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Strategic Capex Strengthening Long-Term Competitiveness: RACL has recently announced an ambitious capex plant amounting to ~77 crore for FY27E, largely focused on upgrading heat treatment facilities and selective capacity expansion. It is aimed at improving efficiency rather than just adding volume. The transition from LPG to electric-based systems is expected to reduce operating costs. These initiatives reinforce RACL's positioning in premium, export-oriented segments while supporting...
We hosted SPRL’s management, to discuss key strategies and growth outlook for legacy business and fast-growing newer verticals. The management reiterated confidence in sustaining industry-beating growth (8-10% outperformance vs underlying auto industry).
The company continues to benefit from healthy demand momentum in powergen, coupled with strong growth opportunities from fast-growing data centre market, improving demand for industrial segment, which was impacted in 9MFY26 due to slower capex.
Elgi's strategic business plan envisages ~11% revenue growth CAGR over FY26-31E driven by India (~12% CAGR) and RoW (~10% CAGR). We attended Elgi Equipments' (ELEQ) analyst meet, where management highlighted business performance, product innovation, and its medium-term strategic roadmap. The ISAAME region is expected to remain the key growth engine, supported by strong traction in the Middle East and a recovery in investment activity following tariff normalization. In North America,...
About the stock: HCG operates one of the largest private cancer care networks in India with end-to-end solutions available under a single corporate entity. The company is pioneer in introducing technological advancements in cancer treatments such as Linear accelerators, Radiation machine, CyberKnife, Digital PET, Robotics among others. It also operates fertility treatment centre chain Milan which offers seven fertility centres in India....
Lumax Mannoh JV Automatic Shift Opportunity: LATL is benefiting from rising automatic transmission penetration, driving higher realizations, strong margins and export potential in its gear shifter JV. High-Margin Tech Play: Lumax's Cornaglia partnership is delivering strong profitability through localisation, lightweight emission products and regulatory tailwinds from fuel efficiency norms. Entry into Alternate Fuels: The Greenfuel deal positions Lumax early in the fast-growing CNG and hydrogen ecosystem, enabling cross-selling to...
UltraTech Cement (UTCEM) has consistently outpaced industry growth led by organic expansion and strategic acquisitions, increasing its market share from ~16% in FY14-15 to ~28% in FY25 (~29% in 9MFY26).
MTAR Technologies (MTARTECH) is a precision engineering company serving niche, high-barrier industries across defense, aerospace, nuclear energy, and clean energy with a growing exposure to global fuel cell technology through its decadelong partnership with Bloom Energy (BE).
Godrej Properties' 9MFY26 performance was weak due to higher construction spending and timing of deliveries, but the company is set for a strong Q4 with multiple launches and a large batch of OCs. Additionally, a robust launch pipeline and steady pace of deliveries are driving growth, whereas focus on high-demand micro-markets ensures steady sales velocity. Looking ahead, the company is consolidating its joint ventures positioning GPL for stronger growth, contributing to...
Granules India Ltd. (Inc.) is a vertically integrated, high growth pharmaceutical company headquartered in Hyderabad, India. The company manufactures Active Pharmaceutical Ingredients (API), Pharmaceutical Formulation Intermediates...
With strategic integration, ES-Tec enhances its European footprint, while deeper engagement with Volkswagen and ongoing portfolio diversification should gradually reduce client concentration risk. During the quarter, the company secured six key deals across automotive and industrial segments, spanning full-vehicle programs and sustainability projects with global OEMs. Growth is driven by automotive recovery and SDV programs, with aerospace revenue projected around $40 million in FY26. Opportunities are also expanding in commercial vehicles and factory automation. Despite regulatory changes and industry headwinds in key markets, management anticipates healthy sequential revenue growth in Q4, with margins improving...
Gradual path to progress but consistency is the key Well placed to gain from the overall energy market transformation from electrification to automation & digitisation Q4CY25 performance: ABB India Limited reported Q4CY25 and full-year CY25 results with strong order acceleration but margin pressure persisting. In Q4CY25, revenue grew 6% YoY to 3,557 crore. However, profitability moderated with EBITDA declining ~17% YoY to 546 crore and PAT falling ~18% YoY to 434 crore. EBITDA margin contracted to 15.3% (420 bps YoY approx.) while PAT margin stood at 12.2%...
Premiumization Through Sunroof Entry: Entry into the sunroof and premium systems segment unlocks higher margin opportunities and strengthens positioning in passenger vehicles. Export Scale-Up Opportunity: Export recovery and 3 growth target by 2030 create diversification benefits and incremental profitability upside. Technology & R&D Moat: Strong patent portfolio, innovation investments,...
CreditAccess Grameen (CREDAG) is emerging from the recent MFI stress phase with improving operating momentum, resilient portfolio retention, and a structurally stronger business mix.
We analyzed narration versus actual outcomes and financial performance across CDMO peers, highlighting an uneven recovery, with some companies facing guidance resets due to program delays, destocking, and slower commercial conversions.
Dabur's Q3FY26 financial performance demonstrated stable operating momentum, driven by improving demand across categories. Growth was led by HPC, which benefited from premiumisation, strong performance of hair care and oral care, and continued market share gains. In the healthcare business, health supplements, honey and wellness products also posted sustained traction. The management has noted a gradual recovery in consumption, supported by resilience in rural markets,...
In Q3FY26, the company demonstrated double-digit revenue growth, margin expansion, operational efficiency and rapid store expansion across markets. Robust growth in the Sri Lanka and Bangladesh businesses, along with the Turkey business meeting its acquisition debt obligations through its own cash flows, is expected to increase shareholder value in the future. Judicious capital allocation, along with continued investment in the supply chain, technology and store expansion to over a target of 5,000 stores , is expected to drive long-term growth. Rising middle-income class with increased discretionary spending, rapid smartphone penetration, online...
We expect sharp earnings recovery for SAIL, with EBITDA/t rising to Rs7,000-7,500 in the next two quarters (vs ~Rs4,500/t in Q3). This would be driven by inventory unwind and improved realization (QTD average at +11% for flats and +17% for longs vs Q3), partly offset by higher coking coal costs (+18% QoQ).
NTPC Ltd owns and operates electricity generation plants that supply power to state electricity boards in India. The company generates power from coal, gas, liquid fuel, nuclear, hydro, solar, wind and other renewable energy sources. It has an installed...
