Asit C Mehta Investment Interrmediates Broker Research reports

CIEINDIA is a large, diversified auto-components group with a presence across many processes, product lines, geographies, and customers. The company’s unique combination of specialization in high value-added products.

We initiate coverage of Karur Vysya Bank (KVB) with a “BUY” recommendation and a target price of Rs 265, valuing the bank at 1.7x of its 1 year forward P/Adj. BV.

STRCEM reported a mixed set of numbers, EBITDA and blended realisation in line with our estimate, while revenue and volume are marginally ahead of our estimate. Revenue up by 10.1% YoY (+40.2% QoQ) to Rs9.13bn, mainly led by 13.8% YoY (+43.7% QoQ) increase in volume of 1.41mt (1.387mt cement + 0.024mt clinker) sales.

We initiate coverage on Star Cement Ltd (STRCEM) with a “BUY” recommendation and target price of Rs262 based on 10x FY26E EV/EBITDA.

AAL is currently the largest independent manufacturer of rear drive axle assemblies for CVs (primarily M&HCVs) in India. AAL has continuous focus on working capital
improvement and inventory optimization and continuous focus on revenue
improvement, new product development, operational excellence & cost optimization as part of Industry 4.0 Strategy.

Increased bearing usage in Railways and Metros are a critical component in
railway operations because it maintains the friction between moving parts in
railway systems, ensuring that various components do not collide or separate.

TRIVENI is primarily an integrated sugar manufacturing company, but it also engages in the production of high-speed gears and project implementation in the fields of water and wastewater treatment and pollution control.

CAPLIPOINT has transformed itself into a player in generic formulations with a
differentiated geographical presence. The company focuses on the emerging
markets of LATAM and has taken an early-mover advantage in these largely
untapped markets

We initiate coverage on Birla Corporation Ltd (BCORP) with a strong “BUY” recommendation and target price of Rs2055 based on 8x FY26E EV/EBITDA. Our recommendation is primarily based on
1). Leading player in demand-rich region, i.e., Central India, 2). Capacity addition and volume growth higher than the industry average, 3). Improved cost-efficiency, 4). Less dependency on
grid on the back of higher usage of captive coal mines, 5). Strong focus on premiumisation, 6). Incentive-based plants and 7) Healthy balance sheet with better return ratios

Uno Minda Ltd. (UML) was established in 1985, serves as a key provider of automotive solutions and systems for Original Equipment Manufacturers, marking its significant presence in the automotive industry's supply chain for over 60 years through innovative product offerings. The company stands out as a top-tier producer in several domains, including automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems, and alloy wheels.