ICICI Direct Broker Research reports

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...

Expanding capacities across defence segment with focus on increasing better-margin products: Company is in process of increasing its capacity of Katepally facility (which focuses on RDX, HMX, and rocket integration) which is expected to be commissioned by Q1FY27E. Company plans a further capex in Telangana (land expected to be allotted in the coming months), which would further increase the overall capacity. A greenfield plant in Odisha is planned in three phases (~Rs. 800 crores capex over the next ten years). However, land has not been allotted for the same. We...

Long-term revenue visibility with strong customer profile: The business operates under long-duration bilateral PPAs with a weighted average tenure of 22.85 years. The company services 555 customers with ~72% repeat client rate and ~95% customers rated A- or above, providing...

company which is engaged into contract manufacturing of typical pharmaceutical products which later diversified into own manufacturing. Only few years ago it has started focusing on Oncology as dedicated and strategic business unit with vertically...

Navigating its next with an AI first value framework About the stock: Infosys is one of the leading IT players catering to BFSI, Retail, Infosys at its investor day, unveiled its AI First Value Framework and Topaz suite, targeting a US$300400 bn AI-first services opportunity by 2030 (Nasscom McKinsey). The strategy focuses on capturing new AI demand and augmenting...

We maintain a positive view on HEG, supported by the global transition toward EAF-based steelmaking and capacity expansion led growth prospects ahead. We reiterate a BUY rating with a revised target price of 635, valuing it on SoTP basis, i.e. 10x EV/EBITDA to core graphite...

About the stock: Mishra Dhatu Nigam (Midhani) is one of the key manufacturers of critical metals such as special steels, super alloys (nickel base, iron base and cobalt base), titanium alloys etc. The company primarily cater to the requirements...