New Research Reports

This report presents a comprehensive equity research assessment of IndiaMART InterMESH Ltd., detailing its leadership in India’s B2B discovery ecosystem, expansion into SaaS-led productivitysolutions, and its asset-light, cash-rich financial model.

We initiate coverage of Greenply Industries Ltd (GREENPLY) with a BUY recommendation and TP of 385/share, implying an upside potential of 26% from the CMP.

We initiate coverage of Cera Sanitaryware Ltd. with a BUY recommendation and a target price of Rs 8,500/share, implying a potential upside of 31% from the CMP.

Just Dial’s Q1FY26 revenue was up 6.2% YoY, while EBITDA margin was flattish YoY (-74bps QoQ) – despite flat headcount – due to higher other expenses.

Fine Organics Americas, a 100% subsidiary of Fine Organic (FINEORG), has acquired ~160 acres of land in South Carolina (USA) to set up a full-scale manufacturing facility.

Initiating Coverage Report

Diversifying to secured segments; rebalancing unsecured book to relatively high-yield IL from MGL

The stock is currently not under our coverage, and we do not have a view on the same. The stock currently trades at 29x of its FY25 EPS.

MF AUM growth has picked up in the recent past, supported by sustained SIP inflows and MTM gains. We expect this momentum to continue, given the rising adoption of MFs as a savings product.

The stock is currently trading at 24x/17x FY26E/27E EPS. We maintain our BUY rating on the stock with a TP of Rs 950/share, implying an upside of 10% from the CMP.

Anand Rathi Wealth (ARWM) reported operating revenue of INR2.7b in 1QFY26, up 15% YoY/24% QoQ, primarily driven by 27% YoY growth in MF revenue.

Strategic shift in vertical to unlock higher potential We recently met the management of Sansera Engineering Limited (SEL) with a view to gain greater insights of its business. SEL is a technology driven manufacturer of complex and critical highprecision iron and aluminium components for automotive and non- automotive sectors. It is the largest supplier of Connecting Rods, Rocker Arms and Gear Shifter Forks for the 2W segment and the largest supplier of Connecting Rods and Rocker arms for LMVs in India. Furthermore, the company is among the top ten suppliers of Connecting Rod across international markets. With a strong presence in the high precision IC engine components, it has been able to extend its design and engineering capabilities to cater to fast-growing areas like EV, Defence, Aerospace, etc. Sansera has 17 integrated manufacturing facilities (16 in India and 1 in Sweden) and has evolved organically by supplying premium quality components to Auto ICE, Tech Agnostic, xEV, and Non-Auto OEMs in the domestic and global markets. Following are the key takeaways from the interaction: Multi-vertical evolution unlocks sustainable and robust growth pathways SEL is undergoing a strategic transformation aimed at reducing its dependence on the traditional...

Bharat Dynamics (BDL) is a prominent player in missile technology within the defense sector and has established itself as a leading integrator for various missile platforms.

JK Cement’s (JKCE) stock performance has played out broadly in line with our expectations, reflecting its strong track record of consistent operational delivery and disciplined execution.

We recommend a BUY rating on the stock, with a target price of Rs 242/share reflecting 10% upside potential from the CMP.

We interacted with the management of PN Gadgil (PNG) to discuss the industry outlook, growth prospects for its business, profitability outlook, and other focus areas.

Navin Fluorine International Ltd. announced the opening of its Qualified
Institutions Placement (QIP) on July 7, 2025, to raise up to INR 7,500 Mn.
The Board approved the preliminary placement document and set the floor
price at INR 4,798.28 per share, based on SEBI’s pricing formula.

We recommend a BUY rating on the stock, with a target price of Rs 1,870/share reflecting 10% upside potential from the CMP.

We recommend a BUY rating on the stock with a target price of Rs 2,045/share, implying an upside of 10% from the CMP