Upgrades

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock.

We maintain our BUY rating on the stock.

We recommend a HOLD rating on the stock

We maintain our HOLD rating on the stock, as the current price largely factors in the positives.

About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 10,956 rooms in 121 hotels in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels and Keys etc. Q2FY26 performance: LTHL consolidated revenues witnessed 7.7% YoY growth to Rs.306.3cr. Growth was aided by 8% RevPAR growth. RevPAR growth was driven by 6% YoY growth in ARR and 140bps YoY improvement in occupancy. EBIDTA...

GST Rationalization: Structural boost for the industry: Government has announced GST 2.0 reforms thereby reducing GST rates for the automobile sector across the segments and value chain, small cars, 2-W's up to 350cc, and 3-Ws will now attract 18% GST vs. 28% earlier which enables the 2W domain to expect healthy volume growth in FY26E led up upbeat demand sentiments in the rural economy amid healthy farm produce and positive 2025 monsoons. Domestically, RE dominates in the premium segment, where it has a ~84% market share in the 250-750cc category. RE drives...

Expansion in data centre business and energy transmission sector tailwinds to drive long term incremental growth. Q2FY26 performance: Techno Electric reported mix Q2FY26 performance with a strong revenue growth of 91% YoY to 843 crore, EBITDA grew 58% YoY to 111 crore, EBITDA margins declined by sharp 270 bps YoY to 13.2%. Consequently, PAT came in at 104 crore, up 10.4% .PAT margins sharply decline by 900 bps to 12.3%....

About the stock: Gokaldas Exports (Gokex), incorporated in 1979, is one of India's largest manufacturers and exporters of apparel, exporting it to 50+ countries. Its vertical integrated business model makes it a one stop destination for leading apparel brands. Following the acquisition of Atraco and Matrix, Gokex currently has over 34 production units that can produce about 90mn garments per annum (p.a). Q2FY26 performance: Gokex consolidated revenues grew by 6% YoY to Rs.984.4cr. Sales volume were down by ~13.2% to 12.7mn pieces while average realisation grew by 20% YoY to Rs.700 per piece in Q2FY26. Gross margins stood flat at 47.8%....

The demand environment remains stable with sustained momentum across key verticals, supported by premiumisation, new program wins, and upcoming capacity additions. Electronics-led content growth and a healthy order book continue to provide strong visibility, while softness in European acoustics remains a manageable drag.