Upgrades

Strategic Strength: One of India’s most scalable & cost-efficient mining ecosystems Growth Focus: Expansion into BHQ beneficiation, higher-value pellets, and long steel.

*over or under performance to benchmark index FMEG's revenue increased 13.8% YoY to Rs. 452cr, on rising demand from most categories. Solar performed well on the back of strong demand under central and state solar rooftop incentive schemes. Demand was, however, tepid in fans. 15.8% due to strong profitability in the W&C segment and operational efficiencies. Reported PAT grew 55.6% YoY to Rs. 693cr on account of growth in the topline,...

We attended MM’s analyst meet in Mumbai on 20th Nov’25. The company has a clear long-term roadmap for each of its businesses: SUVs and LCVs – targets to deliver 8x growth over FY20-30; and Farm – 3x revenue growth over FY20-30.

MMFS shared its long-term aspiration to position itself as the most trusted financial services partner for Bharat, leveraging its over three-decade operating history, deep rural presence across 500k villages, and a 12m strong customer base.

Quarterly Update Q2FY26

PFL continues to deliver on its stated ambition of building a digitally enabled, multi-product, and high-ROA retail lending franchise.

Divi’s enters the second half of FY26 with a healthy execution pipeline across Custom Synthesis, supported by multiple projects progressing through validation and expected to commercialize over the next 1–2 years.

Reliance Industries (RIL) continues to progress on the 40GWh battery GIGA factory, which is set to commence operations in early CY26. We raise the New Energy business valuation for RIL to INR174/sh (earlier INR 116/sh) as we incorporate value for the battery manufacturing segment.

We recently interacted with Mr. S. N. Subrahmanyan, Chairman and MD of Larsen & Toubro (LT), to get insights into the company’s long-term growth strategy for domestic and international geographies, capital allocation and future focus areas.

BoB's Q2FY26 operations were supported by prudent liability management and *over or under performance to benchmark index strong asset quality. The management has guided for healthy credit expansion, led by the retail, MSME and agriculture segments, with corporate disbursements expected to strengthen in the second half as well. Margins are projected to remain stable, on the back of disciplined pricing and an improved asset mix. The bank continues to also scale up its digital ecosystem, deepen co-lending partnerships and expand international operations. A growing focus on cross-selling insurance,...