Highest Upside

Prince Pipes and Fittings (PRINCPIP) reported a steady quarter amid the ongoing challenges of volatile pricing and the extended monsoon, affecting demand.

Large Addressable Market with Strong Growth Potential: The Indian home services market, valued at USD 59 billion, is expected to reach USD 97 billion by FY30, implying a 10–11% CAGR.

Special Situation Report

Awfis Space Solutions (Awfis) delivered another strong quarter with Q1FY26 revenue growing 30% YoY, while IGAAP EBITDA of INR 480mn grew 60% YoY and mature centre occupancy (>12 months) stood at 84%.

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.

Godrej Agrovet (GOAGRO) has exhibited a pronounced and sustained recovery across its metrics over the last 12–18 months, as cost and margin gains prevailed over soft volume growth.

Despite a challenging macroeconomic environment, the company’s domestic crop protection segment delivered a strong performance in FY25, led by robust growth in the in-house portfolio, particularly the Hitweed herbicides.

In 1QFY26, Lodha Developers (LODHA)’s presales were up 10% YoY to INR44.5b (12% below our estimate). Collections rose 7% YoY to INR28.8b (34% below our estimates), and OCF improved 44% YoY to INR9.5b.

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 maintain our BUY recommendation on the stock.