Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Nifty Smallcap 100.
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Sustained broad-based growth across geographies: Affle reported 19% YoY revenue growth with robust traction across India (74% of mix; +20% YoY supported by early festive spending) and international markets (26% of mix; +16.8% YoY). The ban on real money gaming did impact the company this quarter (expected to extend into Q3) but was offset by better demand and early festive spending. Converted users rose 1.5% QoQ/ 15% YoY to 109 million while CPCU remained stable at 58, underscoring strong advertiser demand despite temporary real money gaming impact. Moreover,...
The company continues to demonstrate strong disbursement traction, while margins should remain resilient supported by declining funding costs, recent pricing actions, and operating leverage from scale.
IIFL Finance (IIFL)’s 2QFY26 NII grew 7% YoY and ~11% QoQ to ~INR14.4b (in line). Other income stood at ~INR4.9b (PQ: INR3.8b). This was primarily due to higher assignment income of ~INR3.5b (PQ: INR2.3b).
Kalpataru Projects’ (KPIL) 2QFY26 performance was in line with our estimates as strong execution offset the impact of slightly lower margins. Revenue growth was driven by strong execution across T&D, B&F, and the oil & gas division.
About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above (P&A) contribution has gone up to 67% in Q1FY26 due to strong traction to products. Q2FY26 performance: RKL reported strong set of results in Q2FY26 with net revenues growing by 34% YoY to Rs.1493.9cr. Strong revenue growth was driven by 37% YoY volume growth (P&A segment volumes grew by 22%). Despite stable raw material environment, gross margins stood flat at 43.6% as portfolio mix tilted...
We resume coverage on Brigade Enterprises Ltd. (BRGD) with a BUY rating based on a Mar’26E SoTP-based target price of INR 1,233, valuing the company at a 30% premium to NAV of INR 948/share, considering growth opportunities across segments.
MGFL reported consol. PAT of INR2.2b in 2QFY26 (12% beat). NII declined ~16% YoY to ~INR13.8b (in line) and PPoP declined ~35% YoY to ~INR6.7b (in line). Operating expenses grew 6% YoY to ~INR7.4b (in line).
