New Research Reports

BHEL has accumulated a strong orderbook in last three years but execution has been slow. Order inflow (OI) in FY24/25 was INR 780bn/ INR 920bn (vs. average OI of INR 210bn between FY19-23), respectively.

Biocon (BIOS) is fully integrating Biocon Biologics (BBL) by acquiring the remaining stake of 23.3%. In addition to the share swap, BIOS is raising additional capital through a QIP of up to INR45b, subject to shareholder approval, for the cash component payable to Viatris.

Suzlon is well-placed to capitalise on India’s growing wind cycle, supported by substantial scale leverage at its Puducherry plant (~30% utilisation with the ability to ramp from 3 to 8 nacelles/day) with minimal capex, while the addition of three AI-enabled blade facilities would enhance logistics and execution.

Suzlon delivered strong operating metrics in H1FY26. However, the news flow around the new renewable capacity addition has been under weather. In this backdrop, Suzlon’s management highlighted the key positives during its investor day.

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).

We initiate coverage of ITC Hotels Ltd. (ITCHL) with a BUY rating and a target price of INR 250, based on a 27x Dec’27E EV/EBITDA for its hotels business and a 1x NAV for its Sri Lanka residential project.

One 97 Communications Ltd, i.e. Paytm, provides payment solutions, hotel bookings, mobile phone top-ups, gaming and mobile content and bill payment services, as well as data processing services globally. In Q2FY26, the company's consolidated revenue grew 24.2% YoY to Rs. 2,061cr, driven by higher merchant additions, strong growth of gross merchandise value...

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.

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.

*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...

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.

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...

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...

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.