Highest Upside

LODHA’s presales are expected to clock a 20% CAGR, led by healthy collections and a comfortable debt level of 0.2x as of 4QFY25 end.

We cut our FY27E EPS estimates by 4% as we account for dilution impact resulting from issuance of ~169.5mn fully convertible warrants at a price of Rs132 on a preferential basis to entities forming part of the promoter group. Out of the total preferential proceeds of ~Rs22.4bn, Z IN plans to deploy ~Rs10bn towards building new businesses, ~Rs7.1bn towards inorganic expansion while the balance will be utilized for general & corporate purposes. Post warrant conversion, promoter stake will increase to 18.3% lending better execution comfort on achieving 1) TV viewership share of ~17.5%, 2) adrevenue growth of ~8-10% and 3) EBITDA margin of ~18-20% in FY26E. We...

We maintain BUY on Voltamp Transformers (VAMP) while cutting our TP by ~15% to Rs11,350 (upside: 39%) from Rs13,350 earlier. VAMP’s Q4FY25 results were ahead of estimates due to higher than estimated volume and realization.

Targeting India's Growing Middle-Class Housing Needs

Go Fashion (GOCOLORS), operating under the brand 'Go Colors', is a pioneer and category leader in the women’s bottom wear market, holding an 8% share of the organized market.

Weak prolonged winter season impacted Orient Electric’s water heater and fan sales, while lighting outperformed led by strong B2B demand. Fan demand recovered over the past 7–8 days, and management remains optimistic about Q1 performance, supported by severe summer forecast across India.

Top line decreased 14.3% YoY: Revenue decreased by 14.3% YoY to Rs18,248mn (PLe Rs19,733mn). Domestic ad-revenue declined 19.2% YoY to Rs7,025mn, primarily due to extended sports calendar and slowdown in spending by FMCG companies. However, total subscription revenues remained flat at Rs9,817mn (PLe Rs10,268mn). Meanwhile, other sales and services revenue declined sharply by...

Go Fashion’s Q4 revenue was in line with ARe at 12.7% while EBITDA margin came in ~50bps higher at 30.5%. In FY25, it added 62 net (104 gross) EBOs.

Despite Q1 usually being sluggish for it, Bansal Wires posted record quarterly volumes (~0.104m tonnes), driven by integrating operations, a customercentric approach, presence across various end-user sectors, and innovation.

Incorporated in 1985, Bansal Wire is the second largest manufacturer of steel wire in India and the largest stainless steel wire manufacturer.