New Research Reports

In H1FY26, KEC's order book grew by 15% YoY to Rs.39,325cr, driven by robust order inflows of Rs.16,050cr, reflecting a 19% YoY increase. The company has guided for order inflows in the range of Rs.28,00030,000cr for FY26, supported by strong traction in T&D projects across both domestic and...

Longer term orders pipeline remains robust from both domestic and export markets: Electronic warfare, Radars & Avionics remain the key product segments for company (contributed ~81% to total FY25 revenue and ~71% of total order backlog) for both domestic and exports markets. Moreover, company sees sizable opportunity in other key product segments also like ATE (automated test equipment), Check-out systems, Fire control systems & seekers for existing & future Brahmos missile programs. Upcoming BrahMos-II program, which is also expected to...

Kirloskar Oil Engines Ltd. (KOEL) posted splendid financial performance in Q2FY26. Power Gen (PG) segment clocked in substantial growth of 41% YoY to come in at ~Rs6.8Bn owing to healthy volume growth and increased HHP contribution. The Industrial segment also clocked in strong growth of 40% YoY emanating from the defense and the railways segment. Demand trends stay positive with infrastructure verticals such as residential and commercial realty exhibiting good demand. Demand also continues to be broad based across various infrastructure verticals. The management wants to focus actively on...

Considering the near-term challenges, we maintain our HOLD rating on the stock and revise our TP to Rs 320/share. The TP implies an upside potential of 3% from the CMP.

RITES Ltd delivered a resilient performance in Q2FY26, reflecting strong execution across its consultancy and export segments, robust profitability, and a solid order pipeline that reinforces long-term growth visibility. The company reported standalone revenue of Rs5.1bn, up 0.7% YoY and 12% QoQ, while PAT stood at Rs1bn, marking a healthy 25% YoY growth and 20% sequential rise. Consolidated performance was equally encouraging, with revenue at Rs5.7bn, EBITDA at Rs1.3bn, up 27.6% YoY, and PAT at Rs1.1bn up 32.2% YoY, translating into superior EBITDA and PAT margins of 24.4% and 18.8%, respectively. The...

We maintain our BUY recommendation on the stock.

We maintain our BUY rating on the stock, considering the attractive valuations and long-term growth prospects.

About the stock: Garden Reach Shipbuilders & Engineers (GRSE) is a shipbuilding company in India under the administrative control of the Ministry of Defence (MoD), The company's extensive product range spans from Warships to Weapons', including Commercial ships, various Deck Machinery, Marine Diesel Engines, Naval...

We met IKS’ management at I-Sec conference. IKS is focusing on continuing the traction on full-platform deals, increasing cross-selling with AQuity clients, using AI to gain operating margin leverage and increase non-linearity between revenue and headcount growth and working with hospitals.

Diversified business verticals with presence across consumer, automotive, industrials, healthcare, IT, railways and defence. Q2FY26 performance: Syrma SGS reported all-round strong set of result with revenue of 1146 crore which increased 37.1% YoY and 20.2% QoQ. IT and railways grew by 298% YoY on small base while healthy growth was seen in consumer, auto and healthcare segment. EBITDA grew by strong 62% YoY, 33% QoQ growth with margins recorded at 10.1% (up 154 bps YoY, 88 bps QoQ) on the back of operating...

Transformers and Rectifiers India Limited (TARIL) has a wide range of transformers, like Power & Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers. Company has strong in-house design & technical expertise, along...

We maintain our BUY rating on the stock.

Krishna Institute of Medical Sciences (KIMS)’s Q2FY26 revenue was in line with our expectation. That said, EBITDA loss at Maharashtra of INR 96mn (-100bps) and Karnataka of INR 255mn (-265bps) coupled with lower margin at Kerala cluster dragged EBITDA margins to a low of 21.2%.

Gujrat State Petronet’s (GUJS) 2QFY26 revenue/EBITDA stood 9%/13% below our estimate at INR2.3b/INR1.7b, as total volumes came 8% below our estimate at 28.5mmscmd.

With a 37% upside from the CMP, we maintain our long-term BUY rating on the stock.

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects.

infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic mix in portfolio of T&D (65%) and non-T&D (35%) Strong T&D prospects in domestic and international markets (35% of backlog from international markets) Q2FY26 performance: KEC reported a robust Q2FY26 with Revenue at 6091 crore up 19% YoY, mainly from T&D business which grew 44% YoY. The renewables and cables business grew by 5% and 19% YoY to 190 crore and 524 crore, whereas...

Welspun Corp's U.S. subsidiary secured $715 million in line pipe orders for natural gas and NGL (Natural Gas Liquids) projects, ensuring business visibility through FY28. With a record 23,500cr order book and rising demand from AI-driven data centers, the company...

KEC posted good execution growth of 19% YoY and margin improvement of 80bp YoY in 2QFY26. The slight miss in PAT was attributed to higher interest expenses, which moved up due to higher debt and higher working capital.

Syrma SGS Technology (SYRMA) continued its strong operating performance, with EBITDA up ~62% YoY in 2QFY26. EBITDA margin expanded 150bp YoY due to a favorable business mix and better operating leverage.