Upgrades

Siemens India, the flagship listed company of Siemens AG (Germany) in India, is an integrated technology provider and leading powerhouse in electronics and electrical engineering. Siemens holds a strong position in the energy and infrastructure space,...

ABB's performance reflects disciplined execution and a diversified, technology-led portfolio, enabling it to navigate cyclical end-markets while deepening customer partnerships. Management remains focused on scaling capabilities to address structurally strong themes such as grid modernisation, rail and transport electrification, renewables, and fast-growing data-centre infrastructure, supported by a robust enquiry pipeline. ABB continues to enhance competitiveness through a portfolio refreshincluding energy-efficient drives, next-generation machinery drives, and higher-efficiency motorsalongside an expanding suite of AI/ML-...

ABB India has announced a capex plan of ~USD75mn for CY26 which is aimed at expanding its manufacturing capacity and R&D capabilities for electrification and automation solutions.

Gradual path to progress but consistency is the key Well placed to gain from the overall energy market transformation from electrification to automation & digitisation Q4CY25 performance: ABB India Limited reported Q4CY25 and full-year CY25 results with strong order acceleration but margin pressure persisting. In Q4CY25, revenue grew 6% YoY to 3,557 crore. However, profitability moderated with EBITDA declining ~17% YoY to 546 crore and PAT falling ~18% YoY to 434 crore. EBITDA margin contracted to 15.3% (420 bps YoY approx.) while PAT margin stood at 12.2%...

ABB’s 4QCY25 reported PAT came ahead of our estimates. The positive surprise was 52% YoY growth in order inflows, with 27% YoY growth in base inflows and large order inflows.

We downgrade ABB India to REDUCE from Add, while increasing our TP by ~6% to Rs5,600 from Rs5,300. Q4CY25 results were broadly in line with our estimates, supported by steady execution across segments.

JSW Energy delivered a strong Q3FY26 performance, driven by recent capacity additions that boosted generation and improved earnings visibility. The management highlighted a robust and diversified growth pipeline across the thermal, renewable and storage segments, supported by long-term power purchase agreements (PPAs). The company's strategic focus on firm and dispatchable power, including...

We recommend a BUY on the stock with a target price of Rs 334/share implying an upside of 10 from the CMP

Torrent Pharma (Torrent) posted a strong show in Q3FY26, driven by its businesses in India (+13.7% YoY) and Brazil (27.5%). INR depreciation too played its part in boosting performance of exports.

Siemens Energy’s 1QFY26 results came in above our estimates. Net profit growth of 57% YoY was driven by a beat in EBITDA margin and a low tax rate. EBITDA margin at 24.1% was ahead of our estimate, aided by a sharp decline in other expenses.

Torrent Pharma (TRP) delivered a better-than-expected performance, with 3%/5%/10% beat on revenue/EBITDA/PAT in 3QFY26. Growth was aided by consistent superior execution in domestic formulation (DF)/LATAM, favorable currency benefits in the US, and a lower tax rate.

With an upside of 19% from the CMP, we maintain our BUY rating.

Commodity environment remains supportive with QoQ softening in flour, palm oil and cocoa, aiding margin resilience

Samvardhana Motherson’s (SAMIL) 3QFY26 adjusted PAT at INR10.6b was above our estimate of INR10b, up 21% YoY. EBITDA margin was largely stable at 9.7% YoY and ahead of our estimate of 9%.

pinned by a 61% YoY surge in sales volumes, and the successful ramp-up of additional capacities at Meenakshi & Athena power plants. EBITDA from continuing operations grew 37.0% YoY to Rs. 6,866cr, driven by robust revenue growth and sustained cost optimisation across businesses and EBITDA margin remained flat at 29.9% YoY. Reported PAT climbed 82.4% YoY to Rs. 3,672cr, propelled by combination of higher revenue, better cost efficiencies and improved metal prices. Vedanta's earnings saw robust growth in Q3FY26, supported by operational excellence and key strategic initiatives during the quarter. The period was marked...

BRIT has indicated higher growth in coming quarters as Nov/ Dec has shown double digit sales growth of 12% and GST transition impact (competitors cutting prices rather than grammage increase) will wane off by end of March. We see new management focus on 1) B2C and future platforms 2) market interventions and innovations to gain market share form regional and local players 3) Increased pace of innovations and launches 4) focus on Ecom/ Quick commerce which are growing much faster in non-biscuit segment for BRIT so...

Reported profit after tax fell 11.7% YoY to Rs. 960cr despite strong revenue growth and margin expansion, impacted by a one-time labour code expense of Rs. 590cr. The company delivered a steady performance on the back of robust execution of its AI strategy, workforce upskilling initiatives and expansion of strategic partnerships. The management remains focused on launching next-generation platforms and industryspecific solutions, as well as enhancing operational efficiency and diversifying its global footprint. Ongoing investments in digital transformation and advanced analytics are expected to support growth, although the pace of improvement will depend on broader market dynamics and client adoption. However, we remain cautious on the rapid...

PFC’s 3QFY26 PAT grew ~15% YoY to INR47.6b (in line). 3Q NII grew ~19% YoY to ~INR56.1b (~5% higher than est.). Other operating income grew ~14% YoY to ~INR6.8b (~16% higher than est.), which included dividend income of ~INR6.7b.

Current order backlog to be executed over next 2-2.5 years; new orders to drive growth from FY28E: Company's revenue growth has moderated to ~11% YoY during 9MFY26 (largely in-line with management's guidance) after witnessing strong growth over the last 4 years (~30% CAGR over FY21-25). This is mainly on account of depleting order-book (OB), which has come down gradually over the last 5-6 years (OB stands at Rs 23,758 crore as of Dec-25 vs FY21's end OB of Rs 49700 crore) At 1.9x TTM revenue, current OB mainly consist of contracts like P-17A frigates (~42%...

Revenue grew by 5.7%YoY; EBITDA grew by 200.4%YoY; driven by volume growth of 5.0% and GRM growth of 319.9%YoY, respectively