By Trendlyne AnalysisThis car manufacturer hit an all-time high of Rs 14,895 on August 28 following reports that the government may announce a cut in GST on most cars and two-wheelers before Diwali 2025. The proposals under discussion include lowering GST on small cars and two-wheeler petrol vehicles to 18% from 28%, while large cars may see a cut to 40% from the current 43–50%.
Global brokerages Nomura and Jefferies are positive on Maruti Suzuki, noting that carmakers are likely to benefit more than two-wheeler makers from the proposed GST cuts. This is because two-wheeler companies will soon face higher costs from implementing anti-lock braking systems, which the government has mandated from January 2026. Maruti, with 68% of its sales coming from small cars, is well placed to benefit from the tax cuts. Jefferies expects the company’s earnings to rise by 2–8% over FY26–28.
Nomura highlights that since carmakers usually offer higher discounts, there is room to reduce them now. The brokerage estimates this could lead to a margin improvement of 100–150 bps for all OEMs, even if the full GST reduction is passed on to customers.
On August 26, Maruti launched its first all-electric SUV, the e-Vitara. The model is aimed mainly at global markets, with plans to cover over 100 countries, starting with Germany, the Netherlands, and Sweden. Analysts however, expect domestic EV demand to slow, since GST cuts on conventional vehicles could make electric cars comparatively more expensive, potentially delaying the EV adoption by 2–3 years.
Rahul Bharti, Chief Investor Relations Officer (CIRO), said, “We expect SUVs, including electric models, to be a key driver of growth during the festive season and in the medium term." But he cautioned that Maruti faces supply challenges for EV magnets and is working on alternatives through localization and diversified sourcing.
Thisgems & jewellery maker has risen by 7% over the past month. Bernstein recentlyinitiated coverage on the company with an ‘Outperform’ rating and set the target price at Rs 4,200. The brokerage believes the company is well-poised to benefit from India's growing shift towards organised players and modern consumer preferences. This is the highest target in the consensus – the average target from analysts on Titan, according toTrendlyne’s Forecaster, is Rs 3,941.
DuringQ1FY26, the company’s revenue grew by 24.6% YoY to Rs 16,523 crore, driven by improvements in the watches and jewellery segments. Net profit was up 52.6% at Rs 1,091 crore. Both revenue and net profit beat Trendlyne’sForecaster estimates by 13.5% and 15.7%, respectively.
Titan’s jewellery businessgrew 16.6% YoY in the quarter, led by a 15% rise in its gold portfolio. Growth was primarily thanks to higher ticket sizes (the average customer spend per purchase), which helped offset the impact of rising gold prices.
The company also highlighted changing customer tastes, including rising demand for 18-carat jewellery across segments, and growing traction for 14-carat jewellery in some regions. To mitigate the impact of higher gold prices, Titan launched 9-carat diamond jewellery. With the festive season ahead, analysts expect jewellery demand to pick up further, leaving Titan well-positioned to capitalise. The company is targeting 15–20% growth in its jewellery division for FY26.
Most jewellery players have delivered strong results despite global headwinds like geopolitical tensions, tariff volatility, and surging gold prices. Addressing the tariff impact, MD C.K. Venkataramansaid, “The US contributes just over 2% of Titan’s sales, making recent tariff developments less significant in the short term. Our international jewellery business is expanding rapidly, with the GCC market expected to grow substantially. Combined with the US, overseas sales could soon contribute around 6% of total revenues”. Meanwhile, Titan’s watches segmentgrew by 24% YoY, primarily driven by improved analogue watch sales and strong growth in the Helios retail channel.
Bernstein highlights Titan’s opportunities in international jewellery, especially after the Damas acquisition in the Middle East, as well as in its eye-care business, which offers longer-term incremental growth opportunities if executed well.
Thispharma company rose 1.6% on August 25 following Jefferiesupgrade to ‘Buy’ from ‘Hold’, with a higher target price of Rs 7,150. The brokerage cited two major trends that could benefit the company: the rising demand for diabetes and weight loss drugs and the global shift of manufacturing away from China. On the impact of US tariffs, CEO Kiran Divi said, ”Right now, there is no clear methodology on what the tariff will be. But we have long-term supply agreements, which will protect the company.”
Divi’s has thelargest production capacity among Indian drugmakers at 16,500 kilolitres (KL). Nearly all of this capacity has been approved by the US Food and Drug Administration (FDA), with the remaining capacity expected to receive approval within the next two years.
A key focus is on GLP-1 drugs, which help control blood sugar and support weight loss in patients with Type 2 diabetes. Divi’s is India’s key supplier of these drugs, holding contracts to supply both injectable and oral versions. Analystsexpect GLP-1 drugs to contribute $250 million (around Rs 2,200 crore) in revenue by FY28.
To manufacture such medicines, companies require peptides, short chains of amino acids that serve as the building blocks for these drugs. Divi’sis “backward integrated”, meaning it can produce these raw materials (peptides) in-house. Kiran Divisaid, “Most customers are coming to us because of our ability to make key starting materials and peptide fragments. This places us uniquely in the GLP-1 opportunity.”
Financially, inQ1FY26, the company reported a 26.7% YoY rise in net profit to Rs 545 crore with revenue growth of 13.7% to Rs 2,410 crore. The custom synthesis segment, which includes GLP-1 drugs and peptides, accounts for 53% of revenue and grew 23%. Growth in the segment was driven by strong demand from companies developing new drugs and thecommissioning of Kakinada Unit-III, which expanded the production capacity.
Jefferies noted that Divi’s custom synthesis segment grew 19% YoY in FY25, led by the heart failure drug Sacubitril Valsartan. They cautioned that the segment may face near-term volatility due to the launch of Entresto generics in the US, after the July 2025 ruling allowed generic versions of a drug to enter the market. However, Jefferies expects the segment to deliver a 16% CAGR between FY26-28.
Thiscrane maker surged 6% last week as investors bet on demand tailwinds from GST rationalisation, likely to be finalised at the September council meeting. A simpler GST structure could boost consumption and revive private capex. ACE, with over 60% market share for cranes in India, stands to benefit from this revival.
In addition, the rising public capex on roads, rail, metros, and logistics is reinforcing theprospects of medium-term order pipelines for ACE’s cranes, construction, and material-handling equipment. Executive Director Sorab Agarwal expects the construction equipment and road machinery business to grow 30–40% this year as order releases pick up, supported by Minister Nitin Gadkari’s push for a faster approval of road tenders. Tower crane volumes, which climbed 16% YoY in Q1, further highlight resilience in the real estate sector and the broader construction ecosystem.
The recent rebound in ACE’s stock followed an over 15% slide after itsQ1FY26 results on August 8, where revenue fell 8% YoY and more than 50% QoQ. The drop was largely due to pre-buying of cranes in late FY25 ahead of new emission and safety norms, which resulted in price hikes of over 10%. Early monsoons and weak investment sentiment amid tariff and geopolitical uncertainty further weighed on sales.
CMD Vijay Agarwalsaid, “We expect demand to normalise from the second quarter and improve more visibly from Q3, as pricing transition issues settle and the monsoon recedes.” Despite the revenue decline, ACE delivered a 16% YoY rise in net profit, driven by margin expansion from price hikes, cost efficiencies, softer input costs, and higher other income.
Based on its existing capacity, ACE can scale up to Rs 5,000 crore in revenue, offering over 30% growth headroom from current levels without major capex until FY27, when it is targeting sales of Rs 4,400 crore. In the near term, the company is prioritising modernisation and automation with over Rs 100 crore earmarked for FY26, alongside Rs 130 crore for land acquisitions. Beyond this, ACE has planned a larger expansion of Rs 250–300 crore over the next two years to drive its longer-term ambition of reaching Rs 6,600 crore in revenue by FY29.
The stock of this movies & entertainment company rose 14.4% over the past month. On August 22, it launched a 10-screen megaplex in Borivali, Mumbai, with a total seating capacity of 1,372, and spread across 43,500 sq ft. PVR INOX’s Managing Director, Ajay Bijli said, "Mumbai remains a key market, and this launch under our capex model shows our commitment to aspirational cinemas."
In Q1FY26, the company significantly reduced its net loss to Rs 54 crore, down from Rs 125 crore in the prior year. Revenue climbed 23% YoY, driven by an 8% increase in average ticket prices and a 23% rise in movie ticket sales. Operating revenue surpassed Forecaster estimates by 1.7%, with F&B and ad revenues growing 22.4% and 17.3%, respectively The stock features in a screener of companies with improving net cash flow over the past two years.
Q1 cinema admissions increased 12% YoY, reaching 3.4 crore. The company’s management expects to exceed its FY24 number of 15 crore footfalls in FY26, backed by a strong content pipeline including "Coolie" and "Avatar 3." Mr. Bijli added that FY26 began robustly for the Indian box office, with Bollywood collections up 38% due to successful films. He noted that their "Blockbuster Tuesdays" offer which started in April, has been highly effective, attracting nearly 1 million new and returning moviegoers and boosting weekday attendance.
Regarding capital expenditure, CFO Gaurav Sharma stated, "Our capex guidance remains unchanged despite plans for 90 to 100 new screens and increased renovation spending decided earlier this year. We expect a total spend of approximately Rs 400-425 crore. This includes about Rs 250-260 crore for new screens."
Geojit BNP Paribas attributes the stronger Q1 performance to a robust content slate and improved admissions. While it flags risks like Karnataka pricing and external disruptions, it sees support from a rebound in Hollywood content, select Bollywood hits, and consistent regional demand. The brokerage maintains an ‘Accumulate’ rating with a revised target price of Rs 1,252.
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