W&C on robust growth trajectory, fueled by government infrastructure investments & rising real estate demand; 2HFY25 to exceed 1HFY25

We recently interacted with management of Cera Sanitaryware (CRS). Demand scenario in Q2-TD has seen some improvement QoQ but still remains sluggish.

We met BHFC’s management team recently to understand the company’s growth outlook in the coming years. the robust order backlog of INR54b in defense exports to be executable over the next three years.

ITD Cementation Ltd has a diversified portfolio across all verticals with expertise for disciplined project execution. It has established itself as a leading name in the construction of offshore maritime structures, ports, mass rapid transit systems.

Based on our estimates, PI Industries is valued at 30x FY26E, with a target price of Rs 4,980 per share. This implies an upside potential of 6% from the CMP, with a HOLD recommendation.

During the analyst meet, the management highlighted potential for double-digit sales growth, particularly in the feminine hygiene segment, in which per-capita spending is currently only one-sixth of that in China.