Deven Choksey Broker Research reports

Manipal Payment and Identity Solutions Ltd, part of the Manipal Group, supplies payment cards, identity credentials, secure printing, and smart tagging and IoT solutions to banks, fintechs, NBFCs and government bodies.

ARCIL is entering a new phase of growth as India’s stressed-asset opportunity gradually shifts from large corporate exposures towards retail stress.

Karamtara's long-term positioning is anchored to two structural drivers that compound over the next 5-7 years, making this a backward-integrated renewable energy infrastructure play where the company's addressable market expands simultaneously across geographies, product categories, and end-use sectors.

The Defence Acquisition Council (DAC) is India's apex body for approving capital acquisition proposals for the Indian armed forces. Chaired by the Raksha Mantri (Defence Minister), the DAC's primary function is to accord Acceptance of Necessity (AoN);

Happiest Minds Technologies Limited approved a scheme of amalgamation with ITC Infotech India Limited, a wholly-owned subsidiary of ITC Limited. The transaction involves a two-step structure:a secondary share purchase by ITC Infotech of 22.1% promoter stake from the Soota family entities for ~INR 1,330 Cr.

Capri Global Capital is at an inflection point, with its gold-loan franchise moving from branch-led expansion to a more scalable, volume-driven model.

We attended the IPO meeting of Lumino Industries, one of the leading manufacturers of power cables, conductors, and wires with integrated EPC capabilities, primarily serving India's power transmission and distribution sector.

Artificial intelligence is fundamentally reshaping pharma R&D by potentially reducing the traditional 10–15 year drug development cycle by 60–70% and costs by 25–40%, while improving clinical success rates.

TCS, through its wholly owned subsidiary TCS Netherlands B.V., has announced the acquisition of 100% equity shares of MHP Management und IT-Beratung GmbH (MHP), Porsche AG's Germany-based management and IT consulting subsidiary, for an enterprise value of EUR 320 million (approx. INR 3,550 Cr).

Symbiotec operates across three interlinked platforms - steroid APIs, differentiated injectable products and fermentation-led CDMO/industrial biotechnology.

Augmont Enterprises Limited is India's only full-stack gold and silver platform, operating across refining, B2B bullion trading, and consumer digital gold with INR 94,186 crore in FY26 revenue — the largest in its peer set.

The company reported Q1 FY27 sales of INR 6,550 Mn, up 31% YoY and 27.8% QoQ, driven by product commercialization and expanding CDMO scale, although revenue was 9.4% below our estimates.

Gaja Alternative Asset Management Ltd. (Gaja Capital) is an India-focused alternative asset manager with over two decades of investment experience across multiple cycles.

We met the management of Sigma Advanced Systems at its Analyst Meet, where management outlined its long-term strategic direction, growth priorities and outlook.

Sunshine Pictures is led by Vipul Amrutlal Shah, a filmmaker with over 25 years of experience and a filmography spanning 13 commercial films including blockbusters like Aankhen, Namastey London, Singh Is Kinng and The Kerala Story - the highest ROI Hindi film of 2023.

Supriya Lifescience’s growth remains backended to H2 FY27, with management reiterating its INR 1,000 crore revenue target and 33-35% EBITDA margin guidance as Q1 headwinds from solar policy charges and water shortages were temporary.

Horizon Industrial Parks Limited is India’s largest industrial and logistics park developer by Total Network, with 58.58 msf across 45 Grade A+ assets in 10 cities, including 28.55 msf operational parks at 93.56% committed occupancy and a 30.03 msf development pipeline.

DCX Systems reported a weak set of numbers in Q1FY27, with revenue declining 54% YoY and 50% QoQ to INR 1,031 Mn, significantly below our estimates, primarily due to execution delays as highlighted by management earlier.

Gujarat Fluorochemicals Ltd. (GFCL) reported strong performance across all its business verticals in Q1FY27, with revenue of INR 15,880 Mn, up 16% QoQ and 24% YoY, exceeding our estimates. The company reported EBITDA of INR 4,280 Mn, up 24.4% YoY and 39% QoQ, with EBITDA margin at 27%, broadly in line with the previous year. EBITDA also exceeded our estimates.

PI Industries is likely to remain in a transition phase through FY27, with the pace of recovery in global agrochemical and CSM demand being the key determinant of earnings momentum.