Buy

Midwest Ltd. (MIDWESTL) is India’s largest producer and exporter of premium Black Galaxy Granite. It holds over 60% of India’s export market share and is a leading player in Absolute Black Granite.

Brigade Enterprises (BRGD) posted a 30% CAGR in presales over FY21-25 and is expected to deliver 19% growth during FY25-28, guided by its strong launch pipeline and a scale-up in Hyderabad and Chennai.

Kajaria Ceramics (KJC) has reported fraud in its step-down subsidiary Kerovit Global (Kerovit) following investigations; the Rs200mn fraud is substantial, considering that it is 13% of Kerovit’s total assets as of FY25.

BFL reported strong total income growth and profitability during the quarter, due to *over or under performance to benchmark index higher interest income and operational efficiency measures. The reduction in unsecured MSME loan volumes is a prudent move, which is expected to improve the company's loan loss metrics in the second half of the year and beyond. The recent GST rate revision has boosted customer sentiment, leading to increased consumption and a strong seasonal outlook. Additionally, the captive 2 and 3 wheeler business, which accounts for a significant portion of loan losses, is being...

We maintain our BUY rating on the stock, with a target price of Rs 630/share.

We value the company at 5.5x FY28E Pre-sales/EBITDA, and maintain our BUY recommendation on the stock with a TP of Rs 740/share, implying an upside of 21% from the CMP.

The merger ratio was favorable for OCL (to the tune of ~9%) and largely neutral for ACC (considering the closing price of 22nd Dec 2025). However, we believe that these implied valuations for OCL and ACC are significantly...

Shyam Metalics and Energy (SMEL) has managed to triple its revenue over the past five years, riding on sharp capacity upliftment.

We met Bank of Baroda (BoB)’s CFO, V Inumella Sridhar, to discuss the management outlook on growth, margin strategy, and the ongoing noise around PSB consolidation.

On 22nd Dec’25, an agency named Cobrapost released an investigative report alleging large-scale related-party transactions, cash handling irregularities, governance lapses, and regulatory non-compliance at CIFC.

We met with the management of Hero MotoCorp (HMCL) to discuss the demand trends in the domestic 2W market and the company’s plan to capitalize on the same. Demand for 2Ws has picked up well post-GST rate cuts, and it is expected to be sustained, according to the management.

Orkla India, led by its strong legacy brands MTR and Eastern, enjoys a dominant market share in its core states of Karnataka, Kerala, AP and Telangana. Its deep understanding of regional tastes gives it a strong competitive moat.

The Adani group has announced the simplification of its group structure and decided to consolidate the cement business under one entity. Currently, ACEM holds a 50.05% stake in ACC and 72.66% in Orient Cement.

APL Apollo Tubes is showing a well-structured Cup and Handle pattern on the daily timeframe, a formation that often signals trend continuation after a healthy consolidation. The stock has gradually rounded off its base over the past few months, reflecting steady accumulation rather than sharp speculative moves. The recent breakout from the handle portion of the pattern, accompanied by improved volumes, suggests that buyers are...

Kajaria Ceramics (KJC) in an exchange filing disclosed a financial fraud conducted by Mr. Dilip Maliwal, CFO of Kerovit Global, a wholly-owned subsidiary of Kajaria Bathware and a step-down subsidiary of KJC.

Slump in price of key APIs has exerted pressure on growth in Akums CDMO segment for the past several quarters, we believe this trend is now starting to reverse as API prices are now stabilizing.

Delivering Stable Performance Across Cycles

The Board of Shriram Finance (SHFL) has approved a preferential equity issuance of INR396.2b to MUFG Bank Ltd., a leading Japan-based financial institution, at an issue price of INR840.93 per share.

VBL has acquired 100% stake in Twizza (Pty), which manufactures and distributes own branded NARTD beverages in South Africa. With this acquisition, VBL’s volume market share is set to increase to ~20% in the geography by CY27E (vs ~10% now).