Highest Upside

With a 35% upside potential from the CMP, we maintain our BUY rating on the stock.

Shoppers Stop (SHOP) reported in-line results, with a slight pick-up in revenue growth (+9% YoY) on 4% LFL growth (-4% YoY in 2Q). EBITDA rose 11% YoY, driven by higher gross margins on lower write-offs and improved intake margins in private brands.

SBI is expected to sustain its steady performance in terms of growth and profitability in the near to medium term. Asset quality is holding up well and the portfolio is still not showing worrying signs, including unsecured retail loans despite the slowdown in growth.

driven by uncertainties relating to earnings quality and future leadership. Woes This discrepancy spanned across a 5-7yr period till 31st Mar'24, however, due to an RBI directive, there are no irregularities w.e.f. 1st Apr'24. While an external review is underway to ascertain the exact impact, internal review suggests a...

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).

Gained market share in pipe segment in a difficult environment by offering heavy discounts to its dealers

Dixon’s Q3 revenue grew 117% YoY to Rs104.5bn (down 9% QoQ, on seasonality), with margin stable QoQ at 3.7%; growth continued to be led by the Mobile & EMS segment (84% of 9M sales), with segment margin up by ~20bps QoQ. Backed by its strong order book, Dixon expects near double smartphone volume at ~60mn units in FY27E vs ~30mn in FY25E which would thus address ~60-65% of the outsourced opportunity

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