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Gravita's strategic diversification across recycling verticals, combined with favorable regulatory developments and a proven execution track record, positions it as a prime beneficiary of India's formalizing and sustainable waste management transition.

hikes the improvement in margins would either be flat or negligible due to missing operating leverage. We expect median revenue growth to decline by 1.2% QoQ in CC terms & grow 0.5% QoQ in USD terms. Currency volatility continues with major currencies like EUR and GBP having strengthened against USD by 5.9% and 7.6% QoQ, respectively, which will translate into tailwinds to the tune of 60-400bps QoQ in reported terms. Vertical wise, BFSI should continue its growth momentum, while hi-tech and ENU should also support growth for selective names. Manufacturing and...

We conducted channel checks of paint dealers across regions. Our interaction suggests that 1) 1Q has seen decent demand with QoQ improvement, however recovery remains slow 2) demand outlook remains positive led by lower inflation, interest rate cuts, tax reductions and normal monsoons. Asian Paints is experiencing a year-on-year decline in the West and South regions, sales in the East remained flat while north India sales trends show mid-high single digit growth. For Kansai Nerolac, the South market is weak, whereas other regions are performing well....

chronic therapies and opens up many newer therapeutic areas. The deal also adds JBCP's CDMO vertical, offering diversification and growth optionality. The acquisition is likely to be debt-funded requiring Rs 122bn to fund acquisition upfront. We see JBCP current OPM of 2728% to scale to 31-32% (similar to current TRP margins) via sourcing efficiencies, cost rationalization, and pricing actions on keys brands. Historically TRP have managed to integrate...

The proposal to demerge the pharmacy business—including offline pharmacy, online and telehealth operations, and Kiemed—into NewCo bodes well for longterm value creation across both the healthcare services (hospital/clinics business) and pharmacy businesses.

Banking sector (non-food) credit growth stood at 9.6% as on 13 Jun'25 vs ~8.8% in May'25 (vs ~11% in FY25). The latest sectoral deployment data showed that credit growth moderated in agri, industry and services sectors in May'25, partly attributable to high base. Agri loans stood to 7.5% in May'25 vs 9.2% in Apr'25. Loans to industries moderated to 4.8% in May'25 vs 6.6% in Apr'25, due to slowdown in particularly large industries. Services sector growth too softened to 8.7% vs 10.5% YoY in Apr'25. Growth in loans to NBFCs declined to -0.3% YoY in May'25 vs +2.9% YoY in Apr'25. However, loan to retail segment slightly moderated...

Retail Research