ICICI Direct Broker Research reports

In the 2-W pack, TVS motors continued with its healthy growth and outperformed its peers growing ~24.5% at 4.98 lakh units (with 23% YoY growth in exports). While Eicher Motors (Royal Enfield) reported healthy growth of 11.2% YoY at ~1.1 lakh units. In PV space, demand was healthy tracking positive momentum post GST 2.0 reform. Maruti Suzuki reported volume growth of ~17% YoY at 2.2 lakh units while M&M saw a healthy growth of 25% at ~60k units. Tata Motors PV EV volumes stood at 9,494 units (up ~77% YoY) amidst an overall...

The Nifty IT index has witnessed a sharp correction over the past few months, declining ~25% YTD, primarily driven by rising concerns around the potential impact of Generative AI (Gen AI) on the long-term business model of IT services companies, along with macro and geopolitical uncertainties. Large-cap and midcap IT stocks have corrected meaningfully despite relatively stable operating performance and continued deal wins, as investors reassess near-term growth...

Powerica is one of the original equipment manufacturers (OEMs) for Cummins India, maintaining this relationship for over four decades. It offers a comprehensive range of generator sets from 7.5 kVA to 10,000 kVA, covering Low Horse Power (LHP), Medium Horse Power (MHP), High Horse Power (HHP), and Medium Speed Large Generators (MSLG) in collaboration...

About the Company: Sai Parenteral's is a Hyderabad-based global formulations company engaged in developing and manufacturing of formulations across multiple therapeutic areas and dosage forms. The company owns installed capacities for injectables, tablets, capsules, liquid orals and ointments, with a total of 5 manufacturing facilities in...

Gradual earning recovery backed by nuclear ramp up specializes in centrifugal end suction pumps, high pressure multistage pumps, industrial gate, globe, check valves, submersible motor pumps, monobloc & mini...

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. Post merger, the bank has become the second largest in terms of size with diversified portfolio....

CMPDI is the nodal agency offering consultancy and support services in the mineral (coal) mining domain which includes geological exploration (~46% of revenues), mine planning (~20% of revenues), environment services (~18% of revenues), and geomatics survey services (~17% of revenues). CMPDI holds 61% market share in the domestic mineral consultancy space in FY25, primarily catering to its parent's Coal India (contributes ~67% to the topline). Its services span the entire mining lifecycle, from initial exploration to mine closure (including R&R activities)....

Burgeoning growth opportunities in global aerospace sector: Aerospace segment (~47% of total revenue in 9MFY26) continues to be the leading contributor of the company, led by healthy demand for the products (includes wings, rear fuselages, wing flaps and other major aero structures and assemblies) from its global OEM customers (such as Airbus, Boeing, Bell Helicopters, Dassault Aviation, Deutsche Aircraft, HAL). As per Industry reports, there is global demand of 40000+ new passenger & freight aircrafts over the next 20 years. In India's perspective, recently at...

Strategic Capex Strengthening Long-Term Competitiveness: RACL has recently announced an ambitious capex plant amounting to ~77 crore for FY27E, largely focused on upgrading heat treatment facilities and selective capacity expansion. It is aimed at improving efficiency rather than just adding volume. The transition from LPG to electric-based systems is expected to reduce operating costs. These initiatives reinforce RACL's positioning in premium, export-oriented segments while supporting...

India's automotive OEMs posted healthy volume prints for February 2026. It was primarily driven by positive demand conditions amidst tailwinds from GST 2.0 rate cut, which lowered vehicle prices and boosted consumer sentiment. OEM wholesale sales volume for February 2026 came in healthy with 2-W & CV segments outperforming peers. CV space reported healthy volume prints for the month of February'26 with continued recovery visible across M&HCV (trucks) & LCV segments. TMPV set the bar high, outperforming in the PV space while M&M continued with its dominance in...

Despite a recent slowdown in volume, Coal India is positioning itself for long-term sustainable growth through strategic diversification into coal gasification, critical minerals, and renewable energy. This is further supported by a robust net-cash-positive B/S and a strong dividend yield of ~7%. Consequently, we maintained a BUY rating on Coal India, thereby...

Sedemac is a technology company specialized in developing control products for engines & powertrains for on-road and off-road applications. It is a supplier of control-intensive, critical-to-the application electronic control units (ECUs) to leading original equipment manufacturers (OEMs) in the mobility and industrial markets in India as well as US and Europe. Flagship products include ISG (Integrated starter generator) ECUs, EFI (Electronic fuel injection) ECUs, combined ISG+EFI ECUs, MCUs (Motor control units) for electric vehicles, electric machines (magnetos / motors) for...

About the stock: HCG operates one of the largest private cancer care networks in India with end-to-end solutions available under a single corporate entity. The company is pioneer in introducing technological advancements in cancer treatments such as Linear accelerators, Radiation machine, CyberKnife, Digital PET, Robotics among others. It also operates fertility treatment centre chain Milan which offers seven fertility centres in India....

Gradual path to progress but consistency is the key Well placed to gain from the overall energy market transformation from electrification to automation & digitisation Q4CY25 performance: ABB India Limited reported Q4CY25 and full-year CY25 results with strong order acceleration but margin pressure persisting. In Q4CY25, revenue grew 6% YoY to 3,557 crore. However, profitability moderated with EBITDA declining ~17% YoY to 546 crore and PAT falling ~18% YoY to 434 crore. EBITDA margin contracted to 15.3% (420 bps YoY approx.) while PAT margin stood at 12.2%...

FY25 Product mix: Sale of products ~87%, Services ~13% Q3FY26 Results: On consolidated basis revenue for the quarter came in at 1,075 crore, up ~12.5% YoY. EBITDA in Q3FY26 stood at 199 crore with corresponding...

About the stock: CIE Automotive India (CIE), part of the Spain-based CIE CY25 consolidated revenue mix India 65%, Europe 35%. Forging is over 51% of consolidated sales (85% in Europe and 35% in India). Q4CY25 Results: Consolidated revenue for Q4CY25 came in at 2,393 crores, up 13% YoY. EBITDA for the quarter stood at 348 crores (up 16% YoY) with corresponding EBITDA margins at 14.5% (down 50 bps QoQ). CIE India sales were up 12% YoY at 1,544 crore and EBITDA margins at 16.8% while European operations reported revenues of 782 crore (up 21% YoY; real growth 4% + forex...