Buy

We recommend a BUY with a near-term TP of Rs 1,270, implying an upside of 10% from the CMP

Quarterly Update Q1FY26

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.

Event Update: Protean eGov Technologies Limited has received a work order from the Unique Identification Authority of India (UIDAI), Government of India, to act as a service provider for establishing and operating District Level Aadhaar Seva Kendras (ASK) across 188 districts in the country. The contract, valued at ~1,160 cr (exclusive of taxes), covers a period of six years and involves delivering Aadhaar enrolment, various kind of updates (demographic, biometric) and related services through both appointment and walk-in modes. ASK work order improves revenue visibility esp. post PAN 2.0 miss: This 1,160...

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.