New Research Reports

Following the successful listing of three companies last week, the IPO momentum remains strong this week, with two new issues opening and three more set to debut on the exchanges.

We forecast Shree Cement to deliver Revenue/EBITDA/PAT CAGR of 10.2%/9%/12.7% over FY26– FY28, supported by healthy cement demand growth, capacity expansion, operational efficiencies, and continued focus on premiumization.

India’s auto industry started FY27 on a steady footing in April 2026, with demand holding up across most key segments even as volumes normalized after the fiscal year-end push in March.

MARKET SNAPSHOT

We maintain BUY on ABLBL and TP of Rs140 (20x Mar-28E EBITDA), as Q4 EBITDA was largely in line with our expectations.

CREDAG is firmly on an improving earnings trajectory, with PAT at Rs3.4bn/RoA at 4.4%, mainly driven by better margins and moderating LLP. Overall, AUM growth has improved to 14% YoY, with retail finance (RF) gaining strong traction as its share increased to 18%.

Ujjivan SFB continues to ride the MFI recovery story. AUM growth accelerated to 27% YoY, while margin jumped by 30bps QoQ to 8.5%, and credit cost moderated to 1.5%.

Sales/EBITDA/APAT surpassed our 4QFY26 estimates by 8.1%/18.5%/12.7% respectively; EBITDA Margin by 254 bps

Structural Demand Tailwind Backed by Policy Reform: GST 2.0 have had a positive influence on the auto industry and have resulted in improved sentiments in the domestic market. In Q4FY26 PV volumes delivered a record-breaking performance, with sales hitting an all-time high of 13.2 lakh units, up 13% YoY, making it the strongest Q4 on record while clocking its highest ever sales of 46 lakh units in FY26, (up 8% YoY) on the back of improved affordability following the GST rate reduction. The current shift in domestic consumer's preference toward upright seating position,...