Highest Upside

HGIEL posted 14%/1% YoY revenue/EBITDA growth in Q1FY26 to Rs17.1/2.5bn, respectively, while RPAT stood at Rs1.3bn.

We met with the management of Praj Industries at a conference, where they provided insights into the progress of Praj's GenX facility and the growth prospects across its business verticals. The orders for the GenX facility are anticipated from Q1FY26 while the facility is expected to contribute peak revenue of ~Rs10-25bn per annum. Challenges persist in the CBG sector due to concerns over operational and economic viability. However, Praj remains confident in its prospects, supported by its multi-feedstock technology. The potential imposition of reciprocal tariffs by the U.S. is not expected to have a...

Initiating Coverage Report

Unlocking Value in an expanding business hospitality landscape

Quarterly Update Q1FY26

Integrated Model Driving Sustainable Growth

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.

Quarterly Update Q4FY25

We upgrade Go Fashion to BUY (from Add) with a TP of INR 1,200 (potential ~40% upside). Gautam exuded confidence about improving macros, store expansion plans for FY26 (after a soft FY25), plans (experiments) for portfolio diversification (women's top wear, men's products), channels (attempting MBO, franchising strategies) and international expansion (opened Dubai store recently).

Quarterly Update Q4FY25

In 4QFY25, Brigade Enterprises (BRGD) reported a pre-sales growth of 9% oY to INR24.5b (22% below our estimate), due to a 26% YoY decline in volumes to 2.0msf (50% below our estimate).

Sabarmati. IMAGICAA reported strong operating performance with EBITDA margin of 42.9% (PLe 36.7%) aided by a one-off grant income of Rs62mn pertaining to hotel Novotel, Imagicaa. While footfalls were down by ~4% on LFL basis, we expect recovery in FY26E backed by 1) addition of 10 new rides at Wet & Joy water park in Lonavala 2) launch of 2 new shows at Sai Teertha...

Five Star Business Finance (FIVESTAR) had calibrated its AUM growth in light of the macroeconomic environment, the overleveraging of certain customers with unsecured loans, and regulatory expectations.

Strong position in infrastructure growth

Restaurant Brands Asia (RBA) posted India revenue growth of 13% YoY (inline), led by a 14% YoY rise in store additions.

Restaurant Brands Asia (RBA) posted a 12% YoY India revenue growth (inline), led by a 13% YoY increase in store additions. The same-store sales rose 5%, led by dine-in traffic growth and value offerings.

Lower Limeroad losses, greater operational efficiencies and better offline margins drove a 166bp y/y higher EBITDA margin to 14.3% (~200bps above ARe and consensus).

Gravita India’s (GRAV) performance was in line with our estimates. EBITDA (including hedging gains) was up 22% YoY at INR 1.06bn. EBITDA margin (adj.) was up 20bps YoY (30bps QoQ) at 10.3%. Lead sales volume rose 12.3% YoY at 45.6kt.