New Research Reports

We maintain a BUY rating on the stock.

Company is India's largest pure play provider of engineering, procurement and commissioning (EPC) services for solarpowered agricultural water pump systems (which are also referred to as solar-powered pump systems) under Component B of the Central Government's Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan scheme (the PM-KUSUM Scheme) as measured by the number of solar-powered pump systems installed under the PM-KUSUM Scheme in the period...

IPO NOTE

company offers farmers an end-to-end single source solution for the survey, design, supply, assembly and installation, testing, commissioning and maintenance of solar-powered pump systems. The company is an empaneled vendor under the PM-KUSUM scheme in the states of Maharashtra, Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh with Maharashtra accounting for over 95% of SPPS installed by the company in F25. The company currently operates an asset-light model wherein it sources solar panels, pumps and various other components from different specialised vendors. Going forward,...

Elgi Equipments (ELEQ) delivered decent performance during the quarter, with revenue rising 8.2% YoY, while EBITDA margin contracted marginally by 25bps YoY to 14.0%. Domestic order enquiries remained healthy; however, geopolitical instability and tariff-related uncertainties delayed order finalizations. In overseas markets, Europe and Australia saw a modest...

EBITDA margins contracted by 166bps YoY to 23.5% due to subdued revenue performance further aided by weaker operating leverage commands an 18% share of the domestic air compressor market, with incremental capacity from its upcoming Gujarat plant expected to further strengthen its position. However, commissioning has been deferred to Q3 FY26...

We maintain a BUY rating on the stock.

Kirloskar Pneumatic (KKPC) reported a soft revenue growth of 2.3% YoY, while EBITDA margin contracted by 244bps YoY to 11.8%. During Q1, the company faced lower offtake and execution delays due to geopolitical uncertainties and supply chain disruptions. However, management remains optimistic about the long-term growth prospects amid short-term challenges. In the Air...

IPO NOTE

Oswal Pumps Ltd (OPL) is the fastest growing vertically integrated solar pump manufacturer in India, in terms of revenue growth between FY22FY24). The company manufacturers solar-powered & grid-connected submersible and monoblock pumps, electric motors and solar modules which are sold under the Oswal' brand name. The company has emerged as one the largest supplier of solar powered agricultural pumps under the PM Kusum Scheme in FY23 and FY24; and has directly or indirectly supplied ~38.0% of the total solar powered agricultural pumps installed as of Dec'24. Further, the company is amongst the few fully integrated turnkey solar...

Elgi Equipments (ELEQ) reported a healthy quarter, with revenue growing 14.7% YoY and EBITDA margin improving by 64bps to 15.1%. During the quarter, the domestic order inquiries remained strong though the order finalizations were delayed. ELGI's newly launched Stabilisor' is on track for a full market rollout by Q3FY26. High margin Aftermarket sales remain a key focus amid the...

During the quarter, management reclassified Business support & auxiliary services from revenue to other income. We revise our FY27E EPS estimates by -1.4%, factoring in geopolitical and tariff related uncertainties for IR India's export business. Ingersoll-Rand India (INGR) reported a decent quarter with revenue growing by 7.9% YoY and EBITDA margin expanding by 128bps YoY to 25.9%. The greenfield capacity expansion, expected to be operational from Q1FY26, will drive the next phase of growth...

Management targets ~Rs20bn revenue and ~18-20% EBITDA margin for FY26 and expect ~20% revenue CAGR over the next two years. Kirloskar Pneumatic (KKPC) reported a healthy quarter registering 20.7% YoY revenue growth while maintaining an 18.5% EBITDA margin. During the year, KKPC gained market share in its Air compression segment aided by stronger adoption and demand for Tezcatlipoca compressors while the Refrigeration compression segment remained a growth driver with traction from dairy, food...

We recommend a BUY rating on the stock with a target price of Rs 1,925/share, implying an upside of 10% from the CMP

Tezcatlipoca A-800, to be launched soon, will replace oil-free screw air compressors, further gaining market share in Air Compression We visited Kirloskar Pneumatic's Saswad and Hadapsar plants and engaged with top management to discuss the current demand environment and future outlook. The Saswad plant, which primarily manufactures gas and refrigeration compressors, contributes ~70% to KKPC's total revenue. The Gas Compression business remains weak due to elevated gas prices; however, the management...

Elgi plans to expand its Electric Motors capacity while investing ~Rs2.5bn for phase 1 of MK2 plan to build new facilities of Portable business and GSC. We recently attended Elgi Equipments' plant visit & analyst meet, where the management highlighted the company's robust business performance driven by market share gains in the ISAAME (India, South Asia & Middle East) region amid strong demand and new product launches. However, North American...

We revise our FY26/27E EPS estimates by +4.0%/-0.3%, factoring in continued strong domestic demand and better execution. Ingersoll-Rand India (INGR) reported a strong quarter with revenue growing by 17.0% YoY and EBITDA margin expanding by 484bps YoY to 27.6%. IR India is well-positioned for its next phase of growth, driven by a Rs1.7bn greenfield capacity expansion which is expected to be fully operational from Q1FY26 and advancements in...

We maintain a BUY rating on the stock