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Siemens Energy India (ENRIN) reported 2QFY25/1HFY25 financials, which were better than our estimates. The comparable numbers for the previous period are not available.

In FY25, EBITDA grew ~7% YoY to INR28.3b, driven by growth in Chemicals (up 5%) and Performance Films & Foils (PFF) (up 45%), while Technical Textiles (TTB) saw a decline (down ~8%).

Marks meaningful step forward in realization group strategic vision. Simplification of group structure and realign corporate structure to unlock synergy and enhance competitive edge.

We recommend a BUY on the stock with a target price of Rs 299/share, implying an upside of 10% from the CMP.

We upgrade PLNG to Buy with a DCF-based TP of INR410/sh. According to our DCF analysis (WACC: 11.2%), at CMP, PLNG is pricing in an unrealistic scenario of a 20% decline in tariff at both the Dahej and Kochi terminals in FY28.

We cut our FY27E EPS estimates by 4% as we account for dilution impact resulting from issuance of ~169.5mn fully convertible warrants at a price of Rs132 on a preferential basis to entities forming part of the promoter group. Out of the total preferential proceeds of ~Rs22.4bn, Z IN plans to deploy ~Rs10bn towards building new businesses, ~Rs7.1bn towards inorganic expansion while the balance will be utilized for general & corporate purposes. Post warrant conversion, promoter stake will increase to 18.3% lending better execution comfort on achieving 1) TV viewership share of ~17.5%, 2) adrevenue growth of ~8-10% and 3) EBITDA margin of ~18-20% in FY26E. We...

Novo's oral semaglutide Rybelsus is growing at a robust 173% CAGR over a 3Y period to Rs 4bn, as on MAT MAY'25

Vinati Organics delivered a robust FY25, with an 18.3% year-on-year revenue increase, a 23.7% rise in operating profit, and a 25.8% surge in net profit. Growth was primarily driven by ATBS and Antioxidants.

Focus stays on capacity addition that will help achieve incremental market share aimed at ~18%/22% by FY28/FY30

JV with UPL to commercialize in FY27; gradual ramp-up expected Aarti Industries demonstrated a volume growth of 17% in FY25, however realizations across key products remained subdued, resulting in lower margins. For FY26, the management has guided double-digit volume growth and expects margins to remain stable. The Energy segment, which contributed 36% to the company's topline in FY25 and is largely comprised of MMA, saw sequential improvement in export volumes, although pricing pressure persists due to...

to ensure non-compete and synergy alignment between AHEL and NewCo, with clear role demarcation - AHEL to focus on core healthcare and NewCo on pharmacy & digital. The demerger was on expected lines and is aimed to unlock value by creating a focused, high-growth platform in the pharmacy and digital healthcare space, which is more consumer centric in nature. The stake sale in HealthCo to Advent and merger with Keimed are a positive step and will lead to an integrated pharmacy distribution business. Scale-up in...

We attended the plant visit event organized by ACEM at its Marwar Mundwa plant in Rajasthan, where we interacted with the senior management team, followed by a tour of the plant.

We recommend a BUY on the stock with a target price of Rs 85/share, implying an upside of 10% from the CMP

chronic therapies and opens up many newer therapeutic areas. The deal also adds JBCP's CDMO vertical, offering diversification and growth optionality. The acquisition is likely to be debt-funded requiring Rs 122bn to fund acquisition upfront. We see JBCP current OPM of 2728% to scale to 31-32% (similar to current TRP margins) via sourcing efficiencies, cost rationalization, and pricing actions on keys brands. Historically TRP have managed to integrate...

The proposal to demerge the pharmacy business—including offline pharmacy, online and telehealth operations, and Kiemed—into NewCo bodes well for longterm value creation across both the healthcare services (hospital/clinics business) and pharmacy businesses.

We interacted with Affle 3i’s (Affle’s) management to understand the business outlook and growth prospects of the company.

Torrent Pharma (Torrent) is acquiring 49.2% stake in JB Pharma from KKR (46.4%) and employees (2.8%) at INR 1,600/share (aggregate value of INR 119.2bn, to be funded through debt).

FY25 PAT stood at 3,059 Cr, but adjusted PAT stood at 2,422cr.(+27.7%) due to a one-time, non-cash deferred tax liability reversal of 637cr., following a shift to the new tax regime and reassessment of MAT credit utilisation....

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