Highest Upside

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.

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.

We anticipate modest multiple compression over the next two years as the company transitions from hypergrowth to steady compounding. The applied multiples (55.0x for FY26E and 50.0x for FY27E) remain premium but reflect a necessary normalization from the market's current peak valuation (61.3x).

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.

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.

In food delivery, GOV grew 18.8% YoY and adj. revenue grew 22% YoY, indicating possible share gains despite increasing competitive intensity.

NMDC Ltd (National Mineral Development Corporation) is India's largest iron ore producer and exporter. It operates key mines in Chhattisgarh and Karnataka and has a strategic presence in minerals like diamonds and base metals. It plays a critical role in supplying raw material to the domestic steel industry....

At the forefront of technology, set to enter its next growth phase

In 2QFY26, Lodha Developers (LODHA)’s presales rose 7%/3% YoY/QoQ to INR45.7b (in line). In 1HFY26, its presales grew 8% YoY to INR90.2b.

LODHA’s presales are expected to clock a 20% CAGR, led by healthy collections and a comfortable debt level of 0.2x as of 4QFY25 end.

In 1QFY26, Lodha Developers (LODHA)’s presales were up 10% YoY to INR44.5b (12% below our estimate). Collections rose 7% YoY to INR28.8b (34% below our estimates), and OCF improved 44% YoY to INR9.5b.

realization and flat gas realization combined with growth in oil sales, sales grew by 2.8% QoQ. However, higher other expenditure led to EBITDA of Rs19.8bn, -7% QoQ (PLe Rs20.9bn, consensus Rs22.7bn). Lower than expected...

REC reported a healthy Q1 with its loan assets growing 3% QoQ despite a seasonally weak quarter. Calculated credit cost (annualised) was negative 43bps with the restructuring of the TRN Energy account, which led to an ECL reversal of INR 2.7bn. NIMs and spreads were higher in Q1 vs. FY25 levels.

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.

REC reported a soft quarter, with moderating growth and disbursement led by higher repayments (including prepayments) and NPA resolutions, while margin and asset quality were stable.

Page Industries (PAGE) reported 11% YoY sales growth in 4QFY25 (est. 8%; 7% in 3QFY25) and ~9% volume growth (est. 6%; 5% in 3QFY25) to 49m units. Volume growth was driven by consistent efforts in product innovation, marketing and distribution.

Ventura Securities Diwali Picks 2025

FutureX - A major academiaindustry initiative for future growth

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).