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We recently engaged with the Unimech management for insights into the present business environment and outlook. The company expects 35%+ growth in its aero-tooling segment over the next few years, driven by SKU approvals and client additions.

Five Star Business Finance’s (FIVESTAR) 1QFY26 PAT grew 6% YoY to INR2.7b (in line). 1QFY26 NII grew ~20% YoY to INR5.8b (in line), while PPoP rose ~14% YoY to INR4b (in line).

Targeting India's Growing Middle-Class Housing Needs

We maintain our BUY recommendation on the stock.

We increase our PAT estimates after accounting for minority interest by 20.6%/12.7% for FY26E/FY27E as we re-align our debt & interest forecast post fund infusion by GIC into a newly created JV platform for upscale hotel assets. SAMHI reported an in-line operating performance with EBITDA margin of 38.1% (PLe 36.9%) while PAT was impacted by an exceptional charge of Rs194mn; offset by a tax write back of Rs233mn. We expect top-line CAGR of 12.9% over the next 2 years led by addition of 245 keys with an EBITDA margin of...

Topline down 7.3% YoY: Topline decreased by 7.3% YoY to Rs1,026mn (PLe Rs1,052mn). The revenue decline was driven by shift in content licensing (AI dataset) revenues from 1QFY26 to 2QFY26E, resulting in lower billings. GM at 67.1%: Gross profit decreased 14.2% YoY to Rs689mn (PLe Rs749mn) with a GM of 67.1% (PLe 71.2%) as against 72.5% in 1QFY25. Lower syndication revenue...

SCHAND reported an in-line operating performance with EBITDA margin of 43.1% (PLe 42.2%) while there was a narrow miss at bottom-line level due to higher-than-expected tax rate of 26.7% (PLe 21.9%) amid non-recognition of DTAs in subsidiaries. Management expects revenues to surpass Rs8,000mn with EBITDA margin of ~18-20% in FY26E led by 1) 5-7% increase in volumes as NCERT is expected to announce new syllabus books for grades 4,5,7&8, 2) multiple content syndication deals and 3) single digit price hike across product...

Cohance Lifesciences’ (Cohance) Q4FY25 pro forma financial performance was below our expectation. Momentum across its pharma CDMO (+31% YoY) was strong, while specialty chemical CDMO business growth (+75%) is beginning to recover.

In line with our estimates, J Kumar’s Rs14.8bn/1.03bn Q1 revenue/PAT with ~15/19% y/y growth displays strong execution and improved margins.

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...