Upgrades

In its analyst meet, Trent’s management provided insights about the company’s strategies and key focus areas, which will help the company to deliver strong double-digit growth in the coming years.

We met Axis Bank’s ED Subrata Mohanty and CFO Puneet Sharma, to understand the business/profitability outlook, more so in view of the recent monetary policy.

The key highlights of ACEM’s FY25 annual report, the company’s consolidated cement capacity has risen to 100.3mtpa currently from 76.9mtpa in FY24-end, primarily led by inorganic growth.

The company has shown steady growth in its core segments and is actively expanding its capacity and capabilities across areas like recycling, tubular batteries, and New Energy. However, it is currently navigating short-term margin pressures due to rising material and power costs. Timely commissioning of new energy projects and aggressive Chinese cell pricing to be considered as watchlist risks. We believe investment in key projects and...

In a recent media interaction, Shree Cement’s management stated that cement demand was slightly subdued in May due to a heatwave and geopolitical uncertainty (IndiaPakistan tensions) in the North.

Indian defence forces are set to make emergency purchases worth Rs 40,000 crore to enhance combat readiness. The initiative focuses on acquiring key systems being prioritised under emergency powers, including surveillance drones, kamikaze drones, missiles, and various types of ammunition.

We attended Voltas’s analyst meet to gain deeper insight into its growth roadmap/demand environment. The management indicated a ~20– 25% decline in RAC secondary sales across players in Apr-May ’25, with a similar impact expected on primary sales, till inventory levels normalize.

CCRI holds a dominant position with a ~58% market share at JNPT and a 56% pan-India share as of Mar’25, complemented by a significant presence at Mundra (37.7%) and Pipavav (48.4%) ports.

HZL’s Board has approved a growth capex of ~INR120b (funded through internal accruals and debt) to expand the zinc smelting capacity by 250ktpa at Debari, along with a mines capacity expansion of 330ktpa (Rajpura Dariba - 2.5ktpa and Zawar - 0.8ktpa).

We interacted with management of Persistent Systems to understand the company’s business strategy and growth prospects.