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Domestic integration: The 5.4 GW cell base and planned 10 GW expansion can improve sourcing control and domestic-content participation. We expect a gradual margin recovery as production yields and captive integration improve. Distribution advantage: Retail revenue more than doubled YoY in Q1FY27. A national installer and franchise network broadens demand and provides a route to market for inverters, kits and storage. US localisation: Texas manufacturing diversifies delivery routes, while planned US additions create further growth potential. Local production improves strategic...
Aavas is moving beyond basic process digitization toward a technology-led operating model, where data and AI are increasingly being used to improve turnaround time, underwriting consistency, employee productivity, customer retention, and sourcing efficiency.
Steady execution and robust order pipeline to drive sustained growth: Company has delivered 3 vessels in Q1FY27 and targeting 10 deliveries in FY27, including ASW vessels, multi-purpose vessels, dredgers, commissioning service vessels, and zero-emission container vessels. The current order-backlog stands at 21,900 crore (4.3x TTM revenue) and is positioned as L1 for the 5,000 crore Next-Generation Survey Vessel (NGSV) order. Moreover, key opportunities include LPDs (~ 32,000 crore), MCMVs (~36,000 crore), and P-17 Bravo (~ 49,000 crore), aligning well with CSL's...
We attended the analyst meet hosted by the management team of HDFC AMC on 8th Sep’26. Discussions were focused on the structural growth opportunity in mutual funds and the company’s multiple levers to sustain growth.
At Hindustan Unilever's (HUL) analyst meet, management presented its "Winning in New India" (WINI) strategy, positioning the portfolio to address fast changing consumer preferences (particularly among the youth).
We see a potential upside to the sector’s ~86GW thermal capacity addition requirement, supported by stronger-than-expected power demand growth – base case now at ~6% vs. ~5% earlier.
HUL's analyst day theme was WINI - Winning In New India. For context, HUL had unveiled WIMI -Winning In Many India in 2014. Increased capex plans to 3% of revenues from 2% (improved volume-led growth assumption plus spends for cost, efficiency improvements).
Godrej Consumer Products (GCPL) held a business update call, where new CEO Mr. Aasif Malbari outlined the company’s roadmap for its next phase of growth.
eClerx is positioning itself toward domain expertise + tech + data + analytics + AI, with limited exposure to low-end, easily automatable work and a more annuity-like revenue mix.
Our recent interaction with Siemens Energy (ENRIN) suggests that ordering is gradually ramping up in the transmission sector, and long-term demand from grid strengthening, grid flexibilization and data center remains strong.
We value the company on Jun'27E EPS by valuing a 1-year forward P/E target of 22x to arrive at a TP of Rs 415/share, implying an upside of 14% from the CMP.
Hiring an India CEO and a Global CFO over the next few months, accelerating growth in the India business; and the management expressed confidence in achieving its guidance of double-digit consolidated revenue and EBITDA growth in FY27.
Mr. Sashidhar Jagdishan, MD&CEO, of HDFC Bank, has informed the board about his decision to not seek re-appointment (link). The timing of the decision, at the fag end of term renewal, is notable, given that his current term has been accompanied by several regulatory hurdles, alongside the abrupt resignation of former chairman citing ethical incongruence.
Succession uncertainty remains a near-term overhang; smooth transition critical: Sashidhar Jagdishan's decision not to seek reappointment has shifted focus towards the board's choice of successor ahead of his retirement on October 26. Deputy MD Kaizad Bharucha remains a strong internal candidate, although his residual tenure under RBI norms is less than 3 years, while the board could also evaluate other internal/external candidates. Thus, appointment of new leadership within timelines, as assured by the board, and smooth transition remains a near...
Mr. Sashidhar Jagdishan has decided to not seek his reappointment as MD & CEO of HDFC Bank and shall retire on 26th Oct’26. The board will thus fast-track the process of selection and appointment of his successor.
