Buy

We upgrade the stock rating from HOLD to BUY, supported by its strong growth outlook, well-diversified business mix, and powertrain-agnostic portfolio.

Under the Production-Linked Incentive (PLI) scheme, ARBP constructed the PENG and 6-APA plants within a record three-year period and ramped up production following the start of the PEN-G plant in Jul’25.

We recommend a BUY with a target price of Rs 2,170/share, implying an upside of ~10% from the CMP.

Since the US–Iran conflict broke out, Coforge Ltd (COFORGE) has witnessed a decline of 9-10% (45% from its peak) and underperformed some of its mid-cap peers by 2-9%.

Laurus is witnessing a strong scale-up in CDMO business from global innovator pharma, including rare formulation-level contracts for patented products (beyond API/intermediates).

IPCA is taking multiple initiatives for its domestic formulation (DF) segment, such as cardiology portfolio restructuring, Zerodol franchise strengthening, RA focus within pain management, and entry into high-end cosmo-dermatology, to boost its growth prospects.

We recommend a BUY with a target price of Rs 290/share, implying an upside of 10% from the CMP.

All-India major port volumes grew 3.5% YoY in Feb’26 and ~8% YTD in FY26, led by healthy traction in petroleum, containers, and coking coal (albeit on a low base).

We interacted with R Srikrishna, CEO of Hexaware Technologies (HEXT), to gauge the market pulse and assess the growth outlook. HEXT’s CY25 growth was impacted by weak macros, higher than usual client-specific challenges, and weak NN deal-wins in H1CY25. NN trends and overall growth started improving in H2CY25.

Per media articles (refer to link) , the Union Cabinet has approved changes to the Press Note 3 framework for FDI (we await official confirmation by the GoI).

HDB Financial Services (HDBFS) – a blue-chip heritage paired with a formidable low-cost borrowing moat. The combination bestows an inherent advantage upon the company to command sustainable, scalable and high-margin growth.

We recommend a BUY rating on the stock with a TP of Rs 1,628/share, implying an upside of 10% from the CMP.

AU Small Finance Bank (AUBANK) has successfully transitioned from a niche vehiclefinance NBFC into a diversified, pan-India banking franchise, set to attain universal bank status.

We reiterate BUY on Delhivery with TP of Rs500. We expect 19% volume CAGR (16% organically) over FY25-28E in the B2C express segment on the back of favorable industry structure bolstered by the consolidation of Ecom Express fortifying Delhivery’s market leadership, as customers (majorly D2C) are likely to stream toward tech-supported pan-India pincode coverage and cost-efficient quality 3PL operators.

We interacted with the management of IPCA Laboratories (IPCA) to assess its medium-term growth trajectory. The company is prioritizing disciplined execution over aggressive diversification, with a clear focus on strengthening its core businesses while building growth levers. Domestic formulations and branded generics which now contribute 45% of revenues and ~70% of EBITDA, continued to outperform market and grow at healthy levels. We expect IPCA to deliver revenue growth ex Unichem at +11% over FY26-28E with normalization in export generic and API business. This will aid operating...

Suzlon has demonstrated strong execution momentum in the 9MFY26, with higher deliveries and improved scale supporting growth in revenue and profitability. Backed by a record order book of 6.4GW and steady order inflows, we expect consistent revenue growth over FY2628E. Moreover, export initiatives and the company's development-...

NAM continues to deliver industry-leading market share gains, with MF QAAUM of INR7t (+23% YoY) and overall share at a five-year high of 8.7%. It is underpinned by steady net inflows, robust SIP momentum, and a favorable equity mix (47% in Dec’25), driving the highest FY26YTD equity share accretion in the industry to 7.1% (+11bp YoY).