Highest Upside

Tata Motors JLR reported Q1FY26 wholesale volumes of 87,286 units, a 10.7% decrease YoY and 21.7% down from Q4FY25, reflecting the planned wind down of legacy Jaguar models and US import tariffs.

Tata Motors has struck a landmark deal to acquire Iveco Group N.V., aiming to establish a top-tier global player in the commercial vehicles sector.

We attended JLR’s Annual Investor Day meet to understand its outlook and growth strategy. JLR gave guidance for £28bn revenue with 5-7% EBIT margin in FY26 (vs earlier guidance of 10%; FY25: 8.5%); it maintained its interim/long-term guidance of 10%/15%, led by sustained focus on premiumization (growing share of higher-priced models), pricing discipline, and structural cost reduction.

We attended TTMT’s analyst meet to discuss the upcoming demerger, the IVECO acquisition (refer to our note), updates on JLR after the recent cyber-attack.

Despite robust growth over the past few years (6.5x revenue growth over FY19-25), management indicated that Trent’s share in India’s fashion and lifestyle retail industry remains in low-single digits.

In its analyst meet, Trent’s management provided insights about the company’s strategies and key focus areas, which will help the company to deliver strong double-digit growth in the coming years.

Trent reported revenue growth of 40% YoY, aided by footprint expansion (29%/40% YoY store/area additions) and double-digit LFL (SPSF up 4% YoY).

Trent’s Q1FY26 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to low-single digits versus mid-single digits in Q4FY25.

Considering the company's promising growth outlook, we recommend a BUY on the stock with a potential upside of 10% from the CMP.

Eternal reported better-than-expected revenue growth, aided by strong NOV growth in Quick Commerce (QCom, 137% YoY) and accelerated shift to owned inventory model.

With a 15% upside potential from the CMP, we maintain our BUY rating on the stock.

Trent’s revenue growth continued to decelerate in 2QFY26 (+17% YoY), as ~43% YoY area addition growth was offset by sharp ~17% YoY decline in revenue per square foot, indicating store-level sales cannibalization.

Tech Mahindra (TECHM) reported 1QFY26 revenue of USD1.6b, down 1.4% QoQ in constant currency (CC) vs. our estimate of 1.0% cc decline.

Eternal reported a 2QFY26 net revenue of INR135b (+90% QoQ/183% YoY). This high growth is mainly on account of shift to inventory ownership in quick commerce (Q-commerce), where revenue now also includes the full monetary value of goods sold as per Ind AS (and not just the marketplace commission).

Power Grid is riding on transmission tailwinds, as India is augmenting its transmission infrastructure to integrate renewables into the grid. It racked-up projects worth >INR 1trn in FY25; it won 24 transmission projects in bids with estimated cost of INR 920bn.

Tech Mahindra’s (TechM’s) reported revenues stood at $1,564 million, up 1% q-o-q/0.4% y-o-y in-line with our estimate. In CC terms, revenue declined 1.4% q-o-q, missing our estimate of 0.7% decline.

We attended NTPC’s analyst meet (on 18 Aug’25). In a bid to play a key role in India’s energy transition, NTPC, a thermal power giant, is transforming itself into a diversified power genco.

NTPC has set ambitious expansion targets over the next decade. Earlier this year, the company raised its capacity target to 149GW by FY32 (vs. 130GW earlier).

NTPC – the largest thermal power player in India, is looking to add shades of green to its portfolio. It has substantial capacity addition plans on both thermal and renewables front.

Power Grid had a strong FY25, adding projects worth >INR 1trn (project cost) to its kitty. It had an impressive run in competitive bids, winning 24 transmission projects (market share of >50%) with estimated cost of INR 920bn; the most notable was Khavda-Nagpur HVDC project worth INR 250bn.