Buy

Valuations at 9.7x EV/EBITDA & USD 71/ton on FY27E basis look attractive considering the company's strong growth plans with entry into new markets. We recommend BUY on NVCL with a target price of 590 per...

Expanding capacities across defence segment with focus on increasing better-margin products: PEL is initiating a capital expenditure program to strengthen its defence and energetic materials portfolio. The Katepally facility, which focuses on RDX, HMX, and rocket integration, is set to increase production. A greenfield plant in Odisha is planned in three phases, (~Rs. 800 crores over ten years). Phase I, which includes production of ammunition, warheads, and HTPB raw materials, will require ~Rs 100 crore. To finance these initiatives, PEL aims to raise ~Rs. 300 crores through...

Triveni Turbines Ltd had a moderate Q1FY26, due to geopolitical tensions and tariff escalations, but the long-term prospects remain robust with major recovery from H2FY26.

We value the stock at 9x FY27E EV/EBITDA, arriving at a Target Price of Rs 1,560/share, implying an upside potential of 20% from the CMP.

We initiate coverage on Mahanagar Gas Limited (MGL) with a BUY recommendation and a target price of Rs 1,540/share, implying a potential upside of 20% from the current market price (CMP)

LTF began FY26 on a stable footing, despite ongoing asset quality challenges in the MFI industry (more residual in nature), unsecured business loans and micro-LAP.

*over or under performance to benchmark index Zydus Lifesciences Ltd (Zydus) is one of India's leading, vertically integrated pharmaceutical companies. It operates across the value chain, from manufacturing finished dosages to active pharmaceutical ingredients, as well as animal healthcare and wellness products. Zydus' revenue increased 5.9% YoY to Rs. 6,574cr in Q1FY26 driven by 6.5% YoY...

Zydus Wellness Limited (ZWL) has acquired 100% stake in Comfort Click Ltd (CCL), which operates in UK and major European markets. This marks ZWL’s first overseas acquisition and its entry into the Vitamins, Minerals and Supplements (VMS) segment.

ICICIB reported some moderation in credit growth at ~12% YoY in 1Q, mainly due to slower growth in retail loans (incl mortgages and unsecured loans) and demand remaining slack in the corporate portfolio.

We believe Star Health (Star) is on a steady earnings growth trajectory driven by better incremental balance between volume growth and profitability, as witnessed in its Q1FY26 result (14% YoY growth in GEP while IFRS PAT grew 44% YoY).

At current levels, the stock is attractively valued. We recommend a BUY rating with a TP of Rs 1,660/share, implying an upside of 10% from CMP.

We recommend a BUY on the stock with a target price of Rs 1,570/share, implying an upside of 10% from the CMP.

Zydus’ acquisition of UK-based Comfort Click broadens its footprint across the UK, EU and USA. The transaction positions it to scale up its wellness range globally, a strategic step toward building a diversified, consumer-focused beauty, health & wellness portfolio.

Cipla has robust domestic and global product pipelines. US product pipeline to be healthy and will be key to driving growth from H2FY26E and contribute significantly from FY27E onwards.

We have revised our FY26E/FY27E EPS estimates by -1.1 %/+13.2%, respectively, as we factor in improvement in EBITDA margins on account of improving mix and launch of high margin products.

Natural gas revenue improved YoY aided by higher nomination gas price at USD 6.64/MMBTU versus USD 6.50/MMBTU Q1FY25 and strong new well gas contribution at USD 8.26/MMBTU, delivering revenue of Rs. 1,703cr with a 20% premium. EBITDA grew 0.5% YoY to Rs. 17,185cr, while EBITDA margin expanded 520bps YoY to 53.7%, supported by improved operating efficiency. ONGC's outlook is reinforced by its offshore exploration successes, notably the Vajramani' prospectus and Suryamani' pool discovery, highlighting its exploration *over or under performance to benchmark index led growth potential. Production from the PY-3 field along with special dispensation...

We maintain our BUY recommendation on the stock

Recommend a BUY rating on the stock with a TP of Rs 5,140/share, implying an upside of 10% from the CMP.

Strategic Expansion and High-Margin Export Dominance