ICICI Direct Broker Research reports

About the stock: Syrma SGS Technology (Syrma SGS) is a technology-focused engineering & design company, specialised in electronic manufacturing services (EMS). The company is promoted by Tandon group and Jasbir Singh Gujral. Diversified business verticals with presence across consumer, automotive,...

Time tested dialysis chain model with high potential From one clinic in 2010 to 468 clinics in 2026, Nephrocare has come a long way to establish itself as one of the fastest growing healthcare providers with focus on dialysis care. Chronic Kidney Disease (CKD) has emerged as an important chronic disease in India due to growing diabetes and hypertension instances. However, only 15% of the CKD patients have access to dialysis (only cure besides kidney transplant) due to constraints such as accessibility and affordability. To cater to the unmet needs, India needs to nearly double the...

About the stock: Brigade Enterprises (BEL) is one of the leading property developers in South India. Its offerings include Grade-A commercial property, affordable to ultra-premium housing in real estate business and operational marquee hotel assets in hospitality segment (listed entity). Given the healthy end user demand, strong...

Metering & systems segment contributed ~57% to total revenues for FY26, while balance ~43% by consumer & industrials. Company has 7 manufacturing facilities (5 in Haryana & 2 in Himachal) and 2 R&D centres. In meters segment,...

AI a growth driver, not disruption risk: Management acknowledged industrywide AI productivity headwinds of 25-30% over the next 3-5 years but expects these to be more than offset by AI tailwinds in existing services (2030%) and AI driven new services (30-40%) thereby cumulatively boosting the industry by 50-70%, over the same period (Exhibit 3-9). Strong outlook across core verticals: BFS, Insurance, Travel and Public Sector remain core growth engines. Management also sees increasing opportunities in healthcare and government-led digital transformation programs. Management...

Capacity expansion and demand visibility support multi-year growth: Company currently operates ~2.55 lakh sq. ft. of manufacturing space and is expanding capacity through an additional leased facility of ~2.1 lakh sq. ft., with further expansion plans under evaluation. Growth visibility remains strong, supported by a confirmed order book of ~715 crore, strategic agreements exceeding 3,500 crore and a bid pipeline of over 4,500 crore. The combination of expanding capacity and a robust opportunity pipeline...

Healthy growth with sustenance likely going into FY27: Strong business momentum continued in Q4, with advances surging 25.7% YoY (9.5% QoQ), largely led by gold loan portfolio (36% YoY), while deposits grew 23% YoY (11% QoQ), supported by granular CASA (19% YoY) and term deposits (24.8% YoY), keeping CD ratio comfortable at ~85%. Management reiterated its guidance of mid-to-high teen credit growth (23% above system), with portfolio mix broadly stable at MSME (5560%), gold loans (~3032%) and secured retail, ensuring a well-diversified yet secured book....

We value the defence business FY28E earnings (assuming ~85% revenue share with similar margin profile as consolidated margins) at 55x and other businesses revenue (~15% of total) at 10x (in-line with valuations of...

Strong growth outlook, reinforces confidence in business model June 10, 2026 2011, is an omnichannel, D2C jewellery retailer focused on contemporary lifestyle jewellery. It is the 2nd largest player in studded segment in India. The company...

Titan outlined ambitious revenue/EBIT growth guidance of 20% CAGR over FY26-30 in its 2026 Investor's meet. Rising gold prices, expected rise in the inflation and government steps on curb gold consumption will have some impact on the near-term performance (likely for H1FY27). However, Titan's improving market share in the domestic jewellery space and strong balance sheet will help it to sail through tough time. Titan's ambitious growth guidance provides an upside risk to our earnings estimates for FY27 and FY28. We will take the cognizance of...

About the stock: LTM Ltd, (erstwhile LTIMindtree) is the merged entity formed after the merger of erstwhile Mindtree with LTI. It caters to BFSI, Manufacturing, Retail, Health, Media & Hi-tech. LTM at its investor day, unveiled its long-term roadmap under Lakshya 2031, outlining a strategic pivot toward AI-enabled business transformation and outcome-based delivery. The company articulated ambitions of doubling revenue over FY2631 while expanding margins by 200 bps, supported by AI-led services,...

Q4FY26- Steady performance Revenues stood at 625.3 crore, up 3.1% YoY. Gross Margins stood at 40.3%, up ~70 bps YoY. EBITDA for the quarter stood at 130 crore, up 9% YoY, translating to margins of ~20.8%, up ~110bps YoY. PAT for the quarter stood at 117.5 crore, up 21% YoY. In FY26, the revenues stood at 2,365.8 crore, up 4.4% YoY. Gross Margins stood at 40.1%, down ~120 bps YoY. EBITDA for the year stood at 483 crore, down 5% YoY, translating to margins of 20.4%, down ~210 bps YoY. PAT for the year stood at 417 crore, up ~1.6% YoY....

Expansion in new geographies as per plan- Dent in EBITDA margins was attributable to the commissioning of new hospitals (~1280+ beds addition in FY26). KIMS continues to perform better in its' key markets of Andhra Pradesh and Telangana with its' strategy of shifting its payor mix more toward cash and insured patients (in Andhra) to improve ARPOB and margins. This along with foray in new high ARPOB fetching markets of Bengaluru and Thane bodes well for more profitable growth. Having demonstrated one of the best unit economics despite having one of the lowest ARPOBs in the industry, KIMS...

Technology leadership, value-added products and large capex pipeline to drive margin expansion: MIDHANI continues to strengthen its position in high-end metallurgy through indigenous development of single-crystal blade materials, CEMILAC certification for critical aero-engine alloys and NADCAP heat-treatment certification, which could unlock direct business from global aerospace OEMs. The company plans ~1,000 crore capex over the next three years focused on automation, modernization and downstream processing capabilities to improve productivity and yields....

Core strength intact, new energy execution vital About the stock: Amara Raja Energy & Mobility (AREM) is a part of the duopolistic organised Indian lead acid battery market with a strong presence across Automotive (OEM & aftermarket) and Industrial battery space (UPS, Telecom, etc.). Approaching E-Mobility through a mix of EV chargers, Li-On battery pack assembly, captive Li-On cell manufacturing and stake in Log-9 materials Q4FY26 Result: On standalone basis, net sales for the quarter came in at 3,460 crore, up 16% YoY. EBITDA in Q4FY26 came in at 377 crore with corresponding...

About the stock: Ahluwalia Contracts (India) Limited is a leading construction company operating across residential/commercial complex, hotels, hospitals, institutional/corporate offices, IT parks, Railway station redevelopment, metro station/depot, parking lot etc. 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. Q4FY26 Performance: Ahluwalia Contracts reported consolidated revenue of 1332 crore in Q4FY26, up 8.8% YoY, tad lower than expected owing to state...

On sectoral front, Metals, IT & FMCG outperformed while Pharma and Power underperformed. Metals outperformance was driven by improving realizations, controlled input cost environment, and better operating leverage. IT earnings were supported by margin resilience, currency benefits and cost optimization efforts, amidst muted global demand environment. In FMCG space, growth was aided by gradual recovery in rural demand and sequential volume improvement. With geopolitical tensions expected to ease, trade deals underway with major developed economies & inexpensive valuations (index trading at 2-year fwd. P/E...

About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 11,811 rooms in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels and Keys etc. Q4FY26 performance: LTHL consolidated revenues recorded 10% YoY growth to Rs.416.4cr in Q4FY26. Revenues were driven by 7% YoY growth in RevPAR to Rs.5855. ADR grew by 6% YoY to Rs.7457 while occupancies improved by 96bps...

Q4FY26 Results: Goodluck India reported a steady performance in Q4'26. Revenue stood at 1,088 crore (up 5% QoQ) with standalone sales volume of 1.2 lakh tonnes (up 2% QoQ). Reported EBITDA stood at 113 crore with corresponding EBITDA margins at 10.4% (up ~64 bps QoQ). Standalone EBITDA/tonne stood at 7,423 vs 7,691 in Q3FY26. Consolidated PAT for the quarter stood at 56 crore (up 28%...