New Research Reports

Retail Research

MARKET SNAPSHOT

Honasa’s upcoming Analyst Meet is likely to focus less on near-term recovery and more on the sustainability of growth, profitability and the long-term shape of the business.

The group plans to increase capex from INR1.5t in FY26 to INR7-8t by FY30, with scope to reach INR10t. Management emphasized that investments will remain disciplined, with each business pursuing projects that generate returns above the cost of capital.

We interacted with the management of JSW Cement (JSWC) to understand the current demand trend, progress on the company’s expansion plans and recently commissioned capacities, Ground Granulated Blast Furnace Slag (GGBS business) growth and future opportunities, prevailing cost trends, and key cost reduction measures.

MIDHANI’s Q4FY26 EBITDA, at INR 1.16bn, undershot estimates. The miss stemmed from lower gross margins (mix and commodity price inflation) despite in-line revenues (46% of annual execution) as MIDHANI executed pent-up order.

Despite multiple headwinds, Ahluwalia Contracts (India) delivered a robust performance in FY26 with an all-time high revenue of ~Rs46bn (~11.4% y/y) and ~118bps expansion in EBITDA margin led by robust OB and accelerated execution of marquee projects.

Retail Research

The company's capital expenditure (capex) estimate for FY27 is Rs. 1,500-1,800cr, along with an annual maintenance cost of Rs. ~200cr. BKT's performance in Q4FY26 reinforces confidence in the resilience of its core off continued strength in India, supporting a healthier volume outlook. The longer-term investment case is supported by expansion in the on-highway portfolio and the scaling up of the carbon black business, which should gradually diversify revenue streams and strengthen the operating platform. While the near-term earnings trajectory may be tempered by rising raw material prices, higher freight expenses...

Lupin's strong double-digit growth continues to be driven by robust US market leadership, expanding traction in the respiratory portfolio and deepening complex generics capabilities. Management has guided for sustained revenue growth with stable margins, supported by continued R&D investment. The company's focus on accelerating ANDA filings and building a differentiated 505(b)(2) and biosimilar pipeline are expected to support sustained growth momentum. The strategic push into specialty segments through organic initiatives and targeted acquisitions,...

Minda Corporation delivered record Q4FY26 EBITDA of 203cr, up 33%YoY, with margins expanding ~37 bps to 11.9%. This strong operating performance, supported by industry leading top-line growth, operational efficiencies, and a richer product mix, drove profitability higher. Net...

With a 5% upside from the CMP, we maintain our HOLD rating on the stock.

Asian markets are trading lower as a global shift toward a risk-off environment triggers widespread profit-taking. Weakness in Wall Street's technology sector overnight, alongside spiking geopolitical risk premiums and surging energy prices.

IPO Note

Newsletter

We attended Adani Annual Conference 2026, where they showcased the plan for Dharavi Redevelopment, the project covers ~600 acres in central Mumbai and impacts over 1 million residents, making it one of the largest urban regeneration projects globally. The project involves redevelopment of one of the world's most densely populated informal settlements into a modern mixed-use urban district. It is not merely as a...

Q4FY26- Steady performance Revenues stood at 625.3 crore, up 3.1% YoY. Gross Margins stood at 40.3%, up ~70 bps YoY. EBITDA for the quarter stood at 130 crore, up 9% YoY, translating to margins of ~20.8%, up ~110bps YoY. PAT for the quarter stood at 117.5 crore, up 21% YoY. In FY26, the revenues stood at 2,365.8 crore, up 4.4% YoY. Gross Margins stood at 40.1%, down ~120 bps YoY. EBITDA for the year stood at 483 crore, down 5% YoY, translating to margins of 20.4%, down ~210 bps YoY. PAT for the year stood at 417 crore, up ~1.6% YoY....

Expansion in new geographies as per plan- Dent in EBITDA margins was attributable to the commissioning of new hospitals (~1280+ beds addition in FY26). KIMS continues to perform better in its' key markets of Andhra Pradesh and Telangana with its' strategy of shifting its payor mix more toward cash and insured patients (in Andhra) to improve ARPOB and margins. This along with foray in new high ARPOB fetching markets of Bengaluru and Thane bodes well for more profitable growth. Having demonstrated one of the best unit economics despite having one of the lowest ARPOBs in the industry, KIMS...

Technology leadership, value-added products and large capex pipeline to drive margin expansion: MIDHANI continues to strengthen its position in high-end metallurgy through indigenous development of single-crystal blade materials, CEMILAC certification for critical aero-engine alloys and NADCAP heat-treatment certification, which could unlock direct business from global aerospace OEMs. The company plans ~1,000 crore capex over the next three years focused on automation, modernization and downstream processing capabilities to improve productivity and yields....

Core strength intact, new energy execution vital About the stock: Amara Raja Energy & Mobility (AREM) is a part of the duopolistic organised Indian lead acid battery market with a strong presence across Automotive (OEM & aftermarket) and Industrial battery space (UPS, Telecom, etc.). Approaching E-Mobility through a mix of EV chargers, Li-On battery pack assembly, captive Li-On cell manufacturing and stake in Log-9 materials Q4FY26 Result: On standalone basis, net sales for the quarter came in at 3,460 crore, up 16% YoY. EBITDA in Q4FY26 came in at 377 crore with corresponding...