Downgrades

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

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).

Mphasis' earnings remained resilient in Q3FY26, marked by continued momentum in strategic deal wins and robust execution across its core verticals. The quarter was supported by strong pipeline conversion, successful ramp-up of large deals and...

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-...

We recommend a BUY with a target price of Rs 1,038, implying an upside of ~10% from the CMP.

Suzlon has gained substantial ground in India’s wind power space over the last three years. As a vertically integrated wind energy solutions provider with highly localised manufacturing, its growth has been synonymous with India’s wind power growth.

Godrej Properties' 9MFY26 performance was weak due to higher construction spending and timing of deliveries, but the company is set for a strong Q4 with multiple launches and a large batch of OCs. Additionally, a robust launch pipeline and steady pace of deliveries are driving growth, whereas focus on high-demand micro-markets ensures steady sales velocity. Looking ahead, the company is consolidating its joint ventures positioning GPL for stronger growth, contributing to...

Company Update

We met with the CFO of Mphasis to discuss AI, demand trends, large deals, and the balance sheet. Management’s key message was that the current AI debate is running ahead of business reality.

IDFCFB flags suspected fraud at the Chandigarh branch related to Haryana government; forensic audit underway

We reiterate our BUY recommendation with a revised TP of Rs 87/share, implying an upside of 24% from the CMP, valuing the stock at 1.4x Sep'28E ABV (vs 1.6x earlier) for a RoA/RoE delivery of 1-1.2%/9-12% over FY27-28E vs 0.4/3.7% in FY26E.

IDFC First Bank (IDFCB) has reported certain fraudulent transactions in respect to unauthorized withdrawal of deposits amounting to INR5.9b from its branch in Chandigarh, Haryana.

EBITDA margin guidance of 2526% has been maintained for FY26. YoY and 27% QoQ decline. The CSM segment, which contributed ~77% of total demand from customers. This segment is expected to recover from Q4FY26. New products launched in the last 3years showed just 10% YoY growth in 9MFY26 and degrowth in Q3FY26. The domestic agchem branded business also...

PI Industries (PI) reported a weak quarter as revenue declined 28% YoY, primarily due to a 32% YoY dip in the CSM business, attributable to global slowdown and cautious customer scheduling (volume declined 29% YoY).

Strong volume-led performance; MHCV up 23% YoY & LCV by 20% YoY, raising revenue by 22% YoY, realisations muted down by 2% YoY

Aurobindo Pharma (ARBP) posted better-than-expected revenue/EBITDA for the quarter, driven by healthy growth momentum in the EU and ARV segments and currency benefits.

Sales/EBITDA/PAT were 1%/-0.4%/4% below our estimates. Adjusting for a one-time expense of Rs 653 mn, APAT was 2.5% above estimates

Godrej Properties’ (GPL) presales volume for 3QFY26 was at 6.4msf, +58% YoY/-10% QoQ (23% below our estimates). In 9MFY26, volumes were at 20msf, up 8% YoY.

PAGE posted 6% YoY revenue growth in 3QFY26, aided by 4% growth in net realizations (ASP). Volume growth was subdued at 1.4% (est. 4.5%; 2.5% in 2Q), with total volumes reaching 58.6m units.

Tube Investments (TIINDIA)’s 3Q adj. PAT at INR2b came in 9% ahead of our est. due to a margin beat in the engineering business at 13.6% (est. of 12%).