New Research Reports

IPO Note

IPO Note

IPO Note

IPO Note

News Letter

Zetwerk manufacturing business (Zetwerk) is a technologyled manufacturing and procurement platform that connects customers with a global network of third-party manufacturers while also operating its own manufacturing facilities. The company provides end-to-end manufacturing solutions spanning...

Transformers and Rectifiers India Limited (TARIL) have a wide range of transformers, like Power & Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers. Company has strong in-house design & technical expertise, along with technical collaboration/JV relationship for...

Tonbo Imaging India Ltd (TIIL), incorporated in 2003, is primarily into electro-optical and infrared (EO/IR) imaging and sensing systems for defence and security applications. Company's products are divided into tactical systems (57% of FY26 revenue) and platform systems (~40% of FY26 revenue). Key products are weapon scopes, helmet mounted sights. Fire control systems, thermal...

Asian markets were trading mixed this morning. Shanghai and Nikkei gained 0.16% and 0.62%, respectively, while Hang Seng was nearly flat.

We recommend a BUY on the stock with a TP of Rs 345/share, implying an upside of 10% from the CMP.

HD Fire Protect Limited, incorporated in 1997, is part of the Dharamshi family and manufactures fire protection equipment and suppression systems, including sprinklers, valves, foam systems, monitors and gas-based suppression systems.

Tata Elxsi reported a steady Q2FY27 with revenue of INR 10,560 Mn, up 2.3% QoQ and 7.8% YoY in constant currency, with all three verticals contributing to growth. EBITDA margin expanded 70bps QoQ to 21.9% despite absorbing annual wage hikes, driven by cross-currency benefits and operating leverage.

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END OF DAY SUMMARY

MARKET SNAPSHOT

Update Note

We expect a steady Q2FY27 across our IT Services coverage, with aggregate revenue and PAT growth of 12.2% YoY and 12.6% YoY, respectively. INR growth is supported by the rupee's ~9% YoY depreciation.

Aditya Infotech (AIL) holds ~43.3% market share in India's structurally underpenetrated surveillance market. The ongoing supply chain challenges have further crippled the competition, which has placed CP PLUS in a strong position to gain further share.

JK Cement (JKCE) is expanding grey cement capacity to 40mtpa/50mtpa by FY28/FY30 vs. 32.3mtpa currently, with ongoing 7.0mtpa North expansion scheduled for commissioning in 1HFY28.

We have recently upgraded JUBI to BUY in our QSR thematic in Aug’26, as we believe the company is best positioned among listed QSR players to benefit from a recovery in discretionary consumption.