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With a diversified portfolio, presence over 73 countries, delivering world class engineering solutions to its clients with experienced team to successfully deliver complex one-of-a-kind projects. Its revenue grew 12.5% CAGR (FY22-25) whereas, EBITDA & PAT grew by 16.5% CAGR & 13.9% CAGR respectively over the same period Q2FY26 performance: Consol. revenue grew 32% to 6529 crore, EBTIDA at 562 crore up 28% YoY and PAT at 237 crore up 89% YoY. EBITDA and PAT margins at 8.6% and 3.6% which expanded -29 bps and +109 bps YoY. EBITDA...
With a diversified portfolio, presence over 73 countries, delivering world class engineering solutions to its clients with experienced team to successfully deliver complex one-of-a-kind projects. Its revenue grew 12.5% CAGR (FY22-25) whereas, EBITDA & PAT grew by 16.5% CAGR & 13.9% CAGR respectively over the same period Q3FY26 performance: KPIL reported a strong consolidated performance in Q3FY26, with revenue rising 16% YoY to 6,665 crore, driven by robust execution across T&D, Buildings & Factories, Oil & Gas and Urban Infrastructure. EBITDA increased 7% YoY to...
Guidance for FY26 retained led by strong launch pipeline for H2: Maxest retained its launch/pre-sales guidance for FY26 at 9500 crore/ 60006500 crore. It plans to launch three projects (Phase II of Max 36A - 4500 crore out of 9000 crore, Delhi One - 2000 crore and Sector 105, Noida 3000 crore) in H2FY26. Its newly acquired ~1.3 msf sector 59, Golf Course Extension Road project is expected to be launched in H2FY27. The longerterm pre-sales momentum is expected to be sustained by its strong business development plans (aspirational target of 3 msf additions in FY26). It plans to achieve cumulative 21000 crore pre-sales bookings by FY28, of which 17000 crore is acquired and yet to be launched. Annualised rental income of 700+ crore over the next 5 years: Maxest...
Awfis Space Solutions (Awfis) delivered a strong quarter with Q2FY26 revenue growing 26% YoY while IGAAP EBITDA of INR 520mn grew 18% YoY and mature centre occupancy at 84%.
We initiate coverage on AGI Greenpac (AGI) with BUY and Sep-26E TP of Rs1,520 based on DCF method, implying 19x Sep-27E EPS. AGI is a leader in the Indian container glass (CG) industry with >20% market share.
Ellenbarrie (ELLEN) delivered a muted performance in 2QFY26 as EBITDA declined 8% YoY to INR335m. YoY growth was impacted by a one-time revenue of INR150m from Project Engineering in 2QFY25.
Go Fashion reported a broadly stable performance for Q2FY26 with an improved channel mix, supported by stronger LFS traction (26.8% vs. 23.5% YoY) and steady EBO momentum.
We attended Coforge’s Investor Day 2025 wherein the management discussions were largely centered on strategic objectives, growth vectors and execution intensity.
SaaS-led growth driving rebound: Newgen delivered a healthy 11% YoY revenue growth in Q2FY26, led by 33% YoY growth in SaaS revenues (12% of revenue mix) and 16% YoY rise in implementation services (23% of revenue mix). The company's pivot toward annuity-based revenues is strengthening visibility, with SaaS and subscription momentum offsetting softness in traditional license sales (18% of revenue mix) across India and EMEA which are seeing delay in large license deal closures. Newgen's focus on large deal wins in the US, Europe/UK, Singapore is paying off with 15 new logo additions...
Robust growth ahead aided by OSAT and PCB the stock: Kaynes Technology India (Kaynes) is an Indian integrated electronics manufacturing company offering end-to-end solutions, from design to life-cycle support, for various sectors including Automotive, Industrial, Aerospace, Medical, and IoT. Founded in 1988 and headquartered in Mysore, it provides Electronics System Design and Manufacturing (ESDM) services and has...
Building capabilities while executing brisk growth: Kaynes Technology has emerged as one of the fastest-growing EMS players, strategically positioned as a margin-focused company with emphasis on low-volume, high-value businesses and strong design capabilities that enhance client stickiness and value addition. Its scalable growth model is reinforced by ongoing investments in PCB manufacturing and OSAT facilities, driving backward integration and positioning it as a vertically integrated player with enhanced cost efficiency and supply chain resilience. These...
Go Fashion reported yet another muted quarter with revenue growth of 7%. A strong pickup in LFS (up 18% YoY) was offset by persistent weakness in same-store sales (-4%).
