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...

A Turnaround Story Taking Shape

Turtlemint Fintech Solutions (TURTLEMINT) has built a scaled, technology-enabled insurance distribution franchise in India. It has 550,000+ certified Point-of-Sale Persons (PoSPs) and a strong foothold in India’s insurance distribution, with ~75%+ of the premiums originating from the B30+ markets.

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...

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

About the stock: PNC Infratech has established itself as a strong executor in The order book stood at 18,094 crore as of Q4FY26 (3.9x book to bill). Q4FY26 Performance: PNC Infra reported a muted performance in Q4FY26 with standalone revenue at 1458 crore, was up 3% YoY, affected by a sluggish execution. EBITDA margin at 12.1%, was flat YoY. PAT was reported at 103 crore, down 15.3% YoY. For FY26, revenue was reported at 4634 crore, down 16% YoY....

Quarterly Update Q4FY26

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).

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.

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.

KPIT Technologies (KPIT) reported revenue of USD185m in 4QFY26, up 1.8% QoQ in CC terms vs. our estimate of 1% growth.

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

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...

LATENTVI reported Q4 revenue of US$31.4mn, marginally below our est., while adj. EBITDA stood at 24.1% missed our estimate of 26% due to continued investments in senior leadership hiring, AI capabilities, and partnership expansion. FY26 revenue of US$120mn was broadly in line with management aspirations despite continued weakness in Technology vertical (up 9.5% YoY), while non-Tech segments delivered strong ~41% growth led by BFSI. The negative impact on Technology vertical (vendor consolidation and insourcing by top client) would lead to ~US$6.5-7mn annualised revenue hit in FY27E. However, it expects to partly (50-60%) recoup the leakage...

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....

Suzlon is the leading player in India's wind energy industry, with a cumulative installed base exceeding 21 GW and an estimated 40% share of annual wind installations.

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.

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.

Quarterly Update Q4FY26

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