Highest Upside

Crompton reported a strong set of numbers in Q4FY25. There is revival in revenue growth as well as profitability of Butterfly. It was a drag on consolidated earnings over past seven quarters.

We maintain our BUY recommendation on the stock

We maintain BUY on Kajaria while raising our TP by ~7% to Rs1,550 (from Rs1,450). The company has delivered superior profitability with EBITDA margins significantly expanding by 450bps YoY/110bps QoQ in Q2FY26.

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.

Dixon’s strong mobiles-led growth continues, with 42–45m/60–62m volumes targets for FY26/FY27. The Longcheer relationship transitioning into a JV provides visibility on sustained volumes post-PLI, while a joint
design facility under planning marks Dixon’s strategic pivot toward the ODM model.

Component strategy execution to be key factor ahead manufacturing services (EMS) company of India offering comprehensive EMS solutions with specialized focus across product verticals including mobile, television, washing machine, refrigerators, laptop, lighting, telecom, wearables and hearables, AC printed circuit boards (PCBs), etc. Q2FY26 performance: Dixon reported revenue of 14,855 crore (up by (29% YoY/15% QoQ). Mobile and EMS division continued its healthy growth with revenue of 13,361 crore (up by 41% YoY/15% QoQ). Company is in-line to achieve 40-42...

Positioning from a RAC manufacturer to a diversified EMS player: Amber's business mix is highly dominated by consumer durables division (~73% of revenue), which largely comprises of RAC segment and is thus cyclical in nature. The company is steadily diversifying into i) components business across RAC and nonRAC segments i.e. washing machine, refrigerators, ovens, water purifiers, etc. Completely built unit (CBU) proportion in revenue mix has reduced from 72% in FY18 to 43% in FY25. ii) electronics i.e. (~22% of revenue) is slated to grow at a brisk pace with large investments planned. Client base is diversified across consumer durable companies, automobile, IT & telecom, Industrial, Defence and Aerospace....

About the stock: Amber Enterprises India (Amber) is a leading manufacturer and solution provider for room air-conditioner (RAC) industry, commanding leadership with market share of 26-27%. It has capabilities to manufacture ~70% BoM for RACs. Its electronics division (PCBA, Bare PCB and Box-build) serves customers...

Somany Ceramics (SOMC) reported Q1FY26 consol. revenue growth of 4.5% YoY with tile volume rising 3% YoY (6-year CAGR of 5.1%) while tile realisation was largely flat YoY (+1.2% QoQ).