Buy

Bajaj Consumer (BaCo) posted a muted Q1FY26 performance, with revenue up 7.4% YoY (+3.7% ex-Banjara’s acquisition) led by 4% value growth in Almond Drops Hair Oil (ADHO) and flat volumes.

Awfis Space Solutions (Awfis) delivered another strong quarter with Q1FY26 revenue growing 30% YoY, while IGAAP EBITDA of INR 480mn grew 60% YoY and mature centre occupancy (>12 months) stood at 84%.

Below our estimate, MRF’s Q1 EBITDA fell 9% y/y to Rs10.3bn due to the lower-than-expected gross margin. We expect 9/13/19% revenue/ EBITDA/PAT growth over FY25-28.

Lower than our Rs 669m estimate, MM Forgings’ Q1 EBITDA slipped 13% y/y to Rs625m due to more-than-expected other expenses. We expect 6% revenue/ EBITDA CAGRs each over FY25-28.

Backed by its domestic business up 22.2% y/y, Greenlam’s Q1 revenue was up 11.4% y/y to Rs6.7bn. On lower input costs the gross margin expanded 102bps y/y to 53%.

Special Situation Report

DDev Plastiks Industries Ltd (DDEVPLAS) reported a robust Q1FY26 earnings on key parameters. The company reported 9% YoY increase in NSR at Rs148/Kg, while sales volume increased by ~13% YoY to 51,733MT. The management remains committed to its long-term objective, targeting volume growth of approximately 10-15% and revenue growth of 12-13%. On a conservative basis, the company aims to achieve a revenue of about Rs4,500crs- Rs5,000crs by FY30. We believe DDEVPLAS is well poised to benefit from healthy demand outlook of domestic wires and cables industry. Given promising outlook by the...

Author: Vincent K A - Sr. Research Analyst DBL aims to reach approximately 75 MT by FY28 while maintaining financial discipline with a net debt to EBITDA cap of 2x (currently at 0.33x). DBL is also prioritizing the enhancement of its renewable energy (RE) portfolio, with operational RE capacity (including group captive) reaching 267 MW in FY25, up from 185 MW in FY24. The stock currently trades at 1Yr Fwd EV/EBITDA...

The demand environment remains positive, driven by good monsoons, benign interest rates, tax reliefs, and the festive season in addition to strong exports. FY26 capex is expected to be Rs. 1,600-1,700 cr. The company also plans to make strategic investments of Rs. 2,000 cr in FY26. Management indicated commodity cost pressures of around 0.5% in Q2, which they intend to...

Lemon Tree Hotels Ltd.'s (LTH) Q1FY26 result was in-line with our estimates on key parameters. The company continued its outperformance and reported yet another the best ever Q1 performance. The management anticipates continued growth in demand, driven by the addition of approximately 1,800 planes in India and improving connectivity through Vande Bharat trains, growing airports, and ambitious highway construction. LTH aims is to complete renovations for the entire portfolio of owned hotels by FY27, with about 65-70% of 4,300 rooms already completed in the last two and a half years. The company is confident of...