New Research Reports

In spite of unseasonal rains, the company reported strong revenue growth of 10.1% YoY. EBITDA margin contracted to 6.5% in Q1FY26 vs 9.1% YoY due to revenue mix change partially led by early monsoon.

South Indian Bank (SIB) reported a better-than-expected Q1FY26 with PAT of INR 3.2bn (5% beat) and a sharp improvement in asset quality. Despite NIM headwinds (down 18bps QoQ), SIB sustained ~1% RoA for the eighth consecutive quarter, aided by strong other income.

at 1516%, shorter lead distance, and hybrid wind-solar in the North. Nuvoco Vistas (NUVOCO) reported strong operating performance in Q1FY26, led by higher pricing and 6% YoY volume growth. Pure cement realization grew by 5.5% QoQ, driven by price hikes taken in the eastern region since Mar'25. Operating costs declined due to lower RM costs (long-term contract for slag)...

Higher Treasury income and moderate opex offset SIB’s Q1 lower margins (down 18bps q/q), keeping overall operating performance stable.

Nuvoco Vistas Corp’s (Nuvoco) current valuation (of 8.5x FY27E EV/EBITDA) appears quite compelling. Further, buoyant cement prices were instrumental in propelling its Q1FY26 EBITDA by an impressive 51% YoY (being 5% ahead of our estimate).

Shoppers Stop (SHOP) revenue grew 6% YoY in 1QFY25 (vs. +8%/+2% YoY in 3Q/4Q), led by 5% LFL growth in Departmental format and ~2x growth in INTUNE.

SRIN reported presales of INR6.57b in 1QFY26, up 31% YoY (16% above our estimate). About 92% of total presales in the quarter came from the uberluxury and premium luxury segments.

We maintain our HOLD rating on the stock.

MTAR Technologies (MTARTECH) has been a key player in India’s aerospace industry with a longstanding association with ISRO, supplying critical assemblies for several key space missions.

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.

Initiating Coverage Report

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.

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 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 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.