Highest Upside

With a 34% upside from the CMP, we maintain our long-term BUY rating on the stock.

Transformation Begins

We maintain our BUY recommendation on the stock.

Cyient DLM’s (CYIENTDL) 3QFY25 consolidated revenue/EBITDA grew by ~38%/23% YoY. However, EBITDA missed our estimates as margins declined 90bp YoY due to a high mix of low-margin business (BEL order execution)

REC reported a satisfactory quarter in terms of margins, credit cost, and asset quality, while growth in Q3 was a tad below expectations on account of higher repayment and resolution of NPAs; however, disbursement remained strong.

We met with the management of Praj Industries at a conference, where they provided insights into the progress of Praj's GenX facility and the growth prospects across its business verticals. The orders for the GenX facility are anticipated from Q1FY26 while the facility is expected to contribute peak revenue of ~Rs10-25bn per annum. Challenges persist in the CBG sector due to concerns over operational and economic viability. However, Praj remains confident in its prospects, supported by its multi-feedstock technology. The potential imposition of reciprocal tariffs by the U.S. is not expected to have a...

Initiating Coverage Report

CY24 was a transformative year for Varun Beverages Limited (VBL), marked by strong growth, global expansion, and unwavering sustainability commitments.