Highest Upside

Accordingly, on 30th April 2026, Vedanta's stock price is expected to adjust for the demerger and trade in the range of ~300-325 per share (vs. current market price of ~720 per share). This estimate is indicative, as we await exact allocation of net debt across the resulting entities. The...

We attended GREENP management meet, where management outlined its strategy to regain market share, improve utilisation levels and strengthen operational efficiencies across the MDF business. Management remains structurally positive on the Indian MDF industry, highlighting strong long-term demand potential driven by increasing substitution of plywood, particle board across furniture and interior applications. The company expects domestic MDF demand to grow at ~15% CAGR, while near-term supply additions are likely to remain gradual due to imported machinery dependence, elevated freight costs and supply-chain disruptions. Management also highlighted that...

Greenpanel Industries reported a broadly in-line performance in Q4FY26 with adjusted EBITDA growing by 7.1% q/q to Rs0.35bn (vs. our estimate of Rs0.38bn).

Aurionpro Solutions: From Services Player to Global IP-Led Powerhouse

In Q1FY27, Instamart reached contribution breakeven, with >45% of dark stores turning contribution-positive vs. 30% in Q4FY26. The momentum has carried into Q2, starting strong.

We expect Jaro to deliver a strong earnings trajectory over the medium term, supported by sustained enrolment growth, improving monetisation and operating leverage.

We interacted with the management of LATENTVI (LV). As per the management, the changing AI landscape is likely to put pressure on the Diagnostics segment (60% of revenue), especially in technical areas, while the Domain and Consulting segments should maintain a steady state. Traction in Data Engineering remains strong, aided by the Databricks partnership and expanding avenues around Snowflake and GCP, which are expected to accelerate further as enterprises receive boardroom mandates to make their...

Quarterly Update Q4FY26

Jaro Education (JARO IN) reported Q1FY27 revenue broadly in line with our expectations, while EBITDA margin contracted 755bps QoQ to 21.4%, below estimates, due to elevated employee and marketing investments ahead of the key Q2 intake season. Revenue grew 16.6% YoY to Rs 708mn, supported by healthy learner demand, a 11.6% YoY increase in enrollments and a 4.5% YoY improvement in ARPU. Gross bookings increased 17% YoY to Rs 1.9bn, reflecting sustained traction across higher education and executive learning programs, while Jaro take rate was largely steady. Despite the margin...

In FY26, Sunteck Realty (SRIN) expanded its MMR portfolio by adding three new projects, offering a combined GDV potential of ~INR50b. The total cash outlay of INR8.1b towards business development in FY26 was notably higher than INR1.8b in FY25.

Quarterly Update Q4FY26

Chemplast Sanmar’s (CSL) Q1FY27 was impacted by high-cost VCM and lower volumes across segments. The company expects high-cost VCM to be consumed by Aug’26, with underlying spreads normalising to USD 160/te, which is supported by the restoration of a 7.5% customs duty and the implementation of the MIP.

Sunteck Reality (SRIN) reported healthy pre-sales growth of 22% YoY, along with strong 39% YoY collection growth in Q4. SRIN's proven ability to market ultra-luxury projects, aggressive and multi-pronged land acquisition capabilities in various micro markets across Mumbai Metropolitan Region (MMR) is an interesting play on Mumbai's high value real estate market. We expect the company's pre-sales to grow to 25% CAGR over FY26-28E, supported by launch acceleration, including the planned Dubai JV project in 2HFY27. Further given likely strong cash flow generation, we see SRIN to step up new project additions which will be a key catalyst for stock performance....

We increase our EBITDA estimates by ~4% over the next 2 years as investment in RARE India (RARE), a luxury hospitality platform, is likely to open a new revenue stream and result in B2C commission income of Rs425mn/Rs556mn for FY27E/FY28E. We believe RARE provides SAMHI IN an exposure to leisure segment through an asset light route diversifying the business model and lending scale advantage. Affiliation with Marriott will not only aid in boosting occupancy (~35-45%) and ARR (Rs25,000 odd) of existing properties but also help garner listings on the platform by onboarding new owners given strong parentage. After incorporating the acquisition of RARE, we expect...

Sharda Cropchem continued its strong earnings momentum in Q1FY27 despite higher y/y base. Revenue grew by 9% y/y to Rs10.7bn, owing to 12.7% y/y growth in price and forex, partially offset by 1.6/2.1% y/y decline in volume and product-mix.

India Shelter (ISFC)’s Q1FY27 core operating performance remained strong, with its RoE sustaining at the ~18% mark, supported by a steady spread at 6.6% and incremental spread touching 7.0%.

India Shelter’s (ISFC) Q4FY26 performance reinforces our investment thesis, with RoE reaching 18% and sustained YoY growth of 29%, effectively neutralising investor concerns regarding margin compression from competition and the sustainability of its >25% AUM growth trajectory.

Sharda Cropchem Limited (SCL) ended the year FY26 on high note with revenue rising 21.9% y-o-y to Rs. 5,267.6 crore driven by volume growth of 13.4% y-o-y and favourable forex impact.

Inox Wind (INOX) reported a muted FY26 result due to delays caused by on-ground execution challenges. As a result, revenue came in at INR 44bn, (+24% YoY) vs. a guidance of INR 50bn.

We maintain BUY on ABLBL and TP of Rs140 (20x Mar-28E EBITDA), as Q4 EBITDA was largely in line with our expectations.