Upgrades

The Healthcare Services segment logged a 10.2% YoY revenue growth to Rs. 3,217cr, primarily fuelled by an increase in the insurance and cash patients, which accounted for 86% of the inpatient hospital revenue. Notably, the average revenue...

Shriram Finance (SFL) has entered into a strategic partnership with MUFG Bank (Japan-based), wherein the partner has agreed to invest ~USD 4.4bn for 20% stake in SFL via preferential issue

Expect consumption growth to tread higher in Q3FY26: PML is riding upon strong consumption growth (H1FY26 up 13% YoY at 7335 crore, Q2FY26 up 14% YoY at 3750 crore, Q2FY26 adjusted for churns & restructuring 19-20% YoY). Family entertainment & multiplexes/Fashion & Accessories/Jewellery have been reporting 23%/17%/12% and 26%/14%/15% YoY growth in consumption during Q2FY26 and Q1FY16 respectively. Further, with festive season being in Q3FY26, the consumption growth is expected to trend higher in Q3FY26 and probably sustain in...

Robust order inflow and improving client demand visibility: KPIT recorded US$232mn in deal wins in Q2 (+12% YoY), including a US$100mn+ multi-year engagement with a European OEM, expected to ramp up over the next few quarters from Q3. Management noted improving client sentiment and renewed traction across autonomous driving, cybersecurity, after-sales diagnostics and commercial vehicle programs. Stronger demand trends in Europe, India and China, along with a healthy pipeline, provide confidence on revenue recovery...

We attended Voltas’s analyst meet, to gain deeper insight into its growth roadmap/demand environment. The management indicated prebuying activity ahead of the BEE rating changes wef 1-Jan-26 and inventories gradually depleting from 60 days (in Q2FY26) to 45 days (currently) vs 20-25 days (in Q3FY25).

Update Note

Balanced growth with improving liabilities profile: Post slower business growth in 1HFY26, amid muted traction in corporate segment, credit momentum is expected to accelerate in H2FY26, supported by a strong sanction pipeline and seasonal pickup in disbursement. Overall, we expect credit growth to track system level at ~11-12% in FY26-28E, led by retail, MSME and selective corporate lending. Corporate sanctioned pipeline stands at 40,000 crore, while 25,000 crore is under process. Traction in retail segment remained robust (17.6% in Q2FY26); reduction in GST and...

Customer-centric transformation driving market share expansion: Bajaj Finance is accelerating its transition from product-centric to customercentric operations, pivoting to deepen customer engagement and increase wallet share. With an existing >10 crore customer base and a target of 2022 crore by FY30, the company plans to deepen engagement and grow product per customer from 6.05 to 6.5-7.5 in FY30. Expanded digital reach, AI-driven personalization and multi-channel distribution is expected to drive a 10x scale up in disbursements (800 crore to 8000 crore/month) with AUM projected to sustain >20% growth and PAT growing at 22-24% CAGR over H1FY26-30, supporting credit market share growth from 2.32%...

Management expects growth in new age services to offset weakness in legacy/traditional business. Notably, AI expected to be margin accelerator via productivity, higher-value services & delivery efficiency. TCS is pivoting to acquisitions to speed up capability creation, as technology is changing rapidly due to GenAI and Agentic AI innovations. More acquisitive stance to strengthen AI advisory and domain depth (e.g., Coastal Cloud, ListEngage for Salesforce). Post-acquisition, TCS' portfolio now has all major Salesforce capabilities and market coverage....

We visited Hindustan Zinc (HZ)’s Rampura Agucha (RA) mine and interacted with the management. HZ contributes 40% to VEDL’s consolidated EBITDA. The management reiterated its strong medium-term visibility on earnings, supported by a secure mine life, high structural entry barriers, and renewablesled cost tailwind.

We met MD & CEO R Subramaniakumar of RBL Bank (RBK), to understand the progress on the Emirates NBD (ENBD) deal and the growth outlook, particularly in view of the huge capital boost post-deal.

We believe, LTIM is well positioned to sustain above-industry growth levels on the back of a strong deal pipeline and its relative higher growth trajectory outlook among larger peers. We maintain BUY rating on LTIM with revised target price of 7,350 (vs...

Prominent PV ancillary, levers for industry leading growth: Passenger Vehicle (PV) domain contributed the maximum ~55% of sales at Lumax Auto in H1FY26. LAT's prominent presence in PV space is resultant of its acquisition of IAC India (now a wholly owned subsidiary), which has not only bolstered its product portfolio, particularly in plastic interior modules, but also expanded its business with OEMs like M&M, which is expected to outperform PV space domestically. It is present in new launches such as Maruti Suzuki Victoris. With ~40% of its ~1,360 crore order book linked to...

Lloyds Metals and Energy, the largest iron ore miner in Maharashtra, has articulated four pillars of growth: core business of iron ore mining/pellet and DRI production getting boost from upcoming Chandrapur steel complex; acquisition of 79.8% stake in Thriveni Earthmovers’ MDO biz.

We believe Siemens’ earnings are likely to grow >15% over the next two years. Growth would likely be driven by electrification; Smart Infrastructure (SI) and Mobility (MO) will likely contribute ~70% and ~10% of EBIT, respectively.

Welspun Corporation Ltd. (WCL) is one of the largest players in the global steel line-pipe industry, with a diverse presence across energy, water, infrastructure, construction, and specialised industrial sectors. The company's core manufacturing portfolio includes large-diameter line pipes, ductile iron pipes, and stainless steel bars. In 2023, WCL strategically expanded into the building materials segment through the acquisition of Sintex, India's leading brand in water tanks and plastic products, adding water storage tanks, interior and electrical products, plastic pipes, and TMT bars (produced across seven plants) to its portfolio. To further strengthen its presence in the plastic pipes market, the company acquired Weetek Plastics Pvt. Ltd. in 2024. With this expanded product suite, WCL has evolved into an integrated provider of pipes and building materials serving multiple infrastructurerelated industries....

India Cements (ICEM) has seen it all – from M&A-led buoyancy (over past few years) to a more recent overhang of stakesale by new promoter UltraTech Cement (UTCEM; to comply with minimum public shareholding norms).

Siemens Energy in its analyst meet highlighted the opportunity pipeline across domestic and international markets for power transmission business.