New Research Reports

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

Marks meaningful step forward in realization group strategic vision. Simplification of group structure and realign corporate structure to unlock synergy and enhance competitive edge.

For FY25 overall, Chalet Hotels’ (CHALET) hotel revenue has grown by 18% YoY to INR15.2bn while EBITDA has grown 19% to INR 6.8bn. As of Mar’25, CHALET has 3,314 operational hotel keys across 11 hotels, along with 2.4msf of annuity rental assets.

Initiating Coverage Report

We recommend a BUY on the stock with a target price of Rs 1,930/share, implying an upside of 10% from the CMP

Vinati Organics delivered a robust FY25, with an 18.3% year-on-year revenue increase, a 23.7% rise in operating profit, and a 25.8% surge in net profit. Growth was primarily driven by ATBS and Antioxidants.

We met with the management of Blue Star (BLSTR) to understand recent trends in the AC industry and mgmt outlook for FY26. BLSTR expects ~20- 25% YoY revenue drop in RAC in Q1FY26 due to a high base and unseasonal rains, partly offset by steady growth in CACs (~10-12%, led by data centers) and Commercial Refrigeration (~15-20%, led by visi coolers/freezers).

We initiate coverage on INOX Wind Limited (IWL) with a BUY rating and a TP of INR210/share, implying 21% upside. IWL is a leading vertically integrated player in India’s wind energy sector, delivering end-to-end solutions from conception and commissioning to O&M of wind power projects.

Powering India's logistics with seamless and smart supply chain solutions