New Research Reports

Coforge (COFORGE IN) Event Update Accelerating AI stack to scale production BUY

We attended Coforge’s (COFORGE) Enterprise Autonomy Strategy session, where discussions focused on how AI is changing enterprise software delivery and COFORGE’s approach to monetizing this shift through Nuuron (enterprise autonomy platform), Momentuum Blue (forward-deployed engineering unit), and industry-specific solutions.

Domestic integration: The 5.4 GW cell base and planned 10 GW expansion can improve sourcing control and domestic-content participation. We expect a gradual margin recovery as production yields and captive integration improve. Distribution advantage: Retail revenue more than doubled YoY in Q1FY27. A national installer and franchise network broadens demand and provides a route to market for inverters, kits and storage. US localisation: Texas manufacturing diversifies delivery routes, while planned US additions create further growth potential. Local production improves strategic...

Coforge has seen two independent directors exit within four days. NonExecutive Independent Chairman Mr. O. P. Bhatt resigned with immediate effect on 8th Sep’26, followed by Independent Director and NRC Chairperson Mr. D. K. Singh on 11th Sep’26.

Considering Coforge's business track record, we continue to maintain our BUY rating, supported by Management's commitment to business integrity, strong operational capabilities, healthy deal momentum, an AI-led growth strategy, and the Encora acquisition.

Oberoi Realty’s (OBER) renewed focus on growth and significant project acquisitions position it well to ride the next leg of scale-up. Six new project acquisitions (INR305b GDV; our estimates) in the last 1Y reflect a considerable step-up in business development (BD).

Coforge hosted a call to address the recent board exits, providing clarity on the developments surrounding the departures and the company’s plans for board reconstitution.

We recommend a BUY with a target price of Rs 380/share, implying an upside of 10% from the CMP.

MCX is emerging as a clear structural beneficiary of India’s deepening commodity derivatives ecosystem: F&O ADT reached ~INR10.5t in 1QFY27, with options notional ADT rising 266% YoY and futures ADT rising 47% YoY, reflecting strong underlying market expansion alongside continued volatility support.

Steady execution and robust order pipeline to drive sustained growth: Company has delivered 3 vessels in Q1FY27 and targeting 10 deliveries in FY27, including ASW vessels, multi-purpose vessels, dredgers, commissioning service vessels, and zero-emission container vessels. The current order-backlog stands at 21,900 crore (4.3x TTM revenue) and is positioned as L1 for the 5,000 crore Next-Generation Survey Vessel (NGSV) order. Moreover, key opportunities include LPDs (~ 32,000 crore), MCMVs (~36,000 crore), and P-17 Bravo (~ 49,000 crore), aligning well with CSL's...

We reiterate our BUY rating on LG Electronics India Ltd. with a Target Price of Rs 1,965/share, based on 47x FY28E EPS, implying an attractive 19% upside potential from the CMP.

Clear vision of growth with moat in place. : Lenskart Solutions Ltd. (Lenskart) is a leading D2C eyewear player in India and with presence across select international markets. It sells wide range of prescriptive eyewear, sunglasses and contact glasses. India business forms...

Since its listing (Nov’25), Lenskart’s share price has risen ~70%. We note that the strong performance has largely been driven by strong earnings momentum, leading to consistent upgrades in consensus estimates (FY28 PAT up by ~30%) and roll-forward, rather than multiple re-rating (~8.5%).

Mr. O. P. Bhatt has resigned as Non-Executive Independent Director and Chairman with immediate effect. The resignation follows observations from an internal audit of the Board Evaluation Exercise, which highlighted gaps in the evaluation process and disclosure of certain material information, including aspects related to the Chairman's performance.

In litigation ongoing since 2018, the Delhi High Court on 31st Aug’26, accepted Daiichi’s demand for a forensic audit. S Ramanand Aiyar & Co will conduct the audit and examine all Fortis share and fund movements since 24 May’16, including the scrutiny of INR 46.66bn transferred to RHT (Religare Health Trust) and the Fortis-IHH-RHT Health transaction chain.

We recently met the management of Supreme Industries (SI). Demand momentum in pipes is healthy in Q2FY27-TD, as the PVC price trend is favourable, resulting in restocking by channel partners. Margin trajectory remains steady and the company expects to achieve its OPM guidance of 14-14.5% in FY27.

The Delhi High Court has directed the appointment of a forensic auditor to examine certain historical transactions involving Fortis Healthcare (FORH), including the dissipation of the erstwhile promoters’ stake.

AU SFB has received an in-principle approval to convert into a universal bank, positioning it as one of the fastest-growing retail-focused private sector banks in India.

We value Astral at 51x FY28E EPS and retain our target price of Rs 1,750/share, implying approximately 16% upside.