Downgrades

We recommend a BUY on the stock with a TP of Rs 1,900/share, implying an upside of 10% from the CMP

Jaguar Land Rover (JLR), at its investor day, laid out its product launch pipeline and market strategy for driving growth in the near term.

*over or under performance to benchmark index Mankind Pharma is a multinational pharmaceutical and healthcare product company, headquartered in Delhi. It manufactures products in therapeutic areas ranging from...

Quarterly Update Q4FY26

EKL is well placed on the back of new tractor launches across its brands and a paddyspecial tractor for the southern markets. The CE segment has turned around in Q4 and should benefit from the government's infrastructure push. With a healthy balance sheet and the planned new manufacturing facility, the long-term growth runway remains intact. Margins could be tested by commodity inflation and rising manpower costs, partly cushioned by price hikes. With FY26 setting a record base, near-term volume growth could...

What do we think of DOMS's acquisition of Reynolds? DOMS IN has entered into an asset purchase agreement with Reynolds Pens India Pvt Ltd (RPI) for acquisition of certain assets, relevant contracts, employees and intellectual property relating to manufacture and sale of pens, markers, highlighters, and school supplies under the Reynolds brand....

Mahanagar Gas’ (MAHGL) stock has corrected 13% over the last three and a half months, primarily due to elevated input gas costs (Brent at USD102/bbl in 1QFY27’td vs USD69/bbl in FY26; Spot LNG at USD18/mmbtu in 1QFY27’td vs USD12/mmbtu in FY26) and rupee depreciation (11% YoY in 1QFY27’td), which contracted margins.

We attended Honasa’s ‘Investor Day’ on 10-Jun-26 where the company shared its vision for FY31. Honasa aims to become the fastest-growing domestic FMCG player and reach >Rs50bn in revenue, with significant expansion of 500bps in EBITDA margin to 15% by FY31.

Order backlog at ~Rs13bn is well-diversified, supported by strong long-term demand drivers across key end-user industries such as power, steel, cement, mining, and material handling equipment (MHE).

Berger Paints delivered a healthy quarterly performance, supported by strong volume growth across the decorative, automotive and selected industrial segments. Premium products, wider retail reach and continued momentum in waterproofing and construction chemicals strengthened the business mix. Margin performance also improved meaningfully due to a better product mix, operating leverage and lower input costs during the quarter. However, the near-term outlook is becoming more balanced since raw material costs have started rising again, prompting price increases that may affect demand momentum after some advance channel stocking....

Happiest Minds Technologies Ltd provides digital transformation and technology services to the automotive, banking, financial services and insurance (BFSI), consumer packaged goods, e-commerce, edtech, engineering research and development, hitech, manufacturing, retail, and travel, transportation and hospitality sectors. The company's consolidated revenue rose 10.9% YoY in Q4FY26 to Rs. 604cr, supported by steady demand across its business segments, with a further...

Reported profit after tax (PAT) for the quarter rose 53.3% YoY to Rs. 3,737cr, owing to a robust performance by the automotive and farm equipment businesses. and portfolio optionality. The core SUV franchise is strengthening structurally through market share gains, premium mix improvement and capacity-backed growth visibility, while the farm business remains a dependable earnings anchor with disciplined profitability. Importantly, the investment case is no longer dependent only on the core auto cycle; financial services, technology and the growth businesses are all contributing more meaningfully to earnings quality. The...

Order inflows remained healthy at 7,210cr in FY26 (excluding MDO), underpinned by strong wins across EPC, O&M, and renewable businesses. However, the figure came in below management guidance due to the cancellation of a BESS project. The overall...

In Q4FY26, the company's consolidated revenue rose 4.7% YoY to Rs. 6,855cr. Net sales, excluding excise duty, increased 3.7% YoY to Rs. 3,054cr, driven by resilient premium portfolio growth, a favourable price/mix and broad-based strength outside...

Outlook remains positive, supported by multiple growth drivers across its innovation, specialty, and US generics businesses. Continued scaling of Ryaltris, commercialization of new respiratory products in the US, and the restart of injectable operations are expected to support earnings growth over the next few years.

In 4QFY26, revenue for Aegis Logistics (AEGISLOG) came in 39% above our expectations at INR25.9b, while EBITDA came in 49% above our estimate at INR6.2b. EBITDA margin stood at 22.4% (4QFY25 margins: 24%).

Ownership model to form 30-40% of fleet mix by FY30E We attended INDIGO IN's analyst meet wherein the management highlighted plans to 1) reach ASKM of 300bn, 2) increase the share of owned and finance-leased aircraft to 30-40% of fleet mix, and 3) increase international ASKM share to 40% by FY30E. In addition, given excessive FX volatility witnessed in recent times, INDIGO IN aims to expand the hedge cover to 33% of net BS exposure by FY27E/FY28E. Despite a modest capacity addition growth guidance of single digit for FY27E, the long-term target to reach ASKM of 300bn by FY30E (15% CAGR over FY26-30E) is encouraging. We...

Indigo, at its CY26 Analyst Day, reiterated India’s aviation growth story, driven by the economy, demography, and under-penetration, with 2x jump in pax expected by FY35 from 246mn in FY26.

*over or under performance to benchmark index JLF continues to demonstrate strong brand strength, healthy delivery traction, in its medium-term growth path. Management also remains focused on customer value, cost control, supply-chain efficiency, and improving execution across newer brands, which should aid business quality over time. However, the latest quarter suggests that demand in the dine-in and takeaway segments remains softer than expected, while the competitive environment has required sharper value actions that could delay margin recovery. At the same time, near-term pressure from employee...