Highest Upside

Power Mech Projects Limited is a company that offers a wide range of services in both the power and non-power sectors. They are the biggest service provider in operations and maintenance (O&M) and have integrated their services both forward and backward.

Company Update

SAMHI IN reported a miss at operating level with EBITDA margin of 33.2% (PLe 34.7%) as revenue growth in May-25 dropped to mid-single digit due to geopolitical events. However, recovery was swift in June-25 with same-store RevPAR registering a growth of 10.3% YoY to Rs4,760 in 1QFY26. We expect top-line CAGR of 13% over the next 2 years led by addition of 245 keys with an EBITDA margin of 37.5%/38.8% in FY26E/FY27E. After the fund infusion by GIC...

KBL reported a 12% PAT miss in 4Q at Rs2.5bn, due to lower margin (down by 4bps QoQ to ~3%) and higher staff costs owing to higher actuarial provisioning on retirement benefits of Rs1.1bn.

Emami reported healthy sales growth in 4Q FY25 despite tepid urban mass demand. In FY25, the company's domestic business launched over 25 new products.

Mastek’s Q1FY26 performance highlights ongoing execution challenges in NA and AMEA, with CC revenue declining -1.1% q/q, reflecting transition issues coupled with Payer and Retail-client-specific concerns in the US.

Healthy, 13% y/y, volume growth and market-share gains in its key regions drove Sharda Cropchem’s Q1 results. Growth improved on the back of better demand scenario particularly in Europe and a near complete destocking across major regions.

4QFY25 consolidated proforma sales were 11.4% above our estimates; EBITDA/APAT was -0.4% and -5.9% below estimates

The US Court of Appeals has vacated the preliminary injunction against Sun Pharma’s launch of Leqselvi which was granted by the US District Court of New Jersey in Nov-24.

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.