Highest Upside

We recommend a BUY on Kalpataru Projects International Ltd. with a Target Price of Rs 1,470/share, offering an upside potential of 18% from CMP.

Suspension of Indus Water Treaty to accelerate NHPC projects

Black & White

We met with the management of Praj Industries at a conference, where they provided insights into the progress of Praj's GenX facility and the growth prospects across its business verticals. The orders for the GenX facility are anticipated from Q1FY26 while the facility is expected to contribute peak revenue of ~Rs10-25bn per annum. Challenges persist in the CBG sector due to concerns over operational and economic viability. However, Praj remains confident in its prospects, supported by its multi-feedstock technology. The potential imposition of reciprocal tariffs by the U.S. is not expected to have a...

Initiating Coverage Report

HGIEL posted 14%/1% YoY revenue/EBITDA growth in Q1FY26 to Rs17.1/2.5bn, respectively, while RPAT stood at Rs1.3bn.

Quarterly Update Q1FY26

Integrated Model Driving Sustainable Growth

Unlocking Value in an expanding business hospitality landscape

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.

We Initiate Coverage on T.T. Ltd with “BUY” rating and a target price of 18.75 valuing it at a PE multiple of 28.88x of FY26E EPS of Rs. 0.65.

Quarterly Update Q4FY25

Five Star Business Finance (FIVESTAR) had calibrated its AUM growth in light of the macroeconomic environment, the overleveraging of certain customers with unsecured loans, and regulatory expectations.

Quarterly Update Q4FY25

In 4QFY25, Brigade Enterprises (BRGD) reported a pre-sales growth of 9% oY to INR24.5b (22% below our estimate), due to a 26% YoY decline in volumes to 2.0msf (50% below our estimate).

We upgrade Go Fashion to BUY (from Add) with a TP of INR 1,200 (potential ~40% upside). Gautam exuded confidence about improving macros, store expansion plans for FY26 (after a soft FY25), plans (experiments) for portfolio diversification (women's top wear, men's products), channels (attempting MBO, franchising strategies) and international expansion (opened Dubai store recently).

Lower Limeroad losses, greater operational efficiencies and better offline margins drove a 166bp y/y higher EBITDA margin to 14.3% (~200bps above ARe and consensus).