Buy

We initiate coverage on Fino Payments Bank (Fino) with BUY and TP of Rs300 (upside of 34%). Fino has emerged as a distinctive, asset-light, and profitable payment bank, capitalizing on India’s RURBAN digitization wave.

We recommend a BUY rating on the stock with a target price of Rs 1,475/share, implying an upside of 10% from the CMP.

Bikaji's growth narrative continues to swiftly improve under its professional management, which has a dual focus—strengthening core operations and enhancing fundamentals through strategic M&A initiatives.

Strong leadership and strategic growth driving investor expansion

PEPL has a diverse portfolio with a presence in residential, office, retail, and hospitality segments. The company’s 9MFY25 incremental BD of 15msf and the launch pipeline of INR800b would result in a presales CAGR of 14% over FY24-27E to reach INR315b by FY27E.

INOX is India’s largest manufacturer of cryogenic equipment with 30+ years of experience in cryogenic equipment and systems. It operates in three business divisions – Industrial Gas, LNG, and Cryo Scientific Division (CSD).

We recently attended Hindalco’s Investor Day 2025 where management unveiled ~$10bn expansion plan for Novelis and India, along with multiple strategic initiatives, which would help strengthen its market leadership.

Hindustan Aeronautics Limited (HAL) has clocked revenue of INR 304bn in FY25 (vs INR 303.8bn in FY24).
Revenue was ~6% below our estimate of INR 322.4bn, mainly because of shortfall in delivery of ALH-Dhruv and other manufacturing revenue.