Buy

In FY25, EBITDA grew ~7% YoY to INR28.3b, driven by growth in Chemicals (up 5%) and Performance Films & Foils (PFF) (up 45%), while Technical Textiles (TTB) saw a decline (down ~8%).

Marks meaningful step forward in realization group strategic vision. Simplification of group structure and realign corporate structure to unlock synergy and enhance competitive edge.

We recommend a BUY rating on the stock with a target price of Rs 2,045/share, implying an upside of 10% from the CMP

We recommend a BUY on the stock with a target price of Rs 299/share, implying an upside of 10% from the CMP.

We upgrade PLNG to Buy with a DCF-based TP of INR410/sh. According to our DCF analysis (WACC: 11.2%), at CMP, PLNG is pricing in an unrealistic scenario of a 20% decline in tariff at both the Dahej and Kochi terminals in FY28.

Initiating Coverage Report

with multiple regulatory milestones lined up in the coming quarters. Execution of the pipeline delivery and expansion initiatives is expected to support long-term value creation. Therefore, we maintain our rating on the stock at BUY, with rolledforward target price of Rs. 1,348, based on 17.5x FY27x Adj. EPS....

We cut our FY27E EPS estimates by 4% as we account for dilution impact resulting from issuance of ~169.5mn fully convertible warrants at a price of Rs132 on a preferential basis to entities forming part of the promoter group. Out of the total preferential proceeds of ~Rs22.4bn, Z IN plans to deploy ~Rs10bn towards building new businesses, ~Rs7.1bn towards inorganic expansion while the balance will be utilized for general & corporate purposes. Post warrant conversion, promoter stake will increase to 18.3% lending better execution comfort on achieving 1) TV viewership share of ~17.5%, 2) adrevenue growth of ~8-10% and 3) EBITDA margin of ~18-20% in FY26E. We...

We retain a Buy rating on Marico with an unchanged PT of Rs. 825. The stock trades at 51x/44x its FY26E/FY27E EPS, respectively.

For FY25 overall, Chalet Hotels’ (CHALET) hotel revenue has grown by 18% YoY to INR15.2bn while EBITDA has grown 19% to INR 6.8bn. As of Mar’25, CHALET has 3,314 operational hotel keys across 11 hotels, along with 2.4msf of annuity rental assets.