Downgrades

The consultation paper released yesterday recommends significant changes to commissions. PB Fintech hosted a call to discuss the implications and indicated that, if implemented as proposed, the changes could result in a potential 30% hit to FY28 core online insurance revenue.

Niva Bupa hosted a conference call to discuss the implications of the consultation paper released on distribution regulations. The company believes that the measures in the draft would be a net positive for the industry and the company.

We upgrade GAIL to BUY from Add, on the back of a steady core business and earnings outlook along with attractive valuations, with unchanged TP of Rs200.

We value the stock on an SOTP basis and recommend a BUY on the stock with a target price of Rs 705/share, implying an upside of 10% from the CMP.

Voltas (VOLT IN) Analyst Meet Update Accelerating RAC growth, expanding product portfolio Upgrade to ACCUMULATE'

We attended VMM’s analyst meet to assess progress on our thesis around the sustenance of double-digit SSG, long-term expansion opportunity, and retention of best-in-class ROIC.

We recommend a BUY on the stock with a TP of Rs 424, implying an upside of 10% from the CMP.

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.

Volume-led growth, with 80% incremental growth from core consumption and premiumisation

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).

We recommend a BUY with a target price of Rs 1,275/share, implying an upside of 10% from the CMP

We recommend a BUY with a Target price of Rs 363/share, implying ~10% upside.

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.

Abbott India's core portfolio sales grew on both a sequential and yearly basis as of 1QFY27

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.