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announced to acquire entire minority shareholder stake of 23.3% in Biocon Biologics held by Viatris (Mylan Inc.), Serum Institute, True North and Tata Capital for US$ 1.173 billion, making it a wholly-owned subsidiary and valuing BBL at US$ 5.5 billion. Biocon will issue its shares worth US$ 773 million and make a cash payment to Viatris for the balance US$ 400 million. Cash payment to be paid by bridge / interim funding and a...
Affle 3i’s H1FY26 revenue grew ~19.3% y/y to ~Rs 12.7bn, with CPCUrevenue up ~18.2% y/y (~98.8% of topline) and rest from non-CPCU. EBITDA grew ~31.2% y/y to ~Rs2.86bn with margins expanding 205bps y/y to ~22.6%.
We attended Coforge’s Investor Day 2025 wherein the management discussions were largely centered on strategic objectives, growth vectors and execution intensity.
We attended Coforge’s analyst meet, wherein management reiterated its strategy of proactive large deal win focus; strong execution focus, with rewards for top sales leaders; specialised expertise in select industry segments of BFS, Insurance, travel and efforts to scale up healthcare and UK public sector.
We recommend a BUY on the stock and value the company at 38x multiple to its FY27E earnings to arrive at a TP of Rs 2,300/share, implying an upside of 18% from the CMP.
Hyper-specialisation + Large-deal engine driving growth: We attended Coforge's Investor Day 2025, wherein the management highlighted Coforge's proactive, non-RFP (request for proposal) large-deal strategy and deep domain specialisation across BFS, Insurance, Travel and Healthcare which position it for sustained industry-leading growth into FY28E. Coforge closed 6 large deals in H1FY25 and is targeting 20 by year-end, with cloud and AI embedded in two-thirds of wins. Travel is set for a deep acceleration in the next 12 months, while...
We remain sanguine on SRF’s chemicals business, with performance potentially improving across ref-gas, specialty chemicals and fluoropolymers. Higher volumes and sustained prices present ~15–20% upside risk in ref-gas business’ base-case revenues vs. a more plausible assessment.
BHEL has accumulated a strong orderbook in last three years but execution has been slow. Order inflow (OI) in FY24/25 was INR 780bn/ INR 920bn (vs. average OI of INR 210bn between FY19-23), respectively.
One 97 Communications Ltd, i.e. Paytm, provides payment solutions, hotel bookings, mobile phone top-ups, gaming and mobile content and bill payment services, as well as data processing services globally. In Q2FY26, the company's consolidated revenue grew 24.2% YoY to Rs. 2,061cr, driven by higher merchant additions, strong growth of gross merchandise value...
