Highest Upside

Restaurant Brands Asia (RBA) posted a 12% YoY India revenue growth (inline), led by a 13% YoY increase in store additions. The same-store sales rose 5%, led by dine-in traffic growth and value offerings.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

Praj Industries Ltd. is a leading biotechnology and engineering firm offering sustainable solutions in bioenergy, water & wastewater treatment, brewery technologies, and high-purity systems for the pharma and biotech sectors. With a global presence in over 100 countries, and four manufacturing...

Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field.

Strong position in infrastructure growth

Special Situation Report

ADC is an evolving second line of treatment in oncology. The company expects market size to grow to US$ 50bn by FY33 from US$ 5bn in FY22

Updater Services (UDS) reported a revenue growth of 12% YoY/2% QoQ to INR7.1b, in line with our estimate of ~INR7.1b. Core EBITDA margin came in at 5.0%, down 140bp YoY (vs. est. 6.4%). Consolidated adj. PAT stood at INR342m (up 9% QoQ), above our estimates of INR280m.

Suven’s rapid ascendance in the CDMO space has been remarkable. It has journeyed from being a small molecule-focused CDMO to achieving eminence as one of the few CDMOs in India that offers contract manufacturing of oligonucleotides and ADCs.