Buy

We recommend a BUY with a target price of Rs 290/share, implying an upside of 10% from the CMP.

Unlike several industries that rely heavily on global suppliers for chemicals, HCP sources most chemicals domestically for captive use. Chemicals/allied agents i.e., Sodium Isopropyl Xanthate, Somfroth and Flocculants are largely procured locally, which limits direct exposure to global trade flows.

We visited Aditya Infotech's (AIL) manufacturing facility at Kadapa, Andhra Pradesh. We note that the company has the world’s third-largest CCTV manufacturing capacity (ex-China) and largest in India.

All-India major port volumes grew 3.5% YoY in Feb’26 and ~8% YTD in FY26, led by healthy traction in petroleum, containers, and coking coal (albeit on a low base).

VA Tech Wabag (VATW) remains well-positioned for sustained growth, with regular order inflows and normal project execution in the Middle East despite current escalating tensions.

Blockade of the Strait of Hormuz (SoH) (~20% of global oil/LNG supply), ~3-4mb/d of refining capacity disruptions, refined product export restrictions in China, and decade-high crude freight rates have lifted gasoil/gasoline/jet fuel cracks to USD42/16/58 per bbl in Mar’26’TD, 147%/40%/124% above LTA.

MSIL’s recent underperformance relative to the Auto index is likely to be driven by near-term underperformance in wholesale and disappointing 3Q performance. However, we believe these concerns seem to be overdone, given that retail demand for MSIL remains healthy, both in cars and UVs, and the same is reflected in its outperformance in retail sales post-GST cut.

Domestic Business & Distribution: The company is focused on expanding in lower north markets (UP, Haryana, MP, Rajasthan), with ~80% of distribution additions expected from this region.

Siemens India, the flagship listed company of Siemens AG (Germany) in India, is an integrated technology provider and leading powerhouse in electronics and electrical engineering. Siemens holds a strong position in the energy and infrastructure space,...

Jio Financial Services (JIOFIN) is being architected as a diversified, technologyled financial services platform, aiming to operate across lending, payments, asset management, wealth management, insurance manufacturing and broking, and other digital financial services, while leveraging the unparalleled distribution and data ecosystem of the Reliance group.

Demand for transformers is surging in domestic and global markets, especially that for power transformers. As a result, transformer manufacturers are expanding their manufacturing footprint.

We interacted with R Srikrishna, CEO of Hexaware Technologies (HEXT), to gauge the market pulse and assess the growth outlook. HEXT’s CY25 growth was impacted by weak macros, higher than usual client-specific challenges, and weak NN deal-wins in H1CY25. NN trends and overall growth started improving in H2CY25.

Per media articles (refer to link) , the Union Cabinet has approved changes to the Press Note 3 framework for FDI (we await official confirmation by the GoI).

JSW Steel (JSTL) has outlined a structured expansion roadmap targeting ~56MTPA crude steel capacity by FY31 (India ex-BPSL: 50MTPA). The 5MTPA integrated steel plant at Jagatsinghpur (Odisha) remains the cornerstone project, comprising BF, SMS, and HSM (900–2,150mm) with ~350MW CPP.

We remain constructive on Jupiter Life Line Hospitals (JLHL) following our recent Dombivli hospital visit, with strong visibility on occupancy ramp-up and scalable capacity expansion. The recently operationalized Dombivli facility, along with steady growth in the base business, should support gradual improvement in revenues and operating leverage over the medium term. Additionally, the company remains on track to commercialize its upcoming greenfield hospital in the Pune South market by CY28, followed by the MiraBhayandar project by CY29. These expansions, along with rampup at existing facilities, are expected to strengthen JLHL's presence across highdensity micro-markets in western India and provide multi-year growth visibility. Overall, we see 15%/15% CAGR in EBITDA/PAT over FY26-28E with healthy return...

Two new proposed kilns expansion will be taken up once utilization reaches ~85%. Mgmt is targeting ~15% RoI prior to any further capacity expansion. We visited Ambuja Cement's Sanghipuram plant in Kutch (Gujarat), one of the largest integrated cement facilities with cement/clinker capacity of ~6.1mtpa/6.6mtpa (two kilns of 9,000tpd and 10,000tpd) and benefits from ~1Bt of high-quality limestone reserves. Management indicated that current operational cement capacity of ~17,000tpd could increase by ~2,500tpd through debottlenecking, taking capacity to...

We increase our EBITDA estimates by ~4% over the next 2 years as investment in RARE India (RARE), a luxury hospitality platform, is likely to open a new revenue stream and result in B2C commission income of Rs425mn/Rs556mn for FY27E/FY28E. We believe RARE provides SAMHI IN an exposure to leisure segment through an asset light route diversifying the business model and lending scale advantage. Affiliation with Marriott will not only aid in boosting occupancy (~35-45%) and ARR (Rs25,000 odd) of existing properties but also help garner listings on the platform by onboarding new owners given strong parentage. After incorporating the acquisition of RARE, we expect...

ABB's performance reflects disciplined execution and a diversified, technology-led portfolio, enabling it to navigate cyclical end-markets while deepening customer partnerships. Management remains focused on scaling capabilities to address structurally strong themes such as grid modernisation, rail and transport electrification, renewables, and fast-growing data-centre infrastructure, supported by a robust enquiry pipeline. ABB continues to enhance competitiveness through a portfolio refreshincluding energy-efficient drives, next-generation machinery drives, and higher-efficiency motorsalongside an expanding suite of AI/ML-...

HDB Financial Services (HDBFS) – a blue-chip heritage paired with a formidable low-cost borrowing moat. The combination bestows an inherent advantage upon the company to command sustainable, scalable and high-margin growth.