New Research Reports

Valuations at 9.7x EV/EBITDA & USD 71/ton on FY27E basis look attractive considering the company's strong growth plans with entry into new markets. We recommend BUY on NVCL with a target price of 590 per...

Expanding capacities across defence segment with focus on increasing better-margin products: PEL is initiating a capital expenditure program to strengthen its defence and energetic materials portfolio. The Katepally facility, which focuses on RDX, HMX, and rocket integration, is set to increase production. A greenfield plant in Odisha is planned in three phases, (~Rs. 800 crores over ten years). Phase I, which includes production of ammunition, warheads, and HTPB raw materials, will require ~Rs 100 crore. To finance these initiatives, PEL aims to raise ~Rs. 300 crores through...

Shringar House of Mangalsutra Ltd. is engaged in designing, manufacturing and marketing a varied range of Mangalsutra in India. The company offers an extensive range of Mangalsutra featuring over 15 collections and more than 10,000 active SKUs, catering to a diverse demographics. Shringar's clientele includes corporate clients, wholesale jewellers, and retailers across 24 states and 4 union territories. Additionally, the company has international presence in the UK, New Zealand, UAE, the USA and Republic of Fiji. Company's marquee corporate clientele includes Malabar Gold, Titan, Reliance Retail, Novel Jewel,...

Urban Company Ltd (UCL) is a technology driven, full-stack online services marketplace for quality driven solutions and services in 51 cities across India, United Arab Emirates (UAE) and Singapore. The market of Saudi Arabia is...

Triveni Turbines Ltd had a moderate Q1FY26, due to geopolitical tensions and tariff escalations, but the long-term prospects remain robust with major recovery from H2FY26.

Retail Research

Retail Research

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for August, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry had another month of ADR improvement on both YoY as well as MoM in key selected markets. We anticipate further strengthening of ADR aided by festive season followed by wedding season. We remain positive on domestic hospitality space led by demand-supply mismatch, FTA, increased corporate travel, and MICE will aid...

Asian Markets are trading mostly higher, following a tech rally overnight on Wall Street that lifted the S&P 500 and the Nasdaq Composite, even as growing concerns about the economy weighed on equities. The Nikkei and Hang Seng are trading up by 1.06% and 0.48%, respectively

We value the stock at 9x FY27E EV/EBITDA, arriving at a Target Price of Rs 1,560/share, implying an upside potential of 20% from the CMP.

Event Update: GST Reform 2.0

We initiate coverage on Mahanagar Gas Limited (MGL) with a BUY recommendation and a target price of Rs 1,540/share, implying a potential upside of 20% from the current market price (CMP)

GST reset is vital ingredient to boosting consumption

Newsletter

END OF DAY SUMMARY

Retail Research

JSW Cement’s (JSWC) 1QFY26 revenue/EBITDA increased ~8%/39% YoY to INR15.6b/INR3.2b. EBITDA/t surged ~29% YoY/45% QoQ to INR975. OPM was up 4.6pp YoY at ~21%.