Highest Upside

We maintain our BUY recommendation on the stock.

We initiate coverage of Greenply Industries Ltd (GREENPLY) with a BUY recommendation and TP of 385/share, implying an upside potential of 26% from the CMP.

Component strategy execution to be key factor ahead manufacturing services (EMS) company of India offering comprehensive EMS solutions with specialized focus across product verticals including mobile, television, washing machine, refrigerators, laptop, lighting, telecom, wearables and hearables, AC printed circuit boards (PCBs), etc. Q2FY26 performance: Dixon reported revenue of 14,855 crore (up by (29% YoY/15% QoQ). Mobile and EMS division continued its healthy growth with revenue of 13,361 crore (up by 41% YoY/15% QoQ). Company is in-line to achieve 40-42...

Dixon’s strong mobiles-led growth continues, with 42–45m/60–62m volumes targets for FY26/FY27. The Longcheer relationship transitioning into a JV provides visibility on sustained volumes post-PLI, while a joint
design facility under planning marks Dixon’s strategic pivot toward the ODM model.

TCI Express (TCIE)’s Q2FY26 EBITDA of INR 33.5mn was broadly in line with consensus estimates. Volumes were largely stable at 248kte (250kte in Q2FY25). EBITDA margin improved QoQ to 10.9% (vs. 9.8% in Q1FY26 and 11.8% in Q2FY25), mainly on account of 25bps price hike and cost stabilisation and optimisation.

TCI Express’ (TCIE) Q1FY26 EBITDA was slightly below consensus estimates. Volume fell 0.9% YoY to 233kte
(235kte in Q1FY25) on subdued demand. EBITDA margin improved QoQ to 9.8% (vs. 8.5% in Q4FY25 and 11.2% in Q1FY25), mainly on account of 75bps price hike and stable variable costs in Q1.

Growth set to pick-up led by strong industry tailwinds About the stock: Premier Explosives (PEL) specializes in producing high-energy materials, including bulk and packaged explosives and initiating systems for mining, infrastructure & construction. Company also manufactures missile and rocket propellants, strap-on motors for satellite launches, and various defence...

About the stock: Premier Explosives (PEL) specializes in producing high-energy materials, including bulk and packaged explosives and initiating systems for mining, infrastructure & construction. Company also manufactures missile and rocket propellants, strap-on motors for satellite launches, and various defence products like chaff, infrared flares, explosive bolts, and tear gas grenades. Defence contributes ~86% of revenue. OB at Rs 989 crore as of Q1FY26 Strong product portfolio with well-built manufacturing capabilities: PEL is one of the lead manufactures in the Indian explosives and defence...

Quarterly Update Q2FY26

KNR Constructions reported a sharp slowdown in execution, with consolidated revenue declining 38% YoY to Rs6bn and standalone revenue falling 45% YoY to Rs5bn, as most legacy projects neared completion and newly awarded contracts were still ramping up. Consolidated EBITDA stood at Rs2bn, translating to a strong margin of 29.9% due to segment mix effects, while standalone EBITDA fell 66% YoY to Rs0.6bn, with margins compressing to 13.6%. Consolidated PAT came in at Rs1bn (PAT margin 20.1%), down 26% YoY, while standalone PAT declined 62% YoY to Rs0.5bn (margin 10.6%). The divergence between...