New Research Reports

We initiate coverage on ABLBL with BUY and Sep-26E TP of Rs170 (25x Sep27E pre-IndAS EBITDA). ABLBL owns a portfolio of India’s leading fashion brands, having recently de-merged from ABFRL.

We recommend a BUY rating on the stock with a TP of Rs 845/share, implying an upside of 10% from the CMP.

Company is primarily engaged as a retail supermarket chain operating in tier-III cities and nearby suburban areas, with focus on value retail, offering food, non-food (FMCG), general merchandise and apparel catering to the needs of the entire family. Incorporated in Fiscal 2008, Company started its first store under the brand Patel's R Mart at Ambernath, Maharashtra and since, its operations are spread across the suburban area of Thane and Raigad district in Maharashtra. As...

We maintain our BUY rating on the stock

With a 3% downside from the CMP, we maintain our HOLD rating on the stock.

With a 0% upside from the CMP, we maintain our HOLD rating.

Aditya Birla Fashion and Retail (ABFRL) delivered a better-thanexpected operational performance in 1QFY26, with revenue growth of 9% YoY (strong performance in Ethnics and TMRW) and EBITDA growth of 25% YoY (~22% beat,) driven by 16-24pp improvement in profitability for Ethnics and Luxury Retail.

Bata India's (Bata) Q1FY26 result was in-line with our estimates on key parameters. Q1FY26 was relatively tough, showing only flattish growth, though it seemed slightly better than the previous quarter. There is still stress in the mass segment, particularly the middle and mass segments of the consumer base. Consumers in the target middle-class segment have experienced a pinch due to inflation, necessitating a focus on value for money in products. Further, there is a structural shift in consumer behaviour towards online platforms, leading to growth in e-commerce and direct-to-consumer (D2C) brands. The...

IPO NOTE

Trent Ltd is a leading Indian retail company that operates stores under the Westside, Zudio and Star Bazaar brands, specialising in apparel, footwear, accessories, toys, games and other lifestyle products....

Patel Retail Ltd. is a value-focused retail supermarket chain operating in tierIII cities and suburban areas of Maharashtra, primarily in Thane and Raigad districts. Since its inception in 2008 with the first store in Ambernath, the company has grown to 43 stores with a retail area of ~1.79 lakh sq. ft. as of May 31, 2025. It offers over 10,000 SKUs across 38 product categories, including food, FMCG, apparel, and general merchandise. To boost margins and brand visibility, it has launched private labels like Patel Fresh (pulses, instant mixes), Indian Chaska (spices, ghee, papad), Blue Nation (menswear), and Patel Essentials (home products), processed and packed at its Ambernath...

Info Edge (INFOE)’s standalone revenue stood at INR7.4b, up 15.3% YoY/ 7.2% QoQ, in line with our estimate of ~INR7.4b. EBITDA margin came in at 37.7% flat QoQ/down130bp YoY), below our estimate of 40.7%.

Metro Brands’ (MBL) 1QFY26 revenue grew 9% YoY on a low base (-1% YoY in 1QFY25), driven by a 45% growth in E-commerce and a modest ~4% YoY growth in in-store sales (on the back of ~8% YoY area additions).

We cut FY26/FY27 EPS estimates by 1.9%/4.5% driven by 1) Higher store additions in a subdued demand environment, to likely increase overheads in the near term. We estimate margin contraction of 64bps/14bps in FY26/FY27 and 2) Weak store economics, driven by lower throughput/store amidst continued muted consumer sentiment. However, we believe operating parameters may improve in medium term only, led by 1) Stable store-level economics, aided by expansion into Tier-2 and Tier-3 cities. 2) Normalization of BIS-related issues in...

Trent’s Q1FY26 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to low-single digits versus mid-single digits in Q4FY25.

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

Quarterly Update Q1FY26

Relaxo Footwears Ltd.'s (Relaxo) Q1FY26 result was below our estimates on key parameters. The company had yet another quarter of weak performance as sales volume declined. We believe there is no major uptick in demand environment post muted performance in Q4FY25 as well. The management's prudent cost cutting has been detrimental in operating margin improvement in Q1FY26. We believe Relaxo's earnings may remain under pressure in near term as sales volume may remain muted. However, the management is taking strategic steps such as the Retailer Parivar App, broadening the ecommerce...