New Research Reports

Considering the company's promising growth outlook, we recommend a BUY on the stock with a target price of Rs 3,340/share, implying a 10% upside potential from the CMP.

We attended JLR’s Annual Investor Day held online today, where management outlined its FY27 guidance, including: GBP26b in revenue, implying a 13% YoY growth, an EBIT margin of 4%, rising 400bp YoY, OCF break-even vs a GBP2.3b loss in FY26.

JSW Steel (JSTL), with an existing capacity of 32MTPA (excluding JVs), is targeting to reach a capacity of 50MTPA by FY31. Following the BPSL transaction, its balance sheet is much more comfortable, providing greater flexibility to execute its planned expansions.

Domestic demand appears to have slowed down in the first couple of months of FY27, with the Bajaj Auto (BJAUT) management expecting the industry to post 7-9% growth in the near term.

Reported profit after tax (PAT) for the quarter rose 53.3% YoY to Rs. 3,737cr, owing to a robust performance by the automotive and farm equipment businesses. and portfolio optionality. The core SUV franchise is strengthening structurally through market share gains, premium mix improvement and capacity-backed growth visibility, while the farm business remains a dependable earnings anchor with disciplined profitability. Importantly, the investment case is no longer dependent only on the core auto cycle; financial services, technology and the growth businesses are all contributing more meaningfully to earnings quality. The...

Indigo, at its CY26 Analyst Day, reiterated India’s aviation growth story, driven by the economy, demography, and under-penetration, with 2x jump in pax expected by FY35 from 246mn in FY26.

Ownership model to form 30-40% of fleet mix by FY30E We attended INDIGO IN's analyst meet wherein the management highlighted plans to 1) reach ASKM of 300bn, 2) increase the share of owned and finance-leased aircraft to 30-40% of fleet mix, and 3) increase international ASKM share to 40% by FY30E. In addition, given excessive FX volatility witnessed in recent times, INDIGO IN aims to expand the hedge cover to 33% of net BS exposure by FY27E/FY28E. Despite a modest capacity addition growth guidance of single digit for FY27E, the long-term target to reach ASKM of 300bn by FY30E (15% CAGR over FY26-30E) is encouraging. We...

INDIGO expects strong industry tailwinds as air passenger traffic is expected to more than double over FY26-FY35, led by an increase in first-time international travels, growing inbound tourism in India and a strong pipeline of new airports (~50 new airports expected in next five years).

Titan outlined ambitious revenue/EBIT growth guidance of 20% CAGR over FY26-30 in its 2026 Investor's meet. Rising gold prices, expected rise in the inflation and government steps on curb gold consumption will have some impact on the near-term performance (likely for H1FY27). However, Titan's improving market share in the domestic jewellery space and strong balance sheet will help it to sail through tough time. Titan's ambitious growth guidance provides an upside risk to our earnings estimates for FY27 and FY28. We will take the cognizance of...

Consumer platform: Cross-sell opportunity still largely untapped

Price hikes taken during the quarter have been accepted and adequately offset near term cost inflation Industry demand remains healthy, growing at ~6-7% We remain positive on UltraTech Cement (UTCEM) amid adverse macro conditions as a) we believe price hike undertaken by cement industry is largely offsetting the cost inflation for the near term, b) incremental cost inflation would necessitate marginal price hike which would be taken in Q2FY27E, c) recent change in stance by peers is going to benefit UTCEM as it continues to march ahead with systematic capacity...

ICICI Bank (ICICIBC) is well-positioned to sustain its growth momentum while maintaining profitability benchmarks.

Shriram Finance (SHFL) continues to reinforce its position as a leading retail-focused NBFC, backed by its strong presence in rural and semi-urban markets, diversified product portfolio, and disciplined execution capabilities.

Effective 1st Feb’26, the cigarette industry is witnessing one of its most disruptive regulatory resets after the implementation of GST 2.0.

With an upside of 17% from the CMP, we upgrade the stock to BUY.

Q4FY26 performance: Consolidated Revenues recorded 10.6% YoY growth to Rs.9246.7cr. Decorative paints business volume growth stood at 12.4% in Q4FY26. Gross margins expanded 87bps YoY to 44.8% led by material deflation of 1.4%. EBITDA margins expanded 214bps YoY to 19.3% led by lower input cost, cost saving measures and premiumisation growth in the portfolio. EBITDA grew by 24.4% to Rs.1786.6cr during the quarter. Strong operating performance coupled...

Bajaj Auto Ltd (BAL) is India's second-largest motorcycle manufacturer. It is India's largest three-wheeler maker. The company is based in Pune and has plants in Chakan (Pune), Waluj (near Aurangabad) and Pantnagar (Uttarakhand). It is the country's...

Kotak Mahindra Bank (KMB) hosted analyst interaction with Mr. Ashok Vaswani, MD&CEO. Under Mr. Vaswani’s leadership, KMB has made significant progress on re-orienting itself from a ‘product-focus’ to ‘customer-focus’ organisation.

InterGlobe Aviation (INDIGO) reported a 78% decline in EBITDAR to INR15b, led by higher forex loss (~INR48.8b), while EBITDA (ex-forex) was down only 5% YoY to INR56.3b.