Highest Upside

JYL’s Q1FY26 performance was subdued with revenue/ volume growth of 1.4%/ 3.6% YoY impacted by heightened competitive intensity across segments.

Ajax reported a surprisingly good volume growth with 1,116 SLCMs (+51% YoY) in Q2FY26. Although the growth is on a low base due to elections impacting the base quarter volumes, we believe it to be healthy given the extended monsoon which tends to have bearing on overall construction activity and consequently impacts construction equipment sales.

Ajax reported a muted set of numbers in Q1FY26 with revenue and volume flat YoY. Sale of slipform pavers (~5% of revenue) in base quarter aided EBITDA margin of 17.1% in Q1FY26 (vs. 15.6% in FY25).

Suraj’s Q1 bookings were soft, though collections increased. With unsold stocks of ~15,000 sq.ft. (~1x quarterly pre-sales), management has a pressing need to come up with significant launches in coming quarters, especially the expected impact launch of a commercial project in Mahim (of Rs12bn GDV) by Q2/Q3 FY26.

Suzlon is well-placed to capitalise on India’s growing wind cycle, supported by substantial scale leverage at its Puducherry plant (~30% utilisation with the ability to ramp from 3 to 8 nacelles/day) with minimal capex, while the addition of three AI-enabled blade facilities would enhance logistics and execution.

In 1QFY26, Page Industries (PAGE) reported weaker revenue growth of 3% YoY, with volume growth of 2% (est. 9%; 8.5% in 4QFY25) to 58.6m units.

Despite a 12.2% beat on ARe estimates, Unimech reported flattish revenue due to tariff-related headwinds, which are likely to soften FY26 growth given muted near-term ordering.

Trent reported revenue growth of 40% YoY, aided by footprint expansion (29%/40% YoY store/area additions) and double-digit LFL (SPSF up 4% YoY).

Sunteck Reality (SRIN) reported strong pre-sales (31% YoY) and steady collections (up 3% YoY) in Q1. 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 presales to grow to +20% CAGR over FY25-27E, aided by ongoing projects and strong new launches pipeline including the Dubai JV project. 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. Our FY26E and...

Fundraise to ease balance sheet pressure & fuel growth