New Research Reports

We initiate coverage of Greenply Industries Ltd (GREENPLY) with a BUY recommendation and TP of 385/share, implying an upside potential of 26% from the CMP.

Fine Organics Americas, a 100% subsidiary of Fine Organic (FINEORG), has acquired ~160 acres of land in South Carolina (USA) to set up a full-scale manufacturing facility.

Initiating Coverage Report

Diversifying to secured segments; rebalancing unsecured book to relatively high-yield IL from MGL

Strategic shift in vertical to unlock higher potential We recently met the management of Sansera Engineering Limited (SEL) with a view to gain greater insights of its business. SEL is a technology driven manufacturer of complex and critical highprecision iron and aluminium components for automotive and non- automotive sectors. It is the largest supplier of Connecting Rods, Rocker Arms and Gear Shifter Forks for the 2W segment and the largest supplier of Connecting Rods and Rocker arms for LMVs in India. Furthermore, the company is among the top ten suppliers of Connecting Rod across international markets. With a strong presence in the high precision IC engine components, it has been able to extend its design and engineering capabilities to cater to fast-growing areas like EV, Defence, Aerospace, etc. Sansera has 17 integrated manufacturing facilities (16 in India and 1 in Sweden) and has evolved organically by supplying premium quality components to Auto ICE, Tech Agnostic, xEV, and Non-Auto OEMs in the domestic and global markets. Following are the key takeaways from the interaction: Multi-vertical evolution unlocks sustainable and robust growth pathways SEL is undergoing a strategic transformation aimed at reducing its dependence on the traditional...

We interacted with the management of PN Gadgil (PNG) to discuss the industry outlook, growth prospects for its business, profitability outlook, and other focus areas.

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

Initiating Coverage Report

We maintain our BUY rating on HGIEL with a target price of Rs 1,155/share. The TP implies an upside of 10% from the CMP.

We met with Vikram Mohan (MD) and the senior management of Pricol, to delve into its business strategy/growth outlook; we also visited its R&D center and manufacturing plant.

We recommend a BUY with TP of Rs 600, implying an upside of 10% from the CMP.

PPFL is maintaining elevated inventory levels to strategically capture market opportunities, complemented by increased distributor incentives now set at 3%. However, a spillover in inventory loss is expected in Q1FY26 as well. PPFL navigated a challenging FY25, marked by heightened PVC price volatility, channel destocking, and subdued demand due to reduced government spending....

We recently engaged with the Unimech management for insights into the present business environment and outlook. The company expects 35%+ growth in its aero-tooling segment over the next few years, driven by SKU approvals and client additions.

Stitching Scale with Strategic Diversification

navigate margin pressures in a competitive environment. The management also shared insights on domestic demand sustainability, the impact of reduction in MDF imports, and GREENP's roadmap to drive volume growth...

Incorporated in 1985, Bansal Wire is the second largest manufacturer of steel wire in India and the largest stainless steel wire manufacturer.

We met Mr Praveen Kutty, MD&CEO of DCB Bank (DCB). Management is re-orienting DCB towards being customer-centric, as opposed to being product-centric earlier.

Unlocking Value in an expanding business hospitality landscape

Quarterly Update Q4FY25