New Research Reports

Guidance of doubling revenue and EBITDA over the next 3 years, led by capacity additions

We recommend a BUY on the stock with a TP of Rs 550/share, implying an upside of 10% from the CMP.

Unlocking Value in an expanding business hospitality landscape

Jubilant Ingrevia is one of the leading players in India supplying chemical intermediates to agrochemical innovators for almost 3 decades. The company is now transitioning to become a CDMO player and has already signed 2 contracts for agro CDMO, one of which is worth USD300mn and will start contributing to revenue from Q4FY26. As highlighted in our previous report, 7 more molecules with pyridine chemistry are expected to go off-patent by 2028, thus making Jubilant a good fit to manufacture them. However, unlike...

We recommend a BUY rating on the stock with a TP of Rs 955/share, implying an upside of 10% from the CMP.

The company unveiled its R&D product NRC-2694 for metastatic head and neck cancer, which is currently in phase 2. The management expects to gain more clarity after a year and a half. The company currently is doing patient recruitment...

V-Guard Industries Ltd (VGRD) is one of the leading players in the electrical consumer durables space. Major product segments include Stabilizers, Cables & Wires, UPS, Pumps and Electrical Appliances. In Q4FY25, revenue grew 15% YoY, exceeding estimates, driven by strong growth in Electronics (+26% YoY), Electricals (+15% YoY), and the Consumer division (+12% YoY). However, the Sunflames' business declined by 24% YoY. EBITDA grew by 12% YoY, while EBITDA margins declined by 22bps YoY to 9.3% despite a 120bps YoY improvement in gross margins, largely due to higher...

We believe CIE's technological strengths will continue to support its valuation, similar to its listed MNC peers in the sector. However, due to weaker demand in Europe and the U.S., along with a slower-than-expected EV ramp-up, we are revising our PAT guidance downward, maintaining a cautious stance on margin estimates for near term. We expect the geopolitical shift in the supply chain realignment to benefit the domestic market in the long run, which is expected to factor in the price and the valuation looks reasonable at the given margin. CIE has...

Healthy order book of INR 22,700 Cr. (Apr’25) translating into 6.8x order book / FY25 sales (highest amongst peers), strategic importance to GoI (prime production agency for guided weapons systems) and expected improvement in operating margins.

Home First Finance (HomeFirst), in its FY25 Annual Report, highlighted its digital-first approach to making home ownership more accessible by offering innovative housing finance solutions and leveraging technology to streamline processes.

We recommend a BUY rating on the stock with a TP of Rs 237/share, implying an upside potential of 10% from the CMP.

We recommend a BUY rating on the stock with a target price of Rs 74/share, implying an upside of 11% from the CMP.

consideration of Rs.1,828cr (1.33x of investment). We expect this disinvestment and objective to diversify to other infra segments will augur well for the growth prospects. Ample opportunities in both road and non-road projects (Rs.90,000cr) with a strong balance sheet will aid in rerating. We therefore maintain a BUY rating with a target price of Rs 386, based on a P/E of 14x FY27 EPS and HAM assets at 0.5x P/B....

We initiate coverage on Time Technoplast (TIME) with a BUY rating and a target price of INR578 (41% upside potential), based on 22x FY27E P/E (close to sector average).

Valuations inexpensive: Over the last eight months, MAHGL’s share price has corrected ~30%, with the stock now trading at 11x FY27E P/E.

Power Mech Projects Limited is a company that offers a wide range of services in both the power and non-power sectors. They are the biggest service provider in operations and maintenance (O&M) and have integrated their services both forward and backward.

Validation activities have begun in Phase 2, Genome Valley, in this quarter. Also, the company continues to invest in research and development efforts aimed at building a pipeline of high-value molecules, with a focus on backward integration, especially in the oncology and CNS segment. The company has filed its first oncology molecule in this quarter....

JK Paper Ltd.'s (JK Paper) Q4FY25 result was broadly in-line with estimates on key parameters. The company reported improved performance on a sequential basis led by higher volume and cost optimization. However, on YoY basis the earnings were subdued, reflecting underline pain in NSR and raw material cost. The management attributed weak earnings to surge in imports at low prices and high wood cost. During Q4FY25, the Company acquired 60% of the Equity Shares of Radhesham Wellpack Private Limited (RWPL) and 62.14% of Equity Shares of Quadragen Vethealth Private Limited (QVPL). We have fine-tuned earnings...

In FY25, the company's order book declined by ~40% YoY to Rs 10,527cr due to a muted order wins for the last two years. The management expects a traction in new orders from the roads and non-road segments from Q2FY26 onwards and is...