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Cement demand outlook remains strong, driven by GoI's continued focus on infrastructure and housing. Pricing pressures have eased, with realizations improving since Q4FY26. Margins are expected to strengthen further on higher utilization, cost efficiencies, and rising green energy...

*over or under performance to benchmark index Torrent Pharmaceuticals Ltd is engaged in the research, development, manufacturing and marketing of generic pharmaceutical formulations. It has operations in India, the...

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Partnered with global industry experts to enhance volume. Execution of reserve growth plan remains critical. We attended VOGL's analyst meet, where management outlined its growth strategy following its demerger from the parent company. Management aims to increase reserves across its basins through ASP-led recovery, tight oil growth, gas exploration, offshore infill drilling, KG basin development, and new exploration opportunities. VOGL is now partnering with global players with deep domain expertise to enhance execution capabilities. The development plan is expected to be performance-incentive linked to...

We attended the analyst meet of Vedanta Power, which is currently among the top five private thermal power producers by installed capacity and is targeting a position among the top three players by FY33. The company plans to expand its coal-based capacity from 4.2GW in FY26 to 4.8GW in FY27E (+14% YoY) and further to 12GW by FY33, implying a CAGR 16% over FY27-33E but large part of growth is back ended. Of the existing 4.2GW operational portfolio, around 3GW (74%) is tied up under long-term contracts, while 1.1GW (26%) remains merchant exposure. The expansion (7.2GW) is expected to require equity investment of approximately INR230bn, which...

We recently interacted (in a group meeting) with the management of Sheela Foam Ltd (SFL). The management remains optimistic on the company's medium-term growth prospects, driven by market share gains, distribution expansion, e-commerce penetration, and the successful integration of Kurl-On. SFL has already realized ~INR1.9bn of the targeted INR2.5bn synergy benefits from Kurl-On acquisition, with the balance expected to be captured by H1FY27. SFL continues to aggressively expand its retail footprint, supported by the unorganized-to-organized transition (U2O,...

Core business resilient, EESL enters next phase lead acid battery market with presence across automotive & industrial applications. It also has dual presence in Li-On battery space through assembly operations (1.5...

We met the management of Clean Max at a Group Meeting yesterday. Management reiterated confidence in sustaining strong growth, supported by rising renewable adoption among commercial and industrial customers, increasing demand from hyperscalers and data centers, and favourable regulatory tailwinds.

END OF DAY SUMMARY

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mitigated through the addition of 182 MW of renewable energy capacity in FY26 and logistics optimization. In addition to the price hikes implemented at the end of Q4 FY26 across all regions, the ongoing easing of fuel costs is expected to further support margins to recover in H2FY27. The stock currently trades at a 1-year forward EV/EBITDA of 10x. We value DBL at...

USM: High-performance engineered products and solutions ............................................. 5 Industry Overview ....................................................................................................... 7 Key End User Industries ......................................................................................................................7 Cranes ........................................................................................................................................................................ 7 Elevators.................................................................................................................................................................... 7 Mining ......................................................................................................................................................................... 7 Oil & Offshore..........................................................................................................................................................8 Steel Strands and LRPC .......................................................................................................................................8...

Tata Motors Passenger Vehicles (TMPV) outlined its five-year strategy at its Investor Day, focusing on product interventions, cost reduction and accelerated EV/CNG penetration.

We hosted CA Grameen in Singapore for an investor roadshow. Takeaways: Management believes its business model is designed to benefit during an upcycle and withstand challenges with a relatively lower impact than the industry.

Retail Research

Aastha Spintex Ltd. (ASPL) is engaged in the business of manufacturing and trading cotton yarns (carded/combed/compact combed) and cotton bales. The cotton bales produced by the company are primarily used captively to produce cotton yarns, while the surplus is sold to spinning mills, traders, and other customers. Further, the cotton yarns produced by ASPL are used in both knitting and weaving applications, catering to a wide-spectrum of end-use segments and...

Company is amongst the few IT solutions companies, who have delivered first of its kind projects for government as well as for the private sector. Company also specialise in providing GovTech solutions and digital transformation services. Company provide technology solutions across sectors such as mining and allied services, government & public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism . Incorporated in 1998, company have...