Expect consumption growth to tread higher in Q3FY26: PML is riding upon strong consumption growth (H1FY26 up 13% YoY at 7335 crore, Q2FY26 up 14% YoY at 3750 crore, Q2FY26 adjusted for churns & restructuring 19-20% YoY). Family entertainment & multiplexes/Fashion & Accessories/Jewellery have been reporting 23%/17%/12% and 26%/14%/15% YoY growth in consumption during Q2FY26 and Q1FY16 respectively. Further, with festive season being in Q3FY26, the consumption growth is expected to trend higher in Q3FY26 and probably sustain in...
Robust order inflow and improving client demand visibility: KPIT recorded US$232mn in deal wins in Q2 (+12% YoY), including a US$100mn+ multi-year engagement with a European OEM, expected to ramp up over the next few quarters from Q3. Management noted improving client sentiment and renewed traction across autonomous driving, cybersecurity, after-sales diagnostics and commercial vehicle programs. Stronger demand trends in Europe, India and China, along with a healthy pipeline, provide confidence on revenue recovery...
Balanced growth with improving liabilities profile: Post slower business growth in 1HFY26, amid muted traction in corporate segment, credit momentum is expected to accelerate in H2FY26, supported by a strong sanction pipeline and seasonal pickup in disbursement. Overall, we expect credit growth to track system level at ~11-12% in FY26-28E, led by retail, MSME and selective corporate lending. Corporate sanctioned pipeline stands at 40,000 crore, while 25,000 crore is under process. Traction in retail segment remained robust (17.6% in Q2FY26); reduction in GST and...
Customer-centric transformation driving market share expansion: Bajaj Finance is accelerating its transition from product-centric to customercentric operations, pivoting to deepen customer engagement and increase wallet share. With an existing >10 crore customer base and a target of 2022 crore by FY30, the company plans to deepen engagement and grow product per customer from 6.05 to 6.5-7.5 in FY30. Expanded digital reach, AI-driven personalization and multi-channel distribution is expected to drive a 10x scale up in disbursements (800 crore to 8000 crore/month) with AUM projected to sustain >20% growth and PAT growing at 22-24% CAGR over H1FY26-30, supporting credit market share growth from 2.32%...
Management expects growth in new age services to offset weakness in legacy/traditional business. Notably, AI expected to be margin accelerator via productivity, higher-value services & delivery efficiency. TCS is pivoting to acquisitions to speed up capability creation, as technology is changing rapidly due to GenAI and Agentic AI innovations. More acquisitive stance to strengthen AI advisory and domain depth (e.g., Coastal Cloud, ListEngage for Salesforce). Post-acquisition, TCS' portfolio now has all major Salesforce capabilities and market coverage....
We believe, LTIM is well positioned to sustain above-industry growth levels on the back of a strong deal pipeline and its relative higher growth trajectory outlook among larger peers. We maintain BUY rating on LTIM with revised target price of 7,350 (vs...
Prominent PV ancillary, levers for industry leading growth: Passenger Vehicle (PV) domain contributed the maximum ~55% of sales at Lumax Auto in H1FY26. LAT's prominent presence in PV space is resultant of its acquisition of IAC India (now a wholly owned subsidiary), which has not only bolstered its product portfolio, particularly in plastic interior modules, but also expanded its business with OEMs like M&M, which is expected to outperform PV space domestically. It is present in new launches such as Maruti Suzuki Victoris. With ~40% of its ~1,360 crore order book linked to...
Q4FY25 Performance: Siemens reported decent print for Q4FY25 results, order inflows up 10% YoY at 4800 crore taking the order book to 42253 crore. The company registered revenue of 5171 crore, up 16% YoY. EBITDA grew 13% to 617 crore, EBITDA margins down 30 bps YoY to 11.9%. Consequently, PAT came in at 485 crore, down 7% YoY on lower other income. PAT margins at 9.2% down 197 bps YoY. From a segmental perspective, Smart Infrastructure (53% of revenue mix), Mobility (22%), Digital (21%) and Low Voltage (5%) segment revenues grew by 20%,...
About the stock: Tata Steel (TSL), part of the TATA group, is one of the world's most geographically diversified steel producers with operations across regions. Annual Crude Steel Production Capacity: India- 26.6 million ton (MT), Netherland- 7 MT, UK- 3.2 MT (upcoming), and Thailand- 1.7 MT. Event Update: Tata Steel has outlined long term growth strategy for its Indian operations. It includes: 1) 4.8 MTPA expansion at Neelachal Ispat Nigam (NINL) 2) Signing a MOU with Llyod Metals to collaborate in iron ore mining infrastructure and steel making 3) Setting up 6 MTPA greenfield capacity in Maharashtra 4)...
announced to acquire entire minority shareholder stake of 23.3% in Biocon Biologics held by Viatris (Mylan Inc.), Serum Institute, True North and Tata Capital for US$ 1.173 billion, making it a wholly-owned subsidiary and valuing BBL at US$ 5.5 billion. Biocon will issue its shares worth US$ 773 million and make a cash payment to Viatris for the balance US$ 400 million. Cash payment to be paid by bridge / interim funding and a...
About the Company: Park Medi is the second largest private hospital chain in North India with an aggregate bed capacity of ~3,250 beds, including 870 ICU beds, as well as 67 OTs and two dedicated cancer units. The Company operate a network of 14 multi-super specialty hospitals under the Park' brand. Park Medi has 8...
Hyper-specialisation + Large-deal engine driving growth: We attended Coforge's Investor Day 2025, wherein the management highlighted Coforge's proactive, non-RFP (request for proposal) large-deal strategy and deep domain specialisation across BFS, Insurance, Travel and Healthcare which position it for sustained industry-leading growth into FY28E. Coforge closed 6 large deals in H1FY25 and is targeting 20 by year-end, with cloud and AI embedded in two-thirds of wins. Travel is set for a deep acceleration in the next 12 months, while...
The company owns installed capacity for wide range of dosage and packaging forms, such as tablets, capsules (including hard and soft gelatines), sachets, liquids and drops, with a total of 11 production lines...
Wakefit is a vertically integrated D2C home & furnishing player involved in designing, engineering, manufacturing and distributing mattresses, furniture and furnishings through an omnichannel mix of...
Current Steel Capacity: India- 34.2 million Ton (MT) & US- 1.5 MT Key Event Update: JSW Steel has announced that it has entered into a strategic 50:50 joint venture with Japan's JFE Steel Corporation. As part of this arrangement, Bhushan Power and Steel Ltd (BPSL), currently owned by JSW Steel, will be transferred into the new joint venture entity. JFE Steel will acquire a 50% stake for...
Heritage Foods Ltd (Heritage) aims to become a full-fledged FMCG player, rather than just a dairy company – the key inference from its recently held investor meet.
Strong tailwinds in aerospace sector drives growth headquartered in Bengaluru, is primarily engaged in manufacturing of precision components for aerospace (~89% of total) & consumer segments. With manufacturing facilities located in India, US and France, the company has diverse...
