Downgrades

Delhivery announced the acquisition of Ecom Express – the second largest 3PL B2C operator, for a cash consideration of Rs14bn, valuing the company at 0.6x EV/sales (on FY24 numbers).

We recommend a BUY rating on the stock with a target price of Rs 1,475/share, implying an upside of 10% from the CMP.

PEPL has a diverse portfolio with a presence in residential, office, retail, and hospitality segments. The company’s 9MFY25 incremental BD of 15msf and the launch pipeline of INR800b would result in a presales CAGR of 14% over FY24-27E to reach INR315b by FY27E.

We recently downgraded Dabur to REDUCE, given its weak execution. Dabur, in its Q4FY25 business update, noted a mid-single-digit decline in the domestic business, which is a key business concern in our view.

Power Grid has won 11 TBCB projects after the Q3FY25 results and the company maintains a strong win ratio (>50%) in its projects. The company is on track for a large capex of Rs. ~3.3 lakh crore till FY32 because of the strong renewable energy capacity addition in India.

We recommend a BUY rating on the stock with a target price of Rs 213/share, implying an upside of 10% from the CMP.

We met with Havells’ (HAVL) management to gain insights into industry trends and the outlook for key business segments. The management remains optimistic about growth prospects across core categories, supported by margin improvement initiatives.

Five Star Business Finance (FIVESTAR) had calibrated its AUM growth in light of the macroeconomic environment, the overleveraging of certain customers with unsecured loans, and regulatory expectations.

HDFC AMC is India's third-largest mutual fund house with QAAUM of INR7.9t. It holds an overall market share of 11.5% and a 12.8% share in actively managed equity QAAUM, underpinned by strong brand reputation, consistent fund performance, and an extensive distribution network.

Brigade Enterprises (BRGD) posted a 36% CAGR in presales over FY20-24 and is expected to deliver more than 24% growth during FY25-27, guided by its strong launch pipeline and scale-up in Hyderabad and Chennai.

We recommend a BUY rating on the stock with a target price of Rs 1,925/share, implying an upside of 10% from the CMP

We met with Hyundai's (HMI) management to understand the current industry landscape and the company’s strategic direction. The overall demand environment remains muted, with the PV segment expected to grow modestly at 1-4% in FY26E.