New Research Reports

Management expects limited impact on near-term order flows from the slowdown in central renewables bidding (~40 GW projects lacking PPAs), highlighting that ~15 GW of wind orders remain in the pipeline (bidding/award stage).

Prestige Estates (PEPL) has a diverse portfolio with a presence in the residential, office, retail, and hospitality segments. The company’s 1HFY26 incremental BD of INR331b and a launch pipeline of INR770b are expected to drive a presales CAGR of 40% over FY25-28, reaching INR463b by FY28.

With considerable investment (INR35b) done till date by Aurobindo Pharma (ARBP) in the Pen-G/6-APA project and support from the government under the PLI scheme, ARBP is scaling up the production to enhance self-sufficiency of India in bulk drugs/intermediates to be used for Beta-Lactum antibiotics.

Emami operates primarily in beauty and healthcare, offering more than 550 products across categories such as skin care, hair care, pain management balms, cooling oils, and over-the-counter healthcare remedies. Its portfolio includes power brands like Navratna cooling oil, BoroPlus antiseptic cream, Zandu Balm, Mentho Plus, Kesh King hair oil, and Smart & Handsome (earlier Fair & Handsome) men's grooming range, many of which enjoy leadership positions in their respective niches. The company generated around Rs. 3,800+ crores in turnover in FY25, positioning it among India's larger listed FMCG companies by revenue. Emami's products are available through a wide distribution network spanning over 5.4 million retail outlets in India serviced by more than 3,400 distributors, and a global footprint in 70+ countries across SAARC, Middle East, Africa, CIS, and parts of Europe and Southeast Asia. A key pillar of Emami's strategy is continuous brand-building and innovation in ayurvedic and natural propositions that resonate strongly with Indian consumers. The...

BUY with a target price of Rs 440, implying an upside of ~10% from the CMP.

We met Premier Energies (Premier)’s management during the company’s Investor Meet. Takeaways: 1.2GW TOPcon facility has stabilised with >60% capacity utilisation and 25.2% efficiency. Trial runs for 5.6GW module capacity at Seetharampur, Telangana and 4.8GW TOPCon cell capacity (of 7GW) at Naidupeta, Andhra Pradesh are expected by Mar’26 and Jun’26, respectively.

*over or under performance to benchmark index We retain a cautious stance on Muthoot Finance despite its solid operating performance. The company continues to benefit from its strong gold-loan franchise and supportive industry tailwinds; however, intensifying competition in the segment...

Emami's performance in 2Q FY26 was impacted by external, non-recurring factors primarily related to the GST rate changes. Management is optimistic about a rebound in the second half of FY26.

GFL’s revenue growth is expected to be supported by sustained momentum in its fluoropolymer segment and a meaningful scale-up in the battery chemicals business by FY27E.

The company delivered robust revenue and profitability in Q2FY26, driven by significant growth in core online insurance and new initiatives. Notably, annual recurring revenue (ARR) witnessed substantial YoY growth, a key driver of long-term profit expansion. The company's Point of Sale Person (PoSP) business has diversified, with a balanced mix of motor and non-motor products, and its increasing market share is expected to bolster future performance. Furthermore, it aims to achieve Rs. 1 trillion in premiums. Given its diversified business, expanding market share and strong positioning, the company is...

Q2FY26 Performance: KPIT reported revenues of US$ 181 mn, up 1.8% QoQ/ 4.5% YoY USD (up 0.3% QoQ/ up 0.4% YoY in CC terms although on an organic basis it de-grew 0.7% QoQ in USD terms/ 2.3% in CC terms. EBITDA margin came at 20.2%,...

Consolidated revenue increased 9% YoY to Rs.4032 cr on strong PV, industrial and defence performance with stable overseas operations, whereas standalone revenue fell 12% YoY in Q2FY26 due to weak CV exports amid a North American...

Q2FY26 Result: Standalone revenues for the quarter came in at 1,947 crore down 13% YoY, amidst an 12% de-growth in tonnage at 56,457 tonnes. Standalone EBITDA in Q2FY26 stood at 551 crore, with consequent margins placed at 28.3%,...

Near-term growth is expected to remain soft as global agrochemical demand recovers gradually and customer destocking extends into the next few quarters.

Our positive stance on One 97 Communications (PAYTM) remains intact on the back of its significant earnings growth potential, stemming from: likely growth in payments and loan distribution margin expansion prospects from a combination of product upgrades, improving UPI mix towards chargeable products, savings initiatives and operating leverage.

Leading player in commercial refrigeration with steady market share gainsin RAC: Blue Star (BLSTR) is steadily gaining market share in the Indian RAC segment. Its share improved to ~14% in FY25 from ~7% in FY14.

The near-term outlook remains steady but moderated, with earnings likely to be range-bound as benefits from improved pricing and higher green-energy usage are partly offset by raw material cost pressures arising from the MBT levy.

Government initiatives, including GST rate reductions on key construction materials, serve as a major policy tailwind, improving cost dynamics and supporting demand recovery in the cement sector. Dalmia Bharat is focused on balancing margin and volume growth through a flexible market strategy. In line with its pan-India expansion vision, the company plans to scale its...

EBITDA increased 28.8% YoY to Rs. 667cr. EBITDA margin expanded 340bps YoY to 59.8%, driven by strong growth in revenue. Phoenix Mills delivered a strong performance in Q2FY26, driven by resilient retail consumption, improving occupancy across office assets and strong traction in *over or under performance to benchmark index residential sales. A strategic focus on experiential retail through concepts such as Gourmet Village, along with expansions into new geographies, is expected to further enhance footfalls and brand visibility. The office portfolio is witnessing robust...

Jindal Stainless (JDSL) is executing a strategy to support sustainable longterm growth, which focuses on: capacity expansion, raw material security, and product diversification and value addition.