Highest Upside

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.

We met with the management of Praj Industries at a conference, where they provided insights into the progress of Praj's GenX facility and the growth prospects across its business verticals. The orders for the GenX facility are anticipated from Q1FY26 while the facility is expected to contribute peak revenue of ~Rs10-25bn per annum. Challenges persist in the CBG sector due to concerns over operational and economic viability. However, Praj remains confident in its prospects, supported by its multi-feedstock technology. The potential imposition of reciprocal tariffs by the U.S. is not expected to have a...

Richly valued, despite a favorable outlook

Navigating the evolution of EMS in India

We initiate coverage on Sonata Software (SSOF) with BUY and TP of Rs780, at 30x Dec-26E earnings. In its International IT Services business, SSOF delivered ~26% revenue CAGR over FY21-24 and ~4.3% CQGR over the last 10 quarters which remain among the top quartile revenue growth performances.

Traction in overall performance; expect re-rating

We upgrade Route Mobile to BUY from Add, given favorable risk reward following the 21%/26% correction over 3M/6M and healthy OCF yield (7% annualized for FY25).