New Research Reports

We expect moderate multiple expansion as the bank sustains mid-teen RoE, stable margins, and continued balance sheet strengthening.

We maintain a BUY rating on the stock.

With a 21% upside from the CMP, we maintain our long-term BUY rating on the stock.

Greenply's Q2FY26 profitability was below expectations. Revenue grew 8% YoY to Rs6.9bn, driven by robust growth in MDF segment. EBITDA decreased by 2% YoY to Rs568mn, with EBITDA margin contracting by 75bps YoY to 8.2%, dragged down by planned shutdown for MDF expansion, a higher contribution of midpremium plywood and liquidation of slow moving MDF inventory at high discounts. PAT declined by 9% YoY to Rs160mn. Net debt decreased by Rs280mn to Rs5.1bn, driven by liquidation of excess inventories, and is expected to reduce further in H2. The management attributed margin contraction to one off event and expects a strong rebound in volumes and margins in H2FY26. We cut...

With a 7% upside from the CMP, we maintain our HOLD rating.

About the stock: Firstsource Solutions (FSL) provides business process services to BFSI, communication, media, tech and healthcare. FSL is a domain driven BPM services company which has 200+ global clients, including several Fortune-500...

In Q2FY26, Blackbuck’s core revenues grew ~37% YoY led by 55% QoQ growth in fuel sensors. New businesses grew >2x YoY and 19% QoQ led by Superloads and vehicle financing.

It has MDF boards business with manufacturing at Vadodara, Gujarat of 1000 CBM/day. It is adding capacity in plywood segment at plant in Odisha which will take total capacity to 66.3 Mn SQM/annum. Q2FY26 Performance: Revenues grew 7.5% YoY to 688.6 crore in Q2FY26. The MDF segment revenue at 146.8 crore, was up 15.9% YoY, with volumes of 47,018 CBM (+15.9% YoY) with flat realisation. The plywood segment reported revenue of 541.7 crore, up 5.4% YoY, while volumes up 7.2% YoY to 21.7 MSM. EBITDA stood at 57 crore, with EBITDA margins of 8.2% (down ~75 bps YoY), impacted by lower...

We value the stock at a EV/EBITDA of 20x on H1FY28E earnings, arriving at a target price of Rs 1,120/share, implying an upside potential of 17%. We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

Chalet Hotels Ltd.'s (Chalet) Q2FY26 result was below our estimates on key parameters as increased competitive intensity in MMR region weighed on net sales. However, on YoY basis, the company reported yet another robust quarterly performance. The management is very optimistic of a strong operating performance in the second half of the year for both business and leisure locations. The dip in Q2 occupancy was a temporary "blip" due to the addition of 166 new rooms. The company expects to be back to the occupancies they have been delivering in the past very quickly. The company introduced the new...

Acme reported Q2FY26 results in line with our estimates, with revenue at INR 4.7bn (+80% YoY) and EBITDA at INR 4bn (+81% YoY) led by higher PLF (24.1% vs 22.2% YoY) and incremental capacity addition. Operational capacity stood at 2.9GW (vs. 2.5GW YoY).

Gateway Distriparks (GRFL)’s Q2FY26 EBITDA was in line with consensus estimates. Rail volume grew
9.2% YoY while CFS volume grew 2.6% YoY.

Alembic Pharma is expected to maintain steady growth momentum supported by its expanding complex generics portfolio in the US, sustained traction in Ex-US markets, and a gradual recovery in the domestic formulations business.

Alembic Pharma is expected to maintain steady growth momentum supported by its expanding complex generics portfolio in the US, sustained traction in Ex-US markets, and a gradual recovery in the domestic formulations business.

TeamLease’s (TEAM) 2QFY26 revenue growth of 8.4% YoY was below our estimate of 13% YoY growth. General Staffing (GS) grew by 4% QoQ, while Specialized Staffing grew 8% QoQ.

We roll forward our valuation to Sept’27 and value Navin Fluorine at 46.0x Sept’27E EPS, implying a target price of INR 6,182.

About the stock: Arvind Fashions Ltd. (AFL) is a multi-brand apparel company. The company operates high value global brands such as US Polo, Tommy Hilfiger, Arrow and Calvin Klein under license agreement while it has its own in-house leading denim brand Flying Machine. The company operates through 998 Retail...

We continue to focus on Jubilant's flagship segments such as Radiopharmaceuticals, Allergy Immunotherapy, CDMO Sterile Injectables and Drug Discovery Services which together contribute ~53% of the sales and more than 90% of the EBITDA on the back of their high-margin profile. Their performances are also critical in order to achieve the management's aspirational target for FY30 - doubling of overall revenues (FY24 base),...

Chalet Hotels (CHALET)’s Q2FY26 hospitality revenue/EBITDA grew 13%/10% YoY, as new hotel openings impacted margins. The company expects robust demand in H2FY26 to flow into earnings.