Highest Upside

We maintain our BUY recommendation on the stock.

Robust growth ahead aided by OSAT and PCB the stock: Kaynes Technology India (Kaynes) is an Indian integrated electronics manufacturing company offering end-to-end solutions, from design to life-cycle support, for various sectors including Automotive, Industrial, Aerospace, Medical, and IoT. Founded in 1988 and headquartered in Mysore, it provides Electronics System Design and Manufacturing (ESDM) services and has...

Building capabilities while executing brisk growth: Kaynes Technology has emerged as one of the fastest-growing EMS players, strategically positioned as a margin-focused company with emphasis on low-volume, high-value businesses and strong design capabilities that enhance client stickiness and value addition. Its scalable growth model is reinforced by ongoing investments in PCB manufacturing and OSAT facilities, driving backward integration and positioning it as a vertically integrated player with enhanced cost efficiency and supply chain resilience. These...

We maintain our BUY recommendation on the stock.

Kaynes Technologies (KAYNES) continued its strong operating performance in 2QFY26, with revenue growth of 58% YoY, while EBITDA grew at a much faster pace of 80% YoY.

Going ahead, demand from the real estate and construction sectors will drive volumes of cables & wires. Further, The recent changes in income tax slab rates are anticipated to boost discretionary spending. While restocking and seasonal factors will drive overall growth going ahead....

Premier Energies (Premier) has kicked off FY26 on a strong footing. Volume growth of 10% to ~800MW (as per our estimates).

We attended Premier Energies’ (Premier) analyst meet. Premier is among the only two players who are building and are ramping up solar manufacturing capacity. India is building barriers and fending off Chinese competition.

We maintain our BUY recommendation on the stock

We remain constructive on Havells, as its FY25 annual report indicates aggressive investments across key business parameters such as R&D, distribution, branding and capex.

While the impact of early monsoon on off-take of RAC, fans and coolers was higher-than-expected, we believe the impact is transitory in nature and there is negligible impact on long-term value creation.

We have revised our estimates for FY26E/FY27E EPS by - 20.1%/ -10.3%, as we factor in higher depreciation and interest expenses and, lower other income.

We had visited Pitti’s Engineering’s Aurangabad plant on September 24, 2025,
as part of our periodic interaction with the management. The facility is spread across 26 acres, while the Company has an additional 12 acres of land available for future expansion (within 1 km vicinity).

Affected by an 18% y/y drop in Lloyd (and 2% in ECD), though offset by 12% y/y growth in cables & wires and 8% in switchgear, Havells’ Q2 was weak. ECD and Lloyd were hit by softer seasonal demand but would recover from Q3 as inventories normalise and festival demand booms.

Havells India’s (HAVL) FY25 annual report emphasizes its strategic focus on innovation, capacity expansion, market penetration, and digital transformation. The expansion of omni-channel distribution, particularly in rural markets and modern trade, has further strengthened the brand reach.

Havells India’s (HAVL) 1QFY26 revenue declined ~6% YoY to INR54.6b (~7% miss), driven by lower-than-expected growth in the Lloyd/ECD/lighting segments.

We downward revise Havells FY26/27 earnings by 6.4%/6.0% to factor in the weak performance of Lloyd and ECD in current quarter, heavy compliance cost and pressure from inventory liquidation .while Havells reported strong growth in W&C segment with a volume growth of 20-21%. ECD and Lloyd segment declined due to unseasonal rains, product mix change and weak summer. Inventory levels of RAC are high at company level, which is expected to normalize in coming quarters. Company plans to double its underground cable capacity by FY27, with its new Tumkur facility already ramping up production,...

Company is among the leading module manufacturers in India in terms of operational solar photovoltaic (PV) module manufacturing capacity, with an operational capacity of about 3.80 gigawatt (GW) modules as of March 31, 2025. Company is one of the fastest growing module manufacturing companies in India and have established itself as a key player in India's solar energy market. Since inception, company have supplied more...

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