Highest Upside

Capitalizing on India's power growth

Cohance Lifesciences’ (Cohance) Q4FY25 pro forma financial performance was below our expectation. Momentum across its pharma CDMO (+31% YoY) was strong, while specialty chemical CDMO business growth (+75%) is beginning to recover.

4QFY25 consolidated proforma sales were 11.4% above our estimates; EBITDA/APAT was -0.4% and -5.9% below estimates

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 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.

Blue Jet Healthcare (BLUEJET) reported an EBITDA of INR1.2b up 2.7x YoY (vs. our est. of INR1.5b), with a gross margin of 48.8% (vs. 54.9% in 1QFY25).

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

ZEEL’s advertising revenue declined 9.4% QoQ/16.8% YoY, impacted by the IPL and weak FMCG spending. However, management commentary suggests early signs of stabilisation, with potential recovery supported by festive tailwinds and improving rural demand.

Praj Industries Ltd. is a leading biotechnology and engineering firm offering sustainable solutions in bioenergy, water & wastewater treatment, brewery technologies, and high-purity systems for the pharma and biotech sectors. With a global presence in over 100 countries, and four manufacturing...

Clean Science and Technology (Clean) reported results which were in line with our expectations. The management stated that the growth is majorly led by volumes as realisations are steady. Favourable product mix led to better margin delivery at 41% as established products like MEHQ/BHA saw better growth while products with lesser salience like DCC, TBHQ and others saw weaker growth. Sales volume for HALS stood at 580 tons with total sales of Rs 240 mn in Q1FY26.The management maintained the target of 4500 tons and sales of Rs 2.1 bn for HALS in FY26 which will be driven through introduction of more...

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 cut our FY27E EPS estimates by 4% as we account for dilution impact resulting from issuance of ~169.5mn fully convertible warrants at a price of Rs132 on a preferential basis to entities forming part of the promoter group. Out of the total preferential proceeds of ~Rs22.4bn, Z IN plans to deploy ~Rs10bn towards building new businesses, ~Rs7.1bn towards inorganic expansion while the balance will be utilized for general & corporate purposes. Post warrant conversion, promoter stake will increase to 18.3% lending better execution comfort on achieving 1) TV viewership share of ~17.5%, 2) adrevenue growth of ~8-10% and 3) EBITDA margin of ~18-20% in FY26E. We...

Top line decreased 14.3% YoY: Revenue decreased by 14.3% YoY to Rs18,248mn (PLe Rs19,733mn). Domestic ad-revenue declined 19.2% YoY to Rs7,025mn, primarily due to extended sports calendar and slowdown in spending by FMCG companies. However, total subscription revenues remained flat at Rs9,817mn (PLe Rs10,268mn). Meanwhile, other sales and services revenue declined sharply by...

Godrej Agrovet (GOAGRO) has exhibited a pronounced and sustained recovery across its metrics over the last 12–18 months, as cost and margin gains prevailed over soft volume growth.

Despite a challenging macroeconomic environment, the company’s domestic crop protection segment delivered a strong performance in FY25, led by robust growth in the in-house portfolio, particularly the Hitweed herbicides.

Godrej Agrovet (GOAGRO) reported a strong operating performance (EBIT up 23.5% YoY) in 1QFY26, primarily due to a sharp 3.6x/34.2% YoY growth in palm oil/crop protection (CP) EBIT, while Animal Feed (AF)/Dairy/ Poultry EBIT dipped ~17%/76%/76% YoY.

Godrej Agrovet (GOAGRO) reported muted EBITDA/PAT of INR 2.1/0.9bn in Q2. EBITDA/PAT fell 4/10% YoY, with a sharply weaker performance in both standalone crop protection and Astec Lifesciences, offsetting the resilience seen in animal feed and strong performance in vegetable oil segment.