Highest Upside

In line with our estimates, J Kumar’s Rs14.8bn/1.03bn Q1 revenue/PAT with ~15/19% y/y growth displays strong execution and improved margins.

CY24 was a transformative year for Varun Beverages Limited (VBL), marked by strong growth, global expansion, and unwavering sustainability commitments.

Mastek Ltd is a Mumbai-based global provider of digital engineering and cloud transformation services, operating in over 40 countries. It partners with Oracle, Salesforce, Microsoft, AWS, and Snowflake to deliver consulting, data analytics, and enterprise solutions. The UK and Europe contribute 64% of revenue, followed by the US and Middle East. Sector-wise, Government and Education lead with 39%,...

Gravita India (GRAVITA) recorded a healthy 15% YoY revenue growth, underpinned by a 12% YoY rise in overall volumes, mainly due to a 10% YoY volume growth in Lead.

Gravita India Ltd (Gravita), a prominent leader in India's recycling industry, is wellplaced to leverage strong industry growth and rising momentum through its global and pan-India operations, supported by a comprehensive procurement network.

In 4QFY25, Gravita India (GRAVITA) recorded a strong 20% YoY revenue growth, underpinned by a 13% YoY rise in overall volumes. The aluminum business led the performance with a sharp 73% YoY growth, followed by a 19% increase in lead revenues, whereas the plastic segment witnessed a 16% YoY decline.

We revise our FY26/FY27 EPS estimates by -7.4%/-8.8% accounting for elongation of order finalization and back ended U.S. revenue. Triveni Turbine (TRIV) reported a healthy quarter with revenue growth of 17.5% YoY while EBITDA margin improved by 277bps YoY to 22.4%. Despite muted order booking (ex. CO2 battery storage order) during the quarter, the inquiry pipeline saw a robust growth up 120% domestically and 30% in exports driven by rising demand across key sectors such as steel, cement, and oil & gas, and expanding presence in international markets including the Middle East, Europe,...

Angel One (ANGELONE) reported a total income of INR8.9b (+7% QoQ/- 20% YoY) in 1QFY26, in line with our estimate.

With a 25% upside potential from the CMP, we maintain our BUY rating on the stock.

CROMPTON's ECD segment gained market share in its core categories, despite overall industry decline. TPW fans, coolers, and agri and residential pumps reported a decline in sales, while solar pumps delivered 2x revenue growth and small domestic appliances registered double-digit growth. Lighting segment reported flat growth, despite industry slowdown, and its EBIT margin expanded by 380bps due to improved product mix and operational efficiencies. Butterfly business reported a moderate quarter, while the management has guided for double-digit growth in FY26. CROMPTON has amended its MoA to...