Buy

*over or under performance to benchmark index FY26 consolidated revenue rose 15% YoY to a record Rs. 2,74,944cr, supported Q4FY26 Aluminium Downstream revenue grew 35% YoY to Rs. 4,867cr, led by...

growth in interest income, fees and commission income across core businesses. Net interest income grew 48.4% YoY and reached Rs. 720cr, led by robust loan-book growth and higher interest income from Jio Credit's expanding lending operations....

The company reiterated its FY28 revenue target of $400 million, supported by a pipeline of 60+ pending low-competition U.S. product launches. Management also remains optimistic about other regulated markets, where portfolio expansion and new customer additions are expected to drive stronger growth and gradually scale revenues to levels comparable to the U.S. business....

About the stock: PG Electroplast (PGEL) is a diversified electronics manufacturing services (EMS) and plastic injection moulding company with strong footholds across consumer durables space, including Room air conditioners (RAC) with early teens market share, washing machines (WM), TVs and automotive parts, serving as both...

Our plant visit to JUBLINGR's Bharuch site reinforces conviction. FY27 is shaping up as the earnings inflection year, with management guiding EBITDA at the upper end of Rs7.5-8.0bn (vs ~Rs6.0bn in FY26), implying ~Rs7.6bn operating EBITDA vs our ~Rs7.3bn estimate.

CreditAccess Grameen (CREDAG) has emerged stronger from the recent MFI stress, with an improved operating momentum, a more resilient portfolio, and a structurally stronger business mix supported by an
increasing focus on retail finance.

We initiate coverage on Vedanta Aluminium (VAML) with BUY and TP of Rs550 (~22% upside), based on 6.0x FY28E EV/EBITDA, as we believe the market is yet to fully appreciate its structural earnings potential.

We continue to maintain a constructive outlook on the bank and reiterate our BUY recommendation with an unchanged TP of Rs 500/share, implying an upside of 28% from the CMP.

We value the company at 49x FY28E EPS and maintain our BUY recommendation on the stock with a TP of Rs 1,680/share.

Currently, the company is trading at 27x/23x P/E multiples of FY27E/FY28E. We value the company at 34x FY28E EPS and maintain our BUY rating on the stock with an unchanged TP of Rs 6,270/share, implying an upside of 46% from the CMP.

We attended WeWork India Management’s (WeWork) maiden Analyst Meet, wherein management highlighted the company’s continued focus on its premium flexspaces offering.

Adani Ports (APSEZ) has signed a definitive agreement with Terminal Investment (TiL), the container terminal arm of Mediterranean Shipping Company (MSC), wherein TiL will acquire 49% stake in Adani Vizhinjam Port Private (AVPPL) for ~$1.4bn, valuing AVPPL at EV of ~$2.85bn subject to regulatory approvals.

Adani Ports & SEZ (APSEZ) entered into a definitive agreement with MSC Group's terminal arm, Terminal Investment Limited (TiL), for the sale of a 49% stake in Vizhinjam Port at an implied valuation of USD2.85b, with TiL investing USD1.397b.

The company's performance in Q4FY26 was encouraging as it reported steady topline growth, stronger profitability and robust cash generation despite a cautious demand environment. The management highlighted sustained leadership in the recruitment segment, improved market share for 99acres and Jeevansathi and disciplined execution across businesses. Info Edge appears well-placed to benefit from ongoing investment in AI, which is bringing about improvement in matching, recommendations, recruiter productivity and product innovation across verticals....

Astral announced to demerge its Adhesives business to a new to-be listed entity Astral Chemie Ltd

Acquisition to be funded by bridge loan facility of EUR 1.4 bn The investments (USD 1.6bn) in Nagarro is largely complementing and scaling the core business dynamics of PSYS, in terms of expanding new verticals and geographies, where PSYS has marginal presence. More importantly, the target entity shares a similar culture and service lines to PSYS' core business, which is a positive in our view. However, we believe there is a slight business risk which comes along with the vertical presence, barring 2-3 verticals, the near-term growth within other business units remains a challenge (mid-single-digit). PSYS is largely pivoted on the build side...

Astral Ltd has announced the demerger of its businesses into Astral Ltd. (Plumbing) and Astral Chemie (Adhesives, Paints & Specialty Chemicals), wherein management outlined the strategic rationale behind creating two focused entities with independent capital allocation, dedicated management teams and enhanced operational efficiency. Management highlighted that the restructuring will enable each business to pursue its own growth strategy while improving financial transparency through separate reporting from Q1FY27 onwards. The Plumbing business is expected to benefit from the upcoming CPVC backward integration, continued product additions and healthy...

CPVC piping in India. As of FY26, it has 21 manufacturing units with an aggregate capacity of 5.97 lakh TPA (4.2 lakh TPA Pipes, Water tanks & Bathware, 1.4 lakh TPA Adhesives & Sealants, 36000 TPA Paints). It has a strong network of over 2.7 lakh dealers and 3990+ distributors. Demerger of chemical business: Astral, at its board meet held on June 25, 2026, considered and approved the composite scheme of arrangement, wherein 1) its chemical business undertaking would be demerged and transferred to Astral Chemie and 2) Al-Aziz plastics would be amalgamated into Astral. Resultantly, post...

Transaction Overview: Persistent (via German subsidiary Galaxy Germany Holding SE / BidCo) announced voluntary public takeover offer for all shares of Nagarro SE (Frankfurt-listed) at EUR 81/share in cash (~140% premium to its undisturbed closing price on June 25, 2026, & ~94% premium to 3M VWAP). It has already secured binding 21% stake from Nagarro's largest shareholder Lantano Beteiligungen GmbH (Carl-Georg Drschmidt) while Nagarro's management has expressed intent to tender its shares (~13-14%), taking effective committed stake to ~3540%. The minimum acceptance threshold is...

It has a substantial portfolio of projects spanning the MMR, with 39 Completed Projects, 17 Ongoing Projects and 21 Forthcoming Projects. So far, it has delivered over 29+ msf, with a pipeline of over 46 msf of...