Upgrades

Cera Sanitaryware (CRS) continued to witness healthy demand momentum in 4QFY26 after clocking a healthy 11% revenue growth in 3Q, following a <5% growth since 2HFY24.

The first ATF price revision after the start of the Middle East (ME) conflict saw high frenzy—OMCs (IOCL) initially hiked domestic/international rates by 115%/107% MoM to Rs207/USD1.7 per ltr, followed by announcement of domestic scheduled airlines’ rate revision by only ~25% to Rs105/ltr as GoI action was aimed at shielding domestic air travelers from high fares (international fares unchanged).

ARBP is accelerating its growth momentum by leveraging its extensive generic portfolio and expanding into high-margin specialty and injectable segments. The company is focusing on the US market with a mix of complex generics and unique products, which is expected to result in a more balanced revenue mix. Additionally, the development of injectable and specialty products is expected to unlock new growth opportunities as they enter the commercialisation stage. The company's...

CCL Products (India) Ltd., established in 1994, is a leading global coffee manufacturer and exporter with operations across India and a presence in over 100 countries. Its diversified product portfolio includes spray-dried and freeze-dried coffee, liquid concentrates, roast and ground coffee, coffee beans, and premixed blends. The company's international footprint is supported by key subsidiaries,...

*over or under performance to benchmark index Tata Motors Passenger Vehicles Ltd (TMPV), a leading automobile manufacturer in India, designs, manufactures and sells passenger vehicles (PVs). The company's revenue declined 25.8% YoY to Rs. 69,605cr in Q3FY26, impacted by...

We initiate coverage of Granules with BUY and SOTP-based Mar-27 TP of Rs800 (implied target EV/EBITDA of ~12x; ~30% upside). Granules fits into our framework of backing companies with a smaller US base + a US portfolio construct with strong near-term growth visibility.

NII (Net Interest Income) rose 5.6% YoY to Rs.7,485cr, while NIM (Net Inter- PAT grew 9.0% YoY to Rs.1,041cr, supported by the highest ever Net Interest Income and operating profit. Despite a 125 bps rate cut, the bank displayed...

ONGC's operating momentum is improving as production stabilises across mature assets and new projects move towards commissioning. Upcoming production drivers, including offshore developments and new well gas, are expected to boost volume and improve the gas mix. The growing contribution of premium-priced new well gas is expected to enhance revenue quality and account for 24% of the company's total natural gas output by FY27. The management said it is taking...

years will weigh on near-term margins but aim to deliver sustainable cost efficiencies and long-term growth. Rising input costs could pressure margins in the coming quarters, though selective pricing and supply-chain optimization should partly offset the...

We interacted with the management of Kajaria Ceramics (KJC), wherein they highlighted a gradual recovery in Q4FY26 led by 78% volume growth, supported by channel destocking and normalization of operations. Supply disruptions in Morbi (gas issues and shutdowns) have created a market share gain opportunity, aided by low...

The disruption at the Strait of Hormuz has caused a setback in global shipping, leading to slower cargo movement and rerouting. Indian ports are facing challenges such as unscheduled cargo inflows from diverted vessels, resulting in congestion and export backlogs.

Coal India reported moderate Q3FY26 results, driven by softer operational stability, improved evacuation infrastructure, higher mechanisation and diversification into renewables and critical minerals, alongside downstream integration initiatives and stronger digital mine management practices. Continued investments in clean energy projects, mineral diversification and logistics optimisation could support medium-term sustainability while maintaining coal's strategic relevance. Looking ahead, an intense early summer is expected to accelerate power demand and drive a sharp recovery in coal offtake, offsetting the subdued performance seen earlier in...

Bain Capital will invest Rs.4,385cr to acquire joint control and promoter status in Manappuram Finance, with all regulatory approvals, including from the RBI, now in place. Post the preferential allotment and open offer, Bain's stake is expected to range between 18% and 41.7%, while the existing promoters' holding will dilute to around 28.9%. The transaction is expected to close by March 31, 2026.The partnership with Bain Capital adds strategic depth, enhancing governance standards, capital flexibility, and execution capabilities as the company enters a stabilization phase. While the recovery is likely to be gradual, operating metrics are expected to improve over time. Accordingly, we upgrade our rating to Hold, with a target...

The ongoing geopolitical challenges, if sustained, are expected to have huge bearings on cost inflation (more specifically on crude derivatives) across most of the FMCG companies.

Building the Metal for Tomorrow

The company reiterated its $400mn revenue target for FY28, supported by over 60 pending low-competition U.S. launches, while management remains constructive on other regulated markets, where an expanding product portfolio and new customer additions are expected to drive stronger growth and eventually scale these markets to revenue levels comparable with the U.S. business....

We met with Eicher Motors (EIM)’s management to gain insight into the business outlook amid the challenging global macroeconomic environment.

pick up in Q4FY26 with a target of ~Rs 23bn (vs. Rs 17.2 bn in Q3FY26) aided by improved salesforce and tech integration. It is targeting ~ Rs 70bn of disbursements in FY27 with an AUM growth of ~18% in FY27E and ~20% in FY28E. Growth is expected to be driven by i) branch expansion (~50 additions in FY27,...

We upgrade the stock rating from HOLD to BUY, supported by its strong growth outlook, well-diversified business mix, and powertrain-agnostic portfolio.

Sagility hosted its first analyst meet (on 25th Mar’26). It highlighted that AI continues to be a key growth driver, woven into most of its solutions and platforms.