Downgrades

The promoters and management teams of Devyani International (DIL) and Sapphire Foods (SFIL) jointly held an investor call, to explain the deal contours, potential merger synergies, and planned growth investments.

Indian Hotels Company Limited (IHCL), incorporated in 1902, is one of the country's leading hospitality companies. Tata Sons holds a 38.2% stake in the company. IHCL has a vast geographical presence and owns some of the leading brands such as Taj, Ginger...

We revise our rating to HOLD on the stock with an upside potential of 8% from the CMP.

Expanding Films segment to create volatile growth by RPSG Group with ~1.75+ lacs songs, which is monetized over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television. Apart from music, it is also into TV serials /(Tamil), creates regional films as well as web series for OTT platforms through Yoodlee Films/Filtercopy...

We recommend a BUY with a target price of Rs 1,417, implying an upside of ~10% from the CMP.

We expect the near-term outlook to remain subdued due to continued delays in JJM project payments and challenges in working capital management. However, the strong order book and healthy traction in new project awards provide good revenue visibility. We project a revenue CAGR of 9% over FY25FY27, with a meaningful recovery expected from H2FY26. We maintain BUY rating and value NCC at 11x...

Significant tax hike in cigarettes after a brief period of stable tax: Government has announced significant increase in the tax rate on cigarettes in the range of 20-55% (depending on various sizes) after a brief period of stable tax environment over FY22-25. Revised Excise duty on the cigarette stands in the range of Rs2,100/1000 sticks to Rs8,500/1000 sticks depending on the size of the cigarettes. This will be over and above the GST rate hike to 40% from 28% on cigarettes. Tax hike on cigarettes and other tobacco products will be effective from 1st Feb, 2026 with end of...

The government in its recent notification has increased taxes on cigarettes, effective from 1st Feb’26. New rates will increase the taxes on cigarettes by ~50% (assuming NCCD continues).

*over or under performance to benchmark index to Rs. 64,562cr, supported by strong credit demand, improved pricing, and sus Pre-provision operating profit decreased 6.8% YoY to Rs. 27,311cr, led by a 12.3%...

KFintech remains a dominant, cash-generative market infrastructure platform with leadership across domestic MF investor solutions and issuer services, underpinned by deep AMC relationships (~54% of AMCs; ~32% industry AAUM), strong annuity visibility and consistently high mandate win rates.

With basic needs in rural India being fulfilled through government initiatives, such as free food schemes and cash handouts for women, disposable incomes have risen, driving growth in aspirational spends that benefits value fashion retailers.

We recommend a BUY with a target price of Rs 467/share, implying an upside of ~10% from the CMP.

Our Take: The deal enhances Coforge's structural strengths yet, we turn cautious due to - (i) potential earnings dilution in FY27 despite management's accretion commentary and (ii) PE investor stake-sale overhang. Given deal size and leverage/QIP optionality, we also see risk of multiple compression, until integration progress becomes visible as market sentiment and valuation may...

We met Apollo Tyres’ (APTY) management to understand the outlook for its key segments. Demand in India across most key segments remained healthy in 3Q, both in replacement and OEM.

Coforge announced the acquisition of Encora, a US-based engineering and AI-led services firm with revenue of ~USD500m, adding ~26% to Coforge’s FY26E revenue base.

Brigade Enterprises (BRGD) posted a 30% CAGR in presales over FY21-25 and is expected to deliver 19% growth during FY25-28, guided by its strong launch pipeline and a scale-up in Hyderabad and Chennai.

*over or under performance to benchmark index coolers resulted in deterioration in gross margin. Revenue of GSK China, though, rose 31% YoY to Rs. 32cr, on account of sustained strong sales, with the accrued cash directed towards repaying debt. Revenue of its now discontinued operations of IMPCO in Mexico also rose 69% YoY to Rs. 17cr, owing to an expanding washing machine distribution network in the country and Climate Holding in Australia increased 17% YoY to Rs. 35cr on account of its transition to an asset-light model, expansion of the product slate and cost optimization measures....

The company's performance during the quarter was disappointing, due to unfavorable market conditions. Its key segments underperformed, impacted by weak demand for its products across regions, except for India. However, the European business has shown encouraging margin improvement, driven by a favorable product mix. The company expects this momentum to continue, with the business poised to achieve profitability in the near future. Furthermore, the company's prudent capital expenditure investments in expanding its Indian capacity...

We maintain our BUY rating on the stock, with a target price of Rs 630/share.

The merger ratio was favorable for OCL (to the tune of ~9%) and largely neutral for ACC (considering the closing price of 22nd Dec 2025). However, we believe that these implied valuations for OCL and ACC are significantly...