower on May 11, with the sell-off triggered by Prime Minister Narendra Modi's weekend address. The Prime Minister urged citizens to help conserve forex reserves by curbing non-essential spending, a move that weighed on market sentiment and put pressure on the rupee. Banking, auto, and PSU stocks led the decline.

The market weakness intensified after the collapse of US-Iran peace talks over the weekend. Iran reportedly submitted its response to the US-proposed peace plan through Pakistani mediators, but US President Trump rejected it, accusing Iran of “playing games”. The US continues to demand zero nuclear enrichment and the full reopening of the Strait of Hormuz. This raised fresh concerns over geopolitical tensions, pushing Brent crude higher.

Back home, concerns deepened after a joint report by S&P Global and Crisil revised India’s FY27 GDP growth forecast to 6.6% from 7.1%, citing higher energy prices and currency volatility. Investors are now closely tracking April inflation data, with CPI inflation due on May 12 and WPI inflation scheduled for May 14.

Meanwhile, foreign institutional investor (FII) activity remains in focus. FIIs continued selling last week, pulling out Rs 11,000 crore and taking total outflows for the calendar year beyond Rs 2.5 lakh crore. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said, "Currency depreciation and concerns surrounding earnings growth in India have been important factors driving FPI flows out of India this year."

Following the successful listing of three companies last week, the IPO momentum remains strong this week, with two new issues opening and three more set to debut on the exchanges.

Three IPOs made market debut last week

OnEMI Technology Solutions, the fintech parent of digital lending platforms "Kissht" and "Ring," staged a robust market debut on May 8. The Rs 925.9 crore IPO, which was subscribed 9.5X, listed at an 11.1% premium against its issue price of Rs 171. Despite concerns over the high concentration of unsecured loans in its portfolio, the stock saw significant follow-up buying and is currently trading 23.1% above its issue price.

OnEMI Technology sees strong post-listing momentum 

The SME segment saw two listings.

Amba Auto Sales and Services, a Bengaluru-based multi-brand automobile dealer, had a muted listing on May 5. The Rs 65.1 crore issue debuted at a 0.4% discount to its issue price of Rs 135. The issue saw an overall subscription response of 1.2X. The investor sentiment was dampened by its high debt levels and the low-margin nature of the dealership business. The stock has remained under pressure and is currently trading 4% below its offer price.

Value 360 Communications, a PR and digital marketing firm, made a weak debut on May 11. The Rs 41.7 crore IPO, which was subscribed a modest 1.2X overall, listed at a 20% discount against its issue price of Rs 98. Although the stock rose shortly after the opening bell, it is still trading 16% below its offer price as the market remains cautious about the sustainability of its cash flows.

One REIT and two SME IPOs line up for listing 

Bagmane Prime Office REIT, a Bengaluru-focused commercial real estate investment trust, launched its Rs 3,405 crore IPO on May 5 and concluded on May 7. The issue comprised a fresh issue of 23.9 crore shares and an offer-for-sale of 10.2 crore shares, priced at a band of Rs 95-100 per unit. The issue saw a subscription of 23.7X. The REIT, which manages office parks tenanted by giants like Google and Amazon, plans to use the capital to acquire the Luxor and Rio business parks in Bengaluru. The units will list on May 15.

Bagmane Prime Office REIT attracts strong investor demand 

Two SME IPOs are also set for market debut this week.

Recode Studios, a Ludhiana-based beauty and personal care brand, opened its Rs 44.6 crore IPO for subscription on May 5 and closed on May 7. The offering consisted of a fresh issue of 25 lakh shares and an offer for sale (OFS) of 3 lakh shares at a price band of Rs 150-158. The IPO saw strong investor interest with an overall subscription of 217.9X, driven by retail and HNI investors. The company plans to use the proceeds to set up a new warehouse, fund marketing and advertising initiatives, and meet its working capital requirements. The shares will list on May 12.

Simca Advertising, a Mumbai-based outdoor media agency, opened its Rs 58 crore IPO for subscription on May 8 and will close on May 12. The issue consists entirely of a fresh issue of 31.7 lakh shares at a price band of Rs 174-183. As of today, May 11, the issue has seen an overall subscription of 3.1X. The company aims to use the proceeds to fund the acquisition of new digital LED screens and expand its strategic partnership with Capital World Media. The stock will list on May 15.

IPO pipeline stays SME-focused this week 

Two SME IPOs to open for subscription this week, with no mainline issues on the calendar.

RFBL Flexi Pack, a manufacturer and trader of printed multilayer flexible packaging materials, will open its Rs 35.3 crore IPO for subscription from May 12 to May 14. The price band is set at Rs 47–50 per share. The issue is entirely a fresh issue of 70.6 lakh shares. The company plans to use the proceeds to reduce debt and fund working capital requirements for its Gujarat-based manufacturing operations. The stock will list on May 19.

RFBL Flexi Pack posts stronger revenue growth than Goldline

Goldline Pharmaceutical, a pharmaceutical company that specialises in generic drugs, will launch its Rs 11.6 crore IPO from May 12 to May 14. The price band is set at Rs 41–43 per share. The issue consists of a fresh issue of 27 lakh shares. The company operates on an asset-light model, partnering with third-party manufacturers, and plans to use the funds to repay existing loans and for general corporate growth. The stock will list on May 19.

1. Godrej Properties (GPL):

Thisrealty firm's shares rose 3.5% on May 4 after it reported itsQ4FY26 results. Net profit surged 70.1% YoY, driven by strong inventory sales, while revenue rose 42%, supported by healthy housing demand and a robust launch pipeline. The company exceeded its FY26 business development target by over 2X, creating Rs 42,100 crore in future booking potential with 18 new project additions.

However, this massive pipeline relies heavily on just a few locations. Mumbai, Bengaluru, and Punecurrently hold 56% of the company's 22.8 million square feet (msf) of unsold homes. The upcoming 80 msf of new launches reveals the same trend, tying 59% of new homes to these three cities. This heavy geographic focus creates a serious risk if any of these local markets slow down.

Analystsworry that AI disrupting IT jobs might hurt housing demand in tech hubs like Bengaluru and Pune. GPL management however, dismisses these fears. Executive Chairperson Pirojsha Godrej,said “The worry that AI is somehow going to lead to core residential demand is probably a little bit overdone.” They believe strong buyer interest across Mumbai, Hyderabad, and other cities, along with a diversified project pipeline, will easily offset any dips in demand.

Looking ahead to FY27, GPL hasset a booking value target of Rs 39,000 crore, with a collection goal of Rs 24,000 crore and a delivery target of 13.5 msf. Godrejsaid, “We remain focused on delivering our return on equity target of 20% by FY28 by stepping up our speed on execution and project delivery.”

Company promoters believe in GPL's future, as it appears in ascreener of stocks where promoters have increased their shareholding QoQ. They spent Rs 2,373 crore tobuy an additional 4.5% stake in the business, taking total ownership to 51.7%, signaling strong insider confidence.

Despite the strong numbers, BOB Capital Marketsdowngraded the stock from ‘Buy’ to ‘Hold.’ The brokerage warned that global risks, like the West Asia conflict and high interest rates, will likely dampen homebuyer enthusiasm. They expect booking growth to slow to a 13.4% annual rate between FY27 and FY29.

2. RailTel Corporation:

Thistelecom infrastructure company rose 5.9% in the past week after its order bookjumped 79% to Rs 10,766 crore in FY26, with non-railway projects making up more than three-fourths of the pipeline. Chairman & MD Sanjai Kumar said, "Rs 3,000-3,500 crore of orders should get converted into revenue this year," highlighting high revenue visibility for FY27.

Revenue grew 28% YoY to Rs 1,669 crore inQ4FY26, driven by consistent execution in the projects business and a 25% rise in telecom services revenue. Net profit rose 25%, helped by telecom operating margins jumping nearly ten percentage points to 33.4%. 

RailTel provides connectivity to CCTV cameras installed across railway stations as part of a video surveillance project for the railways. This brought in recurring revenue under the telecom segment this quarter. The company also recognised some delayed payments from earlier quarters, and management said this could continue as more stations go live over the next few quarters. This suggests the margin improvement may not be temporary.

Data center revenue rose 59% in FY26, with Kumar calling it the company’s main growth driver going forward. To support this expansion, RailTel is building a 10 megawatt (MW) data center in Noida, with the first 5 MW phase expected to be ready next year. The company is also setting up city-level data centers in Indore, Ujjain, Chandigarh, and Visakhapatnam this year as part of a broader plan to build 102 such facilities across India.

Third-party partners are funding much of the real estate infrastructure, helping keep RailTel’s capital spending under control.

ICICI Securitiesupgraded the stock to ‘Reduce’ with a higher target price of Rs 300. The brokerage flagged free cash flow (FCF) falling more than 86% between FY24 and FY26 as the projects business tied up more cash in working capital. While it expects FCF to recover next year, the gap between earnings growth and cash generation remains a key thing to watch.

3. Bajaj Auto:

The stock of this two- and three-wheeler manufacturer hit a 52-week high of Rs 10,740 on May 7 after reporting a strong Q4 FY26 performance. Its Q4 net profit soared 103.2% YoY to Rs 3,661.9 crore, driven by higher sales of premium motorcycles. Revenue didn't lag either, leaping 41.8% to Rs 18,493.9 crore. To top it off, the board approved a massive Rs 5,633 crore buyback, offering to scoop up 46.9 lakh shares at a premium price of Rs 12,000 each.

April was a global victory lap for the brand. Net exports skyrocketed 83% to 2.7 lakh units, actually overtaking domestic volumes (2.5 lakh units). Three-wheelers were the stars of the show with a 125% export jump, while two-wheelers rose 78%. Motilal Oswal highlighted that in Nigeria, the local currency finally stabilized, giving dealers the financial confidence to restock, while Sri Lanka’s broader economic recovery reopened trade opportunities. These two factors were major contributors to the surge in exports.

Its quarterly net profit and operating revenue surpassed Trendlyne’s Forecaster estimates by 4.8% and 1.7%, respectively. With exports accounting for over half of total volumes, Bajaj strengthened its position as a net foreign exchange earner, providing a hedge against domestic cost pressures. The stock appears on a screener for companies with 10% increase in share price over three months, with rising net profit growth.

Back home, growth was a more modest 13%, as entry-level buyers felt the pinch of geopolitical tensions and fuel costs. Executive Director Rakesh Sharma noted that the two-wheeler industry saw a slight dip in demand between Q4 and April. He said the company is closely monitoring fuel prices to assess how the demand environment shapes up. However, he added that expectations of higher petrol prices are boosting consumer sentiment toward electric vehicles, strengthening growth in the segment during April.

Looking toward FY27, the company aims to dominate the 125cc and 150cc motorcycle segments. Sharma confirmed the strategy: “Through Q1 and the rest of FY27, the team will remain absolutely focused on gaining share in the 125cc and 150cc segments, riding the continued industry growth, and this will be done based on new product launches and brand development in exports.”

Axis Direct has maintained its ‘Buy’ rating on Bajaj Auto and hiked the target price to Rs 11,410. The brokerage points to a strong "multi-cylinder" growth story driven by premium motorcycles, a rebound in exports, and a disciplined scale-up in the EV and three-wheeler segments. Even with minor supply chain hiccups in the EV space, Bajaj’s capital-efficient model and its expanding financial services business via Bajaj Auto Credit (BACL) provide a good foundation, according to the analysts.

4. Dr. Lal Pathlabs:

Shares of thisdiagnostic company surged 15.1% on May 4 after the company reported its best quarterly revenue growth in four years. InQ4FY26, revenue grew 16.6% YoY, fueled by a 12.9% increase in volume samples and a better mix of tests.

But it wasn't all good news. Net profit fell 15.2%. Higher payments to collection centers and more ad spending squeezed EBITDA margins, whichdropped 150 bps to 26.6%.

The company is now shifting its focus to preventive healthcare. Executive Chairman Arvind Lalsaid, “India’s healthcare landscape is witnessing an emerging trend, moving from episodic care (reactive testing) to a wellness-oriented diagnostic model (proactive screening).” He added that this shift is being driven by an ageing population and rising chronic diseases.

To capture this shift, the company launched Sovaaka, a premium concierge-led wellness service. CEO Shankha Banerjeedescribed it as "a foray into AI-based precision health screening.” The launch expands the company’s offerings beyond traditional pathology testing and towards preventive care.

Looking ahead, managementprojects revenue growth in the low-to-mid teens for FY27. They plan to achieve this by attracting more patients, not by raising prices. They guide EBITDA margins to be between 27–28%, and will invest Rs 100–120 crore to add new labs and advanced centers.

Managementstates that the ongoing tensions in the Middle East impact the supply chain. However, it notes that strong inventory and long-term contracts will block any immediate problems. Still, the company imports most of its testing chemicals. If disruptions continue or oil-linked input costs rise, profits could shrink in the coming quarters.

Following the results, Nomurakept its ‘Buy’ rating and raised the target price to Rs 1,860 from Rs 1,800. The brokerage cited that the stock is trading near its seven-year low valuation. They expect an EPS CAGR of 15% over FY27–29, driven by strong volume growth and acquisition-led expansion, supported by a robust balance sheet.

5. Waaree Energies: 

This electrical equipment maker’s stock plunged 11% on April 30 after the company reported mixed Q4FY26 results. EBITDA margins shrank by 400 basis points due to high silver & copper prices and soaring freight costs caused by the West Asia conflict. A drop in high-margin export sales also hurt margins. Additionally, the company had to buy expensive solar cells from outside suppliers to meet demand for its modules. 

Revenue soared 109.1%, and net profit jumped 71.5%, despite the margin squeeze. Revenue beat Forecaster estimates, while net profit missed estimates due to the drop in EBITDA margins. Surging solar module sales and inventory clearance drove this top-line growth. Sales in the core solar module business (~88% of revenue) and the engineering & construction segment (~12% of revenue) more than doubled during the quarter. Strong domestic and export demand, new factory capacity, and faster project execution fueled these gains. The company has a robust order book of Rs 53,000 crore, with a pipeline exceeding 100 GW.

CEO Jignesh Rathod outlined the positive outlook, stating, “We continue to remain upbeat on our growth prospects and guide for EBITDA of Rs 7,000-7,700 crores for FY27.” To reach these goals, management plans to invest Rs 30,000 crore over the next two years to build a fully integrated clean energy platform.

The company will spend Rs 10,000 crore of this budget to build a 20-gigawatt-hour battery cell and pack manufacturing plant. Waaree also plans to expand its inverter capacity to 4 GW from 3.1 GW and scale up hydrogen electrolyser production. To fund these plans, the board approved a Rs 10,000 crore fundraise through a share sale to institutional investors.

Following the results, Nuvama retained a ‘Buy’ rating on Waaree Energies and raised its target price to Rs 4,375, implying a 35.4% upside. The brokerage expects EBITDA to climb 25% in FY27. Stronger performance in the high-margin wafer and cell manufacturing businesses, along with expansions into battery storage, inverters, and transformers, will drive this earnings boost.

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

As the FY26 earnings season draws to a close, the fourth quarter has investors paying closer attention to management commentary. Rising crude oil prices, geopolitical tensions, and supply chain disruptions have made the outlook quite uncertain. 

PL Capital expects Nifty50 earnings growth in FY26 to slow by two percentage points from the 6% logged in FY25. Amnish Aggarwal, Co-Head Institutional Equities at PL Capital, said, “While India’s long-term outlook remains intact, inflation pressures, high interest rates and weak foreign demand could weigh on economic growth in the short–term.”

While the Nifty500 had a weak year overall, registering a negative return of 2% in FY26, a small group of stocks delivered multibagger returns. In FY25, 10 stocks within the Nifty500 gave multibagger returns, with gains being spread across consumer, telecom and defence stocks.

FY26 looked very different, with most of the 11 multibaggers coming from industrials, metals, capital market-linked businesses and select auto companies. Strong order inflows, rising commodity prices, and improving margins were the key triggers behind these rallies.

“Show me the money” is what investors are saying, according to analysts, and fundamentals will be key to future rallies. “The strong rally seen during 2020-22 led to higher stock valuations. The years since then have been a period where earnings growth has been catching up to valuation,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi. “FY26 is a transition phase to a more earnings-driven uptrend, rather than a period of explosive returns,” he added.

In this edition of Chart of the Week, we look at the Nifty500 multibaggers in FY26 and the factors that drove their gains.

Strong order books drive power equipment multibaggers

For many power equipment companies, investors reacted before profits improved. Large order wins through FY25 gave visibility of future growth, pushing these stocks sharply higher in FY26.

GE Vernova ended the previous financial year with its order book doubling, helping drive a 155% rise in the stock during FY26. The momentum in order inflows continued, with the backlog rising over 13% to Rs 14,380 crore by 9MFY26. As more grid and export projects moved into execution, EBITDA margins expanded 910 basis points (bps) to 27.1%.

Hitachi Energy’s order inflows surged 228% in FY25, driven by transmission and renewable energy projects. The revenue visibility helped the stock jump over 103% and by 9MFY26, these orders started reflecting in earnings, with net profit more than tripling YoY. Its order backlog reached a record Rs 29,872 crore by December 2025, supported by demand from utilities, industries, and data centres.

Commodity-linked multibaggers rose amid volatile global prices

Four multibagger stocks in FY26 rallied as global commodity prices surged amid rising demand and supply shortages. The volatility was further exacerbated by geopolitical uncertainties like tariffs and export curbs by key producers.

Global aluminium prices rose 30.5% in 2025, marking the largest annual gain since 2021. Sustained demand from EVs, renewable energy infrastructure and construction all played a role in the price surge amid fears of supply shortages. National Aluminium (Nalco) jumped over 130% as the global demand fed directly into the company’s performance, with alumina sales volumes rising 30.7% in FY26 and production reaching a record 23 lakh tonnes.

Nalco’s Managing Director, Brijendra Pratap Singh, noted that the company has already reached the “upper limit of capacity in metal production during the year.”

Copper prices soared in 2025 to record highs, with 3-month LME prices exceeding $12,000 per tonne due to a severe structural supply shortage colliding with surging demand. Hindustan Copper, being one of the few direct beneficiaries in India, rose over 118% in FY26. By 9MFY26, revenue jumped by 43.5% while net profit surged over 71%, supported by higher realizations and improved output from key mines.

Gujarat Mineral Development Corporation’s 108.6% rise in FY26 came from steady demand for lignite, a key fuel for thermal power and industrial use. Despite growth in renewables, India continues to rely on thermal sources for round-the-clock power. This supported GMDC’s core mining business, with profit before tax surging 70% in 9MFY26, aided by cost control and a one-time tax refund.

Volatile commodity prices also benefited companies that don’t mine or produce metals. MCX rose over 127% in FY26 as volatility in commodity prices drove trading activity across energy, bullion, and metals. Average daily trading activity in futures and options more than doubled in 9MFY26, which supported 89% growth in net profit while EBITDA margins expanded 700 bps to 71%.

Turnaround plays were rewarded by investors

Some companies entered FY26 after reducing debt, improving margins, or shifting towards higher-value products.

Aditya Infotech became the best-performing stock in the Nifty 500 in FY26, soaring 166.6% after listing in August 2025. The company reduced debt from around Rs 466 crore in June 2025 to about Rs 68 crore by September 2025, lowering interest costs and improving profitability. Net profit more than doubled in 9MFY26 as the company gained market share and shifted towards higher-margin IP-based products. EBITDA margins expanded 395 bps as IP products contributed nearly 75% of the portfolio.

Ather Energy rose 137.4% in FY26 as profitability improved sharply. EBITDA losses narrowed by 13 percentage points to -23% in FY25 as the company reduced costs per vehicle and improved gross margins. The improvement continued through FY26, with EBITDA margins improving to -6.7% for the full year and reaching near breakeven at -2.5% in Q4FY26. Lower battery costs, better product mix, and operating leverage supported the turnaround as volumes grew 69%.

New business verticals power multibaggers in FY26

Some stocks surged on defence orders, expansion into new businesses, or early exposure to themes like AI.

Force Motors rose 129.2% in FY26 after exiting weaker segments and focusing on shared mobility and specialised vehicles. A March 2025 order to supply nearly 3,000 Gurkha vehicles to the Indian Defence Forces further strengthened this business. The strategy reflected in FY26 earnings, with net profit rising 51% and revenue growing 12%.

Post its listing in late May 2025, Belrise Industries surged 112% in FY26 after investors began pricing in its expansion into passenger vehicles, EVs, aerospace, and defence. The company announced Rs 800 crore of expansion plans and entered passenger vehicles and aerospace through the H-One India and SDM acquisitions. The growth reflected in execution, with 9MFY26 revenue rising 16% and net profit surging 51%.

As one of the few listed proxies for the AI theme in India, Netweb Technologies jumped 103.6% in FY26 as investors saw early signs of strong AI-led demand. Revenue, EBITDA, and net profit more than doubled in Q1FY26. Managing Director Sanjay Lodha said, “AI revenue quadrupled amid rising enterprise adoption across sectors.” AI systems contributed over 43% of FY26 revenue, while overall revenue rose 90% and net profit jumped 80.9%.

1. Phoenix Mills: 

ICICI Direct retains its ‘Buy’ rating on this realty company, with a target price of Rs 2,200, an upside of 21.7%. The company delivered strong Q4FY26 results, boosting revenue by 21% YoY and net profit by 40%. All its businesses, retail, office leasing, and hospitality, contributed to this growth, with strong consumer spending.

The mall business remains a primary growth engine. Retail consumption surged 31% to Rs 4,261 crore, driven by strong demand in jewellery, electronics, and fashion. Better occupancy and tenant mix in malls in Pune and Bengaluru will likely boost rental income. Management forecasts double-digit consumption growth in FY27. Phoenix Mills is also embarking on a significant expansion, seeing growth in its retail portfolio to 18 million sq ft (msf) from 11.5 msf by 2030, with new projects in major cities.

Analysts Ronald Siyoni and Samarth Khandelwal expect consistent earnings growth from increasing rental income, higher office occupancy, and new project execution. Lower borrowing costs and improved cash flow further strengthen the outlook. They praise the company's diverse growth plans, but note that the project completion times require monitoring.

2. Dalmia Bharat: 

Axis Direct maintains its ‘Buy’ call on this cement company, with a target price of Rs 2,430, an upside of 25%. Analysts Uttam K Srimal and Shikha Doshi remain positive on the stock, citing its robust capacity expansion, favourable pricing environment, and disciplined cost management driving near-term earnings growth. Dalmia Bharat reported stable Q4FY26 results, with cement volumes increasing 3% YoY.

Management says it is also prioritising long-term growth. The company is adding 12 million tonnes per annum (MTPA) of cement capacity across Kadapa, Pune, and Belgaum, alongside a new bulk terminal in Chennai by Q2FY28. Dalmia Bharat is also actively reducing operating costs. It already cut costs by Rs 100 per tonne in FY26 and aims for another Rs 150-200 per tonne reduction over the next two years, leveraging more renewable energy and process improvements.

Srimal and Doshi forecast revenue, EBITDA, and net profit to grow at CAGRs of 8%, 15%, and 25%, respectively, for FY27–28. They estimate EBITDA margins of 21–22%, supported by better pricing, renewable energy adoption, and an improved product mix. They believe the stock is well-positioned to benefit from industry consolidation and market share gains.

3. Ultratech Cement: 

BOB Capital Markets maintains its ‘Buy’ rating on this cement producer, with a target price of Rs 14,401, an upside of 20.5%. The company reported healthy results in Q4FY26: revenue grew 11.8% YoY, and net profit climbed 20.5%, boosted by higher domestic sales.

Analysts Milind Raginwar and Ayush Dugar believe that Ultratech’s focus on cost savings to prepare for industry challenges is the correct strategy over raising prices. They note cost savings are progressing, thanks to improved clinker efficiency, greater use of green energy, and reduced logistics expenses.

Management stated that domestic cement capacity increased by 8 million tonnes per annum (MTPA) to 200.1 MTPA, and the company remains on track to reach 242.5 MTPA by FY28. They plan an annual capex of up to Rs 10,000 crore in the near term. This investment will fund production efficiency enhancements and capacity expansion at India Cements and Kesoram Industries. 

Raginwar and Dugar observe that the company has maintained high capacity utilisation despite bumpy demand, indicating that utilisation rates will improve further. They expect the firm to deliver revenue and net profit CAGRs of 13% and 20%, respectively, over FY27-28.

4. Nippon Life India Asset Management: 

Emkay maintains its ‘Buy’ call on this asset management company, with a target price of Rs 1,150, an upside of 5.5%. The company delivered a strong Q4FY26, with revenue climbing 30.4% YoY. This growth was driven by a 30% increase in assets under management (AUM) and a 60-basis-point expansion in market share, which now stands at 8.9%, its highest level since June 2019.

Management reported strong interest in exchange-traded funds (ETFs), with assets growing 16% sequentially. This helped boost the revenue yield to 41.3 basis points, thanks to a larger share of high-yielding commodity ETFs. The company anticipates that new total expense ratio regulations will have only a minor impact of 3-4 basis points and plans to offset some costs by passing them to distributors.

Analysts Avinash Singh and Mahek Shah consider Nippon Life India AMC one of the fastest-growing large asset managers. Strong equity inflow market share, leadership in ETFs, and consistent retail participation will drive earnings growth through FY27-28. They expect ~20% AUM CAGR over FY27-29. Singh and Shah remain confident in the company's ability to achieve profitable growth despite regulatory changes.

5. Kirloskar Pneumatic Co: 

Prabhudas Lilladher retains its ‘Buy’ rating on this compressor & pump manufacturer, with a higher target price of Rs 1,715, a 12.1% upside. Kirloskar Pneumatic reported strong results in Q4FY26. Revenue jumped 20.2% YoY, and net profit climbed 79%. A favourable product mix, backward integration, and higher-margin contracts fueled this performance.

Analysts Amit Anwani and Prathmesh Salunke believe Kirloskar Pneumatic is well-positioned for long-term revenue and earnings growth, even with near-term challenges. They remain confident in the stock, driven by the expanding air compression segment and new product platforms across compression and refrigeration. Management projects over 20% growth in revenue and net profit for FY27, boosted by the short-cycle equipment and product businesses, with about 10-15% growth from new products.

Anwani and Salunke highlight additional growth drivers: the new Tyche and Khione refrigeration compressor series to increase penetration in commercial and industrial refrigeration, and in-house intellectual property and integrated manufacturing capabilities. They expect the firm to achieve a revenue CAGR of 17% and a net profit CAGR of 13.7% through FY28.

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

(You can find all analyst picks here)

The Nifty 50 closed higher on May 4 after early state election trends supported broad-based buying. Realty, healthcare and FMCG stocks led the gains, with Godrej Properties rising after reporting a 70% YoY jump in Q4 net profit. However, Kotak Mahindra Bank limited the upside, falling despite a rise in quarterly earnings as margin pressure weighed on sentiment.

Internationally, sentiment remained fragile as the US launched a naval operation to escort stranded commercial ships out of the Strait of Hormuz, and Iran said it had attacked a US Navy warship. The US Central Command, however, denied any damage or attack. Following the reported attack, oil prices rose, with Brent crude above $110 per barrel. Conflicting accounts and concerns over shipping disruptions are weighing on market sentiment.

On the domestic front, a silver lining emerged as Goods and Services Tax (GST) collections for April 2026 surged to a record high of Rs 2.4 lakh crore, an 8.7% YoY increase, pointing to strong economic activity. Further support came from the HSBC India Manufacturing PMI, which rose to 54.7 in April (up from 53.9 in March), driven by a surge in export orders.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said election results may have a short-term sentimental impact, but broader market direction will depend on global factors. He added, "The real market trend will be guided by crude oil prices, which will be decided by the news in West Asia."

IPO activity is robust this week, with four new issues opening and two companies set to list, following the successful listing of two companies last week.

One InvIT and one SME firm debuted last week

Citius TransNet Investment Trust, an infrastructure investment trust (InvIT), made a steady debut on April 29. The Rs 1,105 crore issue listed at a 4.6% premium to its issue price of Rs 100. The IPO saw a total subscription of 20.4X, with qualified-institutional-buyers (QIBs) leading the interest. While the InvIT structure appealed to those seeking long-term yields, some caution remains regarding its history of net losses and a negative net worth. The stock is currently trading 5% above its issue price.

Citius TransNet holds its listing gains

In the SME Segment, Adisoft Technologies, a Pune-based industrial automation provider, delivered a strong performance on its April 30 debut. The Rs 74.1 crore IPO was subscribed 72.1X and listed at a 19.2% premium over its issue price of Rs 172. Investors were encouraged by the company's robust revenue growth and its specialised focus on robotic work cells and automated assembly lines for the automotive sector. The stock saw further buying interest post-listing and is currently trading 31.4% above its issue price.

Two IPOs line up for listing this week

OnEMI Technology Solutions, the parent company of digital lending platform Kissht and credit app Ring, opened its Rs 925.9 crore IPO for subscription on April 30 and will close on May 5. The issue consists of a fresh issue of ~5 crore shares and an offer for sale (OFS) of 44 lakh shares at a price band of Rs 162 to Rs 171. As of today, May 4, the issue has seen moderate traction with an overall subscription of 0.5X. The company aims to strengthen the capital base of its subsidiary to support future lending growth. The company will list on May 8.

Strong QIB bidding lifts OnEMI Technology subscription 

In the SME segment, Amba Auto Sales and Services, a Bengaluru-based dealer for Bajaj Auto and LG Electronics, closed its Rs 65.1 crore IPO on April 29. The offering, a fresh issue of 48.2 lakh shares at a price band of Rs 130-135, saw an overall subscription of 1.2X. While retail participation was lower at 0.8X, high net worth individuals (HNIs) subscribed 5X. The company plans to use the capital to fund the expansion and renovation of showrooms, meet working capital requirements, and for general corporate purposes. The shares will list on May 5.

IPO pipeline sees four new launches this week

Bagmane Prime Office REIT, a Blackstone-backed trust focused on Bengaluru’s office market, will open its Rs 3,405 crore IPO for subscription from May 5 to May 7. The price band is set at Rs 95–100 per unit. The issue comprises a fresh issue of 23.9 crore shares and an offer for sale (OFS) of 10.2 crore shares. The portfolio includes 6 premium business parks in Bengaluru with a strong 98.8% occupancy as of December 2025. The trust plans to use the proceeds to acquire the "Luxor" asset and a majority stake in Bagmane Rio. The units will list on May 15.

Bagmane REIT sees profit rise faster than revenue 

The SME segment is set to see three fresh IPO openings.

Value 360 Communications, a PR and digital marketing firm, will open its Rs 41.7 crore IPO for subscription from May 4 to May 6. The price band is set at Rs 95–98 per share. The issue includes a fresh issue of 38.3 lakh shares and an OFS of 4.2 lakh shares. The company plans to use the funds for working capital and upgrading its content technology. The stock will list on May 11.

Recode Studios, the Ludhiana-based cosmetics brand that gained fame on Shark Tank India, will launch its Rs 44.6 crore IPO from May 5 to May 7. The price band is set at Rs 150–158 per share. The issue includes a fresh issue of 25 lakh shares and an OFS of 3 lakh shares. The company aims to expand its offline store network through company-owned and franchise-owned models, and grow its skincare and wellness product range. The stock will list on May 12.

Simca Advertising, a Mumbai-based outdoor advertising (OOH) specialist, will open its Rs 58 crore IPO for subscription from May 8 to May 12. The price band is set at Rs 174–183 per share. The issue is entirely a fresh issue of 31.7 lakh shares. The company plans to use the proceeds to pivot toward "Digital Out-of-Home" (DOOH) advertising by installing large-scale LED screens in premium locations. The stock will list on May 15.

1. Varun Beverages (VBL):

The stock of this food & beverages company rose 3.8% over the past week, fueled by rising temperatures and a refreshing Q1CY26 performance. VBL’s Q1 net profit jumped 20.1% YoY to Rs 872.4 crore, led by lower inventory and deferred tax expenses. Revenue climbed 18.5% to Rs 6,765.1 crore, helped by higher net realisation and sales. The stock features in a screener of companies that have outperformed their industry over the past month.

VBL is going big in Africa. It recently finalized its 100% acquisition of South African beverage firm Twizza and signed a deal to buy Crickley Dairy for approximately Rs 1,315 million. This move marks a major pivot from its core PepsiCo franchise, diversifying the portfolio into the high-growth dairy and juice-based drink segments.

Its quarterly net profit and revenue surpassed Trenlyne’s Forecaster estimates by 15% and 11%, respectively. The strong growth was driven by robust execution and demand. The company’s India volumes grew by 14.4%, and international volumes by 21.4%. The integration of Twizza is expected to further supercharge this long-term international expansion.

While VBL has almost no direct business in the Middle East conflict zones, it isn't totally immune. Since 80% of its volume comes from India, the main risk is secondary, specifically the cost of petroleum-based PET bottles and global logistics. Chairman Ravi Jaipuria emphasized that a "safety net" of strategic inventory management is in place to handle supply chain turbulence.

Management plans to invest between Rs 500-600 crore in CY26 to keep its growth engines humming. Ravi Jaipuria credited the company's momentum to a healthy demand and disciplined execution across all its territories. However, he noted that VBL’s India realisations dipped 1.5% and termed it a strategic choice to attract new customers through larger packs and targeted price-point launches. Jaipuria described these moves as a “conscious near-term trade-off” aimed at “expanding the consumer funnel”.

Motilal Oswal retained a ‘Buy’ rating on VBL and raised the target price to Rs 600. The brokerage expects a sizzling June quarter, thanks to the El Niño heatwave and the consolidation of the Twizza and Crickley brands. With the company also aggressively scaling its snacking business, the brokerage sees a clear path for continued growth.

2. Sun Pharmaceutical Industries:

Thispharma giant’s stock surged 7% on April 27 after it announced an $11.8 billiondeal to buy New Jersey-basedOrganon. The deal marks its entry into women’s healthcare and biosimilars, while expanding its presence to over 140 countries.

MD Kirti Ganorkar sees China as the biggest prize. Hesaid, “Sun Pharma currently has a negligible presence in China, which is the world’s second-largest pharmaceutical market at around $150 billion and is growing at 5–7% annually.” Organon provides an established $800 million Chinese operation with eight key brands, offering immediate access and lowering expansion risks.

To pay for the deal, Sun Pharma will spend up to $2.5 billion of its own cash and borrow nearly $9.8 billion. This massive loan wipes out the company’s current debt-free status. Its net debt will beabout 2.3 times its earnings (EBITDA), which could curb its appetite for more big deals.

A key concern is Organon's $8.5 billion in existing debt, which Sun Pharma will inherit. Executive Chairman Dilip Shanghvihighlights a clear gap: Sun Pharmaceutical Industries has delivered strong growth, while Organon has seen flat revenue over the past five years. The success of the deal now depends on reviving growth. With only about one-third of Organon’s portfolio expanding, Sun Pharma will need to maximise returns from its mature brands to support debt repayment.

Trendlyne’sForecaster projects strong future growth, with revenue seen rising 12.1% and net profit 28% YoY by Q4FY26. Once the deal closes in 8-9 months, Sun Pharma's revenue will nearly double to $12.4 billion, placing it into the global top 25 pharma companies.

Following the news, ICICI Directdowngraded the stock to ‘Hold’. The brokerage cites caution, noting that while Sun Pharma is skilled at acquisitions, this is its biggest bet yet. Analysts worry about execution risks and limited immediate growth drivers. On the plus side, Organon has stronger profit margins than Sun Pharma. 

3. Coal India:

Thiscoal mining company surged 8.4% over the past week after reporting itsQ4 results. Revenue grew 23.6% YoY, while net profit rose 13%, with both metrics comfortably beatingForecaster estimates. While coal volumes declined marginally in FY26, the medium-term outlook remains intact, with the company targeting a billion tonnes of coal production by FY29.

Union Coal and Mines Minister G. Kishan Reddy said, “India's rapidly growing economy requires a balanced energy strategy, with nearly 400 billion tonnes of coal reserves, among the highest globally,” underscoring coal’s share of over 70% in the current electricity mix. With a dominant ~74% share in domestic coal production, the company remains well positioned to benefit from this. Rising power demand, lower coal exports from Indonesia, and higher global gas prices are providing additional tailwinds.

To capitalise on this demand, the company has sanctioned 117 mining projects with a combined capacity of 979 million tonnes, backed by a capex outlay of around Rs 1.4 lakh crore.

EBITDAmargins for the quarter stood at 27.3%, with per tonne realisation increasing 7.4% to Rs 636. The e-auction segment continues to be the most profitable, with a 11% contribution to volumes. Analysts expect the e-auction share to rise to around 15% by FY28, supporting profitability. While premiums over fixed supply agreement (FSA) prices moderated, improving global coal prices and supply disruptions linked to geopolitical tensions could support higher realisations.

The company is alsodiversifying beyond coal to strengthen long-term growth. It is investing in coal gasification projects with BHEL and GAIL, while expanding into thermal and renewable power. It is also exploring critical mineral assets, including rare earth elements.

ICICI Directreiterates its ‘Buy’ rating with a higher target price of Rs 550. The brokerage expects growth driven by volume expansion, strong cash flows, and diversification into new energy segments. It also highlights the company’s net cash-positive balance sheet, supporting a dividend yield of around 6%.

4. Zensar Technologies:

Thissoftware company fell 11.4% in the past week after MD & CEO Manish Tandon guided for flat EBIT (operating) margins inQ1FY27. “Zensar’s technology, media & telecommunications (TMT) business will remain under pressure for the next few quarters,” Tandon said.

InQ4FY26, the company’s revenue grew by 6.7% YoY to Rs 1,450 crore, led by its banking & financial services segment and supported by AI-led work. But this was offset somewhat by a decline in the TMT segment, which contributed to over 18% of its total revenue during the quarter, as global tech clients cut spending and shifted more work in-house.

Net profit rose 19.4% to Rs 210 crore. However, operating performance was weak. EBIT margin declined 137 bps sequentially to 14.7%, as the company incurred upfront costs for a $210 million deal and saw lower employee utilisation during the quarter. This deal, the largest in the company’s history, is now central to its near-term growth. Tandon pointed to general delays in deal closures, noting that the deal was expected earlier but closed only in February, limiting its contribution in Q4FY26. 

CFO Pulkit Bhandari also noted that the deal will begin contributing from Q1FY27, but “full ramp-up is expected only by Q3.” That leaves growth in the next couple of quarters dependent on execution, even as core demand remains uneven. 

Competition is also intensifying. Tandon noted that larger IT firms are now bidding for smaller deals, increasing pricing pressure across the sector. AI is helping Zensar win deals, but much of this work is replacing existing services rather than adding new revenue streams.

Axis Directmaintained its ‘Hold’ call on the stock, with a lower target price of Rs 580. The brokerage expects growth to remain moderate and has cut revenue estimates for FY27 and FY28, factoring in slower deal conversion and execution timelines. 

5. IDFC First Bank: 

This private bank stock climbed 4.5% on April 27 after reporting healthy Q4FY26 results. Revenue grew 12.1% YoY, supported by strong performance in both retail and wholesale banking segments. Net profit rose 4.9%, aided by lower provisions, a Rs 129.6 crore tax refund, and improving asset quality. While profit beat Forecaster estimates, revenue came in slightly below expectations due to a slowdown in treasury operations.

Loan growth remained strong, driving net interest income (NII) higher. Growth was led by segments such as vehicle, gold, small business, and wholesale lending. However, deposit growth lagged due to lower savings rates, tight system liquidity, seasonal withdrawals, and the impact of a one-time fraud-related loss at a Haryana branch.

The bank reported a net interest margin (NIM) of 5.9%, in line with guidance, supported by a lower cost of funds and a higher share of retail loans. Looking ahead, management expects NIM to moderate slightly to around 5.8% as the bank increases its exposure to wholesale and business banking segments, which typically carry lower yields. Ongoing branch expansion may also weigh on margins in the near term.

CFO Sudhanshu Jain outlined the growth outlook, stating, “We expect our core income (NII and fees) to grow around 18% in FY27, driven by normalisation in stressed segments and continued traction in retail and small & medium enterprise lending.” Despite some margin pressure, management remains focused on sustaining overall profitability and maintaining prudent risk-adjusted returns.

Following the results, ICICI Direct retained its ‘Buy’ rating with a target price of Rs 80, a 14.9% upside. The brokerage expects improved operating leverage and lower credit costs to support earnings, with NII and net profit projected to grow around 19% and 80% annually over FY27–28.

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

Indian equities have been on a bumpy ride lately, reacting to Q4FY26 results and tensions in West Asia.

IT stocks are tumbling as they remain exposed to a weak geopolitical environment and lag on the AI front. Sentiment also dampened after Infosys flagged a weak growth outlook. Sunny Agrawal, head of fundamental research at SBI Securities, said, “A major concern is the deflationary pressure from AI, which is impacting the growth prospects of major Tier 1 companies.”

Earnings growth is expected to be narrow. BFSI, FMCG, and Consumer Discretionary, particularly autos, are likely to see relatively stronger performance, according to Axis Direct.

Overall growth sentiment is also less bullish. In its April MPC meeting, the Reserve Bank of India trimmed its GDP estimates slightly for the first two quarters of FY27. 

FIIs have been quick to act, selling about Rs 1.8 lakh crore in Indian equities so far this year. But promoters, who have real skin in the game, have moved differently. 

Over the past quarter, some promoters booked profits after a strong rally, or trimmed holdings in sectors that were slowing down. Companies also issued new shares to raise fresh capital and bring large institutional backers on board. We even saw a few promoters buy more shares to double down on expected growth.

In this edition of Chart of the Week, we track insider moves across Nifty500 stocks to figure out promoter moves and what it signals for your portfolio.

Stake cuts reflect profit booking and demand concerns

Promoters trimmed stakes in several companies in Q4FY26.

Vishal Mega Mart’s promoter, Samayat Services LLP, has been offloading its stake since the company’s IPO in late 2024. Over the past quarter, it sold a 14% stake in a block deal, bringing the overall promoter holding down to a little over 40%. The stock is up 21% since its IPO.

Despite the company’s strong operating performance over the past few quarters, Samayat executed the block dealat a discount of about 10% to the market price. 

Netweb Technologies saw its promoters from the Lodha family sell around 4% of their stake, taking the promoter holding slightly below 67%. The promoters trimmed their stake to raise funds for “personal reasons” after the company reported strong earnings with rising revenue from AI systems in Q3FY26.

The housing finance industry appears twice in companies where promoters sold shares. Aadhar Housing’s promoters trimmed their holdings by 10.3% to about 65%, while Home First Finance’s promoters reduced theirs by 5.4% to almost 7%. In both cases, early private investors reduced their exposure, allowing these offloaded stakes to be picked up by other institutions.

This comes alongside a shift in the housing market. A report by real estate consultant Knight Frank noted that demand is moving towards higher-priced homes even as sales in the sub-Rs 1 crore segment continue to decline. 

Shishir Baijal, Managing Director of Knight Frank India, said, "The slowdown in affordable launches reflects developers’ reluctance to commit capital, as they pivot toward premium housing."

Both Aadhar Housing and Home First are focused on affordable housing borrowers, with relatively small loan sizes. So when demand shifts toward higher-priced homes and activity slows at the lower end of the market, it directly affects their core segment.

The Government of India reduced its stake in BHEL by 5% to around 58% through an offer for sale earlier this year. The move came as the stock rallied on strong order inflows in thermal power and railways, helping the government advance its divestment targets.

Fundraising, institutional buying dilute promoter stakes

A few companies also saw promoter ownership come down from issuing new equity, diluting promoter holdings.

Biocon raised Rs 4,150 crore through a QIP to reduce its debt and fund the buyout of Viatris’ stake in Biocon Biologics. It also completed the integration through a share swap. With more shares issued, the promoter stake reduced by 9.5%, taking it to around 45%.

Poonawalla Fincorp also issued a QIP, raising Rs 2,500 crore to expand its lending business. This added to the total number of shares, diluting the promoter stake by nearly 5% to about 59%.

Manappuram Finance is bringing in US-based private equity giant Bain Capital as a partner. Bain will buy freshly issued shares at a 30% premium to the stock’s six-month average and also make an offer to acquire shares from existing investors. The deal has led to dilution in the existing promoters’ holdings by about 3.5%, taking holdings to a little over 31%.