New Research Reports

Resilient cigarette volumes, steady FMCG growth, and expected margin recovery from easing input costs underpin our positive outlook.

Tata Consumer Products is poised to maintain strong growth momentum in H2FY26, driven by sustained double-digit performance in India Foods and Beverages.

About the stock: Tata Consumer Products (TCPL) was formed with a vision to synergise, simplify and scale the principal consumer products interests of the Tata Group under one roof. Under the vision it has transformed itself from commodities tea/coffee business to high margins food and beverage business. TCPL's product portfolio includes tea, coffee, salt, pulses, spices, dry fruits, water, ready-to-drink (RTD), ready-to-cook (RTC), and breakfast cereals, snacks, and mini meals. Q2FY26 performance: TCPL's consolidated revenues grew by 18% YoY to Rs.4,965.9cr driven by 15% growth in the India beverage business and 19% growth...

Tata Consumer Products (TATACONS) reported ~8% YoY growth in EBIT, marking a recovery after three consecutive quarters of decline.

About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above...

United Spirits (UNSP) delivered a strong performance in 2QFY26, with revenue rising 12% YoY (beat) and total volumes up 8% (vs. est. 6%).

About the stock: ITC is diversified consumption play with presence in businesses such as cigarettes, FMCG, Agri and Paperboard, Paper & Packaging (PPP) in India. Its strategy hinges towards utilising funds generated from cash cow cigarette business in improving the growth of FMCG and other businesses. The company...

About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above (P&A) contribution has gone up to 67% in Q1FY26 due to strong traction to products. Q2FY26 performance: RKL reported strong set of results in Q2FY26 with net revenues growing by 34% YoY to Rs.1493.9cr. Strong revenue growth was driven by 37% YoY volume growth (P&A segment volumes grew by 22%). Despite stable raw material environment, gross margins stood flat at 43.6% as portfolio mix tilted...

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

LT Foods (LTFOODS) reported a strong quarter with revenue growth of 31% in 2QFY26, led by 36% YoY growth in Basmati and Other Specialty Rice (branded business volume up 26% YoY).

Management remains optimistic about sustaining growth momentum, supported by robust international performance and a recovery in domestic demand as weather conditions normalize.

With a 14% upside potential from the CMP, we maintain our BUY rating on the stock.

3QCY25 was a muted quarter for Varun Beverages (VBL) as its revenue grew only ~2% YoY due to prolonged monsoon across India.

Godrej Agrovet (GOAGRO) has exhibited a pronounced and sustained recovery across its metrics over the last 12–18 months, as cost and margin gains prevailed over soft volume growth.

Company is one of India's largest biofuels producers, having strategically positioned itself as a prominent and diversified player in the biofuels industry, particularly in the Ethanol sector. Company hold the distinction of being the largest Ethanol producer in India based on installed capacity, with an aggregate installed capacity of 2,000 kilo litres per day (KLPD) and an operational capacity of 1,800 KLPD, as of March 31, 2025. Company's market share is amongst the largest in terms of...

TruAlt Bioenergy Ltd. (TBL) is one of India's largest biofuels producers and largest Ethanol producer based on installed capacity. As of FY25, the company houses 5 distillery units in Karnataka with an aggregate installed capacity of 2,000 kilo litres per day (KLPD). Additionally, TBL's subsidiary Leafiniti', is one of the first producers of Compressed Biogas (CBG) under the SATAT scheme which was introduced by the government in 2018. As of Mar'25, Leafiniti operates a 10.2 tonnes per day (TPD) CBG plant, which also produces solid and liquid Fermented Organic Manure (FOM). TBL also...

IPO NOTE

In FY25, India’s tea production declined 5% YoY but rebounded in the current season (Jan–Jul’25) with 14% growth, led by Assam and West Bengal. This stabilized prices after a peak in Jun’25.

Gujarat Ambuja Exports Ltd (GAEL) is an Agro Processing conglomerate with various manufacturing plants at different locations in States of Gujarat, Maharashtra, Madhya Pradesh, Uttarakhand, Karnataka and West Bengal. The Company's product profile includes Solvent Extraction comprising of all types of Oil Seed Processing, Edible Oil Refining, Spinning, Maize based Starch and its derivatives, Wheat Processing / Cattle Feed and Power Generation through Wind Mills, Bio gas, Thermal Power & Solar Plant...