Baazar Style Retail Limited
Keynote Capitals Ltd
Quarterly Update Q1FY26
Summary | Date | Stock | Author | LTP | Target | Price at reco (Change since reco%) |
Upside(%) | Type | Report | Discuss | |
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07 Aug 2025 | Baazar Style Retail |
Keynote Capitals Ltd
|
305.15 | 360.00 | 309.45 (-1.39%) | 17.97 |
Buy
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07 Aug 2025 | Bajaj Auto |
ICICI Securities Limited
|
8224.00 | 9850.00 | 8229.00 (-0.06%) | 19.77 |
Buy
|
Broadly in-line Qtr; Exports/electrification to drive growth
ICICI Securities Limited
Bajaj Auto’s (BJAUT) EBITDA margin at 19.7% was in-line with I-Sec estimate. Demand in international market has been driving the growth momentum and the company has guided for 15-20% YoY volume growth in exports in nearto-medium term.
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07 Aug 2025 | Prudent Corporate |
ICICI Securities Limited
|
2638.60 | 2535.00 | 2721.90 (-3.06%) | -3.93 |
Hold
|
Execution remains strong; maintaining commission spreads will be key
ICICI Securities Limited
Prudent Corporate Advisory Services (Prudent) has progressed well in terms of AUM growth aided by MTM, traction in SIP and growth in MFDs. AUM/gross SIP flows/MFD count clocked CAGR of 40%/20%/19% between FY20–25 and grew 13.9% QoQ / 27.7% YoY /12.8% YoY in Q1FY26, respectively.
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07 Aug 2025 | Lupin |
ICICI Securities Limited
|
1918.00 | 1950.00 | 1944.20 (-1.35%) | Target met |
Hold
|
Risk towards exclusive products emerging; valuation attractive
ICICI Securities Limited
Lupin’s Q1FY26 result was largely in-line with our estimates. Launch of Tolvaptan in US (180 days exclusivity) helped Lupin offset the impact of price erosion in its US portfolio and a muted performance in India.
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07 Aug 2025 | Bharti Hexacom |
ICICI Securities Limited
|
1755.00 | 1760.00 | 1741.20 (0.79%) | Target met |
Hold
|
Seasonality and external events impact Q1 print
ICICI Securities Limited
Bharti Hexacom’s (BHL) Q1FY26 print was weaker than expected due to lower roaming revenue on seasonality, and external events impacting number of inroamers; and higher other expenses on certain USOF site related cost, partly offset by employee cost provision reversal.
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07 Aug 2025 | Bharti Airtel |
ICICI Securities Limited
|
1858.60 | 1960.00 | 1922.60 (-3.33%) | 5.46 |
Hold
|
Expanding TAM – enterprise, and digital are new frontiers
ICICI Securities Limited
Bharti Airtel (Bharti) delivered an impressive performance yet again, with steady market share win, strong incremental EBITDA margin, disciplined capex, and consequently, FCF (after finance cost) of INR 145bn; in parallel, net debt ebbed INR 130bn in Q1FY26.
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07 Aug 2025 | CCL Products |
IDBI Capital
|
864.35 | 849.00 | 862.65 (0.20%) | Target met |
Hold
|
CCL Products (India): Q1FY26 Result Review
IDBI Capital
CCL Products Q1FY26 profitability was below our expectations. Sales grew 37% YoY to Rs10.7bn, driven by 9-10% YoY volume growth and 27-28% YoY increase in realization due to improved coffee blends. Gross margin contracted by 543bps YoY to 32.6%, driven by higher input cost. Consequently, EBITDA margin contracted by 178bps YoY to 15.1%. EBITDA grew 22% YoY to Rs1.6bn, driven by a favorable product mix in B2B and growth in the B2C category. PAT increased by 1% YoY to Rs724mn. CCL maintained its volume and EBITDA growth guidance of 10-20% and 15-20%, respectively. Management expects some price...
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07 Aug 2025 | NCC |
IDBI Capital
|
222.17 | 247.00 | 222.39 (-0.10%) | 11.18 |
Buy
|
NCC: Q1FY26 Result Review
IDBI Capital
NCC Limited reported a muted financial performance for Q1 FY26, with consolidated revenue declining by 6.3% YoY to Rs52bn. PAT stood at Rs1.9bn, reflecting an 8.5% drop YoY. This decline was largely driven by execution delays and slower turnover, which echoed the concerns raised in Q3 FY25. Despite the revenue softness, EBITDA margins remained relatively stable at approximately 8.8%, aided by disciplined cost control and project management practices. EPS for the quarter came in at Rs3.06, compared to Rs3.34 in Q1 FY25. We maintain our rating to BUY, revising the target price to Rs247, valued at 12x FY27E EPS. A...
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07 Aug 2025 | Cera Sanitaryware |
IDBI Capital
|
6205.50 | 6796.00 | 6243.50 (-0.61%) | 9.52 |
Hold
|
Cera Sanitaryware: Q1FY26 Result Review
IDBI Capital
Cera Sanitaryware Ltd.'s (Cera) Q1FY26 performance was in-line with our estimate on net sales front, while margins disappointed. The industry is facing subdued market condition from the last six to seven quarters. Consequently, there has been no price increase in the sector for some time, especially in Sanitary ware. However, the management guided that the long-term outlook is expected to stay strong, supported by continued formalization of the sector, rising aspiration of the consumers, and supporting policy initiatives such as urban redevelopment, housing schemes, and sanitation infrastructure. The...
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07 Aug 2025 | Bajaj Auto |
Axis Direct
|
8224.00 | 9360.00 | 8229.00 (-0.06%) | 13.81 |
Buy
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07 Aug 2025 | Bharti Airtel |
Axis Direct
|
1858.60 | 2300.00 | 1922.60 (-3.33%) | 23.75 |
Buy
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07 Aug 2025 | CCL Products |
Axis Direct
|
864.35 | 970.00 | 862.65 (0.20%) | 12.22 |
Buy
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07 Aug 2025 | Prestige Estates |
Axis Direct
|
1603.60 | 2000.00 | 1629.50 (-1.59%) | 24.72 |
Buy
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07 Aug 2025 | UNO Minda |
Axis Direct
|
1084.00 | 1100.00 | 1107.10 (-2.09%) | Target met |
Hold
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07 Aug 2025 | Britannia Industries |
Axis Direct
|
5387.00 | 5800.00 | 5476.50 (-1.63%) | 7.67 |
Hold
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06 Aug 2025 | Radico Khaitan |
Sharekhan
|
2824.10 | 3428.00 | 2837.60 (-0.48%) | 21.38 |
Buy
|
Robust Q1; momentum to continue
Sharekhan
RKL’s Q1 numbers were robust, beating estimates on all fronts. Consolidated net revenue grew by 32.5% y-o-y to Rs. 1,506 crore, higher than our and average street expectation of Rs. 1,346 crore and Rs. 1,355 crore, respectively, aided by y-o-y IMFL volume growth of 37.5%.
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06 Aug 2025 | Bank of Baroda |
Geojit BNP Paribas
|
239.22 | 268.00 | 241.75 (-1.05%) | 12.03 |
Buy
|
BANK OF BARODA
Geojit BNP Paribas
BoB delivered a healthy financial performance, driven by its strong business model and focus on sustainable growth, although margins have been under pressure for the industry as a whole due to reported cuts and lag in deposit pricing. Profitability is on a sustainable path, with a strong book that has earnings potential, despite the impact of transition on asset liability. To capitalise on the trend, the bank is focusing on expanding fee income streams and improving asset quality. The next...
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06 Aug 2025 | InterGlobe Aviation |
Geojit BNP Paribas
|
5769.50 | 6720.00 | 5893.50 (-2.10%) | 16.47 |
Buy
|
INTERGLOBE AVIATION LIMITED
Geojit BNP Paribas
costs. However, softening fuel prices provided partial relief. The total fleet count stood at 416, with 8 additions and the return of 16 damp-leased units. Management guided for mid-single-digit capacity...
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06 Aug 2025 | LT Foods |
Geojit BNP Paribas
|
455.00 | 424.00 | 468.15 (-2.81%) | 6.81 |
Sell
|
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06 Aug 2025 | Nestle |
Geojit BNP Paribas
|
1096.50 | 2550.00 | 2233.30 (-50.90%) | Pre-Bonus/ Split |
Buy
|
NESTLE INDIA LTD
Geojit BNP Paribas
*over or under performance to benchmark index Nestle India Ltd, a subsidiary of Nestle S.A., is a food processing company, which primarily manufactures milk products along with other food products such as beverages and cereals. In Q1FY26, Nestle's revenue from operations grew 5.9% YoY to Rs. 5,096cr, led by...
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