Nippon AMC is expected to continue its growth momentum, led by its strong position in the Indian mutual fund industry, diversified product suite and robust growth trajectory. Its ability to capitalise on the growing demand for financial services in India, coupled with its expanding market share and increasing digital presence, positions it for long-term success. Its commitment to launching new products, including alternative investment funds and ETFs, further underscores its growth potential. Although the industry is competitive, we believe Nippon AMC's...
The Chennai park, slated to begin operations by December 2025, is expected to drive substantial footfall growth in the long term. However, due to its soft launch, it is not projected to have a material impact in FY26, with meaningful contribu-...
Despite a weak quarter primarily due to global uncertainties, BFL's diversified streams of revenue across geographies and new businesses & verticals have led to a resilient performance. Standalone revenue for Q1FY26, de-grew by 10% YoY due to weak export revenue....
The bank posted solid performance, supported by stable asset quality and improving digital engagement across customer segments. The management is *over or under performance to benchmark index focused on expanding the retail unsecured loan portfolio, scaling premium credit card offerings and driving efficiency via technology investments. Strategic initiatives such as deposit mobilisation, calibrated rural lending and risk-based microfinance underwriting are likely to support long-term stability as well. Although stress in the retail commercial vehicle segment may weigh on near-term performance, improving...
Author: Vincent K A - Sr. Research Analyst DBL aims to reach approximately 75 MT by FY28 while maintaining financial discipline with a net debt to EBITDA cap of 2x (currently at 0.33x). DBL is also prioritizing the enhancement of its renewable energy (RE) portfolio, with operational RE capacity (including group captive) reaching 267 MW in FY25, up from 185 MW in FY24. The stock currently trades at 1Yr Fwd EV/EBITDA...
Hitachi's revenue grew during the quarter, driven by efficient order execution and enhanced operational efficiencies. The company experienced a notable influx of new orders, resulting in a strong order backlog for the quarter. This indicates the company has a healthy pipeline, providing better visibility of future performance. The outlook for the sector appears promising, with the government increasing expenditure on renewable energy and implementing favourable policies. These are also expected to drive the company's performance going forward. The company strives to capitalise on emerging opportunities in Data Centers, Services, Exports,...
Trent Ltd is a leading Indian retail company that operates stores under the Westside, Zudio and Star Bazaar brands, specialising in apparel, footwear, accessories, toys, games and other lifestyle products....
The demand environment remains positive, driven by good monsoons, benign interest rates, tax reliefs, and the festive season in addition to strong exports. FY26 capex is expected to be Rs. 1,600-1,700 cr. The company also plans to make strategic investments of Rs. 2,000 cr in FY26. Management indicated commodity cost pressures of around 0.5% in Q2, which they intend to...
The cost-to-income ratio in Q1FY26 inched up mainly due to a one-time actuarial PAT grew modestly by 12.1% YoY to Rs. 224 cr in Q1FY26, despite an uptick in Asset quality experienced slight deterioration, with GNPA/NNPA rising to 0.98%/0.54% from 0.91%/0.49% in Q1FY25. The Provision Coverage Ratio (PCR)...
BoB delivered a healthy financial performance, driven by its strong business model and focus on sustainable growth, although margins have been under pressure for the industry as a whole due to reported cuts and lag in deposit pricing. Profitability is on a sustainable path, with a strong book that has earnings potential, despite the impact of transition on asset liability. To capitalise on the trend, the bank is focusing on expanding fee income streams and improving asset quality. The next...
costs. However, softening fuel prices provided partial relief. The total fleet count stood at 416, with 8 additions and the return of 16 damp-leased units. Management guided for mid-single-digit capacity...
*over or under performance to benchmark index Nestle India Ltd, a subsidiary of Nestle S.A., is a food processing company, which primarily manufactures milk products along with other food products such as beverages and cereals. In Q1FY26, Nestle's revenue from operations grew 5.9% YoY to Rs. 5,096cr, led by...
*over or under performance to benchmark index Tata Consumer Products, a leading Tata Group company, has a global presence in food and beverages. It is the world's second-largest tea company, with significant...
Sun Pharma performed resiliently, driven by strong prescription momentum in India, *over or under performance to benchmark index strategic rural field force expansion and focused execution in its US specialty business. The management is actively steering pipeline progression with regulatory filings across key therapy areas backed by sustained research and development intensity. The company maintains a calibrated stance on US manufacturing, given adequate capacity and exemption from the current tariff measures. Notably, its firstmover positioning in India's GLP-1 space and accelerated launch of readiness for...
*over or under performance to benchmark index Management's shift to diversify its exports beyond the US is prudent given ongoing uncertainty in North American markets, which still account for 50% of exports. Focus now turns to domestic demand, led by rail, though mobility and process segments remain mixed. We expect an unfavourable revenue mix to pressure margins, with lower volume leverage impacting EBITDA. Consequently, we reduce our revenue...
With stress in the MFI segment receding and companies strategically shifting towards secured, high-yield assets such as affordable housing and vehicle loans, both advances and deposit growth are expected to get back on track by year-end, with advances projected to grow at 19% YoY. While credit costs are anticipated to decline, the shift in portfolio mix is likely to compress NIMs in the short term, leading to a temporary impact on return metrics. However, by the end of FY27, ROA is projected to improve to approximately ~2%. We upgrade our rating to Accumulate on the stock with a revised...
