Highest Upside

The strategic review and potential sale by BP Plc of its lubricant arm, Castrol Ltd, marks a major global corporate development in the otherwise quiet lubricant sector.

Akums Drugs and Pharmaceuticals (Akums)’s Q1FY26 revenue was muted due to slowdown across verticals; however, better product mix aided gross margin expansion (+170bps YoY).

We maintain BUY on Senco with an unchanged TP of Rs500 (25x Jun-27E EPS), as a 4-5% cut in estimates on higher interest expense is completely offset by rollover to Jun-26E TP.

Atul (ATLP) reported in-line revenue at INR14.78b (+12% YoY) in 1QFY26. Revenue of the Performance & Other Chemicals segment increased 14% YoY, while the Life Science Chemical segment posted 6% YoY growth.

We recently hosted Mr. J.P. Chalasani, Group CEO of Suzlon Energy (SUEL), for an expert session on the wind industry. Mr. Chalasani has reiterated his long-term commitment to SUEL, highlighting that his position as CEO carries no defined sunset clause.

Aarti Industries’ clocked revenue of Rs. 1,949 crore, marking a 6% q-o?q growth, largely driven by volume recovery across all end applications.

Ellenbarrie Industrial Gases (ELLEN), with a legacy of over five decades, is among the oldest industrial gas companies in India.

Go Fashion (India) Ltd (GOCOLORS) reported a muted start to FY26, with revenue growing modestly at 1% YoY, impacted by a 2% SSSG decline driven by weak footfalls, supply chain disruptions due to Bangladesh
import restrictions, and a 13% YoY revenue drop in the LFS channel amid partner-related challenges.

Crompton Greaves Consumer Electricals (Crompton) ECD segment modest growth of 5.7% with fans reporting a moderate volume growth in FY25 while solar pumps reported a strong quarter. Lighting segment declined by 1.8% while EBIT margin expanded (+700bps) due to better product mix. Butterfly business has reported a strong quarter driven by pricing actions, margin improvements and sequential market share gains in few categories. Company has announced its entry into the solar rooftop category. It has announced greenfield capex of Rs 3.5 bn first phase of which will be focused on the fans...

We hosted the management of HCL Technologies (HCLT) for a two-day NDR in London on 16th-17th Jul’25. Discussions focused heavily on GenAI, delivery model evolution, and margin outlook.