Sharp rise in DRAM/NAND prices has raised BOM costs by 1015%, posing volume risk in price-sensitive segments

NII (Net Interest Income) rose 5.6% YoY to Rs.7,485cr, while NIM (Net Inter- PAT grew 9.0% YoY to Rs.1,041cr, supported by the highest ever Net Interest Income and operating profit. Despite a 125 bps rate cut, the bank displayed...

*over or under performance to benchmark index PVR Inox is positioned for a recovery-led exit from FY26, with Q4FY26 already witnessing a blockbuster slate led by the second instalment of the Dhurandhar franchise, alongside select Bollywood and regional releases, driving significant box-office momentum. FY27 is expected to outperform FY26, supported by a highly anticipated and diverse content slate across languages, translating into sustained growth in footfalls and revenues. Beyond the near term, record box-office collections in CY25 reinforce a clear consumer preference for theatrical viewing over OTT. Management's focus on capital-light expansion, screen rationalisation and...

Vinati Organics Ltd. (VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2Acrylamindo 2-Methylpropane Sulfonic Acid). In 9MFY26, revenue remained flat YoY, primarily due to lower realizations driven...

Bain Capital will invest Rs.4,385cr to acquire joint control and promoter status in Manappuram Finance, with all regulatory approvals, including from the RBI, now in place. Post the preferential allotment and open offer, Bain's stake is expected to range between 18% and 41.7%, while the existing promoters' holding will dilute to around 28.9%. The transaction is expected to close by March 31, 2026.The partnership with Bain Capital adds strategic depth, enhancing governance standards, capital flexibility, and execution capabilities as the company enters a stabilization phase. While the recovery is likely to be gradual, operating metrics are expected to improve over time. Accordingly, we upgrade our rating to Hold, with a target...

Varun Beverages demonstrated resilient financial results in Q4CY25, supported by robust volume growth and improved realisations despite earlier weather-related disruptions. The planned acquisition in South Africa is expected to strengthen manufacturing capabilities and deepen distribution networks, unlocking further synergies. The company's focus on operational efficiency and strategic investments, with moderated capital expenditure (capex) requirements in India and focused...

We met with Eicher Motors (EIM)’s management to gain insight into the business outlook amid the challenging global macroeconomic environment.

Revenue growth was flat YoY, primarily due to R&D project delays. EBITDA grew by 8% YoY, margins expanded by 80bps YoY to 31.7%, supported by higher margins domestic order execution. Reported PAT declined by 4.5% YoY, despite strong operating performance, as higher depreciation and lower JV profit share offset EBITDA gains....

Bajaj Finserv (BJFIN) is the holding company of India’s largest NBFC – BAF (51.3% stake), third largest general insurer – BGen (77.3% stake) and sixth largest private life insurer – BLife (77.3% stake).

1G ethanol business shifting focus to brownfield projects, including multi-feedstock conversions and efficiency upgrades, amid tapering greenfield opportunities We recently interacted with the management of Praj Industries (PRJ) at a conference. The management expects FY27 to be a recovery year led by improved order inflows and better utilization of the GenX facility. The GenX facility is expected to break even at revenue of INR4-5bn, despite elevated fixed costs. The 1G ethanol business is undergoing a structural shift from greenfield to brownfield opportunities and servicesled revenue, while exports are expected to support growth. The CBG segment has a...

Urban Company (URBANCO) operates a hyperlocal online home services marketplace spanning cleaning, repairs, beauty, and maintenance.

Narayana Health reported a healthy topline performance in 9MFY26, though EBITDA margins remained under pressure due to the ongoing integration of its U.K. operations. Looking ahead, the planned addition of ~1,500 beds over the next three to five years...

Bajaj Finance (BAF) is navigating the current credit cycle with a clear focus on balance sheet resilience, consciously sacrificing near-term growth to protect long-term asset quality.

Management has raised FY26 capex/capitalization guidance to INR350b/INR250b, from INR320b/INR220b guided in Feb’26.

PPL: An established private player in phosphatic fertilizers ................................................ 5 Manufacturing plants .................................................................................................................................... 5 Manufacturing process .................................................................................................................... 6 Raw material sourcing and integration .................................................................................................... 7 Shareholding pattern........................................................................................................................ 7 Distribution network and market reach ...................................................................................... 8 Investment Thesis ........................................................................................................................... 9 Integrated operations to support margin .................................................................................. 9...

The Company’s strategic decision is fundamentally anchored in becoming an AI-first enterprise transformation partner, as articulated during its Investor AI Day.

Going forward, demand visibility remains healthy, supported by continued momentum in the real estate sector and sustained government capex. Capacity utilization across solar, auto, and power cables is currently around 80%, while a ramp-up in construction wire utilization is expected to drive additional operating leverage....

*over or under performance to benchmark index Consolidated revenue grew 26.6% YoY to Rs. 3,537cr, driven by robust domestic markets, with Bangladesh leading the way with 29% growth, followed by Vietnam at...

We expect Natco Pharma to witness a moderation in revenue due to increased competition in Revlimid. However, the launch of generic Pomalyst and ROW opportunities are likely to partially offset this decline. Management remains focused on long-term growth, with domestic momentum expected to improve through partnerships for generic semaglutide. Additionally, the company is evaluating two potential acquisitions to further strengthen its base business. Accordingly, we...