Emkay Broker Research reports

Kajaria Ceramics (KJC) has reported fraud in its step-down subsidiary Kerovit Global (Kerovit) following investigations; the Rs200mn fraud is substantial, considering that it is 13% of Kerovit’s total assets as of FY25.

We met Bank of Baroda (BoB)’s CFO, V Inumella Sridhar, to discuss the management outlook on growth, margin strategy, and the ongoing noise around PSB consolidation.

VBL has acquired 100% stake in Twizza (Pty), which manufactures and distributes own branded NARTD beverages in South Africa. With this acquisition, VBL’s volume market share is set to increase to ~20% in the geography by CY27E (vs ~10% now).

Waaree Energies announced acquisition of 5.37mn Series B Preferred Shares of United Solar Holding Inc (USH) for USD30mn, which would provide it stake in USH’s major advanced 100ktpa polysilicon plant in Oman, along with likely anchor customer status, thereby backward integrating it upstream in the PV value chain.

Cyient Semiconductors, a wholly-owned subsidiary of Cyient, has signed a definitive agreement for acquiring majority stake exceeding 65% (with full control expected by the end of four years) in Kinetic Technologies—leader in power management as well as high-performance analog and mixed-signal ICs— for a total consideration of USD93mn (~3x P/S on CY24 basis vs median multiple of ~5x).

We attended Voltas’s analyst meet, to gain deeper insight into its growth roadmap/demand environment. The management indicated prebuying activity ahead of the BEE rating changes wef 1-Jan-26 and inventories gradually depleting from 60 days (in Q2FY26) to 45 days (currently) vs 20-25 days (in Q3FY25).

We visited Hindustan Zinc (HZ)’s Rampura Agucha (RA) mine and interacted with the management. HZ contributes 40% to VEDL’s consolidated EBITDA. The management reiterated its strong medium-term visibility on earnings, supported by a secure mine life, high structural entry barriers, and renewablesled cost tailwind.

We met Gunender Kapur, Investor CEO - Vishal Mega Mart (VMM), to assess the progress on our thesis around sustenance of double-digit SSG, 2.5x expansion opportunity, and retention of best-in-class RoIC (~40%) for VMM.

We met MD & CEO R Subramaniakumar of RBL Bank (RBK), to understand the progress on the Emirates NBD (ENBD) deal and the growth outlook, particularly in view of the huge capital boost post-deal.

We initiate coverage on Sandhar Technologies (STL) with BUY and TP of Rs825 (implying 51% upside), based on 20x Dec-27E PER (in line with the LTA). STL has been through a deep capacity build-out phase (over FY21-25) via both organic and inorganic routes.

We maintain BUY on Voltamp Transformers (VAMP) while cutting our TP by ~12% to Rs10,000 (from Rs11,350 earlier), valuing the stock at 25x FY28E EPS.

Pine Labs reported 17.8% YoY revenue growth, with strong growth in the Issuing and Acquiring business (up 32.5% YoY) offsetting the weakness in Digital Infrastructure and Transaction Processing (DITP) business (up 11.9% YoY).

We met the management of Radico Khaitan. Dilip Banthiya, CFO, and Saket Somani, Vice President – Finance and Investor Relations, shed light on the company’s aspirations, growth path, and margin development.

Vishnu Chemicals (VCL) completed the acquisition of the chrome ore mine for ~USD10mn on a debt-free, cash-free, and liability-free basis on 21-Nov-25. VCL’s wholly owned subsidiary would own 74% of the mining entity and 100% of the chrome beneficiation plant, along with mining and infrastructure assets.

We interacted with the senior management of Star Cement (Star), for a deep dive into their growth plans and competitive scenario in the Northeast.

We hosted the management team of Gopal Snacks, represented by Bipin Hadvani (MD and Promoter), Naveen Gupta (Chief Business Officer), and Rigan Raithatha (Chief Financial officer), for its domestic Non-Deal Roadshow (NDR).

We initiate coverage on Pine Labs with REDUCE and TP of Rs210. Pine Labs has a strong value proposition in the enterprise POS segment (supported by high customer stickiness driven by deep software integration) and dominant position in EMI aggregation (owing to its early-mover advantage).

Samvardhana Motherson (SAMIL) delivered a largely in-line performance, with consol revenue up 8.5% YoY (6% ex-Atsumitech) to Rs301.7bn, with EBITDAM at 8.7% (vs 8.8% YoY), while APAT at Rs7.3bn was modestly below expectations.

We maintain Buy on JUBI with unchanged TP of Rs825 (34x Sep-27 EBITDA), on assuring management commentary around delivering mid-teen topline growth along with gradual margin gains – both have been key investor concerns in our view.

We retain REDUCE on PAG and Sep-26E TP of Rs39,450 (45x P/E), as sub-par growth trends continued in Q2. PAG’s Q2 EBITDA was 6-18% lower than street’s/our estimates, on a 2-6% revenue miss and 100-300bps lower EBITDA margin.