Asit C Mehta Investment Interrmediates Broker Research reports

We remain optimistic about Adani Green Energy’s (ADANIGREEN) long-term growth prospects, backed by its dominant position in India’s renewable power sector, strong project execution, and disciplined capacity expansion.

TRSL is strategically positioned for sustained growth across India's rail sector, leveraging its integrated capabilities in freight, passenger, propulsion, and wheelset segments.

We are optimistic about the company’s growth prospects, supported by the completion of its extensive renovation program, which is already yielding higher Average Room Rates (ARR) and occupancy gains across key properties.

Polycab is the largest company by revenue in the Indian electrical industry, holding a 26-27% share in the organised wires & cables (W&C) market and 19-20% of the overall ~?900 billion W&C market.

We  remain optimistic about ADANIPORTS’ growth prospects, supported by its  integrated port-logistics model, capacity expansions, and international forays.

Gravita's strategic diversification across recycling verticals, combined with favorable regulatory developments and a proven execution track record, positions it as a prime beneficiary of India's formalizing and sustainable waste management transition.

Power Mech Projects Limited is a company that offers a wide range of services in both the power and non-power sectors. They are the biggest service provider in operations and maintenance (O&M) and have integrated their services both forward and backward.

We remain optimistic about Adani Power’s long-term growth trajectory, supported by its leadership position in India’s private thermal power sector, improved coal availability, and strong operational execution.

City Union Bank (CUBK) reported Q4FY25 results broadly in line with our estimates, with a beat on the advances/deposits (advances/deposits were 2%/5% higher than our estimates). The MSME/JL non-agri segment mainly led the growth in advances, while the wholesale segment remained muted.

We initiate coverage on Dalmia Bharat with a Buy Rating because of its reasonable valuation as compared to its peers, its leadership position in the high growth region like North-East, strong presence in South & East. Besides, its continuous expansion, improving financials and the company’s focus on being carbon negative will continue to drive growth.

Axis Bank reported Q4FY25 results slightly below our estimates in terms of advances growth (marginal miss by 0.5%), mainly due to slow growth in the retail advances. However, deposits reported an improvement with a growth of 7% QoQ (1.2% above our estimates).

Kansai Nerolac Paints’ promoter company, Kansai Paint Co., Ltd., Japan, hosted an investors’ meet to discuss their India market strategy under the new management. The management discussed their shorter-term (3 years) and longer-term (till 2030) business strategy in detail.

We remain optimistic about InterGlobe Aviation’s long-term growth trajectory, supported by its leadership in India’s aviation market, sustained profitability, and clear roadmap for international expansion.

We initiate coverage on Varun Beverages Ltd. with a “BUY” rating. We like the company for its demonstrated execution capabilities in India, further headroom for distribution expansion in India, continued territorial expansion in Africa, international margin improvement and strengthening ties with PepsiCo.

We initiate coverage of Bikaji Foods International (BIKAJI) with a “BUY” recommendation and a target price of Rs 775.

As “Leaders in Logistics”, TCI continuously strives to better existing systems, processes and productivity. Its integrated and diversified business profile and customer base, coupled with a healthy proportion of contracted business, provide adequate revenue visibility.

We remain optimistic about ADANIPORTS’ growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays.

Asian Paints’ Q3FY25 reported numbers were a mixed bag. Volume growth improved compared to the dip seen in the preceding quarter, while value growth took a further hit. On the other hand, EBITDA margin and net profit performance were better than estimated.

Karur Vysya Bank (KVB) reported its Q3FY25 results, broadly in line with our estimated pre-quarter numbers and beat on PPOP/PAT. The bank's core portfolio, RAM, continues to grow at a healthy pace (4.2% QoQ/20% YoY) while the corporate segment remains a laggard.

Cipla's "Future Fit" strategy outlines ambitious growth objectives, including becoming India’s 2nd largest pharmaceutical company, leading South Africa’s prescription and OTC markets, ranking 2nd in U.S. respiratory generics, and doubling international revenue.