Buy

NMDC Limited is witnessing a constructive setup on the weekly timeframe and is on the verge of a consolidation breakout. The price action continues to hold firm within a broad range, indicating steady accumulation. Despite intermittent volatility, the structure remains intact with higher base formation,...

We maintain our BUY rating on the stock and rollover our estimates to FY28.

IPCA reported strong EBITDA of INR 4.9bn (up 19.6% YoY), 7% above our estimates. Company has guided strong revenue growth of 12-13% and 150 bps margin expansion in FY27. Our FY27 and FY28E EPS stand increased by 2-3% which factors in 11% revenue growth in FY27. Domestic formulation and branded generic business, which now contributes 46% of revenues and ~70% of EBITDA, continued to outperform and grow at healthy levels. We believe 1) recovery in API segment 2) higher margins ex Unichem 3) steady growth in domestic formulation are the key growth drivers. At CMP, the stock is trading at 14.5x EV/EBITDA and 23x PE on FY28E adjusted for Unichem stake. We...

Q4FY26 - Formulations drive numbers- Revenues grew 6.3% YoY to 2388.5 crore, mainly driven by formulations. Domestic formulations grew 12% YoY to 853 crore. Under exports formulations - Branded exports grew ~14% to 190 crore, generic exports also grew 39% YoY to 341 crore whereas Institutional exports de-grew 33% YoY to 74.1 crore. The API business was flat at 344.6 crore. The subsidiaries (including Unichem) performance was also below par with ~6% degrowth to 574 crore. EBITDA grew 13% YoY to 483.9 crore while EBITDA margins improved...

The company enjoys industry leading margins and returns ratios. Q4FY26 Performance: Kajaria Ceramics delivered a robust quarterly performance, with revenue up 12.4% YoY to 1,373.4 crore, supported by an 11% YoY rise in tile sales volumes to 33.5 MSM, resulting in 11.4% increase in tile revenue at 1,212.6 crore. The company's focus on cost optimization and improved sales growth led to a 786-bps expansion in EBITDA margins to 19.2%, resulting in a 90.4% YoY surge in EBITDA at 264 crore. This PAT at 155.7 crore, was up 266.3% YoY, driven volume growth recovery and operating leverage led margins expansion. It included...

About the stock: Indo Count Industries (ICIL) is the world's largest bed-linen player. It has portfolio of ~25 brands (licensed + owned) to position well in US and other export markets. It has 4 manufacturing facilities in India with capacity of 153mn meters and 3 plants with 32.5mn pieces in the US. Q4FY26 performance: Consolidated revenues grew by 3.4% YoY to Rs.1057.7cr. Volumes declined 20% YoY to 20.5mn metres while realisation improved due to product mix and favourable currency exchange rate. Input cost was favourable during quarter aiding 588bps YoY expansion in gross margins to 57.1%. EBITDA...

Prominent PV ancillary, levers for industry leading growth: Passenger Vehicle (PV) domain contributed the maximum ~53% of sales at Lumax Auto in FY26. LAT's prominent presence in PV space is resultant of its acquisition of IAC India (now a wholly owned subsidiary), which has bolstered its product portfolio, particularly in plastic interior modules, and also expanded its business with OEMs like M&M, which is outperforming in the PV space domestically. It is present in new launches such as Maruti Suzuki Victoris, M&M XUV 7XO & XEV 9S. Lumax is increasingly becoming...

For FY26, Pigments accounted for ~96% of the business. It has a customer base of more than 4,000+ customers in 100+ countries and 1,600+ products. It owns 19 Manufacturing plants across 11 countries Among end users, coatings industries contribute highest followed by...

Bajaj Auto Ltd (BAL) is India's second-largest motorcycle manufacturer. It is India's largest three-wheeler maker. The company is based in Pune and has plants in Chakan (Pune), Waluj (near Aurangabad) and Pantnagar (Uttarakhand). It is the country's...

Ipca Laboratories (IPCA) delivered in-line revenue in 4QFY28. It delivered 5% beat on EBITDA, driven by higher gross margin. PAT came in line with estimate.

Glenmark Pharma (GNP) delivered lower-than-expected financial performance for the quarter. While revenue was in line with our estimate, EBITDA was a 7% miss.

NMDC’s reported consol. revenue stood at INR113b, driven by third-party value-added sales of INR30b in 4QFY26.

Lemon Tree Hotels Ltd.'s (LTH) Q4FY26 result was in-line with our estimates on key parameters. Despite intermittent global headwinds including renewed geopolitical tensions in the Middle East, aviation disruptions and GST changes during the year, FY26 was the best year in Lemon Tree's history across key operational parameters. Further, Q4FY26 turned out to be the best 4th quarter till date for LTH. The management guided that the GST impact will decrease year on year as the numbers of customers paying a rate below Rs7,500 keeps reducing in the medium term with ARR growth. The reiterated that the Indian...

Apeejay Surrendra Park Hotels Ltd.'s (ASPHL) Q4FY26 result was below our estimates on key parameters. Though on YoY, ADR increased by 3%, on a sequential quarter it was lower by 3% to Rs9,165. The management contributed the sequential softness and lower growth to significant room cancellations in Delhi and Hyderabad triggered by geopolitical tensions and the Middle East conflict. On a positive note, The Park Kolkata maintained its record of worldleading occupancy, achieving 100% occupancy for both the quarter and FY26. The management provided long-term guidance to more than double its hotel portfolio from 42 current properties to 85 by FY30. This expansion plans to...

With an upside of 17% from the CMP, we upgrade the stock to BUY.

Given the company's strong growth potential backed by robust deal wins and superior execution capabilities, Happiest Minds is expected to continue reporting healthy growth in the coming quarters. Consequently, we maintain our BUY rating on the stock.

We rollover our estimates to FY28 and maintain our BUY recommendation on the stock.

We attended GREENP management meet, where management outlined its strategy to regain market share, improve utilisation levels and strengthen operational efficiencies across the MDF business. Management remains structurally positive on the Indian MDF industry, highlighting strong long-term demand potential driven by increasing substitution of plywood, particle board across furniture and interior applications. The company expects domestic MDF demand to grow at ~15% CAGR, while near-term supply additions are likely to remain gradual due to imported machinery dependence, elevated freight costs and supply-chain disruptions. Management also highlighted that...

We cut our EBITDA estimates by 8%/10% for FY27E/FY28E as we fine tune our top-line growth and margin assumptions after a weak show in 4QFY26. PARKHOTE IN reported a modest top-line growth of 3.6% YoY in 4QFY26 led by Flurys; while EBITDA margin declined to 28.8% (PLe 35.2%) as hotels revenue remained flat amid dip in occupancy by ~200bps. Nonetheless, after acquiring Zillion Hotels, Juhu during 2QFY26, buy-out of Malabar House, Fort Kochi and Purity, Lake Vembanad in Dec'25 we do not foresee any major delay in the near-term inventory addition plans. Further, as apartment sale at EM Bypass, Kolkatta has begun (29 units booked) cash flow cushion is in place...

exercise and loss of ITC amid change in GST rates, LEMONTRE IN's operational performance was noteworthy with EBITDA margin of 51.7% (PLe 50.2%). Nonetheless, as opex on renovation, technology investments and hit from GST is likely to be at 4.8%/3.7% of revenue, we expect EBITDA margin of 48.6%/49.5% in FY27E/FY28E respectively. Further, with no big-ticket inventory addition in near term (Aurika, NCR to begin operations in FY30E), we expect 8% revenue CAGR over FY26-FY28E led by inflation indexing and renovation led repricing in same-store RevPAR. Given modest growth prospects and evident margin headwinds, we cut our target EV/EBITDA...