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...

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...

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).

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

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.

We interacted with the management of LATENTVI (LV). As per the management, the changing AI landscape is likely to put pressure on the Diagnostics segment (60% of revenue), especially in technical areas, while the Domain and Consulting segments should maintain a steady state. Traction in Data Engineering remains strong, aided by the Databricks partnership and expanding avenues around Snowflake and GCP, which are expected to accelerate further as enterprises receive boardroom mandates to make their...

Quarterly Update Q4FY26

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...

Chemplast Sanmar’s (CSL) Q1FY27 was impacted by high-cost VCM and lower volumes across segments. The company expects high-cost VCM to be consumed by Aug’26, with underlying spreads normalising to USD 160/te, which is supported by the restoration of a 7.5% customs duty and the implementation of the MIP.

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.

Quarterly Update Q4FY26

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.

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....

We increase our EBITDA estimates by ~4% over the next 2 years as investment in RARE India (RARE), a luxury hospitality platform, is likely to open a new revenue stream and result in B2C commission income of Rs425mn/Rs556mn for FY27E/FY28E. We believe RARE provides SAMHI IN an exposure to leisure segment through an asset light route diversifying the business model and lending scale advantage. Affiliation with Marriott will not only aid in boosting occupancy (~35-45%) and ARR (Rs25,000 odd) of existing properties but also help garner listings on the platform by onboarding new owners given strong parentage. After incorporating the acquisition of RARE, we expect...

Sharda Cropchem Limited (SCL) ended the year FY26 on high note with revenue rising 21.9% y-o-y to Rs. 5,267.6 crore driven by volume growth of 13.4% y-o-y and favourable forex impact.

Sharda Cropchem Limited (SCL) started FY27 on a steady note with revenue up 9% y-o-y to Rs. 1,073.8 crore. Agrochemicals (85% of sales) grew 8% y-o-y to Rs. 915 crore while Non-agrochemicals, accounting 15% of the total sales grew 15% y-o-y to Rs. 159 crore.

Despite multiple headwinds, Ahluwalia Contracts (India) delivered a robust performance in FY26 with an all-time high revenue of ~Rs46bn (~11.4% y/y) and ~118bps expansion in EBITDA margin led by robust OB and accelerated execution of marquee projects.

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...

Ceinsys Tech reported Q4FY26 revenue of INR 1,707 Mn, up 19.9% YoY and 0.5% QoQ, driven by a sharp recovery in the Technology Solutions segment that offset weaker execution in the Geospatial business; however, revenue came slightly below our estimate of INR 1,766 Mn. EBITDA stood at INR 402 Mn, up 50.3% YoY and 0.8% QoQ, below our estimate of INR 419 Mn, while EBITDA margin expanded significantly by 477 bps YoY to 23.57% from 18.80% in Q4FY25 and remained largely stable sequentially, improving by 9 bps QoQ, marginally below our...