New Research Reports

We maintain our BUY recommendation on the stock

We maintain our BUY recommendation on the stock.

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Cera Sanitaryware Ltd.'s (Cera) Q4FY26 performance was above our estimates on all fronts. Cera Sanitaryware delivered a resilient fourth quarter with total revenue reaching Rs6.44 Bn, supported by steady retail demand and strong project execution. However, margins were pressured by a sharp rise in brass prices and higher trade discounts used to maintain competitiveness. To counter these headwinds, the company implemented strategic price hikes across its faucetware and sanitaryware divisions. The Middle East crisis further complicated operations, causing gas supply restrictions at production plants and...

Revenue beat, miss on margins, revenue growth of 11% driven by 18% faucetware growth while sanityaware grew 6% YoY

About the stock: Affle 3i Ltd. (erstwhile Affle (India) Ltd.) is a global ad-tech company specializing in consumer intelligence and engagement solutions. It has built a strong presence in programmatic digital advertising for mobile devices with...

With a 15% upside potential from the CMP, we maintain our BUY rating on the stock.

We maintain our HOLD rating on the stock.

We maintain our BUY recommendation on the stock.

Retail scaling and credit cost normalisation to aid earnings About the stock: CreditAccess Grameen is one of the largest microfinance It operates in over 16 states and 1 UT with 2,236 branches, having a growing employee base of 21,941 Q4FY26 performance: CreditAccess Grameen reported strong recovery in Q4FY26, driven by accelerated disbursement growth, improving asset quality and lower incremental stress formation. AUM grew 11.4% QoQ (14% YoY) to 29,590 crore. Lower interest reversals and moderation in borrowing costs aided 35 bps QoQ NIM...

It also operates smaller units under the brand names of Artemis Cardiac Care, Daffodils (mother & child care) and Artemis Lite. FY26 Payor Mix 32% International Patients; 30% Insured patients; 20%...

Volume growth of 21% was offset by weak realisations (-9% YoY). EBITDA margin contracted owing to lower realisations

We maintain our BUY rating on the stock.

Revenue rose 10% YoY. Pricing helped offset the inflation/star-rating impact, lifting EBITDA margin 40bps

We increase our top-line estimates to factor in improved retail demand and push towards the organised sector. We forecast a Revenue/EBITDA/PAT CAGR of 12%/9%/7% and assign a 29.5x FY28E EPS to arrive at a TP of Rs 7,000/share, implying an upside of 21% from the CMP. We maintain our BUY rating.

Q4FY26 Decent top-line growth with better-than-expected margins Revenues grew ~19/5% YoY/QoQ to 456 crore aided by ~94/58% YoY/QoQ growth in export formulations to ~ 215 crore tracking 69% growth in the Regulated Market (US & Europe). Domestic formulations on the other remained muted to ~200 crore due to unpredictable performance in acute therapies. On the operational front, GPM declined 249/261 bps YoY/QoQ to 70.4%; EBITDA margins improved to 10.5% (1065/338 bps YoY/QoQ) on the back of reduction in operating expenses. Normalisation expected from FY27- After a prolonged hiatus, exports...

Good Q4; Chennai scale-up continues; Older parks to witness recovery Q4FY26 performance: WHL's revenues witnessed 40.4% YoY growth to Rs.135.8cr driven by faster ramp-up of Chennai Park. Overall footfalls stood flat at 8.79 lakh footfalls growing by 30% YoY. Average revenue per user (ARPU) stood at Rs.1465 growing by 7% YoY. EBITDA margins stood at 29.6% vs 20.4% in Q4FY25. EBIDTA stood at Rs.40.2cr vs 19.7cr during same period last year. Adjusted PAT recorded...

Operating profit in line with estimates; though PAT beat estimates on lower provisions; AQ performance remains better vs peers

Q4FY26 financial performance: Revenues grew by 11.4% YoY at INR 6.4bn (PLe: INR 50.4%). EBITDA declined by 7.3% YoY to INR 979mn (PLe: INR 781mn) and EBITDA margin contracted by ~300bps YoY to 15.2%. (PLe: 12.5%). PBT decline by 15.3% YoY to...