Downgrades

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...

Cipla Ltd delivered a steady Q2FY26 performance, supported by strong branded generics in India and continued leadership in its US respiratory business (albuterol MDI). The company's strategic focus on high-growth therapies such as obesity and diabetes (exclusive launch of Tirzepatide Yurpeak in India) underpins its long-term growth potential. However, near-term challenges remain, including the anticipated revenue erosion from the Revlimid cliff, increased R&D intensity weighing on margins, and execution risk related to timely approvals, which could limit earnings visibility and margin recovery in the medium term, thereby warranting a more...

The current order backlog is at Rs.1,916cr, which is ~1.6x FY26E projected sales. Anticipated order inflow for H2FY26 is at Rs1,000cr, while on a YTD basis, order inflow is Rs.376cr. The order pipeline looks promising, with potential opportunities within AMPL's total addressable market of Rs.25,000cr by FY28....

VBL has acquired 100% stake in Twizza (Pty), which manufactures and distributes own branded NARTD beverages in South Africa. With this acquisition, VBL’s volume market share is set to increase to ~20% in the geography by CY27E (vs ~10% now).

We recommend a BUY with a TP of Rs 1,073, implying an upside of ~10% from the CMP.

India is emerging as a key beneficiary of global aviation growth, underpinned by rising long-haul demand, expanding connectivity, and robust outbound tourism.

We sense a strategic shift in Axis Bank (Axis)’s playbook, basis our meeting with Mr Amitabh Chaudhry (MD&CEO), Mr Subrat Mohanty (ED), Mr Puneet Sharma (CFO) and Mr Rahul Jain (Head-IR).

Crompton Greaves Consumer Electricals (CROMPTON) is a prominent player in India's consumer electricals sector, with a strong presence across fans, lighting, pumps, and household appliances.

IndiGo plans to add 158 pilots by Feb and 742 pilots by end-2026, which could escalate hiring costs amid intense industry competition Management has revised Q3 capacity growth guidance to high single digits for the peak season. However, near-term flight cancellations and elevated cost pressures are expected to weigh on FY26 earnings. IndiGo is expected to face heightened regulatory scrutiny and stricter compliance requirements in the near term, while the government is likely to promote greater competition and ensure operational stability. We downgrade our FY27E & FY28E earnings estimates by 43.1% & 10% to factor in the near term headwinds related to 10% cut in schedule, near...

We remain positive on Havells although the near-term outlook is likely to be soft due to weak demand for air conditioners and potential impact on earnings due to change in BEE norms in Jan’26 in fans and air conditioners.

Management remains optimistic about sustaining double-digit SSSG on an annual basis (quarterly deviations might happen due to a change in the festive season, etc.) for a fairly long period, driven by differentiated own brands portfolio (~75% of the revenue mix).