ICICI Direct Broker Research reports

A life sciences workflow outsourcing growth story - Indegene, founded in 1998, is a digital-first commercialization partner focused on the global life sciences industry. It serves 20/20 top biopharma companies and operates across 80+ markets through 17+...

: Pearl Global Industries Ltd. (PGIL) is a multi-national apparel manufacturer offering end-to end sustainable solutions across the fashion value chain. It has 25 manufacturing facilities with capacity of ~108mn pieces across...

Moneyview is a digital financial services platform focused on Middle India', comprising households with annual income of 3-11 lakh. It provides access to personal loans through a network of Financial Partners, including NBFC subsidiary Whizdm Finance via their mobile application. The company has expanded its platform across credit cards, home loans, LAP, insurance and...

- Centum Electronics (Centum) is a premier electronics system design and manufacturing (ESDM) company based in Bengaluru. Established in 1993, the company builds high-reliability electronic systems and microelectronics for critical fields like defence, space, aerospace, industrials, semiconductor, railways and healthcare. It partners with marquee entities like Indian Space Research Organisation (ISRO) and Defence Research and...

over FY26 - 28E : Stylam is entering a new phase of growth with the commissioning of its Manak Tabra manufacturing facility (~52.5MSM), which has now commenced production in September 2026. Management is targeting ~300 crore in additional revenue in FY27, with the facility expected to generate 700-1,000 crore in incremental annual revenue as utilization scales up over the subsequent two to three years. In addition, it has announced a 3-5% price hike. Hence, we estimate Stylam's revenue to grow at a CAGR of ~19.4% over FY26-28E, supported by incremental...

Transitioning into complete integrated weapon systems OEM : Apollo Micro Systems Ltd (AMSL) is an electronic, electromechanical, and engineering design, manufacturing, and supplies company. It designs, develops, and sells high-performance, mission and time-critical along with...

focused play er in the Indian tiles market! Varmora Granito Limited is a prominent Indian manufacturer of ceramic and vitrified tiles, bathware, and sanitaryware. It has a tile manufacturing capacity of 52MSM and maintains a strong pan-India distribution network comprising 305 Exclusive Brand Outlets (EBOs) and 2,758...

. The company's competencies span across electrical wiring and interconnect systems, electrical panel assemblies tailored for power distribution and control, electronic systems. The company conducts business in two...

Management reinforced its confidence of achieving 350-375 crore in FY27 and ~500 crore in FY28 with EBITDA margins of ~30%. Sakar recently concluded EU-GMP audit (Croatia) and expects positive...

Moving beyond recycling to unlock higher growth... Rating and Target Price: We have a positive view on Pondy Oxide, supported by strong industry tailwinds, favourable government regulations, capacity expansion across lead and copper segments, increasing value-added products, controlled B/S (0.2x D:E) and healthy return ratios profile of >20%. On that note, we...

of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure, construction industries Product range includes packaged explosives, initiating systems, UAS...

Market leadership supported by liquidity: In FY26, NSE commanded ~93% market share in cash equities, 99.7% in equity futures and 68.48% in equity options premium turnover. The concentration of participants and order flow supports a liquidity network that attracts further trading activity and reinforces its competitive position. Expanding investor participation: Unique registered investors increased from 3.87 crore in FY20 to 12.91 crore in FY26, representing a 26.5% CAGR, and reached 13.24 crore by June 2026, reflecting widening participation in...

Hero Motors has progressively moved beyond conventional components towards integrated powertrain and mobility solutions. Its portfolio spans gears & transmissions, electric motors and integrated electric drive units, giving it exposure to increasing technology content in next-gen vehicles. EV-related products/services contributed ~23% of FY26 revenue vs ~12% in FY24, indicating company's prominent positioning in the high growth EV ecosystem. Expanding EV addressable market provides a significant runway of growth for Hero Motors' powertrain portfolio....

Steady execution and robust order pipeline to drive sustained growth: Company has delivered 3 vessels in Q1FY27 and targeting 10 deliveries in FY27, including ASW vessels, multi-purpose vessels, dredgers, commissioning service vessels, and zero-emission container vessels. The current order-backlog stands at 21,900 crore (4.3x TTM revenue) and is positioned as L1 for the 5,000 crore Next-Generation Survey Vessel (NGSV) order. Moreover, key opportunities include LPDs (~ 32,000 crore), MCMVs (~36,000 crore), and P-17 Bravo (~ 49,000 crore), aligning well with CSL's...

- Raymond Realty is a part of iconic Raymond Group (founded in 1925 with a woollen mill in Thane). Since entering realty space in 2019, it has become one of the top five premium listed residential developers with a strong presence across the Mumbai Metropolitan Region (MMR). With ~100-acre owned Thane land and 8 Joint Development Agreements, it currently has an estimated gross...

2X3Y Execution creates a strong foundation for the next 2B2B Growth strategy: KOEL is entering a new phase of structural growth after delivering strong execution under its 2X3Y strategy, with consolidated revenue increasing 1.6x from 4,022 crore in FY22 to 6,329 crore in FY25, while EBITDA and PAT grew 2.9x and 2.8x, respectively. The company's next leg of growth is anchored by its 2B2B strategy, targeting a 16,000+ crore business by FY30, supported by higher capacity utilisation, market-share gains in high-horsepower (HHP) engines, international expansion and increasing presence in Defence, Railways and non-ICE businesses. The...

: Artemis Medicare Services Ltd (Artemis) is a healthcare venture launched by the promoters of the Apollo Tyres Group. It operates a 700-bed super speciality hospital in Gurugram (Delhi-NCR), a 300 bed multi-specialty hospital in...

Clear vision of growth with moat in place. : Lenskart Solutions Ltd. (Lenskart) is a leading D2C eyewear player in India and with presence across select international markets. It sells wide range of prescriptive eyewear, sunglasses and contact glasses. India business forms...