Upgrades

Solar Industries (SOIL) is a leader in the domestic explosive market and has established a strong presence in international markets for industrial explosives.

15% gold-price correction in July improved customer participation, supporting expectations of deferred purchases returning in H2FY27

JSW Cement (JSWC) is well positioned for sustained medium-term growth, led by strong volume momentum, successful entry into North India and an improvement in cost structure in coming quarters with stabilization of its north India plant.

Coforge (COFORGE IN) Event Update Accelerating AI stack to scale production BUY

Cyient DLM (CYIENTDL IN) Visit Update Focus on B2S & new-age electronics to drive growth HOLD

Management reinforced its confidence of achieving 350-375 crore in FY27 and ~500 crore in FY28 with EBITDA margins of ~30%. Sakar recently concluded EU-GMP audit (Croatia) and expects positive...

of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure, construction industries Product range includes packaged explosives, initiating systems, UAS...

We met with Happy Forgings’ (HFL) management, with discussions centered around incremental growth avenues, capacity ramp-up across forgings and machining to cater to the order book, and the steady outlook for the core CV and tractor segments.

Avalon Technologies (AVALON) is strategically shifting toward higher-value, engineering-intensive EMS segments, with semiconductor equipment and battery energy storage systems (BESS) emerging as key growth drivers.

Oberoi Realty’s (OBER) renewed focus on growth and significant project acquisitions position it well to ride the next leg of scale-up. Six new project acquisitions (INR305b GDV; our estimates) in the last 1Y reflect a considerable step-up in business development (BD).

Coforge hosted a call to address the recent board exits, providing clarity on the developments surrounding the departures and the company’s plans for board reconstitution.

We recommend a BUY with a target price of Rs 380/share, implying an upside of 10% from the CMP.

Five-Star delivered strong growth in the initial post-IPO period before regulatory tightening, the Karnataka ordinance and borrower overleveraging weighed on business momentum.

MCX is emerging as a clear structural beneficiary of India’s deepening commodity derivatives ecosystem: F&O ADT reached ~INR10.5t in 1QFY27, with options notional ADT rising 266% YoY and futures ADT rising 47% YoY, reflecting strong underlying market expansion alongside continued volatility support.

IGL's stock has corrected ~10% over the last four months, primarily on elevated input gas costs (Brent at USD93/bbl in 1HFY27'TD vs FY26: USD69/bbl) and INR depreciation (INR95/USD in 1HFY27'TD vs FY26: INR88.4/USD), which contracted margins.

We met the management of SAMIL to understand the growth trajectory ahead. Its FY27 outlook is centered on diversifying across multiple fronts, with the 3CX10 strategy targeting no single country/customer/component contributing >10% to revenue.

: Artemis Medicare Services Ltd (Artemis) is a healthcare venture launched by the promoters of the Apollo Tyres Group. It operates a 700-bed super speciality hospital in Gurugram (Delhi-NCR), a 300 bed multi-specialty hospital in...

We reiterate our BUY rating on LG Electronics India Ltd. with a Target Price of Rs 1,965/share, based on 47x FY28E EPS, implying an attractive 19% upside potential from the CMP.

Since its listing (Nov’25), Lenskart’s share price has risen ~70%. We note that the strong performance has largely been driven by strong earnings momentum, leading to consistent upgrades in consensus estimates (FY28 PAT up by ~30%) and roll-forward, rather than multiple re-rating (~8.5%).