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28 Aug 2025

Five stocks to buy from analysts this week - August 28, 2025

1. Pidilite Industries:

Geojit BNP Paribas reiterates its ‘Buy’ rating on this adhesives company with a target price of Rs 3,447, an upside of 11.2%. Analyst Anil R highlights that the tile adhesive market is growing at nearly twice the pace of India’s GDP. Pidilite is also expanding approximately 1.5 times faster than the market, with rural demand consistently outpacing urban growth in recent quarters.

Pidilite Industries’ Q1FY26 revenue rose 10.5% YoY to Rs 3,753 crore, supported by higher sales across its consumer and business-to-business (B2B) segments. The consumer and bazaar segment, which contributes the majority of revenue, grew 10% YoY, while B2B revenue increased 11%. Management noted that the domestic business benefited from favourable monsoon conditions, steady demand, and lower input costs, while international subsidiaries recorded 6.5% growth.

The analyst expects Pidilite to continue delivering strong volume-led growth, supported by ongoing investments in its brands and supply chain. However, the company remains cautious about potential headwinds from geopolitical developments and uncertainty around global tariffs.

2. Dabur India:

Sharekhan retains its ‘Buy’ rating on this FMCG company with a target price of Rs 623, an upside of 19.3%. Analysts note that the company’s Q1FY26 performance was muted, as unseasonal rains during the peak summer months impacted its beverages and glucose sales. Revenue grew only 1.7% YoY to Rs 3,405 crore; but excluding its seasonal products, revenue rose 7%.

The home and personal care segment grew 5%, led by oral care, home care, and skincare. Healthcare revenue declined 4.4% but rose 2.7% when excluding glucose, thanks to growth in its power brands such as honey, chyawanprash, and Honitus (cough syrup) . Dabur reported market share gains across 95% of its portfolio.

The management stated that rural growth outpaced urban for the fifth straight quarter, with a 390 bps lead in Q1. For Q2, the company expects double-digit revenue growth, supported by premiumisation, new launches, and a focus on its power brands. As part of its Vision FY28 strategy, Dabur has exited several margin-dilutive categories, including tea, adult diapers, sanitiser, and breakfast cereals. These businesses collectively contributed only Rs 8 crore in sales in FY25.

3. NTPC:

ICICI Securities reiterates its ‘Buy’ rating on this power company with a target price of Rs 439, an upside of 31.8%. NTPC is transforming from a thermal power giant into a diversified power player. It has raised its target capacity to 149 gigawatt (GW) by FY32 (from 130 GW) with a planned capex of Rs 7 lakh crore.

While the company plans 26-27 GW of coal-based capacity expansion, it is targeting 60 GW of renewable capacity, led by its listed green subsidiary, NTPC Green Energy. The company is also investing in green hydrogen, energy storage, and nuclear energy, with a long-term nuclear energy target of 30 GW by FY47.

Analysts Mohit Kumar and Mahesh Patil expect the company to benefit from India’s 6% annual power demand growth. They note that thermal capacity will remain critical in the medium term to meet peak demand, which supports NTPC’s expansion plans. They also highlight that execution has improved in FY26, with 3 GW already commissioned so far, compared to 4 GW commissioned during the entire FY25.

4. Godrej Consumer Products:

Emkay maintains a ‘Buy’ rating on this FMCG major, with a target price of Rs 1,400, an upside of 11.3%. Analyst Nitin Gupta notes that GCPL is focused on volume-led growth in India and international markets while improving margins. At Emkay Confluence 2025, Vishal Kedia, Head of Global Strategy, shared that the company is investing early in a few categories ahead of the demand curve to capture growth opportunities.

In India, Gupta sees high-growth potential in household insecticides (HI), soaps, and personal wash. HI, contributing one-third of India’s revenue, could deliver high single-digit to low double-digit growth. Soaps, also a third of revenue, are under margin pressure due to palm oil inflation, with price hikes expected from Q3FY26. New initiatives like body wash, air fresheners, and deodorants are being tested and priced to boost adoption.

Internationally, the company faces margin pressure in Indonesia due to competition, with margins expected to recover to 22-24% in the medium term. Africa is expected to achieve low double-digit growth and margins of 17-18% over the next 4-5 years.

5. Sharda Cropchem:

Khambatta Securities upgrades its rating to ‘Buy’ on this agrochemicals producer with a higher target price of Rs 1,162, an upside of 20.1%. In Q1FY26, the company's revenue increased 26.5% YoY to Rs 984.8 crore, beating Forecaster estimates by 11%. The non-agricultural and agrochemical segments grew, boosting revenue growth. The company’s EBITDA margin expanded 356 bps to 14.4%.

Management's outlook for FY26 is to grow the topline by approximately 15% and maintain healthy EBITDA margins in the range of 15%-18%. They plan a capex of Rs 400-450 crore for the year to support new product registrations. The global agrochemical market is showing signs of recovery, with inventories returning to normal levels.

Analysts at Khambatta Securities expect revenue, EBITDA, and net profit to grow at a CAGR of 15.9%, 17.3%, and 38.4%, respectively, driven by the company’s plans to add new product registrations.

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

(You can find all analyst picks here)

The Baseline

22 Aug 2025

Five Interesting Stocks Today - August 22, 2025

By Trendlyne Analysis

1. Endurance Technologies:

This auto parts supplier rallied 9% in the past week after its board approved a capacity expansion at the Waluj plant in Maharashtra. The company will invest about Rs 136 crore to increase production of its braking systems. The expansion is expected to be completed by the fourth quarter of FY26.

Endurance said the expansion is being driven by rising demand for advanced safety products, especially its anti-lock braking systems (ABS). The government has proposed making ABS mandatory for all two-wheelers above 50cc from January 1, 2026.

The company currently has an ABS capacity of about 6.4 lakh units and plans to increase this to nearly 30 lakh units by March 2026. MD Anurag Jain said that Endurance has given dual-channel ABS samples to Royal Enfield and Bajaj, and the company expects to begin supplies in September 2025. He added, “We currently have a 13–15% share in the ABS market, which we expect to increase to at least 25% after the expansion, while continuing to hold around 60% share in disc brakes.”

The company announced its Q1 results on August 13. Revenue rose 17.5% YoY, supported by 9% growth in domestic sales and a strong 39% rise in exports to Europe. Net profit was up 11% YoY but came in 3.3% below Forecaster estimates. Die casting accounted for almost half of the revenue, followed by suspension.

Endurance acquired a 60% stake in the Stoferle group in Germany during the quarter for €38 million (~Rs 386 crore). Stoferle, which makes high-precision parts for German automakers, has annual revenues of €84 million (Rs 854 crore) with margins of 18–20%. The management believes this deal will strengthen Endurance’s presence in Europe and bring benefits through common raw material sourcing and better use of capacity across projects.

Axis Securities has a ‘Buy’ rating on the company, pointing to its strong track record in handling large deals, which supports long-term growth. The company is looking to grow its share in the four-wheeler segment and expand business with customers in the premium bike market. These benefits are expected to show from H2FY26. Axis projects revenue and profit CAGR of 13% and 14% over FY26–28.

2. Va Tech Wabag:

Thiswater treatment company rose 5% in three trading sessions after announcing itsQ1FY26 results on August 12. The company’s revenue increased 17% YoY to Rs 734 crore, while its net profit grew 19.6% to Rs 65.8 crore. The growth was fueled by strong progress on large projects in Chennai and Saudi Arabia.

A strong order book also supported growth. Rajiv Mittal, Chairman & Managing Director,said, “We closed the quarter with a well-diversified order book of approximately Rs 15,800 crore— over four times our annual revenue.” The order bookcomprises 64% in Engineering, Procurement, and Construction (EPC) and 36% in Operations and Maintenance (O&M).

The company recorded orderinflows of approximately Rs 2,600 crore during the quarter. This includes the reinstatement of its largest internationalorder, the Yanbu Desalination Project in Saudi Arabia, which had been previously cancelled, and theBengaluru water reuse project. On August 19, the company won a five-year, Rs 118 croreorder from the Ministry of Works, Kingdom of Bahrain, for O&M of a sewage treatment plant. This strengthens the company’s O&M presence in the Middle East.

The company targets a revenue CAGR of 15-20% over the next 3-5 years, with EBITDA margins of 13-15%. Its targeted revenue mix, with over 50% from international projects, 30% from industrial clients and 20% from the high-margin O&M business, is expected to support margin expansion and healthy cash flows.

While the company’s outlook remains positive, it faces some challenges, such as projectdelays like the six-to-seven-month slowdown in the Indosol Solar desalination. Mittal said, “The delay was due to a change of government and the need to reallocate the land originally assigned.” The company’s bidding approach also limits opportunities on projects without full payment security or strategic rationale.

Following the results, Axis Securitiesmaintained its ‘Buy’ rating, citing VA Tech Wabag’s strong order book, diversified project mix, and disciplined execution as key drivers for sustainable growth and margin expansion.

3. Sarda Energy & Minerals:

Thismetals and mining company surged 8% last week afterwinning the bid for the Senduri coal mine in Madhya Pradesh. The acquisition deepens its backward integration strategy by securing long-term coal supply for its thermal power plants, particularly the 600 MW unit at Binjkot, which sits close to the mine.

With the acquisition of this power plant in Binjkot last year, the company now getshalf of its total revenue from the power segment. The firm currently has nearly 762 MW of thermal capacity and 167 MW of hydro capacity. They sell this energy into merchant markets and also use it for their operations, hedging against volatility in either segment.

The remaining half of its revenue comes from ferro alloys and steel, which just a year ago made up over 90% of total sales. Iron ore pellets remain the foundation, but the company is steadily moving into value-added products like sponge iron, billets, rods and wires to capture higher realisations. To further growth in this segment, Chairman Prakash Sardasaid that the firm is “securing the raw materials (via acquisition of mines) needed for ferro alloys and steel, which will reduce dependency on external sources” and lift margins.

The stock had already rallied more than 20% earlier this month afterQ1FY26 results surprised Dalal Street. Revenue jumped 71% YoY, while net profit more than doubled, powered by higher energy prices and a 37% rise in hydropower generation from an early monsoon. With power’s contribution rising in the earnings mix, EBITDA margin expanded sharply to over 40%, compared with 33.5% a year earlier.

Looking forward, management reiterated its focus on maintaining a balanced model—treating power as an annuity-like cash flow engine while using ferro alloys and steel for cyclical upside. "With steady power sales, captive integration, and growing mining strength, we expect to sustain high earnings visibility across cycles," management said on the call.

Notably, investorMukul Agrawal held more than 1% of the company’s shares at the end of June 2025, according to Trendlyne’sshareholding data. The company also appears in a screener of stocks where bothFII andMFs have increased their shareholding in the last quarter.

4. Finolex Industries:

Thisplastic products manufacturer rose 6% on August 18 after the Directorate General of Trade Remedies (DGTR) issued arecommendation to the Finance Ministry. DGTR proposed imposing anti-dumping duty on polyvinyl chloride (PVC) resin imports to stabilise prices, curb cheap imports and support domestic producers.

The proposed duties range from $22 to $284 per metric ton (MT), varying by country of origin. China is the largest PVC supplier to India, accounting for over 50% of total demand and faces a proposed duty of over $232 per MT. PVC resin is a raw material used in pipes, fittings, frames, and sheets in the agriculture and infrastructure sectors.

Currently, domestic PVC prices hover around $700 per MT. Saurabh Dhanorkar, MD,notes, “We expect domestic prices to rise once the anti-dumping duty is implemented, likely from October, and we believe this will support margins and improve capacity utilisation.” He also expects the company to achieve double-digit EBITDA margins in FY26, up from the current 9%, once PVC prices stabilise and demand picks up in H2FY25.

Finolex Industries derives 70% of its revenue from the agriculture segment and the rest from the infrastructure segment. In Q1FY26, both segments experienced weak demand, coupled with price volatility and lower realisations. This caused net profit and revenue to fall short ofForecasters’ estimates by 11% and 36%, respectively.

Dhanorkarsaid, “The early onset of monsoon reduced demand in Q1. But demand has ramped up in early August with high single-digit volume growth despite the monsoon continuing, and we expect this trend to continue in the second half of the fiscal year.” Thanks to this, the company expects to cross double-digit volume growth in FY26.

BOB Capital Markets maintains its 'Buy' rating on the stock with a target price of Rs 265 per share, citing strong earnings and rising infrastructure segment revenue. The brokerage expects the anti-dumping duty on PVC to push domestic prices higher and believes this will improve the company’s operating margin. It projects EBITDA to grow at a 33% CAGR from FY26-27.

5. Godrej Properties (GPL):

The stock of this realty company rose 6% over the past week. On August 21, the company won a Telangana Housing Board e-auction for a 7.8 acre residential plot in Kukatpally, Hyderabad. The winning bid was Rs 547.8 crore, and the company estimates the project's revenue potential to be around Rs 3,800 crore. According to CEO Gaurav Pandey, the acquisition in Kukatpally is a "strategic location aligned with the city's growth."

While the company’s revenue declined by 4.7% YoY in Q1FY26, net profit increased by 15.4%. This rise was fueled by higher price realization from new project launches. Net profit also exceeded Forecaster estimates by 77.5%, supported by strong pre-sales, which accounted for 54% of total bookings for the quarter. The stock features in a screener of companies whose annual profit growth has surpassed that of the broader sector.

In Q1, the company added five new projects with a potential saleable area of 9.2 million square feet and an estimated gross domestic value (GDV) of Rs 11,400 crore. This achievement represents 57% of its annual business development goal within the first quarter alone. Pirojsha Godrej, the Executive Chairperson of GPL, stated, “We are on track to achieve our bookings target of Rs 32,500 crore in FY26 and are also on track to meet our guidance across all other operating parameters.”

GPL has maintained its FY26 guidance, targeting Rs 40,000 crore in new launches and Rs 32,500 crore in pre-sales. Mr. Pandey also commented on current project pricing, adding, “With a few exceptions, we have successfully increased prices by 2% to 3% across most projects in the North. In Mumbai, prices have risen by 1% to 2%, while the increase has been less than 1% in Pune. In the South, we've seen a price increase of around 2% to 3%. Our post-launch sales for the last quarter exceeded Rs 2,750 crore.”

Motilal Oswal anticipates that sales booked over the past two years, which have a stronger margin profile, will be recognized in FY26-27, helping to alleviate investor concerns. The brokerage believes GPL is well-positioned to deliver strong performance in growth, cash flows, and margins, supported by a solid project pipeline and healthy returns. It has maintained its ‘Buy’ rating on the stock with a target price of Rs 2,843.

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

The Baseline

21 Aug 2025

You must have heard about the panic around "falling birth rates". Maybe we need to calm down

Japan in 1989, China in 2023, India in 2024: the year that governments in these countries officially started to worry about falling birth rates.

Fewer babies seems like a strange thing to be concerned about in India, a country of 1.4 billion people. We are reminded of the fact that we are the world's most populous country every time we step into a Mumbai local, a Bangalore metro; if we enter a mall during a Diwali sale, or misguidedly visit Shimla on a long weekend.

But fewer numbers of babies worry governments due to the economic impact. A falling birth rate means a shrinking working population, slower GDP growth and lower tax payments to governments to fund old age pensions, subsidies, and social security. So when working populations fall, the country becomes poorer over time.

For a population to be at replacement level and neither grow nor shrink, a country needs a fertility rate (average number of children per woman) of 2.1. India's population fell below that fertility replacement level in 2020. And the fertlity rate is even lower in southern states like Kerala, Karnataka and Tamil Nadu, where the average number of children per woman is between 1.2 and 1.6. The Chief Minister of Tamil Nadu M K Stalin has suggested that to fix this, Tamilians "should have 16 children each".

Humans used to be a fertile species - fertility rates typically used to be between 4.5 to 7.5. But we are now at a turning point. For the first time in recorded history, the world's largest economies are all below the population replacement rate.

Most of Europe fell below the replacement level in the 1970s, the US in the 1980s, and China in the 1990s. South Korea’s fertility rate fell below 0.7 children per woman this year, the lowest in the world, meaning its population will halve by 2075. Africa is now the only large region in the world with fertility rates above the global replacement level.

Most of the world's economic output now comes from low-fertility countries. Economists have started to panic, over this output falling as populations decline.

In the 1960s, the writer Paul Ehrlich visited India and, overwhelmed by the sheer number of people in the streets of New Delhi, warned about over-population disaster and global famine. Decades later, the Cato Institute called Ehrlich "a misanthrope who'd make you apply for a government permit to have a baby if he could".

Now we are worrying about the opposite: too few people. But is a declining population really that bad for the world?

Fertility is not just falling - it is falling faster than before

When I walk around my city (Bangalore), an interesting trend I see is the number of families with just one kid. Just a few years ago, two kids was common enough. Now among friends and family, I am seeing a lot of ones - and even a few zeroes.

This trend is happening worldwide. Fertility is falling faster than before. The decline from a fertility rate of six to three took almost a century to happen in Britain—from 1816 to 1910. It took less than half that time for India, just 18 years in South Korea and 11 years in China.

In cities like Seoul and Beijing, nursery school staff are taking up jobs in old age homes instead. More than 10% of pre-school teachers in China have quit in the past five years due to falling student numbers.

When people are asked about why they are having fewer children, they mention the high cost of living, lack of time, and a lack of community support because in many cases, parents live as nuclear families while their relatives live elsewhere.

But when governments have tried to intervene by providing paid time off for parents, free childcare and generous child subsidies (China is offering couples $500 a year to have a child), the fertility rate has not increased.

This suggests that there are other factors at work. Economists have for instance, found a direct relationship between the number of years of education women receive, and falling fertility levels. When women have options like jobs and access to birth control, they have fewer kids.

Children also once used to be the only social security people had in their old age. But they take time and money to raise. They are also unpredictable: as adults, they may move far away from you, marry someone you don't like, or even change their minds about you. In the age of investments with predictable returns, reliable careers and pensions, having kids has become increasingly optional.

Are we having another Ehrlich moment?

Is it possible, that like Paul Ehrlich, we are panicking prematurely? In 1900, the world's population was around 1.6 billion. We are sitting at four times that number, as populations across the globe exploded in the past 100 years.

When population soared, technology - in the form of fertilizers and pesticides that raised crop yields - saved humans from the famine Ehrlich predicted would "end the world in 2000". Now, technology is again changing fast.

Better healthcare is already helping people to have longer careers - CEOs like Warren Buffett are working at 94, which would have been unthinkable even two decades ago. As people live longer and healthier, retirement ages can be pushed, putting less stress on pensions and social security. Rather than worry about ageing populations, countries should worry about populations ageing well.

Another factor is the underemployment of women in countries like India. Increasing labor participation of women from the current 40% levels would provide a long-term productivity boost, rather than falling for bad ideas like pushing them back home to have sixteen children.

AI is a third new, important factor to consider - if artificial intelligence and robots substantially raise productivity per person, then countries will be able to drive economic growth with much fewer people. And if AI is eventually able to innovate at human or close to human levels, then we will start seeing technological breakthroughs at an even faster pace than ever before.

Falling fertility has coincided with huge gains for us in gender equality, education and reproductive freedom. Rather than trying to rewind the clock, we should think about how we can build a world with fewer people. The planet will thank us.

The Baseline

21 Aug 2025

Caught in the crossfire: Will India’s economy hold up against Trump’s tariff shock?

By Divyansh Pokharna

Global trade tensions have flared up again, and India is right in the middle of the storm. President Trump has imposed 25% tariffs and an additional 25% penalty on Indian goods, citing the country’s continued purchase of Russian oil. Interestingly, the penalty does not apply to other nations such as China, the largest importer of Russian crude.

For Indian exporters, this move threatens their business relationships with US customers and has made their near-term growth outlook uncertain.

Markets took comfort when reports after the Trump–Putin meeting suggested that Washington may relax the extra penalties on India’s Russian oil imports. But exporters are cautious, aware that US policy under Trump can shift quickly, and the outlook can change overnight.

The Reserve Bank of India reflected this uncertainty in its April 9 forecast. It trimmed the FY26 growth projection when the US first threatened a 26% tariff, but it left the estimate unchanged after the steeper 50% tariff announcement on August 6, not foreseeing a significant additional impact. RBI Governor Sanjay Malhotra said, “We don't see a major impact of US tariffs on the Indian economy unless there is a retaliatory tariff,” said RBI Governor Sanjay Malhotra. But he added that “the global environment continues to be challenging.”

International institutions have echoed this view, with the IMF raising its growth forecast slightly and S&P Global judging the tariff impact as manageable. The US buys only a sixth of Indian goods, and the Indian government has been reaching out to its BRICS partners to boost trade ties after the new tariffs. The BRICS countries already trade more goods with one another than with the US.

Other global agencies, however, take a more cautious view. Goldman Sachs believes that higher tariffs will weigh more heavily on exports and company earnings than official forecasts suggest. It estimates that GDP growth could decline by as much as half a percentage point, more severe than the RBI anticipates.

In this edition of Chart of the Week, we look at how analysts see US tariffs impacting India’s growth. Some global agencies see them as a serious threat, while others point out that strong domestic demand limits the overall effect.

From manageable slowdown to sectoral shock: mixed views on tariff impact on sectors

Moody’s Ratings and Barclays remain cautious, though not overly worried about the tariff shock. Moody’s estimates that the 50% US tariff could trim India’s GDP by around 30 bps, mainly because of a lower contribution from exports. It believes the overall hit will be limited, citing strong domestic demand and a resilient services sector.

Barclays offers a similar estimate of a 30 bps slowdown, pointing out that India’s growth is driven more by domestic consumption than by exports. Both agree that some export-heavy sectors, such as textiles and jewellery, will feel the pressure, but the broader economy should hold up.

Nomura takes a different angle. While it expects the overall hit to growth to be smaller—around 20 bps compared with Moody’s and Barclays’ 30 bps—it warns that the sectoral fallout could be more severe. Calling the 50% tariff “almost like a trade ban,” it highlights that smaller industries such as textiles and jewellery, already operating on thin margins, could be disproportionately affected. At the same time, Nomura sees a possible cushion: India may be able to redirect some exports to Europe, the UK, and New Zealand.

Goldman Sachs sees the most severe risk. It estimates that tariffs could shave as much as 60 bps off India’s growth if they remain in place. More than the immediate slowdown, Goldman Sachs cautions that the bigger threat lies in uncertainty. Prolonged tariffs, it argues, may discourage companies from making new investments or planning expansions.

Industry leaders echo these concerns. Siva Ganapathi, MD of Gokaldas Exports, says that the 50% tariff feels “more like a ban than a tax” and warns it could disrupt supply chains, pushing buyers to shift away from India. Shrenik Ghodawat, MD of the Sanjay Ghodawat Group, adds that sectors like textiles, gems, and seafood must quickly find alternative markets to cushion the blow. He estimates that if tariffs persist, India’s GDP could slow by 0.4 to 1 percentage point.

Domestic demand expected to keep growth outlook intact

The RBI has kept its outlook largely steady. The signal is clear: the central bank expects strong spending to continue supporting the economy despite external pressures.

S&P Global has taken an even more upbeat stance. The ratings agency recently upgraded India’s sovereign credit rating from BBB- to BBB, calling the impact of the 50% US tariff “manageable” or even “marginal.” It reasons that exports to the US make up only about 2% of India’s GDP, and with key sectors such as pharma and electronics exempt, the actual exposure is closer to 1.2% of GDP.

S&P also highlights that India’s economy is powered mainly by its consumers, with nearly 60% of growth driven by domestic spending. On top of that, the “China-plus-one” shift is drawing global companies to India—not just for exports, but to tap into its fast-growing home market. Together, these factors give India an added cushion and make growth more resilient.

The IMF is similarly optimistic. It raised India’s growth forecast to 6.4% for both FY26 and FY27, up from 6.2% and 6.3% earlier. While acknowledging that a 50% US tariff could trim growth by 20–30 basis points, it expects strong household demand and continued government investment to offset much of the drag. The fund stresses that because India’s economy depends more on domestic consumption and public investment than on external trade, it is less vulnerable to shocks like tariffs.

The RBI, S&P, and IMF all share a common view: India’s growth story rests on domestic demand rather than exports. Tariffs may pinch a few export-oriented sectors, but they are unlikely to derail the broader economy. The real test lies in how long the tariffs last. A short disruption may sting exporters without affecting overall growth, while a prolonged 50% tariff could add pressure. Even at the lower 25% rate, the impact would still be noticeable, though far more contained.

The Baseline

19 Aug 2025

Five stocks to buy from analysts this week - August 19, 2025

By Divyansh Pokharna

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 Baseline

19 Aug 2025

Which stocks did superstar investors buy in Q1FY26?

By Divyansh Pokharna

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 Enterprises rose 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.

The Baseline

14 Aug 2025

Five Interesting Stocks Today - August 14, 2025

By Trendlyne Analysis

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

The Baseline

14 Aug 2025

Chart of the Week: DVM screener delivers CAGR of 40.3% over 12 years, 5 months

By Abdullah Shah

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 Baseline

14 Aug 2025

Superstar investors get bitten by volatility, ditch old favourites

By Tejas MD

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.

The Baseline

12 Aug 2025

Five stocks to buy from analysts this week - August 12, 2025

By Ruchir Sankhla

1. Gland Pharma:

Motilal Oswal maintains a ‘Buy’ rating on this pharma company with a target price of Rs 2,340, an upside of 21%. The company posted a 50% YoY rise in net profit in Q1FY26 after declining for four straight quarters. The growth was driven by strong performance from Cenexi, its unit that makes germ-free injectable medicines. Analysts Tushar Manudhane and Eshita Jain expect earnings to grow further in H2, backed by a healthy order book and lower downtime.

The company is expanding its range by adding biologics contract manufacturing, with Cenexi handling finished medicines and Gland’s facilities making the drug ingredients. Analysts expect sales in this segment to grow 12% annually over FY26-27, backed by its product pipeline and production capacity.

Gland Pharma is strengthening its position in the complex injectable market through its own product development and partnerships. It is also expanding capacity to meet demand for upcoming GLP-1 drugs (for diabetes and weight loss). Manudhane and Jain expect its revenue to grow 14% and net profit 27% annually over FY26-27.

2. G R Infraprojects:

Axis Direct reiterates its ‘Buy’ rating on this roads & highways developer with a target price of Rs 1,540, a 24.5% upside. In Q1FY26, the company’s revenue dropped 4% YoY as many projects were still in early stages. With most of them now approved to start, the executable order book stands at Rs 15,000 crore. These projects are expected to be completed within two years, likely lifting revenue by about 13% annually in FY26-27.

For FY26, G R Infra targets an order inflow of Rs 22,000 crore, of which Rs 2,500 crore came in Q1. Analysts Uttam Srimal and Shikha Doshi highlight that besides road projects, the company has expanded into railways, ropeways, optical fibre, multi-modal logistic parks, and power transmission. This diversification reduces its reliance on roads and allows it to operate in different infrastructure areas, benefiting from expected growth in the sector.

The company’s management mentioned receiving Rs 40 crore as dividend and interest from Bharat Highways InvIT, a road projects trust. They expect Rs 230-240 crore from this source during the year, which will help boost profits.

3. Ajax Engineering:

ICICI Securities maintains a ‘Buy’ rating on this commercial vehicles company with a target price of Rs 900, a 25.1% upside. In Q1FY26, the company’s revenue and volumes were flat YoY at Rs 466 crore and 1,196 units, respectively. Self-loading concrete mixer (SLCM) sales stood at Rs 380 crore, flat YoY. Performance was impacted due to early monsoons and discounts by competitors on older construction equipment vehicle (CEV-IV) models.

Analysts Mohit Kumar and Mahesh Patil highlight India's shift to stricter CEV-V emission norms from July 2025. Ajax sold 90% CEV-V models in Q1 without any price hikes, causing the EBITDA margin to fall to 13.2% from 17.1% last year. Analysts expect margins to remain under pressure in FY26, with margin compression of 150–200 bps despite an estimated price hike of 4% in H2FY26.

The company plans a price hike in H2FY26 and will commission its fourth plant later this year. It targets low double-digit revenue growth in FY26, backed by strong market share (75% in SLCMs), product upgrades, and new equipment lines.

4. Zydus Wellness:

Sharekhan maintains a ‘Buy’ rating on this packaged foods company with a target price of Rs 2,304, an 18.7% upside. Analysts note that the company posted a soft Q1FY26 performance with revenue up just 2.4% YoY and operating profit margin down 43 bps. Net profit fell 13.4% to Rs 128 crore due to seasonal weakness from shorter summers and unseasonal rains. Non-seasonal brands, including Ritebite Max Protein, Everyuth and Nutralite, posted double-digit growth.

Management said rural markets outpaced urban growth, with tier-2 and tier-3 cities driving expansion, supported by branded commodities, personal care and dairy segments. Zydus’ direct reach stood at ~6.2 lakh outlets, with plans to add 80,000 in FY26. The company retained market leadership in core brands: Everyuth Scrubs (48.7% share), Sugar Free (96.1%), and Glucon-D (58.9%).

The company expects double-digit revenue growth in FY26, aided by distribution expansion and easing input costs. The analysts anticipate revenue and net profit to grow at a CAGR of 12% and 20% over FY26-27.

5. Eris Lifesciences:

Prabhudas Lilladhar maintains a ‘Buy’ rating on this pharma company with a target price of Rs 1,975, a 17.6% upside. In Q1FY26, its revenue rose 7.4% YoY to Rs 770 crore, led by sharp growth in domestic formulations. Sales from the Swiss Parenterals segment fell 7% due to insulin shortages, which reduced revenue by Rs 10 crore. Net profit rose 41% to Rs 120 crore, aided by lower interest costs.

Analysts Param Desai and Kushal Shah expect revenue growth to pick up in the coming quarters as insulin supply stabilises, exports improve, and market share increases in the human insulin segment. The company maintains its FY26 revenue growth guidance of 15-20%. Key growth drivers include resolving insulin supply issues, gaining market share in human insulin, and expanding the dermatology and GLP-1 portfolios.

Management sees a Rs 2,000 crore annual revenue opportunity from Novo Nordisk’s exit from the human insulin cartridge market in India, with cartridge production at its Bhopal facility set to begin in Q4FY26. The company has confirmed Rs 1,000 crore in annual contract development and manufacturing organisation (CDMO) contracts starting FY27 and targets Rs 10,000 crore in international sales by FY29.

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

(You can find all analyst picks here)