Highest Upside

Proxy play on the global wind energy sector with significant operating leverage

Poised to revolutionize banking and transform India's financial landscape

A pure-play global solar EPC and O&M service provider, Sterling & Wilson’s record Q2 orderbook of Rs105bn and the upgraded credit rating will help it achieve its FY25 revenue target of Rs80bn.

Fintech foray spearheading the turnaround

High growth play on the strategic 5G infrastructure

A strong set; timing of launches a key monitorable

Raymond Lifestyle Limited(RLL), formed as a demerger from Raymond Ltd, has a strong presence in men’s wear(with ~65% share in worsted suiting).

With a 34% upside from the CMP, we maintain our long-term BUY rating on the stock.

The festive and the ongoing wedding season has improved the demand environment for retailers such as Raymond Lifestyle (RLL), with expectations of double-digit growth (~12-14%) in secondary sales, which should result in improved collections in 3QFY25

Raymond Lifestyle’s (RLL) 2Q revenue/EBITDA declined by 5%/17% YoY due to subdued discretionary demand. Higher depreciation and interest costs led to a 27% YoY decline in adjusted PAT.

Nurturing Growth with a Shield of Margin Safety

Q2FY25 revenues totaling Rs. 1,201 crore, demonstrating a significant y-o-y growth rate of 20%.EBITDA stood at Rs. 236 crore, marking a remarkable y-o-y increase of 31%.

Update note

IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees and higher LLP.

Rivigo's turnaround & industry tailwinds to boost profits

Initiating Coverage Report

Initiating Coverage Report

Authorized by L&T, Siemens, Schneider Electric, TDK to manufacture fully type tested panels
?Strategic tie-ups to procure components directly without intervention of dealers
?In-house design team to produce panels compliant with International Standards (IEC) and Indian Standards (IS)

PVR Inox’s occupancy reverted to ~26% in Q2FY25 despite a very weak content pipeline. Management has guided for significant improvement in Q3FY25.