Emkay Broker Research reports

We attended TTMT’s analyst meet to discuss the upcoming demerger, the IVECO acquisition (refer to our note), updates on JLR after the recent cyber-attack.

Hindustan Zinc (HZ) is a key beneficiary of the uptrend in silver prices, which are up 63% YTD. We believe the exposure to silver is underpriced as the consensus expectations trail the strong move in silver in recent months with the metal now trading at USD47/oz (vs USD34/oz in Q1FY26 and USD30/oz in FY25).

We upgrade Hindalco to BUY from Reduce, with an increased TP of Rs900 (Rs650 earlier). After the flatlined stock performance in the past 12M, we see HNDL doing well from here.

We attended Minda’s Analyst Meet and visited Spark Minda Technical Centre (SMIT) in Pune and its Flash Electronics plant; the management outlined its ‘Vision 2030’ at the Meet.

We initiate coverage on AGI Greenpac (AGI) with BUY and Sep-26E TP of Rs1,520 based on DCF method, implying 19x Sep-27E EPS. AGI is a leader in the Indian container glass (CG) industry with >20% market share.

We interacted with Tushar Bhajanka, Deputy MD of Star Cement, to understand the company’s growth plans and the demand-supply outlook in the Northeast.

Amazon Now, the quick commerce (QCom) business of Amazon, has now expanded to Mumbai, after Bengaluru and Delhi.

We met Rakesh Singh (ED and CEO – NBFC) of AB Capital for an update on the company, its NBFC business strategy and outlook, and the recent developments in the sector.

We reiterate BUY on Metro, while revising up our TP by ~14% to Rs1,475 (60x Sep-27E pre-IndAS EPS). The change in TP is led by near-equal contribution from upward revision of estimates and earnings rollover.

We attended RPSG Group’s ‘Investor Day’, to understand Firstsource Solutions (FSOL)’s growth strategy and outlook. FSOL’s growth strategy encompassing the ‘OneFirstsource’ framework with focus on seven strategic
levers and its UnBPO approach (shifts focus from labor arbitrage to tech arbitrage) has started yielding early results, as reflected in the revenue growth acceleration, deal intake, and pipeline.