New Research Reports

growth. We maintain our positive stance on the telecom sector given the much needed tariff hikes undertaken by the companies. Maintain Accumulate' rating on Bharti with SOTP-based TP of Rs1,916 valuing the India business at 13x FY27...

Additionally, NCERT's announcement of new competency-based textbooks for grades 4, 5, 7, and 8 marks a meaningful expansion in the curriculum upgrade cycle. While the sales season for FY25E will remain unaffected, this remain under pressure amid the growing adoption of second-hand books, although recurring institutional orders may offer a temporary buffer. On the operating performance front, while NELI and S Chand's EBITDA is likely to witness mid-single digit growth, DOMS is likely to witness margin compression due to consolidation of personal hygiene business. Among our coverage...

Jan/Feb registering double digit growth in monthly traffic to 14.6mn/14.0mn luggage sector, given price environment continues to remain competitive, growth is likely to be driven by volumes. Overall, aviation and hospitality are key beneficiaries of Maha Kumbh. Within our hospitality coverage universe, we expect RevPAR growth to be in mid-teens for Chalet and Lemon Tree. As for Indigo, we expect yields to remain flat with a top-line of Rs218bn and EBITDAR margin of 28.5% (excluding FX loss/gain). We prefer Indigo and VIP at current levels and have upgraded IRCTC to a BUY....

Dovish policy with flood of liquidity

Underpromise, overdeliver

In our view, ACI has a plethora of opportunities – each carrying strong value creation potential – along its path ahead. Right off the bat, the expansion in bromine derivatives, and thus, higher captive bromine consumption would likely provide a strong fillip to ACI’s bromine business.

The anti-dumping duty (ADD) on Acetonitrile (ACN) imports from China, Russia, and Taiwan may offer Alkyl Amines Chemicals (AACL) a margin and market share upside from 2HFY26.

Tata Steel Nederland (TSN) has adopted a comprehensive transformation program to maximize production efficiencies, reduce fixed costs, and optimize product mix and margins.

Indian Hotels’ (IH) transformational journey over the past decade is marked by bold strategic moves—embracing an asset-light model, reimagining Ginger Hotels, and expanding into new segments.

Retail Research