Downgrades

Growth strategies are clearly anchored around: cost transformation driven by demand from US payers; capability-led differentiation, including AI.

Infosys has signed definitive agreements to acquire Optimum Healthcare IT (up to USD465mn; ~1.7x P/S) and Stratus Global LLC (up to USD95mn; ~2.2x P/S), with a combined cash consideration of ~USD560mn.

An escalation in geopolitical conflicts has triggered material airspace disruption across critical international corridors, creating a multi-layered impact on IndiGo’s network, revenue, and cost structures, with meaningful implications for the nearterm earnings trajectory and margin resilience.

Our meeting with the top management (MD/CEO/CFO) was encouraging. PAG is seeing improving demand trends (post Oct-25), and targets to deliver doubledigit sales growth and retain 19-21% EBITDA margin band in the near term.

Management is focused on diversifying the order book while maintaining a healthy margin profile to support long-term growth. However, given weak execution, elevated debt levels, and uncertainty around the outcome of the CBI investigation, we remain...

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...

HDFC AMC is one of the top three mutual fund houses, with QAAUM of INR9.2t and overall/active equity market share of 11.4%/13% as of Dec’25, supported by steady net inflows, robust SIP momentum, favorable equity mix, and a strong distribution network.

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.

We interacted with the management of Kirloskar Pneumatic Company (KKPC), which outlined a steady growth trajectory, with FY26 revenue guided at ~Rs18bn and FY27 at Rs21bn while maintaining EBIT margins at ~20% despite macro uncertainties. Growth is expected to be driven by air compressors and the newly introduced Precision Engineering segment, which is likely to contribute ~18% of revenue in FY27 (~Rs4bn), supported by strong order inflows, short execution cycles (10-12 weeks) and efficient asset utilization without incremental capex. Air compressors remain the core growth engine, led by scaling of indigenously developed Tezcatlipoca, capacity ramp-up and...

We remain positive on Aditya Vision (AVL), supported by low penetration of white goods in key markets, sustained demand and strong execution.

We recommend a BUY with a target price of Rs 2,170/share, implying an upside of ~10% from the CMP.

Since the US–Iran conflict broke out, Coforge Ltd (COFORGE) has witnessed a decline of 9-10% (45% from its peak) and underperformed some of its mid-cap peers by 2-9%.

We reiterate our BUY recommendation on the stock with a revised target price of Rs 1,020/share, implying an upside of 28% from the CMP, on reasonable valuations.

Mr. Atanu Chakraborty, Part-time Chairman and Independent Director of HDFC Bank, tendered his resignation on 18th Mar’26 with immediate effect.

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. Post merger, the bank has become the second largest in terms of size with diversified portfolio....

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....