Our widespread consumer coverage universe, with a combined revenue of ~INR4,800b and a market cap of ~INR35,000b, registered aggregate revenue and EBITDA growth of 12%/5% in 1QFY26 and 8%/2% in FY25.
Adani Ports & SEZ (APSEZ) has transformed from a pure-play port operator into India’s most diversified transport and logistics platform, with strong growth visibility across ports, logistics, and marine services.
Godrej Consumer (GCPL)’s FY25 strategy focused on expanding the existing categories by innovating products across various sizes and price points while broadening distribution to enhance consumer reach, streamlining operations through radical simplification by reducing SKUs, personnel, and processes.
Star Health (STARHEAL) has reported lower growth than its SAHI peers, which has led to market share loss for the company in the health segment to 11.4% (YTDFY26) vs. 15.7% in FY21.
JSWINFRA’s strategy of augmenting capacity, modernizing infrastructure, and pursuing selective acquisitions is well aligned with India’s long-term port sector growth ambitions, as the government targets a fourfold expansion of capacity to 10,000MTPA by FY47 from the current ~2,700MTPA.
We reiterate our Neutral stance on NTPC with a TP of INR380. After a 17% correction in the share price over the last 12M, valuations at 11x FY27 P/E appear relatively reasonable, even as the long-term project pipeline continues to build up, supported by an expanding footprint in nuclear, PSP, renewables, and green chemicals.