ICICI Direct Broker Research reports

India's automotive OEMs posted healthy volume prints for June 2026 with volumes growing double digit on YoY basis for most of the OEMs. GST 2.0 tailwinds continue to drive underlying demand. In terms of segments, CV surprised positively wherein healthy growth was witnessed in MHCV Trucks segment. Tata Motors PV set the bar high, outperforming in the PV space while Tata Motors CV led the growth charge in the CV segment. TVS motors outperformed in the 2W domain. Exports continue to do well. - Wholesale volume prints for the month of...

About the stock: PG Electroplast (PGEL) is a diversified electronics manufacturing services (EMS) and plastic injection moulding company with strong footholds across consumer durables space, including Room air conditioners (RAC) with early teens market share, washing machines (WM), TVs and automotive parts, serving as both...

Event Update: KPIT issued two exchange filings on June 30 & July 1, 2026, providing a preliminary business update on Q1FY27 financial performance and a clarification on revenue outlook for the remainder of the year....

CPVC piping in India. As of FY26, it has 21 manufacturing units with an aggregate capacity of 5.97 lakh TPA (4.2 lakh TPA Pipes, Water tanks & Bathware, 1.4 lakh TPA Adhesives & Sealants, 36000 TPA Paints). It has a strong network of over 2.7 lakh dealers and 3990+ distributors. Demerger of chemical business: Astral, at its board meet held on June 25, 2026, considered and approved the composite scheme of arrangement, wherein 1) its chemical business undertaking would be demerged and transferred to Astral Chemie and 2) Al-Aziz plastics would be amalgamated into Astral. Resultantly, post...

Transaction Overview: Persistent (via German subsidiary Galaxy Germany Holding SE / BidCo) announced voluntary public takeover offer for all shares of Nagarro SE (Frankfurt-listed) at EUR 81/share in cash (~140% premium to its undisturbed closing price on June 25, 2026, & ~94% premium to 3M VWAP). It has already secured binding 21% stake from Nagarro's largest shareholder Lantano Beteiligungen GmbH (Carl-Georg Drschmidt) while Nagarro's management has expressed intent to tender its shares (~13-14%), taking effective committed stake to ~3540%. The minimum acceptance threshold is...

It has a substantial portfolio of projects spanning the MMR, with 39 Completed Projects, 17 Ongoing Projects and 21 Forthcoming Projects. So far, it has delivered over 29+ msf, with a pipeline of over 46 msf of...

Business model provides chairman confidence in return to double digit like-for-like growth: Trent like-for-like (LFL) growth dropped to low single digit in FY26 vs. double digit growth in the earlier years affected by demand slowdown in the apparel segment and large store addition in the tier II/III markets. Trent's business model focuses on expanding reach in the tier II and tier III markets primarily seeking to pursue revenue growth across micro market. In FY26, around 80% of Zudio stores were opened in tier II and tier III (~73% of Zudio stores are located in tier II & III towns). This...

Core business resilient, EESL enters next phase lead acid battery market with presence across automotive & industrial applications. It also has dual presence in Li-On battery space through assembly operations (1.5...

While new product launches & market share ambition at Tata Motors India is impressive, however the margin improvement is expected to be gradual in nature. This coupled with muted guidance at JLR for FY27 results in lack of imminent trigger for stock price up move. We continue to assign HOLD...

Road transport still constitutes ~70% of total freight movement at 2.6 trillion tonne km and is expected to grow 20% over FY26-30E to >3 trillion tonne km requiring another 1 million trucks on a base of 4.5-5 million trucks (existing parc). This shall be further supported by replacement demand. It also believed FY27 to be an inflection year for EV penetration in CVs led by favourable TCO, government led regulatory push (both demand as well...

FY26 Product mix: Sale of products ~87%, Services ~13% Key Development: Company announced a bonus issue in ratio of 5:1 i.e. 5 new shares of the company will be allocated against existing 1 share of the company held as on record date i.e. 24th June 2026. The stock has adjusted for the bonus issue in the trade today. We see this as positive as it will substantially improve...

The company currently operates one cruise vessel with capacity of 2,005 guests and has entered into lease agreements for two additional vessels Norwegian Sky (2,004 guests) and Norwegian Sun (1,936 guests), expected...

strong engineering, technological competencies in forging and metallurgy. Its products find application in domestic, exports markets across PV, CV, oil & gas, construction & mining, power, defence, marine, etc....

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,...