Highest Upside

We initiate coverage on Sonata Software (SSOF) with BUY and TP of Rs780, at 30x Dec-26E earnings. In its International IT Services business, SSOF delivered ~26% revenue CAGR over FY21-24 and ~4.3% CQGR over the last 10 quarters which remain among the top quartile revenue growth performances.

Cera Sanitaryware’s H1 remained soft as revenue was flat at Rs8.9bn. EBITDA declined 11.4% y/y, while PAT inched up 1.7% y/y to Rs1.2bn.

We initiate coverage on Puravankara with BUY and SoTP-based TP of Rs430. The company is among the top-5 players in the South India real estate market with a strong brand recall

TBO Tek’s H1 FY25 revenue grew ~24.7% y/y to ~Rs8.7bn (organic growth ~17.1% y/y). The overall take rate rose from ~5.2% in H1 FY24to ~5.5%, with monthly transacting buyers growing ~6.8% y/y to 28,252.

A frontrunner in CGD is expanding into biogas & EV charging points

Balaji Amines’ revenue missed our estimates due to decline in price realization and volume. EBITDA missed our estimates due to miss in the revenue and operating deleverage.

Kewal Kiran’s H1 revenue grew 4.2% y/y, led by Kraus’ acquisition, though standalone sales fell 8.3% y/y on weak demand.

We maintain BUY on Voltamp Transformers (VAMP) with unchanged TP of Rs13,350. VAMP’s Q3FY25 revenue/EBITDA came in at Rs4.8bn/Rs990mn (+18%/+21% YoY).