Buy

With a pickup in rural demand and improved crop output, we anticipate early signs of recovery in tractor sales. Additionally, upcoming product launches in both the construction *over or under performance to benchmark index equipment and tractor segments are expected to support overall volume growth. Margins are likely to remain resilient at current levels, driven by easing raw material costs and ongoing cost optimization efforts. However, due to a slower-than-expected ramp-up in exports, the strategic benefits from Kubota's partnership in the agribusiness segment may take longer to materialize, reflecting the challenges in international markets. The near-term...

Federal Bank (FB) has demonstrated strong business growth and is rebalancing its portfolio toward medium- and high-yielding segments like LAP, used CVs, gold loans, and credit cards to drive profitability.

We recently interacted with COFORGE’s CFO to understand the company’s growth outlook, execution strategy, and margin trajectory.

Over the past three years, Axis Max life has posted strong industry leading APE growth of 18% with 13% VNB CAGR. The management aspires to continue to grow APE in mid-teens (300-400 bps higher than industry) with VNB margin at 24-25% in FY26.

Leveraging its strong balance sheet and best-in-class retail pedigree, Metro is prudently plugging portfolio gaps and remains a platform of choice for thirdparty brands looking to enter India.

In FY25, Indigo reported a 17% YoY increase in revenue, primarily driven by an 11% YoY rise in passenger volumes. EBITDA grew by 11% YoY, though it was impacted by a higher forex loss on account of INR depreciation, an increase in lease expenses, costs associated with grounded aircraft (AOG) and elevated airport fees. Added 67 aircraft during the year, taking the total fleet count to 434. Management has guided for a double-digit capacity growth in FY26. The growth outlook remains strong, supported by a robust domestic network and increasing penetration in international markets. Consequently, we are revising our EPS estimates upward by 13.1% for FY26...

We recommend a BUY rating on the stock with a TP of Rs 9,115/share, implying an upside of 10% from the CMP

We upgrade Aarti to BUY from Add and revise up our TP by 5% to Rs 525 from Rs 500 (25x Jun-27E EPS, on rollover); the revision is owing to the recent stock price correction and steep rise in gasoline-naphtha cracks which should raise demand for octane boosters and aid volume growth for MMA (Energy business).

We met Mr Subrat Mohanty, Executive Director and Mr Puneet Sharma, CFO of Axis Bank (Axis). The bank did not provide any guidance, though it acknowledges the healthy systemic liquidity; this, in conjunction with the hefty cumulative cut, should aid systemic loan growth, albeit with a lag.

We met Dilip Banthiya, CFO and Saket Somani, SVP - Finance & Strategy. Takeaways, Confident of reporting strong double-digit volume growth in P&A brands driven by expanding product offerings and widening distribution network.