New Research Reports

Quant IPO Lock-In Monitor Fortnightly Review of Anchor Lock-In Releases and Post-Listing Stock Performance

HealthCare Global Enterprises (HCG IN) Management Meet Update Structural levers to drive growth BUY

Kotak Mahindra Bank (KMB IN) Event Update RBI approves Mr. Anup Saha as MD&CEO for 3 years BUY

Export and Automotive Business Becomes the Growth Driver: Export revenue has risen strongly, led by automotive OEM supplies, with higher-value export grades supporting revenue growth despite moderate volume expansion. Capacity Expansion Provides Future Volume Growth: A new brownfield coating line is expected to add ~5 lakh LM/month from FY27, creating 25-30% additional capacity headroom and supporting future volume growth. Expansion into Footwear, Leather Goods and Garments: Mayur is expanding beyond automotive into footwear, fashion and leather goods, with global brand...

News Letter

APIs : Symbiotec enjoys a strong global leadership position in corticosteroid and steroidal hormone APIs, with a global volume market share of 38.2% and 23.8%, respectively. Its portfolio comprises of ~60 products across sterile and non-sterile formats, catering to a diversified customer base of 200+ clients across 40+ countries, including 150+ export customers. Strong customer stickiness is reflected in an average relationship tenure of nearly 10 years with its top 10 customers. The corticosteroid and steroidal hormone APIs segment is expected to grow at ~810% CAGR during FY26FY29E to be driven by a stable base business growth and traction from new...

We recommend the following stocks: Kotak Bank, Bajaj Finance, Bharti Airtel, ICICI Bank, Varun Beverages Ltd, APL Apollo Tubes, HCG Ltd, LG Electronics (I) Ltd, Nestle India Ltd, Eternal Ltd, Chalet Hotels, Minda Corporation Ltd, Dalmia Bharat Ltd, City Union Bank, CCL Products Ltd.

Asian markets traded mixed this morning. The Nikkei rose 2.19%, while Mainland China and Hong Kong markets remained closed for a holiday.

We maintain our BUY rating, valuing the company at 38x Jun'28E EPS, to arrive at a TP of Rs 3,360/share, implying an upside of 33% from the CMP.

END OF DAY SUMMARY

Retail Research

MARKET SNAPSHOT

Technical Newsletter: 30-Sept-2026

segments : CDLM is venturing into new, emerging and high-growth segments including Semiconductor equipment, AI Data centers and Robotics during FY27E. We believe the semiconductor segment particularly has multi-year growth visibility with Government approving the next phase of the Semicon India Program (ISM 2.0), with an outlay of ~1,27,500 crore to accelerate the development of a resilient semiconductor and electronics ecosystem in India. The recently concluded Semicon India 2026 saw significant investments from multinational giants...

Our recent interaction with LG Electronics India (LGEIL) management suggests healthy revenue growth momentum across key segments, aided by healthy consumer demand and its premiumization strategy.

Retail Research

News Letter

EV penetration remains structurally high in the premium segment; this drives higher workshop utilization and margin-accretive after-sales

Asian markets traded higher this morning, except for the Hang Seng, which declined 0.34%. Meanwhile, the Shanghai Composite and Nikkei rose 0.40% and 1.21%, respectively.