Highest Upside

sustain its volume growth. Further, the management expects EBITDA/kg to improve to ~4142, supported by rising contributions from Pharma and FMCG. Considering these positive developments, we have an Accumulate rating with a target price of Rs. 941, based on 33x FY27E EPS....

We attended Coforge’s Investor Day 2025 wherein the management discussions were largely centered on strategic objectives, growth vectors and execution intensity.

We maintain our BUY recommendation on the stock

Protean eGov Technologies reported a stable revenue of Rs2.5bn (up 14% y/y) in Q2 FY26, while EBITDA fell 7% y/y, due to higher operating expenses. It secured a mandate from UIDAI worth Rs13.7bn.

Sri Lotus Developers & Realty (LOTUSDEV) recorded presales of INR2.6b, up 126%/4x YoY/QoQ in 2QFY26 (7% above our estimate). In 1HFY26, its presales jumped 50% YoY to INR3.2b.

Sri Lotus Developers and Realty (LOTUS), a public limited company incorporated in February 2015 under the name AKP Holdings Private Limited, has established itself as a key player in the society redevelopment space.

Broadly in line with consensus and our estimates, Dhanuka Agritech’s Q1 revenue/EBITDA/PAT grew 7%/16%/14% y/y.

We hosted the management team of Gopal Snacks, represented by Bipin Hadvani (MD and Promoter), Naveen Gupta (Chief Business Officer), and Rigan Raithatha (Chief Financial officer), for its domestic Non-Deal Roadshow (NDR).

We maintain our BUY recommendation on the stock.

We initiate coverage of Cera Sanitaryware Ltd. with a BUY recommendation and a target price of Rs 8,500/share, implying a potential upside of 31% from the CMP.