Buy

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

Strategic Expansion and High-Margin Export Dominance

We maintain our BUY recommendation on the stock

We recently hosted Mr. J.P. Chalasani, Group CEO of Suzlon Energy (SUEL), for an expert session on the wind industry. Mr. Chalasani has reiterated his long-term commitment to SUEL, highlighting that his position as CEO carries no defined sunset clause.

AL is coming up with several new MHCV and LCV products in H2FY26. These include heavy -duty tippers, tractor trailers and multi-axle vehicles with industry-best peak power and torque and other premium features. The company is also foraying into the LNG segment and a bi-fuel LCV product this FY. The new Andhra Pradesh plant is ramping to 200 units/ month by year-end. The company is targeting production of 1650 units/month from the current rate of 950/month. Management is confident in the H2 uptrend, driven by new...

*over or under performance to benchmark index ABB India Ltd manufactures heavy engineering and industrial equipment and executes engineering, procurement and construction (EPC) projects. It operates through the...

EBITDA margin fell to 11.1% in Q3CY25, from 12.1% in Q3CY24, underscoring a marginal contraction of 100bps. Reported PAT fell 30.4% YoY to Rs. 369cr, primarily due to a fall in other income (23.8% YoY) and demerger of its energy business. Siemens India reported a solid financial performance in Q3CY25 because of significant revenue growth. The company has a robust order inflow, including two significant wins in the mobility business, despite uncertainties related to tariffs, trade agreements and supply chain disruptions. With a continued emphasis on solidifying its position as a leading technology-driven player in the industry,...

Q1FY26 performance: ACE's performance in Q1FY26 a mixed set, Revenue declined by 11% YoY (-32% QoQ) to 652 crore as the revenue of cranes, construction equipment & material handling segment (93% of total revenue) fell by 12.4% YoY (34% QoQ). Agri equipment revenue (7% of total) stood at 46.5 crore (+8.3% YoY, 4% QoQ). EBIDTA margin improved to 14.2% (+80 bps YoY, -280 bps QoQ), mainly led by better product mix. Subsequently, EBIDTA declined by 6% YoY (-43% QoQ) to 92 crore. However, other income grew by 85% to 51 crore resulting in PAT growth...

Order pipeline remains robust; longer-term growth outlook intact: Order pipeline also remains strong for the company, considering the opportunities from both defence & commercial segments. Contracts like additional three Kalvari class submarines (expected order size Rs 3000040000 crore) and six next-generation submarines under P-75I (expected value ~Rs 70000 crore) have already been cleared from govt and expected to be placed with the company in near to medium term. Following this, other major contracts like next-generation corvettes (expected value ~Rs 36000 crore), next-generation frigates or P-17B (expected value ~Rs...

PVC pipe demand is expected to rebound from Q2FY26 after a subdued start in Q1, which was hit by declining PVC prices, early monsoons, lower government spending and inventory losses.

Metering & systems segment contributed ~63% to total revenues as of FY25, while balance ~37% by consumer & industrials. Company has 7 manufacturing facilities (5 in Haryana & 2 in Himachal) and 2 R&D centers. In meters segment, company has an annual capacity of 12 million units. Q1FY26 performance: HPL reported mixed set of Q1FY26 results. The revenues came in at 383 crore down 2.5% YoY. The key disappointment came in from the metering segment wherein the revenues were down 14.5% at 203 crore whereas consumer segment grew by 16.1% YoY at 179 crore. The decline in metering...

L&T delivered a strong performance in the quarter, with revenue growth across all segments except for the Development Projects segment, accompanied by a robust *over or under performance to benchmark index increase in order inflow and a rise in profit. The company's outlook appears positive, driven by a growing project pipeline for the remaining nine months. Furthermore, L&T expects to achieve revenue growth of 15% and order inflow growth of 10% in FY26, indicating a promising performance in the upcoming quarters. A stable macroeconomic environment, strong government capital expenditure, and digital...

Suzlon began FY26 on a strong note, with higher capacity utilization driving improved margins in the wind turbine segment. Backed by a robust 5.7 GW order book, we project a 42% CAGR in revenue over FY2527E, supported by management's guidance and strong delivery momentum. Enhanced utilization is expected to unlock volume leverage, leading to a 117 bps margin expansion, primarily from the WTG and forging businesses. With...

Beating ARe, HG Infra’s Q1 ~Rs17.1bn revenue (up 13.5% y/y) reflects its strong execution abilities. The dip in the 13.8% EBITDA margins (16.2%, Q1 FY25) is attributed to one-time provisions.

Management retained its guidance of mid-single digit MHCV volume growth and slightly higher growth in the LCV segment for FY26E, led by a stronger 2HFY26E driven by replacement demand, higher government capex, easing steel costs, and new product launches across MHCV, LCV, and alternate fuel platforms.

Ador Welding (AWL) reported poor financial performance in Q1FY26 primarily impacted by write offs pertaining to the ONGC Uran Flares Project. Although the Rs 279 mn of provision related to the ONGC project is a significant negative, we expect this to factor in the major operating loss for the said project in FY26. We fine tune our estimates downwards to factor in the same.FY27 should see the start of improved profitability reflecting only core business performance without any impact of the project business. Valuations at 14xFY27 expected earnings are attractive and we believe the company is gearing up to tap the...

We change our rating on the stock from HOLD to BUY.

We maintain our BUY recommendation on the stock.

We maintain our BUY rating on the stock.