Buy

Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20-25) while its improved scale and assets under management should help improve margins and earnings growth ahead (expect IFRS PAT CAGR of 53% over FY25-27E).

We recommend a BUY with a near-term TP of Rs 405, implying an upside of 10% from the CMP.

we maintain our BUY rating on the stock

We recommend a BUY rating on the stock with a target price of Rs 530/share, implying an upside of 10% from the CMP.

TCS’s Q4FY25 revenue (-1.1%) came below our estimates. Revenue grew to INR 644,790 Mn (+0.8% QoQ /+5.3% YoY), driven by strong performance across the Asia Pacific, India and MEA region, which was partly offset by weakness in North America.

Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of 31st Mar’25, along with a promising prospect pipeline of INR6t, which is likely to be awarded over the next few years.

TCS reported revenue of USD7.5b in 4QFY25, down 1.0% QoQ in USD terms vs. our estimated decline of 0.8%. FY25 revenue stood at USD30.2b, up 4.2% YoY in CC.

TCS Q4FY25 reported revneue stood at $7,465 million, down 1% q-o-q/up 1.4% y-o-y, missing our estimate of $7,501 million. Revenue growth in constant currency (CC) terms stood at 2.5% y-o-y. Revenue in rupee terms stood at Rs. 64,479 crore, up 0.8% q-o-q/5.3% y-o-y.

The US Court of Appeals has vacated the preliminary injunction against Sun Pharma’s launch of Leqselvi which was granted by the US District Court of New Jersey in Nov-24.

Tata Steel (TSL) has embarked on a major transformation plan at Tata Steel Netherlands (TSN) – built on a multi-pronged approach to maximise production efficiencies, lower fixed costs, optimise product mix and margins.

Underpromise, overdeliver

In our view, ACI has a plethora of opportunities – each carrying strong value creation potential – along its path ahead. Right off the bat, the expansion in bromine derivatives, and thus, higher captive bromine consumption would likely provide a strong fillip to ACI’s bromine business.

Indian Hotels’ (IH) transformational journey over the past decade is marked by bold strategic moves—embracing an asset-light model, reimagining Ginger Hotels, and expanding into new segments.

Uninspiring operational performance but a value buy

Steady AUM Growth with Improving Mix and Profitability

Godrej Properties (GPL) has clocked strong Q4FY25 gross sales bookings of 7.5msf worth INR 101.6bn, led by several new launches across India.

We attended Affle’s 3i Summit where its management highlighted its plan to be future ready with 10x growth vision and plan. The company highlighted that it has grown over 10x since 2018 and aims to achieve 10x growth through its credible vision and plan.

We recommend a BUY on the stock with a target price of Rs 900/share, implying an upside of 10% from the CMP.

We recommend a BUY rating on the stock with a TP of Rs 742 /share, implying an upside of 10% from the CMP.