Emkay Broker Research reports

PGIL guides for ~18% revenue CAGR (backed by ~15% volume CAGR) to achieve ~$1bn revenue by FY30. This would be achieved by expanding the capacity base to ~170mn pcs by FY30 vs ~101mn pcs in FY26 (keeping geographical mix constant).

DLPL has announced the acquisition of SN Genelab—a B2B diagnostics operator focused on advanced genomics and molecular pathology testing—for Rs1.68bn (70% stake), thus valuing the company at ~16x FY26 EV/EBITDA.

We attended MMFS’s CPC, branch, and tractor dealer visits, where the management showcased Project Udaan, the MTezz app, and the Samur.AI stack. Tech-driven processes have reduced in-principle approvals to under 20min and end-to-end TAT from 8–10 days to 1–2 days.

We upgrade GAIL to BUY from Add, on the back of a steady core business and earnings outlook along with attractive valuations, with unchanged TP of Rs200.

We initiate coverage on NSE with BUY and SEP-27E TP of Rs2,050 (~15% upside), implying Sep-28E PER of 38x. India’s capital market development and growth story has a long runway as wealth creation and financialization gain momentum in India’s journey of per capita GDP from ~$3k to ~$10k over coming decades.

We attended VMM’s analyst meet to assess progress on our thesis around the sustenance of double-digit SSG, long-term expansion opportunity, and retention of best-in-class ROIC.

After a disappointing FY25, SOBHA witnessed a strong rebound in FY26, with pre-sales of Rs81.4bn (30% yoy), and continued the momentum into 1QFY27 with record pre-sales of Rs36.6bn (+76% yoy).

We initiate coverage on Sagility with BUY and 12M forward TP of Rs55, at 18x Sep-28E adjusted EPS, implying an upside of 20%.

Coforge hosted a call to address the recent board exits, providing clarity on the developments surrounding the departures and the company’s plans for board reconstitution.

We met the management of SAMIL to understand the growth trajectory ahead. Its FY27 outlook is centered on diversifying across multiple fronts, with the 3CX10 strategy targeting no single country/customer/component contributing >10% to revenue.

Nexus Select Trust (NXST) has entered into an agreement to acquire a 100% stake in the under-construction Galaxy Complex, Guwahati, for Rs 16 bn. The asset comprises a 0.5msf retail mall and a 164-key Hyatt Regency Hotel.

eClerx is positioning itself toward domain expertise + tech + data + analytics + AI, with limited exposure to low-end, easily automatable work and a more annuity-like revenue mix.

Hiring an India CEO and a Global CFO over the next few months, accelerating growth in the India business; and the management expressed confidence in achieving its guidance of double-digit consolidated revenue and EBITDA growth in FY27.

Management reiterated its FY27 guidance of 14-15% revenue growth (assuming no price increase) and EBITDA margin expansion of 100-150bps on the back of accelerating network expansion and improving center-to-lab ratio, resulting in better utilization.

Cyient is moving up the value chain, from niche ER&D services to ‘Whole Asset Lifecycle Engineering’, expanding its TAM from $80-100bn to $2.4-3.2trn.

HMIL is entering a comeback phase, with India increasingly becoming a strategic global hub for Hyundai (HMC).

We believe ABREL is entering a strong business development phase, although the improvement in pre-sales is likely to be visible only from FY28E.

We initiate coverage on Urban Company (UC) with BUY and DCF-based SOTP TP of Rs190 (implying 19.5% upside). UC is the leader of India's online home services market, whose large TAM and highly unorganized nature provide the company with a long growth runway.

The Government of India has approved an incentive scheme for the promotion of domestic PNG connections, effective 1-Sep-26 (PIB release). The scheme is designed to fast-track the expansion of active PNG connections.

We initiate coverage on Pearl Global (PGIL) with BUY and TP of Rs2,800 (implying ~15% upside), on the back of PGIL’s exposure in key exporting nations (Bangladesh, India, Vietnam) ensuring business continuity despite headwinds (steep tariffs, FTA window expiry, etc).