New Research Reports

We hosted Emami’s management team—Mohan Goenka (Director), Manish Gupta (Head of Sales), and Rajesh Sharma (Sr VP finance and IR)—and a group of investors, as part of our Emkay Connect initiative.

We initiate coverage on Stovekraft (SKL), the leading kitchen and home appliance player (brand Pigeon), with BUY and TP of Rs1,350/sh at 20x Sep-26E EV/EBITDA (56% upside).

We met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business. The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25.

MCX plans to grow volumes by launching new products, such as serial contracts, index options, 10g monthly gold futures, cotton seed wash oil, crude sunflower oil contracts and many more in the pipeline.

Dixon Technologies’ (DIXON) recent tie-ups and MoU with HP and Asus for the production of PCs, notebooks, and laptops under IT hardware PLI 2.0 augur well for scaling up its IT hardware revenues from current levels.

Varroc Engineering reported 5.2% y-o-y growth in 1Q FY25, driven by strong growth in India offsetting the decline in overseas operations.
Quarterly EBITDA (excl. MTM FX impact) declined 4.3 % y-o-y as EBITDA margin slid 90 bps y-o-y to 9.1%.

Retail Research

Retail Research

After a muted Q1, PVR Inox is set for sequential improvement from Q2FY25. Plus, advertising income, which has been lagging pre-Covid levels should get a boost.

An established ‘cash cow’, Eureka Forbes were the pioneers for introducing water purifier and
vacuum cleaner in India. Eureka Forbes has a long history of launching innovative products and
campaigns in India.