Buy

We remain constructive on 3M India after analysing its FY25 annual report. There is focus on local manufacturing. Revenues from local manufacturing have increased from 52.9% in FY14 to 59.4% in FY25.

Vedanta (VEDL), with its bid amount of ~INR 170bn (staggered over 5 years), has reportedly (Link) emerged as the highest bidder for acquiring the assets of Jaiprakash Associate (JAL).

Massive Scale-Up Ahead in Battery Storage: India’s BESS capacity currently stands at 204.5 MW / 505.6 MWh, but the Central Electricity Authority targets 41 GW / 236 GWh by FY31-32.

Positioning from a RAC manufacturer to a diversified EMS player: Amber's business mix is highly dominated by consumer durables division (~73% of revenue), which largely comprises of RAC segment and is thus cyclical in nature. The company is steadily diversifying into i) components business across RAC and nonRAC segments i.e. washing machine, refrigerators, ovens, water purifiers, etc. Completely built unit (CBU) proportion in revenue mix has reduced from 72% in FY18 to 43% in FY25. ii) electronics i.e. (~22% of revenue) is slated to grow at a brisk pace with large investments planned. Client base is diversified across consumer durable companies, automobile, IT & telecom, Industrial, Defence and Aerospace....

Samvardhana Motherson International (SAMIL), at its analyst meet, presented its Vision 2030 where the company shared its aspiration to grow its gross revenue ~4x to USD 108bn over the next five years.

We view Affle 3i (Affle) as a play on the structural shift of ad spend towards digital in India and other emerging markets, where digital penetration is still low versus global benchmarks.

We attended SAMIL’s analyst meet, where it laid out a bold and transformative roadmap over FY25-30. Having outperformed the auto industry 2.5x faster in last 5Y, SAMIL has set its sight on USD108bn revenue (4x vs USD25.7bn in FY25) and 40% ROCE by FY30.

We attended CEAT’s analyst meeting on developments in the Camso acquisition. The acquisition (not built in) is in line with CEAT’s capital allocation priorities and supports its 3 growth pillars – premiumization, globalization, higher margin OHT.

The recent reduction in GST rates from 28% to 18% across most segments in the auto sector may inject fresh demand momentum. This is in addition to the recent rationalisation of personal income tax slabs, interest rate cuts and the upcoming Pay Commission revisions.

Maintain BUY ratings on with a revised TP at Rs 2,780.

Upgrade Dabur from HOLD to BUY with a revised TP at Rs. 630/share.

Upgrade Britannia from HOLD to BUY with a revised TP at Rs. 6,750/share

Arrive at a revised TP of Rs 5,960/share (earlier from Rs 5,900/share). Hence, we maintain a BUY rating on the stock, with an 11% upside from the CMP.

SRF held a conference call to clarify on the quota regime for refrigerant gases. Companies will be allocated product wise or GWP based quotas, with quota calculations eventually to expressed in GWP terms.

Arriving at a revised TP of Rs 3,810 (Earlier: Rs 3,085), implying an upside of 11% from the CMP. We hence maintain our BUY rating on the stock.

Maintain BUY ratings on DOMS with a revised TP 3,110 per share

Maintain BUY ratings on Nestle India with a revised TP 1,340

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 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)