Buy

With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.

concepts. Its primary customer propositions include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive...

With an upside of 10% from the CMP, we maintain our BUY rating.

We maintain our BUY rating on the stock.

Quarter of milestones, EV and exports to fuel growth About the stock: Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically. It also has a presence in export markets. Strong momentum across core and new growth drivers: Bajaj Auto saw broad-based recovery across domestic, export, and EV segments, reflecting the company's strategic agility and diversified portfolio. Exports reached an all-time high, supported by geographical diversification and local assembly initiatives in Latin America, ensuring resilience against...

We remain constructive on Zydus Lifesciences given its improving business mix, continued progress on complex launches, and stable performance in India formulations.

Strong H1 performance may lead to FY26 guidance beat: The company maintained its revenue/EBITDA guidance for FY26 at 36000-38000 crore/ 21000-22000 crore. Port cargo volume guidance stays at 505515 MMT, trucking revenue to grow 3x-4x YoY and marine revenues by 2x YoY for FY26. The company has already achieved 48%/49%/51% of its average FY26 volume/revenue/EBITDA guidance during H1FY26. We estimate APSEZ's overall cargo volumes to grow at ~15% CAGR over FY25-FY28E. The same is expected to be led by the company's ability in growing its domestic cargo volumes at ~1.6-1.7x of India's trade and...

Q2FY26 Performance: Revenue at US$ 1180.1 mn, was up 2.3% QoQ/4.7% YoY (up 2.4% QoQ CC/ 4.4% YoY CC). In rupee terms, revenue stood at 10,394 crore, up 5.6% QoQ and 10.2% YoY. EBIT margin expanded by ~160 bps QoQ to 15.9%. PAT...

Q2FY26 Results- well-rounded growth with continued margin expansion- Revenues grew ~13% YoY to 6303 crore, driven by growth across segments. EBITDA grew 15% to 941 crore and EBITDA Margins improved 34 bps to 14.9%, driven by improved profitability at AHLL (Diagnostic and Retail Healthcare) and Healthcare Services (Hospitals). Healthcare services division (Hospitals) revenues grew 9% YoY to 3169 crore on the back of growth in Inpatient Volume (up 2%) and 7% increase in Price & case...

Bajaj Housing Finance (BHFL)’s success story is shaped by its ability to outpace industry growth (better leverage) – highlighted by BHFL’s >25% credit growth since its foray into the mortgage business in FY17, complemented by pristine asset quality.

LIC witnessed APE/VNB grow 3.6%/12.3% YoY in H1FY26. Strategic initiatives have tracked well consistently. LIC has been able to push product mix towards non-participating (36% of individual APE in H1FY26 vs. 9%/18%/28% in FY23/FY24/FY25); and continuously revise its pricing/product strategy to maximise shareholder value.

Powergrid transmits ~45% of the total power generated in India on its transmission network & owns ~84% of Inter-State transmission system. It also undertakes transmission related consultancy to more than 150...

India is augmenting its transmission infrastructure to integrate renewables into the grid and Power Grid is a leading player in India’s transmission capex story, with >50% market share in transmission bids over the last 2 years.

Q2FY26 performance: DLF reported healthy pre-sales booking of 4332 crore for Q2FY26 (up 6.3x YoY, down 62.1% QoQ) led by its maiden project launch in Mumbai The Westpark ( 2316 crore) and healthy contribution from super-luxury project Camellias ( 1624 crore). However, collections were soft at 2672 crore (up 12.7% YoY, down 4.4% QoQ). Lower revenue booking led to 17% YoY decline in consolidated revenues at 1643 crore for Q2FY26. Further, gross margins and EBITDA margins were lower 222 bps and 816 bps YoY at 43.1% and 17.3%. Consolidated net profit of 1180 crore (down 15% YoY, up 55% QoQ) was aided by...

Sun Pharma (SUNP) delivered in-line revenue/EBITDA in 2QFY26. Earnings came in below our estimates largely due to lower other income.

Q2FY26- Decent numbers despite flat US growth - Revenues grew ~9% YoY to 14478.3 crore driven mainly by growth in India, global specialty portfolio (now named as Innovative products), RoW and Emerging Markets. India growth was strong at 11% to 4735 crore. The US remained flat YoY with a revenue of 4329 crore due to weakness in generics which was made good by Innovative traction to some extent. RoW markets reported growth of ~23% to 2041 crore, mainly due to growth in both generics and specialty. Emerging markets grew ~16% to 2837 crore,...

We maintain our constructive view on IndiGo. The key premise has been that a structurally lower supply industry situation in the medium term is a bigger investment thesis, despite any short-term possible demand blip.

Resilient cigarette volumes, steady FMCG growth, and expected margin recovery from easing input costs underpin our positive outlook.

We maintain our BUY recommendation on the stock.

We remain constructive on SBI, supported by the upward-revised credit growth guidance of 12–14% for FY26, a healthy corporate pipeline, and stable NIMs (above 3%) and CRR-related tailwind ahead.