Buy

With a 24% upside potential from the CMP, we maintain our BUY rating on the stock.

With a 15% upside from the CMP, we maintain our long-term BUY rating on the stock.

We maintain our BUY recommendation on the stock.

We maintain our BUY rating on the stock.

We reiterate our BUY rating with a target price of Rs 722/share, implying a 10% upside from current levels.

With a 18% upside from the CMP, we maintain our long-term BUY rating on the stock.

AUM growth healthy at 26% YoY, guided for 24-25% in FY26, aided by new lines of business, gold, and secured business segments

NAM saw a stable quarter as core numbers i.e. QAAuM and core income were in-line. Overall and equity QAAuM declined by 2.2%/5.1% QoQ owing to equity market correction in Feb'25. As a result, equity share fell by 137bps QoQ leading to fall of 0.6bps in blended yields. As per the company, commission has been rationalized for 45-50% of equity AuM. Market share in net equity flows (exNFO) continues strong in FY25; it was 10.6% (11.8% in FY24) and reduction was lower than larger peers. Closing equity AuM for industry corrected by 3.0% over...

UTCEM targets India Cements (ICEM) EBITDA/t of Rs500/800 for FY26/27E, while Kesoram EBITDA/t is targeted at Rs800/1000 for FY26/27E. and commercial segments. Average blended std realization declined 3% QoQ, impacted by the consolidation of Kesoram (KSI); however, the recent increase in cement prices in April is expected to benefit in Q1FY26. Higher volume...