Upgrades

Bain Capital will invest ~INR43.85b in MGFL to acquire ~18% stake on a fully diluted basis through a preferential allotment of equity shares and warrants at INR236/share (~30% above the six-month average trading price and ~9% higher than the CMP).

India’s aviation boom: The Indian aviation industry is witnessing a rapid expansion, with domestic air travel set to double by CY30. This growth will be driven by a rising middle class, increasing disposable incomes, and government-led infrastructure projects.

We interacted with the management of Voltas (VOLT) to gain insights into current demand trends, as well as its views on compressors, margins, market share, and more. Management believes that current demand trends for RAC remain strong, and its focus will be on growing faster than its peers.

Vinati Organics is expanding its ATBS capacity to 60,000 MT by Q1FY26, driven by strong demand and a favorable outlook for the US oil & gas sector.

Clarifying the news, Carborundum Universal’s management confirmed that VAW’s sanctions are minimal and to the tune of 2% of overall profitability.

We upgrade from a HOLD to a BUY rating on the stock.

Bajaj Holdings & Investment Limited (BHIL) holds Bajaj Group’s key investments in two flagship companies – Bajaj Auto Limited (BAL – 34.21% stake) and Bajaj Finserv (BFS – 39.03% stake).