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Building capabilities while executing brisk growth: Kaynes Technology has emerged as one of the fastest-growing EMS players, strategically positioned as a margin-focused company with emphasis on low-volume, high-value businesses and strong design capabilities that enhance client stickiness and value addition. Its scalable growth model is reinforced by ongoing investments in PCB manufacturing and OSAT facilities, driving backward integration and positioning it as a vertically integrated player with enhanced cost efficiency and supply chain resilience. These...
Demand revival and capacity augmentation to drive 10%/12% CAGR in sales volume/revenue growth over FY25-FY28: Prince Pipes has been consistently augmenting its capacities (~11% CAGR over FY21-FY25, 4.24 LTPA as on Q1FY26) through both brownfield and greenfield expansions, enabling it to retain an average market share of ~5%. We believe revival in housing completions from PMAY (Urban+Rural), extension of JJM scheme with enhanced outlay and robust residential sales during CY20-CY23 entering delivery phase would drive plastic piping industry over the next two to three years (Indian...
The Atsumitec acquisition supported the revenue growth for SAMIL. However, structural costs and greenfield-related start-up expenses impacted margin and profitability. Despite this, emerging markets performed well, while developed markets faced pressures due to structural challenges. Nevertheless, the company says these challenges are in line with its plans and expects developed markets to contribute positively in Q3 and Q4 driven by higher demand. With strategic investments, a well-diversified business model and a strong order book, the...
About the Company: RACL Geartech Limited (RACL) is an auto ancillary player Export driven model with margin resilience, value-added products: With ~70% of revenues from exports (~ 52% from Europe) and a shift towards low-volume, high-value parts, RACL maintains attractive margin profiles (EBITDA margins in the range of 20-25%) even in a competitive market. Its focus on complex, precision-engineered parts and forward integration...
We attended TTMT’s analyst meet to discuss the upcoming demerger, the IVECO acquisition (refer to our note), updates on JLR after the recent cyber-attack.
We had attended recent Analyst day hosted by the Company on September 23, 2025. The Company holds a good market in vehicle access systems, and with innovation through R&D has built a deep expertise in manufacturing of wiring harness and connectors, clusters, ADS and sensors, EV powered electronics through both independently and by forming JVs with technology partners.
We had visited Pitti’s Engineering’s Aurangabad plant on September 24, 2025, as part of our periodic interaction with the management. The facility is spread across 26 acres, while the Company has an additional 12 acres of land available for future expansion (within 1 km vicinity).
We initiate coverage on Rainbow Children's Medicare with a BUY recommendation and a DCF based Target Price (TP) of Rs 1,625/share (EV/EBITDA of 23x H1FY28E EBITDA), implying an upside of 20% from the CMP.
Hindustan Zinc (HZ) is a key beneficiary of the uptrend in silver prices, which are up 63% YTD. We believe the exposure to silver is underpriced as the consensus expectations trail the strong move in silver in recent months with the metal now trading at USD47/oz (vs USD34/oz in Q1FY26 and USD30/oz in FY25).
We stay positive on Maruti Suzuki India Limited (MSIL), as we expect volumes to regain pace going forward, led by GST rate cuts, festive demand and new launches.
As per press reports, the Indian Army has issued a tender to Bharat Electronics (BHE) for the QRSAM project, also known as Anant Shastra, worth INR300b. The Indian Army will procure 5-6 regiments of the indigenously developed ‘Anant Shastra’ surface-to-air missile weapon systems and BHE will be the lead integrator.
We hosted City Union Bank (CUB)’s senior management (business heads and risk personnel) in Chennai. The bank mentioned that its direct exposure to textiles (US export) is manageable at INR 2.2bn or ~40bps of loans.
