New Research Reports

We recommend a BUY on the stock with a TP of Rs 1,900/share, implying an upside of 10% from the CMP

We recently met the management of Lemon Tree Hotels (LEMONTRE) to understand the demerger scheme for Lemon Tree and its 59% owned SPV, Fleur Hotels.

Plugged into the high-speed growth

About the stock: Syrma SGS Technology (Syrma SGS) is a technology-focused engineering & design company, specialised in electronic manufacturing services (EMS). The company is promoted by Tandon group and Jasbir Singh Gujral. Diversified business verticals with presence across consumer, automotive,...

We recently met with SOBHA’s management. Bengaluru continues to see strong real estate absorption. SOBHA has also witnessed strong response to its recent launch, Sobha One World in Hoskote, Bengaluru, along with steady sales momentum across its Bengaluru projects.

We hosted Aadhar Housing Finance in Singapore for an investor roadshow. Competition is intensifying but most players remain focused on the prime (>INR 3.5mn) and mid-income affordable (INR 1.5–3.5mn) housing segments; even so, AHFCs and Aadhar continue to dominate low-income affordable segment (<INR 1.5mn).

About the stock: Brigade Enterprises (BEL) is one of the leading property developers in South India. Its offerings include Grade-A commercial property, affordable to ultra-premium housing in real estate business and operational marquee hotel assets in hospitality segment (listed entity). Given the healthy end user demand, strong...

PL is seeing strong device growth in select verticals on the back of its bespoke solutions. Affordability scaling well, with both category and channel expansion.

Pine Labs (PL) is a diversified payments platform comprising ~30% revenue mix each of subscription, affordability, issuer distribution and processing as of FY26, along with other fast-growing segments like online and credit card processing.

EBITDA increased by ~15%,with margins expanding 150 bps to 46.2%, supported by operational efficiencies, automation, and ongoing re-architecture initiatives. Non-MF segment profitability improved to 16% YoY in Q4, exceeding earlier guidance of 13%,...

backlog and expanding global presence. Its manufacturing facilities in the USA and South Africa strengthen its ability to capitalize on international opportunities. While evolving geopolitical conditions may create near-term execution challenges, the long-term outlook...

Cyient's FY26 annual report highlights strategic transformation, with a focus on three complementary growth vectors—DET (engineering services and tech-led transformation), DLM (engineering-led manufacturing), and the newly carvedout semicon business (IP-led, AI-driven silicon innovation).

Bandhan Bank has recently witnessed a decisive breakout from a prolonged consolidation range on the weekly chart, signalling a positive shift in the overall trend. The stock has also broken above a long-term falling trend line, indicating the end of the previous corrective phase and the potential beginning of a fresh uptrend. Adding further strength to the setup, the stock has surpassed its 200-Week Exponential Moving...

Healthy growth with sustenance likely going into FY27: Strong business momentum continued in Q4, with advances surging 25.7% YoY (9.5% QoQ), largely led by gold loan portfolio (36% YoY), while deposits grew 23% YoY (11% QoQ), supported by granular CASA (19% YoY) and term deposits (24.8% YoY), keeping CD ratio comfortable at ~85%. Management reiterated its guidance of mid-to-high teen credit growth (23% above system), with portfolio mix broadly stable at MSME (5560%), gold loans (~3032%) and secured retail, ensuring a well-diversified yet secured book....

*over or under performance to benchmark index Delhivery Limited is India's largest, fully integrated logistics provider. With a network covering over 18,700 pin codes, 47 automated sort centres and over 73,000 team...

What do we think of DOMS's acquisition of Reynolds? DOMS IN has entered into an asset purchase agreement with Reynolds Pens India Pvt Ltd (RPI) for acquisition of certain assets, relevant contracts, employees and intellectual property relating to manufacture and sale of pens, markers, highlighters, and school supplies under the Reynolds brand....

Wockhardt has transformed into an innovation-led pharmaceutical company with a strong pipeline of novel antibiotics, highlighted by the USFDA approval of Zaynich.

Mahanagar Gas’ (MAHGL) stock has corrected 13% over the last three and a half months, primarily due to elevated input gas costs (Brent at USD102/bbl in 1QFY27’td vs USD69/bbl in FY26; Spot LNG at USD18/mmbtu in 1QFY27’td vs USD12/mmbtu in FY26) and rupee depreciation (11% YoY in 1QFY27’td), which contracted margins.

Nuvama Wealth (NUVAMA) is a diversified play on multiple emerging themes in the capital market ecosystem, with a robust presence in UHNI Wealth Management, midsegment Wealth Management, Custody & Clearing, and IE&IB businesses.