Highest Upside

Suzlon ended FY25 on a high with a strong set of result; in Q4FY25, it reported revenue of INR 38bn (+73% YoY), EBITDA of INR 7bn (+94% YoY) and adjusted profit of INR 5.8bn (~2x YoY) - adjusted for deferred tax of INR 6bn. The strong performance was led by execution of 573MW of wind turbines (2.1x YoY).

GO’s Q4 EBITDA was 7-10% better than estimates, largely led by higher growth in the LFS channel and better gross-margin on higher credit note. Revenue grew ~13%, led by 24% growth in LFS while EBO grew 11% (SSG: 2.1%). EBO SSG was driven by gain in realizations (flat volume).

Chemplast Sanmar (CSL) has been enduring challenges over the past two years due to a weak cycle in PVC business; finally, early signs of consolidation have surfaced, and policy action should aid business recovery.

2QCY25 was a muted quarter for Varun Beverages (VBL) as its revenue declined 2% YoY due to the early onset of monsoon in the peak summer months of India.

,Research Reports dated Nov 21, 2024 (RC- 882) and Research Report dated June 02,2025 (RC953) LIC has proposed a dividend of Rs 12/- for FY25. Keeping in mind the dominant position in the life insurance industry and attractive...

Research report date Feb 21, 2024(RC-1041) and Research Reports dated Nov 21, 2024 (RC- 882) In 2024, it touched an all-time high of Rs 1,222 on Aug 01, 2024. LIC has proposed a dividend of Rs 12/- for FY25. Keeping in mind the dominant position in the life insurance industry and...

Trent’s Q1FY26 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to low-single digits versus mid-single digits in Q4FY25.

Bangladesh. Total other expenditure stood at Rs16.9bn against Rs16bn in Q4FY25 and Rs14.5bn in Q1FY25. Due to the higher other expenditure, EBITDA declined 19% QoQ to Rs16.1bn (Ple Rs24.4bn, BBGe Rs22.8bn) despite only 9%...

Honasa started FY26 on steady footing – revenue/ UVG up 7.4%/ 10.5% YoY driven by 20%+ growth in focus categories across brands. Revenue growth was partially impacted by early onset of monsoon (200bps impact on revenue).

We hosted Honasa Day, which featured presentations from Varun Alagh (Co-founder & CEO), Ghazal Alagh (Cofounder & CIO) and team. Given the management conviction, the evolution in the business strategy and the strength in execution, we reiterate our high conviction positive stance on Honasa.