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Unlike several industries that rely heavily on global suppliers for chemicals, HCP sources most chemicals domestically for captive use. Chemicals/allied agents i.e., Sodium Isopropyl Xanthate, Somfroth and Flocculants are largely procured locally, which limits direct exposure to global trade flows.
Standalone profit rose sharply by 91% YoY to Rs. 7,048cr in 9MFY26, supported by improved operational efficiency and strong margins. At the same time, asset quality strengthened, with the Stage III ratio in the gold loan portfolio declining to 1.58% in...
Siemens India, the flagship listed company of Siemens AG (Germany) in India, is an integrated technology provider and leading powerhouse in electronics and electrical engineering. Siemens holds a strong position in the energy and infrastructure space,...
ABB India has announced a capex plan of ~USD75mn for CY26 which is aimed at expanding its manufacturing capacity and R&D capabilities for electrification and automation solutions.
JSW Steel (JSTL) has outlined a structured expansion roadmap targeting ~56MTPA crude steel capacity by FY31 (India ex-BPSL: 50MTPA). The 5MTPA integrated steel plant at Jagatsinghpur (Odisha) remains the cornerstone project, comprising BF, SMS, and HSM (900–2,150mm) with ~350MW CPP.
ABB's performance reflects disciplined execution and a diversified, technology-led portfolio, enabling it to navigate cyclical end-markets while deepening customer partnerships. Management remains focused on scaling capabilities to address structurally strong themes such as grid modernisation, rail and transport electrification, renewables, and fast-growing data-centre infrastructure, supported by a robust enquiry pipeline. ABB continues to enhance competitiveness through a portfolio refreshincluding energy-efficient drives, next-generation machinery drives, and higher-efficiency motorsalongside an expanding suite of AI/ML-...
IGL is poised for sustained growth due to its robust infrastructure, expanding footprint and favourable regulatory developments. The company's leadership position in India's city gas distribution sector and recent regulatory changes, such as tax replacements and transmission framework rationalisation, are expected to positively impact growth. IGL's financial performance shows resilience, with a 3% YoY growth in total sales volume. Furthermore, the company's aggressive pursuit of...
While Wonderla's Q3FY26 earnings were impacted by one-time regulatory costs and adverse weather, the underlying 8% ARPU growth and the premium performance of "The Isle" resort demonstrate the brand's sustained pricing power. The medium-to-long-term outlook remains positive, supported by the ramp-up of the Chennai park with margins similar to those of Bengaluru and Hyderabad, alongside an expected recovery in footfalls across mature locations as temporary headwinds subside. While management remains conservative regarding specific timelines for the next large-format park, new announcements are expected over the next 2-3 years. Increased depreciation from recent project commissioning and footfall disruptions...
We interacted with the management of IPCA Laboratories (IPCA) to assess its medium-term growth trajectory. The company is prioritizing disciplined execution over aggressive diversification, with a clear focus on strengthening its core businesses while building growth levers. Domestic formulations and branded generics which now contribute 45% of revenues and ~70% of EBITDA, continued to outperform market and grow at healthy levels. We expect IPCA to deliver revenue growth ex Unichem at +11% over FY26-28E with normalization in export generic and API business. This will aid operating...
Author: Antu Eapan Thomas - Sr. Research Analyst to support margins and profitability. While DBLs focus on HAM asset monetization is expected to support cash flow and strengthen balance sheet. We therefore revise our rating from SELL to Accumulate with a TP of Rs 478, based on a P/E of 15x on FY28E EPS and the HAM/MDO business at 1x P/B of invested equity....
Aditya Birla Capital (ABCL) is entering a structurally stronger earnings phase, supported by synchronized momentum across its lending, asset management, and insurance franchises.
We met the management of APTY. KTAs: Demand is strong, with double-digit YoY growth across channels and segments in Q4, triggered by recent GST cuts; outlook for FY27 also appears healthy.
Our recent interaction with LG Electronics India (LGEIL) management suggests that LGEIL continues to gain market share across key categories despite mixed industry trends, with refrigerators growing marginally against a 1.5-2.0% industry decline and TVs delivering 6.4% growth vs. 3.8% growth for the industry.
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.
