Upgrades

HCG is well-positioned to deliver strong revenue growth over the next 23 years, driven by improving ARPOB and continued bed additions. However, profitability recovery is expected to be gradual due to the debt-funded nature of recent capital expenditure. The management's plan for a capital infusion is likely to ease the interest burden. With KKR as the new promoter, the company is set for a transformative phase that should enhance growth and operational efficiency. We, therefore upgrade our rating to Accumulate with...

*over or under performance to benchmark index H1FY26 consolidated revenue increased 18.2%YoY to 1,569cr, driven by strong growth in EPC municipal projects (+45%) and a sharp uptick in O&M industrial activity (+93%),...

The demand outlook remains positive supported by GST rate cuts and improving rural sentiment among other macro economic tailwinds. Management expects commodity cost pressures to be softer in Q3 compared to Q2, while pricing discipline, favourable product mix and material costsaving initiatives are likely to support margin expansion. EV volume trajectory is expected to improve from Q3 with the rollout of the new Orbiter EV and gradual easing of magnet supply constraints. The company continues to invest strategically in premium motorcycles, EVs and technology capabilities to reinforce long-term competitiveness. With strong product momentum, export recovery and sustained premiumisation, TVS is positioned to grow ahead of the industry....

Union Bank of India, incorporated in 1919, is a leading public sector bank with ~75% government ownership. Following its merger with Andhra Bank and Corporation Bank in 2020, it has expanded its footprint across India and internationally, with branches in Dubai, Sydney, London, and Malaysia....

In Oct’25, Adani Ports & SEZ (APSEZ) reported 6% YoY growth in cargo volumes, supported by a 24% rise in container volumes (driven by international volume and operationalization of new port).

On 27th Nov’25, the Petroleum and Natural Gas Regulatory Board (PNGRB) issued a tariff order for GAIL’s integrated natural gas pipeline network.

In Q2FY26, interest earned declined 0.7% YoY owing to reduced income on investments (-1.2% YoY), interest on balance with the Reserve Bank of India and other inter-bank funds (-31.7% YoY). Interest expenses increased 2.1% YoY to Rs. 1,957cr. As a result, net interest income (NII) decreased 4.0% YoY to Rs. 1,551cr...

Eureka Forbes targets to grow revenue by 2x and EBITDA by 3x by FY30E. We believe the guidance is achievable provided positive macro tailwinds. – that was the chief takeaway from the investor meet.

*over or under performance to benchmark index We retain a cautious stance on Muthoot Finance despite its solid operating performance. The company continues to benefit from its strong gold-loan franchise and supportive industry tailwinds; however, intensifying competition in the segment...