Buy

Honasa’s upcoming Analyst Meet is likely to focus less on near-term recovery and more on the sustainability of growth, profitability and the long-term shape of the business.

The group plans to increase capex from INR1.5t in FY26 to INR7-8t by FY30, with scope to reach INR10t. Management emphasized that investments will remain disciplined, with each business pursuing projects that generate returns above the cost of capital.

MIDHANI’s Q4FY26 EBITDA, at INR 1.16bn, undershot estimates. The miss stemmed from lower gross margins (mix and commodity price inflation) despite in-line revenues (46% of annual execution) as MIDHANI executed pent-up order.

Despite multiple headwinds, Ahluwalia Contracts (India) delivered a robust performance in FY26 with an all-time high revenue of ~Rs46bn (~11.4% y/y) and ~118bps expansion in EBITDA margin led by robust OB and accelerated execution of marquee projects.

The company's capital expenditure (capex) estimate for FY27 is Rs. 1,500-1,800cr, along with an annual maintenance cost of Rs. ~200cr. BKT's performance in Q4FY26 reinforces confidence in the resilience of its core off continued strength in India, supporting a healthier volume outlook. The longer-term investment case is supported by expansion in the on-highway portfolio and the scaling up of the carbon black business, which should gradually diversify revenue streams and strengthen the operating platform. While the near-term earnings trajectory may be tempered by rising raw material prices, higher freight expenses...

Lupin's strong double-digit growth continues to be driven by robust US market leadership, expanding traction in the respiratory portfolio and deepening complex generics capabilities. Management has guided for sustained revenue growth with stable margins, supported by continued R&D investment. The company's focus on accelerating ANDA filings and building a differentiated 505(b)(2) and biosimilar pipeline are expected to support sustained growth momentum. The strategic push into specialty segments through organic initiatives and targeted acquisitions,...

Minda Corporation delivered record Q4FY26 EBITDA of 203cr, up 33%YoY, with margins expanding ~37 bps to 11.9%. This strong operating performance, supported by industry leading top-line growth, operational efficiencies, and a richer product mix, drove profitability higher. Net...

Q4FY26- Steady performance Revenues stood at 625.3 crore, up 3.1% YoY. Gross Margins stood at 40.3%, up ~70 bps YoY. EBITDA for the quarter stood at 130 crore, up 9% YoY, translating to margins of ~20.8%, up ~110bps YoY. PAT for the quarter stood at 117.5 crore, up 21% YoY. In FY26, the revenues stood at 2,365.8 crore, up 4.4% YoY. Gross Margins stood at 40.1%, down ~120 bps YoY. EBITDA for the year stood at 483 crore, down 5% YoY, translating to margins of 20.4%, down ~210 bps YoY. PAT for the year stood at 417 crore, up ~1.6% YoY....

Expansion in new geographies as per plan- Dent in EBITDA margins was attributable to the commissioning of new hospitals (~1280+ beds addition in FY26). KIMS continues to perform better in its' key markets of Andhra Pradesh and Telangana with its' strategy of shifting its payor mix more toward cash and insured patients (in Andhra) to improve ARPOB and margins. This along with foray in new high ARPOB fetching markets of Bengaluru and Thane bodes well for more profitable growth. Having demonstrated one of the best unit economics despite having one of the lowest ARPOBs in the industry, KIMS...

Technology leadership, value-added products and large capex pipeline to drive margin expansion: MIDHANI continues to strengthen its position in high-end metallurgy through indigenous development of single-crystal blade materials, CEMILAC certification for critical aero-engine alloys and NADCAP heat-treatment certification, which could unlock direct business from global aerospace OEMs. The company plans ~1,000 crore capex over the next three years focused on automation, modernization and downstream processing capabilities to improve productivity and yields....

We remain positive on BHFL given its unique combination of industry-leading asset quality, strong AUM growth, and multiple levers for earnings compounding. While near-term spread compression may weigh on profitability, we view this as transitory.

Quarterly Update Q4FY26

ICICI Bank (ICICIBC) is well-positioned to sustain its growth momentum while maintaining profitability benchmarks.

Torrent Power is expected to deliver a revenue CAGR of 10.6% during FY2628E, driven by the gradual commissioning of its renewable energy pipeline and the consolidation of Nabha Power from Q1FY27. The new tariff framework could support a 100 bps improvement in ROE on the distribution assets, subject to performance milestones. Timely execution of renewable projects remains the key monitorable while higher commissioning and leverage could pressure bottom- line performance. However, any weakness in the stock price thereof presents an opportunity for...

We initiate coverage on Brigade Hotel Ventures Ltd. (BHVL) with a BUY rating and TP of Rs86, valuing it at 14x EV/EBITDA on FY28E. BHVL has a portfolio of 9 operating hotels with 1,604 keys at the end of FY26. We like BHVL considering 1) its strong foothold in key Southern markets; 2) active asset management, which will drive operational efficiencies; 3) strong parentage of Brigade Group; 4) aggressive expansion plan in high growth markets; and 5) lucrative valuation at current level. We forecast net sales/EBITDA CAGR of 22.8%/28.3% over FY26-28E and we believe the long-term growth is more promising given majority of the...

We maintain our BUY rating on the stock.

About the stock: Ahluwalia Contracts (India) Limited is a leading construction company operating across residential/commercial complex, hotels, hospitals, institutional/corporate offices, IT parks, Railway station redevelopment, metro station/depot, parking lot etc. The order book stood at 21,096 crore as of Q4FY26 (4.6x book to bill). Ahluwalia enjoys a healthy balance sheet and is a net cash company. Q4FY26 Performance: Ahluwalia Contracts reported consolidated revenue of 1332 crore in Q4FY26, up 8.8% YoY, tad lower than expected owing to state...

About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 11,811 rooms in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels and Keys etc. Q4FY26 performance: LTHL consolidated revenues recorded 10% YoY growth to Rs.416.4cr in Q4FY26. Revenues were driven by 7% YoY growth in RevPAR to Rs.5855. ADR grew by 6% YoY to Rs.7457 while occupancies improved by 96bps...

Q4FY26 Results: Goodluck India reported a steady performance in Q4'26. Revenue stood at 1,088 crore (up 5% QoQ) with standalone sales volume of 1.2 lakh tonnes (up 2% QoQ). Reported EBITDA stood at 113 crore with corresponding EBITDA margins at 10.4% (up ~64 bps QoQ). Standalone EBITDA/tonne stood at 7,423 vs 7,691 in Q3FY26. Consolidated PAT for the quarter stood at 56 crore (up 28%...

Sakar has a manufacturing unit in Changodar for oral liquids, tablets, injectables, dry powder & inhalers; one unit in Bavla for Oncology Products. FY26 Revenue Mix Oncology: Non-Oncology 39:61...