New Research Reports

About the stock: Firstsource Solutions (FSL) provides business process services to BFSI, communication, media, tech and healthcare. FSL is a domain driven BPM services company which has 200+ global clients, including several Fortune-500...

Robust growth ahead aided by OSAT and PCB the stock: Kaynes Technology India (Kaynes) is an Indian integrated electronics manufacturing company offering end-to-end solutions, from design to life-cycle support, for various sectors including Automotive, Industrial, Aerospace, Medical, and IoT. Founded in 1988 and headquartered in Mysore, it provides Electronics System Design and Manufacturing (ESDM) services and has...

We roll forward our valuation to Sept’27 and value Navin Fluorine at 46.0x Sept’27E EPS, implying a target price of INR 6,182.

Delhivery posted a 17% YoY rise in revenue to INR25.6b in 2QFY26 (in line). During the quarter, the company recognized INR900m of costs related to ecom express integration. The acquisition was formally completed in Jul’25.

Kaynes Technologies (KAYNES) continued its strong operating performance in 2QFY26, with revenue growth of 58% YoY, while EBITDA grew at a much faster pace of 80% YoY.

Nuvama Wealth’s (NUVAMA) 2QFY26 operating revenue at INR7.7b grew 4% YoY, with the Wealth/Private/Asset services businesses growing 19%/37%/5% YoY in 2QFY26, while AMC/Capital markets business declined 21%/28% YoY.

Gland Pharma (GLAND) delivered in-line revenue in 2QFY26. However, EBITDA/PAT came in below our expectations by 9%/11%. A lowerthan-expected share of milestone income and lower tech transfer/CMO business in ROW markets impacted 2QFY26 performance.

Bandhan Bank’s near-term profitability remains under pressure, impacted by yield resets, elevated provisions, and continued EEB slippages, however deposit granularity is improving, with a healthy CASA and retail term deposit mix, while the secured loan portfolio continues to gain share, supporting better asset quality over time.

About the stock: Gland Pharma is one of the largest generic injectable-focused Along with its partners, Gland owns 1,748 products registrations globally of which ~490 in US, Europe, Canada, Australia, and New Zealand, ~73 in...

We revise our rating from HOLD to BUY

We maintain our BUY rating on the stock.

Tata Chemicals (TTCH)’s 2QFY26 consolidated EBITDA declined 13% YoY, led by subdued performance in America (TCNA)/Africa (TCAHL)/Rallis, with EBITDA down 65%/58%/5% YoY due to a weak demand-supply scenario.

We maintain a HOLD rating on the stock.

The company continues to demonstrate strong disbursement traction, while margins should remain resilient supported by declining funding costs, recent pricing actions, and operating leverage from scale.

We maintain our BUY recommendation on the stock.

Sustained broad-based growth across geographies: Affle reported 19% YoY revenue growth with robust traction across India (74% of mix; +20% YoY supported by early festive spending) and international markets (26% of mix; +16.8% YoY). The ban on real money gaming did impact the company this quarter (expected to extend into Q3) but was offset by better demand and early festive spending. Converted users rose 1.5% QoQ/ 15% YoY to 109 million while CPCU remained stable at 58, underscoring strong advertiser demand despite temporary real money gaming impact. Moreover,...

We maintain our BUY rating on the stock.

CDSL’s operating revenue declined 1% YoY but grew 23% QoQ to INR3.2b (7% beat) in 2QFY26.

About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above...

Q2FY26 Strong set of numbers; beat across all parameters- Revenues in Q2FY26 stood at 758 crore, up 46% YoY. Segment wise, all three segments reported a strong growth with HPP (Refrigerants +Inorganic Fluoride + HPP, 53% of revenue), up 38% YoY, Speciality Chemical (29% of revenue), up 39% YoY and CRAMS (18% of revenue) witnessing a growth of 97% YoY. EBITDA for the quarter stood at 246 crore, up 129% YoY translating into margins of 32.5%, up ~1200 bps. Relentless expansion based on visibility; Upward margins guidance based...