New Research Reports

About the stock: Garden Reach Shipbuilders & Engineers (GRSE) is a shipbuilding company in India under the administrative control of the Ministry of Defence (MoD), The company's extensive product range spans from Warships to Weapons', including Commercial ships, various Deck Machinery, Marine Diesel Engines, Naval...

Capitalizing on India's power growth

We have revised our FY26E/FY27E EBITDA estimates by -9.3%/-3.3%, as we factor in more gradual pick-up in consumer demand and higher input costs in FY26, led by online marketing projects undertaken by the Company.

We maintain a constructive stance on Vinati Organics’ long-term outlook, supported by the expansion in ATBS capacities, improved utilization in Antioxidant segment and incremental contribution from the Veeral Organics facility, cementing its position in high-margin segments, leading to improved operating leverage and diversified revenue streams.

We are implying an upside of 10% from the CMP, with a target price of Rs 560/share.

JLL delivered a modest Q1FY26 performance amid a challenging demand environ- Gross margin contracted 280bps YoY to 48.5%, due to input cost pressures and heightened competition in the Dish wash segment. EBITDA margin stood at 16.5%,...

We have revised our FY26E/FY27E EPS estimates by -0.6%/-4.6% primarily to reflect a more gradual post-remediation ramp-up at Gagillapur, and a measured margin recovery amid persistent integration and operating costs.

Superior profitability to sustain, led by focus on operating efficiencies: During Q1FY26, company's profitability improved sharply on YoY basis (EBITDA/ton stood at Rs 1761/ton, +75% YoY), led by better volume growth, improvement in realisations and lower RM cost. We believe that company's EBITDA/ton to remain strong going forward, led by continuous focus on operational efficiencies (led by increase in share of renewable power, WHRS and captive coal, freight cost optimisation through addition of grinding units in NE and Rajasthan), incentives from state government & positive operating...

The quarter was supported by a well-diversified content slate and improved admissions. Near-term risks include external disruptions and regulatory overhangs like Karnataka pricing. However, a strong rebound in Hollywood content, select Bollywood hits and stable regional traction offer comfort. The company is well-positioned to...

We have revised our FY26E/FY27E EPS estimates by -3.8%/+0.3% primarily to reflect miss in the Q1FY26 performance, and higher depreciation expenses, however, FY27 numbers are intact with rising regulated market share, enhanced backward integration, scale-up of the DSM contract, and new launches such as contrast media and ADHD APIs.