Highest Upside

We recommend a BUY on Kalpataru Projects International Ltd. with a Target Price of Rs 1,470/share, offering an upside potential of 18% from CMP.

Suspension of Indus Water Treaty to accelerate NHPC projects

Black & White

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

HGIEL posted 14%/1% YoY revenue/EBITDA growth in Q1FY26 to Rs17.1/2.5bn, respectively, while RPAT stood at Rs1.3bn.

Unlocking Value in an expanding business hospitality landscape

Quarterly Update Q1FY26

Integrated Model Driving Sustainable Growth

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.

We Initiate Coverage on T.T. Ltd with “BUY” rating and a target price of 18.75 valuing it at a PE multiple of 28.88x of FY26E EPS of Rs. 0.65.

In 4QFY25, Brigade Enterprises (BRGD) reported a pre-sales growth of 9% oY to INR24.5b (22% below our estimate), due to a 26% YoY decline in volumes to 2.0msf (50% below our estimate).

Quarterly Update Q4FY25

Five Star Business Finance (FIVESTAR) had calibrated its AUM growth in light of the macroeconomic environment, the overleveraging of certain customers with unsecured loans, and regulatory expectations.

Quarterly Update Q4FY25

Sabarmati. IMAGICAA reported strong operating performance with EBITDA margin of 42.9% (PLe 36.7%) aided by a one-off grant income of Rs62mn pertaining to hotel Novotel, Imagicaa. While footfalls were down by ~4% on LFL basis, we expect recovery in FY26E backed by 1) addition of 10 new rides at Wet & Joy water park in Lonavala 2) launch of 2 new shows at Sai Teertha...

Strong Financial Growth Backed by Order Book and Industry Upside