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RJio has reached the milestone of 500m subscribers (~498m at Jun’25 end) and accelerated the pace of home broadband net adds to 1m+ per month.

Company’s India portfolio clocked a 13% CAGR in the past 5 years; its momentum is expected to continue led by the chronic portfolio and recent acquisition of JB Chemicals.

We have revised our estimates for FY26E/FY27E EBITDA by -2.3%/-6.1%, respectively, as we factor in more gradual normalization of the elevated cost structure.

Consumption Boost / Discretionary Spending Upside: Sai Silk (Kalamandir) is well positioned to benefit from the upcoming festival and wedding season, which is expected to drive strong demand for ethnic wear across its stores.

The proposed merger of Dr. Agarwal Eye Hospital (AEHL) with Dr. Agarwal Healthcare (AHCL) would consolidate the businesses of AHCL and AEHL into a single entity.

We recently met with Coforge’s management to discuss the company’s outlook on growth, margins, and cash flow conversion.

*over or under performance to benchmark index ABB India Ltd manufactures heavy engineering and industrial equipment and executes engineering, procurement and construction (EPC) projects. It operates through the...

AL is coming up with several new MHCV and LCV products in H2FY26. These include heavy -duty tippers, tractor trailers and multi-axle vehicles with industry-best peak power and torque and other premium features. The company is also foraying into the LNG segment and a bi-fuel LCV product this FY. The new Andhra Pradesh plant is ramping to 200 units/ month by year-end. The company is targeting production of 1650 units/month from the current rate of 950/month. Management is confident in the H2 uptrend, driven by new...

EBITDA margin fell to 11.1% in Q3CY25, from 12.1% in Q3CY24, underscoring a marginal contraction of 100bps. Reported PAT fell 30.4% YoY to Rs. 369cr, primarily due to a fall in other income (23.8% YoY) and demerger of its energy business. Siemens India reported a solid financial performance in Q3CY25 because of significant revenue growth. The company has a robust order inflow, including two significant wins in the mobility business, despite uncertainties related to tariffs, trade agreements and supply chain disruptions. With a continued emphasis on solidifying its position as a leading technology-driven player in the industry,...