New Research Reports

Our recent interactions with industry participants and defense consultants focused on the need to put defense and aerospace projects on a fast track, the potential bidders for future tenders for MRFA, the potential impact on the overall defense budget kitty if such large deals were to go through.

We recommend a BUY rating on the stock with a target price of Rs 560/share, implying an upside of 10% from the CMP.

Cyient DLM’s (CYIENTDL) 4QFY25 consolidated revenue/EBITDA grew ~18%/51% YoY. EBITDA margins surpassed our estimates, expanding 290bp YoY, led by a favorable product mix, operational efficiencies, and one-offs (~250bp).

India's power distribution space is experiencing a significant transformation, driven by the advancement of smart grid technology. Smart meters continue to see gradual implementation, albeit at a slow pace.

We recommend a BUY rating on the stock with a TP of Rs 555/share, implying an upside of 10% from the CMP.

Avalon is uniquely placed in the Indian electronics manufacturing services (EMS) sector with its well-established manufacturing presence in the US.

We maintain our BUY rating on HGIEL with a target price of Rs 1,201/share. The TP implies an upside of 10% from the CMP.

ABB, in its annual report, highlighted its focus on high-growth segments and deeper penetration into Tier 2 cities, along with new product development. During the year, the company continued to benefit from demand for premium products and increased penetration into Tier 2 and Tier 3 cities.

Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of 31st Mar’25, along with a promising prospect pipeline of INR6t, which is likely to be awarded over the next few years.

We recommend a BUY rating on the stock with a TP of Rs 742 /share, implying an upside of 10% from the CMP.