Buy

Grasim Industries (GRASIM) organized an interaction with senior management, who shared their perspectives on the Paints business and highlighted new initiatives being implemented in this segment.

Hindustan Aeronautics (HAL) has received the follow-on order of 97 light combat aircraft (LCA) Mk1A worth INR624b from the Ministry of Defence (MoD). This is in addition to the previous order of 83 Tejas LCA Mk1A received in Jan’21.

BAF’s AUM is expected to grow at 25% (CAGR) for FY25-FY27, driven by favorable government reforms, such as the reduction in GST on auto and consumer durables, which is expected to drive demand.

Given the strong growth trajectory and healthy balance sheet, the stock is valued at a 36x multiple on FY28E EPS (unchanged), arriving at a target price of Rs 690/share (vs. Rs 600 earlier), implying a 19% upside from CMP.

We expect CSL to witness healthy growth in revenues & profitability over FY25-28E, led by execution pick-up in both the segments and increasing share of margin accretive ship-repair segment. We estimate revenue & PAT...

Fineotex Chemical Ltd. has announced that its Board of Directors will meet on September 27, 2025, to consider several key proposals, including the declaration of an interim dividend, the sub-division or split of equity shares with a face value of INR 2 each.

Our recent meeting with LT reinforces our thesis that execution growth will remain strong for the company over the next few years, driven by a strong order book. The company is selectively eyeing projects from domestic markets and expects international ordering to keep supporting growth.

We upgrade Hindalco to BUY from Reduce, with an increased TP of Rs900 (Rs650 earlier). After the flatlined stock performance in the past 12M, we see HNDL doing well from here.

We attended Minda’s Analyst Meet and visited Spark Minda Technical Centre (SMIT) in Pune and its Flash Electronics plant; the management outlined its ‘Vision 2030’ at the Meet.

Large Addressable Market with Strong Growth Potential: The Indian home services market, valued at USD 59 billion, is expected to reach USD 97 billion by FY30, implying a 10–11% CAGR.