New Research Reports

Tata Technologies’ (TATATECH) revenue declined 7.6% QoQ CC in its core services segment. Growth was impacted as OEMs delayed ramp-ups and paused R&D spends amid tariff-led challenges.

MF AUM growth has picked up in the recent past, supported by sustained SIP inflows and MTM gains. We expect this momentum to continue, given the rising adoption of MFs as a savings product.

We have revised out FY26E/FY27E EPS estimates by -28.1%/-25.9% on account
of slower-than-anticipated recovery in media and healthcare, weak revenue
visibility, and a delayed margin normalization trajectory, with EBIT margins now
expected to remain below FY25 levels over near to medium term. Persistent macro headwinds and muted vertical traction warrant a cautious stance until greater clarity emerges on growth and profitability recovery.

The stock is currently trading at 24x/17x FY26E/27E EPS. We maintain our BUY rating on the stock with a TP of Rs 950/share, implying an upside of 10% from the CMP.

Anand Rathi Wealth (ARWM) reported operating revenue of INR2.7b in 1QFY26, up 15% YoY/24% QoQ, primarily driven by 27% YoY growth in MF revenue.

Ichnos Glenmark Innovation (IGI), a wholly-owned subsidiary of Glenmark
Pharmaceuticals, has entered into an exclusive global licensing agreement
with AbbVie for the development and commercialization of IGI’s lead
oncology asset, ISB 2001. This first-in-class CD38×BCMA×CD3 trispecific
antibody is currently in Phase 1 clinical trials for relapsed/refractory multiple
myeloma (R/R MM).

AbbVie partnership signals a new era for Glenmark Pharma (GNP) GNP’s subsidiary, Ichnos Glenmark Innovation (IGI), has signed an exclusive licensing agreement with AbbVie for its lead investigational asset, ISB-2001.

TATA Elxsi (TELX) reported a disappointing print vs I-Sec’s already muted estimates. Q1FY26 marks the fourth straight quarter of muted revenue performance.

Margins declined sharply due to missing operating leverage in Q1 The revenue de-growth was in line with our estimates, largely attributed to M&C and H&L, while Transportation business reported flat QoQ CC vs -9.7% QoQ CC in Q4. The transportation business growth is negatively impacted by Tier-1 suppliers, otherwise the deal ramp ups on the Auto OEMs have improved of late and compensating the weakness against Tier-1. The management sounded optimistic to drive growth within Transportation from Q2, while M&C would recover from Q3 led by large deal ramp up. The timely ramp ups of the...

Bharat Dynamics (BDL) is a prominent player in missile technology within the defense sector and has established itself as a leading integrator for various missile platforms.

Delhivery is India’s leading 3PL logistics player, catering to a wide network of ~19,000 pincodes. Its service offerings include express parcels, part truck load (PTL), supply chain services, and others.

JK Cement’s (JKCE) stock performance has played out broadly in line with our expectations, reflecting its strong track record of consistent operational delivery and disciplined execution.

Navin Fluorine International Ltd. announced the opening of its Qualified
Institutions Placement (QIP) on July 7, 2025, to raise up to INR 7,500 Mn.
The Board approved the preliminary placement document and set the floor
price at INR 4,798.28 per share, based on SEBI’s pricing formula.

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

In FY25, EBITDA grew ~7% YoY to INR28.3b, driven by growth in Chemicals (up 5%) and Performance Films & Foils (PFF) (up 45%), while Technical Textiles (TTB) saw a decline (down ~8%).

We recommend a BUY on the stock with a target price of Rs 299/share, implying an upside of 10% from the CMP.

We upgrade PLNG to Buy with a DCF-based TP of INR410/sh. According to our DCF analysis (WACC: 11.2%), at CMP, PLNG is pricing in an unrealistic scenario of a 20% decline in tariff at both the Dahej and Kochi terminals in FY28.

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.

Novo's oral semaglutide Rybelsus is growing at a robust 173% CAGR over a 3Y period to Rs 4bn, as on MAT MAY'25