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...

Quarterly Update Q3FY26

Inox Wind (IWL) reported a quarterly consolidated revenue of INR12.1b (+33% YoY, +8% QoQ), which missed our estimates by 34%, largely on account of weakerthan-expected execution of 252MW vs. our estimate of 300MW.

Their products find applications across multiple sectors such as chemicals, petrochemicals, fertilizers, carbon black, pharma, food, oil & gas, power (including nuclear), metals and cement etc. The company has strategically transitioned from a product supplier to a comprehensive solution provider resulting in Revenue and PAT CAGR of...

Quarterly Update Q4FY26

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.

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

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

Backed by a strong opening order book, GPIL sustained its healthy execution momentum during 4Q/FY26, delivering one of its strongest quarterly performances in terms of revenue and profitability despite the prevailing inflationary environment.

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.

Inox Wind saw muted installation of wind turbines in 9M (0.6GW) against guidance of 1.2GW in FY26E. It noted the delays in its existing orders due to right of way and evacuation issues.

We maintain our BUY recommendation on the stock.

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.

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...

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....

Consumerware revenue (69.4% of Q3FY26 revenue) reported a soft performance, primarily due to supply constraints in the steel category and lower glassware plant utilization at 55%. The company indicated that these issues are likely to persist for the next couple of quarters, with glassware plant utilization expected to improve to ~85% by the end of FY27. Writing Instruments grew 11.1% driven by demand revival and new launches, with Cello brand consolidation, expected writing segment to contribute Rs5bn+ to FY27...

Their products find applications across multiple sectors such as chemicals, petrochemicals, fertilizers, carbon black, pharma, food, oil & gas, power (including nuclear), metals and cement etc. The company has strategically transitioned from a product supplier to a comprehensive solution provider resulting in Revenue and PAT CAGR of 41.6% and 25% over FY23-26, respectively. Q4FY26 performance: Kilburn Engineering reported Q4FY26 performance with revenue rising 49.0% YoY to 189.2 crore, while EBITDA increased 5.3% YoY to...

We believe HFCL is undergoing a structural transformation from a domestic telecom EPC player into a globally competitive optical connectivity and defence technology company.

HFCL is at an inflection point where three structural shifts converge simultaneously. The company is transitioning from a domestic EPC-dependent telecom contractor into an export-led, product-driven technology platform spanning AI optical connectivity, defence electronics, and aerospace manufacturing.

Quarterly Update Q4FY26