New Research Reports

Siemens Energy India Limited will get listed on 19th Jun’25. This business was demerged from Siemens Ltd in April’25 and focuses on Transmission and Distribution (T&D) as well as small-sized turbines.

Despite robust growth over the past few years (6.5x revenue growth over FY19-25), management indicated that Trent’s share in India’s fashion and lifestyle retail industry remains in low-single digits.

The key highlights of ACEM’s FY25 annual report, the company’s consolidated cement capacity has risen to 100.3mtpa currently from 76.9mtpa in FY24-end, primarily led by inorganic growth.

The company has shown steady growth in its core segments and is actively expanding its capacity and capabilities across areas like recycling, tubular batteries, and New Energy. However, it is currently navigating short-term margin pressures due to rising material and power costs. Timely commissioning of new energy projects and aggressive Chinese cell pricing to be considered as watchlist risks. We believe investment in key projects and...

For FY26, capex is guided at Rs. 400425cr, with Rs. 250300cr for new projects and the rest for renovation, maintenance, and IT. Capex intensity is expected to *over or under performance to benchmark index...

Voltas delivered steady performance in Q4FY25, driven by impressive growth in the UCP segment and healthy margins. Voltas' Chennai RAC manufacturing facility's ramp-up is on track, enhancing supply chain efficiency in southern and western regions. The company's strategic plans, including new product launches and distribution network expansions, are poised to further bolster its market share. Operational efficiencies and optimised manufacturing capabilities would also contribute to the success. Currently, the stock trades at 42X 1-year blended forward PE valuations. However, a short summer and early onset of monsoon could impact...

In a recent media interaction, Shree Cement’s management stated that cement demand was slightly subdued in May due to a heatwave and geopolitical uncertainty (IndiaPakistan tensions) in the North.

Indian defence forces are set to make emergency purchases worth Rs 40,000 crore to enhance combat readiness. The initiative focuses on acquiring key systems being prioritised under emergency powers, including surveillance drones, kamikaze drones, missiles, and various types of ammunition.

We attended Voltas’s analyst meet to gain deeper insight into its growth roadmap/demand environment. The management indicated a ~20– 25% decline in RAC secondary sales across players in Apr-May ’25, with a similar impact expected on primary sales, till inventory levels normalize.

Retail Research