BP Wealth Broker Research reports

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two repair units, four regional offices, and project sites spread across India and overseas. It has a diversified business portfolio spanning power generation (thermal, hydro, nuclear, and solar), trans- mission, transportation, defense & aerospace, oil & gas, and emerging segments such as battery energy storage systems (BESS) and EV charging infrastructure. The company's product portfolio...

During our plant visit, we observed four-line solar PV module manufacturing operations at Solex's Tadkeshwar facility in Gujarat (4 GW installed capacity), with strong recipe-control automation and bifacial TOPCon G12R modules. We met the management who outlined the company's Vision 2030 roadmap covering 10 GW module capacity, 10 GW cell manufacturing, and entry into BESS. The company began with its first 700 MW line in 2021 and progressively scaled to four production lines, the latest 2.2 GW facility commencing commercial production in November 2025. Lines 1 through 4 are configured across technologies: Line 1 runs MonoPerc (single-sided) and is likely to be upgraded to TOPCon or Rear Contact technology; Lines 2, 3, and 4 operate N-type TOPCon, with 99% of TOPCon output being bifacial (dual-glass). The company produces 12,000-13,000 modules daily (8-9...

Scaling the Automated Frontier in Indian Logistics During our visit to Delhivery's Lonad Bhiwandi facility, we observed firsthand the immense operational scale that supports the company's nationwide network of over 18,700 pincodes. As a centerpiece of Maharashtra's logistics infrastructure, this 7 lac sq. ft. mega gateway functions as a high-velocity freight sorting and transit hub, strategically positioned to capitalize on India's booming e-commerce and organized logistics sectors. The facility is a marvel of industrial engineering, featuring 196 docking stations designed to facilitate the rapid turnaround of approximately 1,600 vehicles per day while handling a staggering 8,000 tonnes of freight. What truly sets this hub apart is its sophisticated automation suite, headlined by 1.8 km of integrated double deck cross belt sorters and an expansive 5 km network of material conveyance systems. These proprietary systems allow the plant to achieve industry leading throughput, processing upwards of 32,000 shipments and 17,000 freight units every...

Hindustan Copper Limited (HCL), a prestigious Miniratna Category-I Central Public Sector Enterprise under the Ministry of Mines, stands as the only vertically integrated copper producer in India. Established in 1967, the company holds a unique strategic monopoly, controlling all operating mining leases for copper ore in the country. Its operations are comprehensively integrated, spanning from the initial stages of exploration and underground mining to beneficiation, smelting, refining, and the production of downstream value-added products like continuous cast copper wire rods. Headquartered in Kolkata, HCL operates five major units: the Malanjkhand Copper Project in Madhya Pradesh (India's largest copper ore resource), the Khetri Copper Complex in Rajasthan, the Indian Copper Complex in Jharkhand, the Taloja Copper Project in Maharashtra, and the Gujarat Copper Project. With a massive resource base of approximately 632 million tonnes of ore and a government shareholding of 66.14% as of early 2026, the company serves as a vital pillar for India's...

ICICI Bank is India's second-largest private sector bank by assets, with a consolidated balance sheet of Rs. 27.5 lakh crores as of December 2025. It operates across retail, SME, business banking, and corporate segments. The bank is supported by a domestic network of 7,385 branches and a limited presence in 14 international markets. The franchise is well-diversified, with a granular loan mix. Retail loans contribute 51% of the book, led by mortgages (32%). Business banking (~21%) and corporate (~20%) form the rest. The rural and overseas portfolios remain relatively smaller. Under MD & CEO Sandeep Bakhshi, the bank has shifted away from earlier growth-led expansion to a more disciplined approach focused on risk-calibrated growth and core operating profitability. The Customer-360 framework aims to deepen relationships across micro-markets and drive cross-sell across products. The operating model is supported by ongoing investment in digital infrastructure,...

Marico Limited is one of India's leading fast-moving consumer goods (FMCG) companies with a strong presence in the beauty and wellness, edible oils, and healthy foods segments. Founded in 1990 and headquartered in Mumbai, the company has built a strong portfolio of well recognized consumer brands across hair care, cooking oils, and nutrition products. Its flagship brands include Parachute coconut oil, Saffola edible oils and healthy foods, and Hair & Care hair oils, which collectively command strong market leadership in their respective categories. Over the years, Marico has also diversified into new-age consumer segments through digital-first brands such as Beardo in male grooming and Plix in plant-based nutrition. The company operates in more than 25 countries across Asia and Africa, with key international markets including Bangladesh, Vietnam, South Africa, and the Middle East region. Marico's business model is focused on building strong consumer brands, expanding distribution across rural and urban markets and leveraging premiumization and innovation...