Succession uncertainty remains a near-term overhang; smooth transition critical: Sashidhar Jagdishan's decision not to seek reappointment has shifted focus towards the board's choice of successor ahead of his retirement on October 26. Deputy MD Kaizad Bharucha remains a strong internal candidate, although his residual tenure under RBI norms is less than 3 years, while the board could also evaluate other internal/external candidates. Thus, appointment of new leadership within timelines, as assured by the board, and smooth transition remains a near...
Purple Style Labs Ltd. (PSL) owns and operates Pernia's Pop-Up Shop (PPUS), a multi-brand luxury fashion retail platform offering designer clothing, occasion wear and bridal collections sourced from 1,109 Active Designer Brands, with presence in India and abroad (UK and USA). PSL opened its first flagship...
: Operates five Tier-3 data centres (Nashik, Airoli/Navi Mumbai, Bengaluru, Mohali, Noida) spanning 75,266+ sq. ft., with redundant power, disaster recovery infrastructure and 24/7 support. Two additional facilities (Kolkata, Sahibabad) are in the pipeline. Proprietary, patented technology : SWARAJ Cloud, its patented cloud autoscaling platform, has been evolved into an AI-enabled offering addressing data sovereignty, scalability, security, compliance and AI workloads a differentiator versus pure hyperscaler resellers....
Q 1FY2 7 Results: RACL reported healthy results. On a consolidated basis, topline for the quarter came in at 132 crores, up by ~31.5% YoY. EBITDA for Q1FY27 came in at 32 crores, with EBITDA margins at 24.1%, up ~190 bps QoQ. PAT in Q1FY27...
Rating and Target Price: : We maintain a positive view on Venus Pipes and Tubes, supported by healthy double-digit volume-led earnings growth over the medium term, along with increasing presence in high-growth segments such as Data Centre, along with a growing portfolio of niche value-added product offerings, a controlled B/S (0.4x D:E) and return ratios >15%. On that note, we...
biotechnology company with capabilities across three platforms- organic chemistry, biotechnology and complex injectables. It has global leadership position in corticosteroid (man-made drugs that copy natural cortisol) and steroidal-hormone active pharmaceutical ingredients, and it manufactures these products using...
Standalone Aster revenues grew ~22% YoY to 1311 crore aided by ~10% growth in Average Revenue Per Patient (IP) to 130352 and 16% growth in the total patient volumes. Occupancies improved by 350 bps YoY to 62% led by higher IP volume growth. EBITDA grew ~27% YoY to 264 crore, driven by operating leverage and disciplined cost management. Margins stood at ~20% (up 93 bps YoY). Combined entity Q1FY27 numbers are presented on a pro forma basis, as the merger became effective only on July 1, 2026. Combined revenues grew 20% YoY to 2,597 crore, EBITDA increased 30% YoY to 576...
: The core stainless-steel business continues to deliver healthy growth, with Q1FY27 revenue increasing 18.9% YoY, EBITDA rising 19.1% YoY, and PAT growing 22.0% YoY, while EBITDA margin stable at 10.2%. Company operates five integrated manufacturing facilities with 90% renewable power, 100% forward and backward integration, Management has guided its long-term aspiration target of achieving ~2,500 crore consolidated revenue over the next 3-5 years, with existing stainless-steel businesses expected to contribute ~1,800...
Rating and Target Price: Goodluck India is well placed for healthy growth, supported by increasing value-added products in its core business and strong growth prospects in the defence segment However, recent equity dilution at its defence subsidiary could moderate GIL's economic interest in the high-margin business. Notably, the upcoming defence IPO could unlock additional value for shareholders through a higher valuation for the subsidiary. Accordingly, we...
India's sports & athleisure (S&A) footwear market is witnessing a shift towards premiumisation driven by rising aspirations of consumers, increasing preference for S&A footwear and rising premiumisation and casualisation among GenZ. India's aspiration shift in footwear is largely towards mid-premium range (Rs.1,500 3,000/pair segment) which is growing at 13%, faster than the mass economy segment. Campus is trying to capitalise on this opportunity by introducing new S&A footwear products in price range of Rs1,500-3,000/pair where multinational high reckoned brands have very limited presence in India. Further, Sneakerisation is the...
Q 1F Y2 7 performance : Patel Engineering reported consolidated revenue of 1,280.7 crore, up 3.8% YoY given the low executable order book. Operating EBITDA came in at 179.6 crore, with an EBITDA margin of 14%, up 62 bps YoY....
Nuclear growth; diversified opportunities to drive earnings : KSB Ltd is a leading manufacturer of pumps and valves. KSB specializes in centrifugal end suction pumps, high pressure multistage pumps, industrial gate, globe, check valves, submersible motor pumps, monobloc & mini monobloc pumps,...
Gaja Alternative Asset Management, incorporated in 2004, acts as an investment manager with India focused funds, including Category I and Category II AIFs and as an advisor to offshore funds on private equity in the midmarket segment (education, financial services, consumer, digital tech), which provides capital to Indian companies. As of March 31, 2026, total fund size across Fund II, Fund III and Fund IV was...
orderbook stood at 14,502 crore as 3x TTM book to bill. Although management targets new order inflows of 11,000-12,000 crore for FY27 (having won ~5,500 crore in Q1), clarity over execution visibility is missing. Moreover, over 6,000 crore more than 41% of the total orderbook-is currently not under execution due to persistent land acquisition delays, pending appointed dates, and right-of-way permissions across major projects. Furthermore, intense sector competition threatens project win profitability...
Q1FY27 performance: Max Estates reported revenue, EBITDA and PAT of 51.9, 8.1 and 8.4 crore in Q1FY27. Commercial leasing remained steady, with lease rental income rising 4.5% YoY to 39.7 crore, while Max Asset Services revenue grew 16% Shareholding pattern...
Muted Q1, Execution recovery key for FY27 : Kilburn Engineering Limited (KEL), incorporated in 1987, largest player in customised drying solutions and process equipment. With a strong proprietary...
: Bharat Dynamics Limited (BDL), was incorporated in 1970 under the Ministry of Defence, Government of India to be the manufacturing base for guided missile systems and allied equipment for the Indian Armed Forces. The company offers a comprehensive defence portfolio including SAMs, AAMs, ATGM, torpedoes,...
The order book stood at 21,096 crore as of Q4FY26 (4.6x book to bill). Ahluwalia enjoys a healthy balance sheet and is a net cash company Q1FY27 performance: The consolidated revenue at 1125.8 crore in Q1FY27, was up 12% YoY. EBITDA came in at 48.3 crore, with margins down 430 bps YoY to 4.29% mainly caused due to higher labour costs, and lower labour availability coupled with one-off impact of 29 crore bill value reduction on the completed...
