IDBI Capital Broker Research reports

Indian HRC: Indian HRC prices increased by 0.7% WoW to Rs 46,000/tonne, as majority of mills increased their HRC prices for December. Exports remain subdued as European quotas hit limit and Middle-Eastern demand remained muted. Billet-Ex-Raipur: Billet prices decreased by 2.4% WoW to...

ICICI Prudential AMC is India's largest asset manager by active mutual fund QAAUM, commanding a 13.3% market share and 10,147.6 billion in mutual fund QAAUM as of September 30, 2025. The company leads across key growth categories, including Equity and Equity Oriented QAAUM (13.6% share) and Equity Oriented Hybrid schemes (25.8% share), and maintains the highest Individual Investor MAAUM in the industry at 6,610.3 billion. Supported by a growing Alternates platform (729.3 billion in QAAUM) and the highest operating profit share in FY2025, ICICI Prudential AMC leverages a 30-year...

Indian HRC: Indian HRC prices decreased by 0.7% WoW to Rs 45,700/tonne, tapered by sluggish demand , liquidity constrains and import influx amid the absence of safeguard duty. Billet-Ex-Raipur: Billet prices increased by 1.9% WoW to Rs 36,950/tonne, owing to the improved bookings in the semi-finished...

BLS International Services Ltd. is one of the largest tech-enabled outsourcing partners globally focused on visa, passport, consular, and citizen services with operations across 70+ countries. The company benefits from long-term multi-year government contracts, anchoring predictable, quasi-annuity revenue with a diversified client base. Recent contract wins like the three-year Ministry of External Affairs India deal and the INR 20.55bn UIDAI Aadhaar Seva Kendra engagement exemplify strong revenue visibility. The business is pivoting towards higher gross margin digital services such as digital identity, and e-governance platforms, which...

Capital expenditure for setting up of 117 new COCO Stores, Expenditure for lease, sub-lease rent and license fee payments for existing COCO Stores, Capital expenditure for purchase of new equipment and machinery, Marketing & advertisement expenses...

Payment of salaries of existing and replacement hires for the Machine Learning and AI teams' development undertaken by MTPL. Investment in MTPL, for expenditure towards marketing and brand initiatives...

During Nov-25, Indian steel prices fell 2% MoM to Rs46,000/tonne, while Chinese steel prices increased by 2% MoM to $470/tonne, as producers hiked export prices owing to lower production. Coking coal prices decreased 3% MoM to $169/tonne, driven by weakness in Chinese production. In Oct-25, Indian steel production remained flat MoM at 13.6 mn tonnes, while estimated Chinese steel output fell by 2% MoM to 72 mn tonnes as mills began maintenance works at BF. Global steel production expanded 2% MoM to 143 mn tonnes. Furthermore, Chinese steel exports...

The month of November saw mixed chemical price movement: while MEG was down 9% MoM, Maleic Anhydride rose 6%. The growth in Ref gases also softened, as the refrigerant gases index grew by 4% MoM. As before the jump was supported by 5-6% jump in R410a and R134a. This was visible in the results of our coverage companies, NFIL and SRF, which posted not just strong results...

Zinc: Zinc prices decreased by 2.3% WoW to $3,124/tonne. Indian HRC: Indian HRC prices decreased by 1.6% WoW to Rs 46,400/tonne, now at par with the previous 52-week-low price, as the market demand remains poor coupled with the increase in inventory...

Sudeep Pharma is a technology driven manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries, supported by in-house capabilities in encapsulation, spray drying, granulation and liposomal preparations. The company is one of the largest producers of food grade iron phosphate and a leading exporter of mineral based ingredients from India, supplying to more than 100 countries. Its regulatory credentials are a key strength, reflected in approvals such as USFDA, WHO-GMP, EXCiPACT and a rare CEP certification for calcium carbonate in the European Union. The company's...

We initiate coverage on Adani Energy Solutions (ADANIENS) with a BUY rating and a TP of Rs1,195/share. AESL, with presence in various facets of the energy domain is a leading energy solution provider in transmission and distribution segments. AESL is well-poised in the smart-metering business and chasing growth via the energy solutions business. With a strong order book in smart meters' division and work-in-hand in the transmission divisions, we project an...

Indian HRC: Indian HRC prices decreased by 0.6% WoW to Rs 47,000/tonne, amid weak demand, liquidity constraints and absence of workable prices in the distribution chain. Zinc: Zinc prices remained flat WoW at $3,209/tonne, however the LME...

DDev Plastiks Industries Ltd (DDEVPLAS) reported a healthy Q2FY26 earnings which was broadly in-line with our estimates on key parameters. The management guided that the demand in the wire and cable sector remained resilient despite a weak monsoon quarter; heavy rains slowed cable-laying activity, impacting industry volumes temporarily. Strong structural drivers viz electrification, infrastructure buildout, and renewable energy growth are expected to accelerate polymer compound demand ahead. On export front, the momentum weakened due to US tariff hikes, but management indicated signs of revival in demand from US customers over the last 45 days. The company reiterated the domestic demand outlook to remain strong...

VIP reported very poor Q2FY26 results, significantly missing our expectations. We believe the disappointing performance is primarily driven by the change in ownership and ongoing management transition. Revenue declined 25% YoY to Rs4.1bn, with gross margins contracting from 45.1% to 30.6% in Q2FY26, indicating a sharp clean-up of the books. Consequently, EBITDA loss widened to Rs1bn, despite a reduction in employee cost and other overheads. Adj. net loss increase to Rs1.4bn, compared to Rs366mn in Q2FY25, primarily due to higher depreciation costs (12% YoY), partially offset by lower finance cost and a significant increase in...

VIP reported very poor Q2FY26 results, significantly missing our expectations. We believe the disappointing performance is primarily driven by the change in ownership and ongoing management transition. Revenue declined 25% YoY to Rs4.1bn, with gross margins contracting from 45.1% to 30.6% in Q2FY26, indicating a sharp clean-up of the books. Consequently, EBITDA loss widened to Rs1bn, despite a reduction in employee cost and other overheads. Adj. net loss increase to Rs1.4bn, compared to Rs366mn in Q2FY25, primarily due to higher depreciation costs (12% YoY), partially offset by lower finance cost and a significant increase in...

Indian HRC: Indian HRC prices decreased by 0.6% WoW to Rs 47,000/tonne, amid weak demand, liquidity constraints and absence of workable prices in the distribution chain. Zinc: Zinc prices remained flat WoW at $3,209/tonne, however the LME...