Buy

We upgrade Go Fashion to BUY (from Add) with a TP of INR 1,200 (potential ~40% upside). Gautam exuded confidence about improving macros, store expansion plans for FY26 (after a soft FY25), plans (experiments) for portfolio diversification (women's top wear, men's products), channels (attempting MBO, franchising strategies) and international expansion (opened Dubai store recently).

CIFC is expected to benefit from declining interest rates as the RBI has reduced repo rate by 100 bps over the last couple of quarters. The management expects a reduction of ~20–25 bps in cost of borrowings, hence improvement in NIM by ~10–15 bps in the current fiscal and some benefits would accrue in FY27.

We met with Vikram Mohan (MD) and the senior management of Pricol, to delve into its business strategy/growth outlook; we also visited its R&D center and manufacturing plant.

of non-core assets will control debt, and deleveraging from cash accrual is expected in FY27. We value TRCL at 15x FY27E EV/EBITDA (3Yr avg=~14x) to arrive at a target price of Rs. 1,268, and upgrade to Buy rating....

Given its lean cost structure and partnership with local doctors/ leadership outside Andhra Pradesh (AP) and Telangana, the management remains confident of achieving faster breakeven and +25% OPM across Maharashtra,...

We maintain our BUY rating on HGIEL with a target price of Rs 1,155/share. The TP implies an upside of 10% from the CMP.

nancing, credit lines to NBFCs, top-up loans, securitised lending, loan syndication, and bid security guarantees. It also supports emerging instruments like payment-on-order financing and letters of ing sectors, including battery storage systems, green hydrogen, electric vehicle infrastructure, fuel cells, and renewable energy component manufacturing. IREDA operates under professional governance, with a balanced board comprising executive directors, independent directors, and government nominees. It has also expanded its footprint globally through a wholly owned subsidiary at the International Financial Services Centre (IFSC) in GIFT City. With over 38 years of sectoral experience, IREDA acts as the nodal and implementing agency for several MNRE-led flagship schemes, aligning closely with national renewable energy goals. Through its strategic financial support and policy align-...

We recommend a BUY with TP of Rs 600, implying an upside of 10% from the CMP.

The company's revenue grew in double digits. However, its margin and profitability declined due to higher cost of sales. Nevertheless, the management is optimistic about near-term prospects of the natural gas transmission business, driven by an expected transmission tariff hike and volume growth. It anticipates a revision in transmission tariffs by end-Q1FY26, with a conservative expectation of at least Rs. 70-72 per million metric British thermal units (mmbtu) being approved by the...