New Research Reports

While near-term demand remains uneven across international markets, management commentary suggests gradual stabilization supported by normalization in freight, moderating raw material costs, and improved replacement demand.

Growth is expected to recover gradually as the impact of large-account headwinds tapers off and ramp-ups from recent wins begin to contribute more meaningfully.

Chola’s outlook for H2 appears strong, with management confident of maintaining 20% AUM growth and expecting a clear pickup in disbursements as GST benefits flow through and Q2 delays in LAP/HL registrations shift into Q3.

We initiate coverage on WeWork India Management Ltd. (WeWork) with a BUY rating and a target price of INR 914, based on 18x Sep’27E EV/IGAAP EBITDA (post all lease rental payments).

END OF DAY SUMMARY

Retail Research

MARKET SNAPSHOT

Retail Research

Retail Research

DMart Ready added 10 new fulfillment centers in key metro markets, while rationalizing presence by exiting five smaller cities. The platform now operates across 19 cities, reinforcing focus on high-potential urban clusters ....

Sudeep Pharma is a technology driven manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries, supported by in-house capabilities in encapsulation, spray drying, granulation and liposomal preparations. The company is one of the largest producers of food grade iron phosphate and a leading exporter of mineral based ingredients from India, supplying to more than 100 countries. Its regulatory credentials are a key strength, reflected in approvals such as USFDA, WHO-GMP, EXCiPACT and a rare CEP certification for calcium carbonate in the European Union. The company's...

Asian markets are trading higher as Nvidia's earnings beat and bullish guidance helped ease concerns around AI-related valuations. The Nikkei, Shanghai Composite and Hang Seng are up 3.56%, 0.54% and 0.60%, respectively.

IPO NOTE

Newsletter

We initiate coverage on Pine Labs with REDUCE and TP of Rs210. Pine Labs has a strong value proposition in the enterprise POS segment (supported by high customer stickiness driven by deep software integration) and dominant position in EMI aggregation (owing to its early-mover advantage).

Divi’s enters the second half of FY26 with a healthy execution pipeline across Custom Synthesis, supported by multiple projects progressing through validation and expected to commercialize over the next 1–2 years.

We have rolled forward our valuation basis to Sept’27 estimates. We value Devyani at 19.0x Sept’27 EBITDA, implying a target price of INR 165.

END OF DAY SUMMARY

Retail Research

MARKET SNAPSHOT