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...
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...
HG Infra delivered a mixed set of results in Q2FY26 that underline execution progress on its large road/HAM portfolio but also reflect near-term noise from project accounting, higher financing and working-capital needs, on a standalone basis revenue rose to Rs11.5bn in Q2 vs Rs10.6bn a year ago (+8.4% YoY) but declined sharply QoQ from Rs17bn in Q1, driven by phasing of project billings. EBITDA dropped to Rs1.5bn with 12.7% margin versus 16.4% last year and PAT fell to Rs673mn, at 5.8% margin, reflecting higher finance costs and some oneoff provisions taken on specific contracts. We maintain BUY rating on the stock with revised TP at Rs1,126 value at 10x FY26E EPS. Q2 consolidated revenue was...
Lemon Tree Hotels Ltd.'s (LTH) Q2FY26 result was in-line with our estimates on key parameters. The hospitality industry witnessed multiple headwinds during H1FY26 including geopolitical tensions, floods, tariff wars, and GST revisions, which led to muted demand in Q2. Despite these challenges, LTH reported the best ever Q2 performance. Management noted that demand continues to outpace supply, especially in Tier 2 and Tier 3 markets where branded inventory remains limited and pricing power is improving. Room rates across the industry are still about 20% lower than 200708 levels (inflation-adjusted), indicating...
Tata Steel's Q2FY26 performance was above our expectations. Revenue increased 10% QoQ to Rs586bn, driven by 11% increase in volumes, aided by strong growth in India operations. However, this was partially offset by a 1% QoQ decrease in realizations owing to weak steel prices. Consolidated EBITDA increased 20% QoQ to Rs89bn, with EBITDA/t improving 8% QoQ to Rs11,247. UK operations saw EBITDA loss widen to Rs13,510/t in Q2FY26 from Rs7,829/t in Q1FY26, while the Netherland business posted improved EBITDA of Rs5,948/t, up from Rs4,074/t in Q1FY26. The improvement was supported by global cost...
Century Plyboards' Q2FY26 performance was above expectations. Revenue grew 17% YoY to Rs14bn, driven by strong growth in MDF (+28% YoY), Plywood (+15% YoY), and Laminate (+17% YoY), despite a decline in Particle boards (-18% YoY). EBITDA margin expanded by 320bps YoY to 12.6%, supported by margin improvement across MDF and laminates segment. Additionally, the new plywood facility at Hoshiarpur (capacity: 50,000 CBM), commenced operations, taking its plywood capacity to 3,94,800 CBM. Further, new plywood capacity expansion at Puttur has been initiated and is expected to commence operations...
