Upgrades

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...

Consolidated revenue increased 9% YoY to Rs.4032 cr on strong PV, industrial and defence performance with stable overseas operations, whereas standalone revenue fell 12% YoY in Q2FY26 due to weak CV exports amid a North American...

*over or under performance to benchmark index Mankind Pharma is an Indian multinational pharmaceutical and healthcare product company, headquartered in New Delhi. The company has products in therapeutic areas...

The company delivered robust revenue and profitability in Q2FY26, driven by significant growth in core online insurance and new initiatives. Notably, annual recurring revenue (ARR) witnessed substantial YoY growth, a key driver of long-term profit expansion. The company's Point of Sale Person (PoSP) business has diversified, with a balanced mix of motor and non-motor products, and its increasing market share is expected to bolster future performance. Furthermore, it aims to achieve Rs. 1 trillion in premiums. Given its diversified business, expanding market share and strong positioning, the company is...

Power Mech offers strong multi-year growth visibility with a YTD order book of over 9.7x TTM revenues and healthy inflows across EPC, O&M, and BOP segments. The mining (MDO) business is set to become a key profitability driver, scaling from 250cr in FY26 to 2,000cr annually by FY28. While thermal power continues to support order book growth, diversification into steel plants, railways, data centers, and renewables adds new growth levers. With margin...

Reported PAT increased 197.6% YoY to Rs. 277cr owing to higher topline and lower finance costs (-10.5% YoY). The company's focus on value-over-volume strategy and premiumisation helped services tax rates on cement to 18% from 28%, which is expected to boost cement demand in the long term. Additionally, stable employment and low inflation are expected to boost demand, driving growth in infrastructure development and the housing sector, which will be favourable for cement demand. The company's focus on increasing the share of green power is expected to drive its growth better...

Our positive stance on One 97 Communications (PAYTM) remains intact on the back of its significant earnings growth potential, stemming from: likely growth in payments and loan distribution margin expansion prospects from a combination of product upgrades, improving UPI mix towards chargeable products, savings initiatives and operating leverage.