Highest Upside

Acme Solar (ACME) remains our top pick in the Power/Renewables space, with the stock up 45% in the last six months.

Sapphire Foods India (SAPPHIRE) reported revenue growth of 8% YoY (in line) in 1QFY26, driven by a 10% YoY increase in store count. KFC’s revenue grew 11% YoY, supported by 15% store expansion.

For Q4FY2025, Finolex reported lower-than-estimated performance on the revenue front. Revenue grew by 13.8% y-o-y to Rs. 1,595 crore.

For Q4FY2025, Finolex reported lower-than-estimated performance on the revenue front. Revenue grew by 13.8% y-o-y to Rs. 1,595 crore.

Amidst the subdued demand environment, Cera Sanitaryware reported a stable performance. Revenue grew 5.4% y/y to Rs4.2bn, largely supported by faucets as sanitaryware revenue was flat.

Quarterly Update Q4FY25

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.

Targeting India's Growing Middle-Class Housing Needs

NCC has a strong orderbook at INR 701bn with book-to-bill ratio of 3.7x TTM revenue – one of the highest in the industry. It has already bagged orders worth INR 65bn in FY26-YTD with guidance of INR 220bn OI for FY26.