New Research Reports

Bank of Baroda (BoB) continues to accelerate credit growth, at ~16% YoY, while margin increased by 10bps QoQ to ~2.9%, mainly due to higher interest on income-tax refund and better NPA recovery.

Retail Research

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Cera Sanitaryware Ltd.'s (Cera) Q4FY26 performance was above our estimates on all fronts. Cera Sanitaryware delivered a resilient fourth quarter with total revenue reaching Rs6.44 Bn, supported by steady retail demand and strong project execution. However, margins were pressured by a sharp rise in brass prices and higher trade discounts used to maintain competitiveness. To counter these headwinds, the company implemented strategic price hikes across its faucetware and sanitaryware divisions. The Middle East crisis further complicated operations, causing gas supply restrictions at production plants and...

With a 15% upside potential from the CMP, we maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.

With an upside of 15% from the CMP, we maintain our BUY rating.

We maintain our HOLD rating on the stock.

We increase our top-line estimates to factor in improved retail demand and push towards the organised sector. We forecast a Revenue/EBITDA/PAT CAGR of 12%/9%/7% and assign a 29.5x FY28E EPS to arrive at a TP of Rs 7,000/share, implying an upside of 21% from the CMP. We maintain our BUY rating.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock

We maintain our BUY recommendation on the stock.

Newsletter

Volume growth of 21% was offset by weak realisations (-9% YoY). EBITDA margin contracted owing to lower realisations

Revenue beat, miss on margins, revenue growth of 11% driven by 18% faucetware growth while sanityaware grew 6% YoY

Q4 earnings resilience was led by realisation gains, ancillary income and logistics scale-up, despite a muted cargo growth

Revenue rose 10% YoY. Pricing helped offset the inflation/star-rating impact, lifting EBITDA margin 40bps

Targeting INR1trn revenue by FY30 through expansion across solar, storage and energy infrastructure Total capex of ~INR300bn planned over next 2-3 years across...