New Research Reports

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Happy Forgings (HFL) is a leading manufacturer of complex, heavy-forged and precision-machined components. HFL’s focus on enhancing its capabilities has helped expand the company’s product portfolio and customer base across diverse segments (CV, PV, farm, OHV, industrials) and geographies.

We attended JLR’s Annual Investor Day meet to understand its outlook and growth strategy. JLR gave guidance for £28bn revenue with 5-7% EBIT margin in FY26 (vs earlier guidance of 10%; FY25: 8.5%); it maintained its interim/long-term guidance of 10%/15%, led by sustained focus on premiumization (growing share of higher-priced models), pricing discipline, and structural cost reduction.

CCRI holds a dominant position with a ~58% market share at JNPT and a 56% pan-India share as of Mar’25, complemented by a significant presence at Mundra (37.7%) and Pipavav (48.4%) ports.

Arisinfra Solutions Ltd. is a B2B tech-enabled company streamlining the procurement of construction materials through a digital-first approach. By combining technology with human expertise, the company offers an end-toend solution for sourcing bulk materials like aggregates, RMC, steel, cement, and more. Between Apr'21 to Dec'24, the company have delivered 14.1 million metric tonnes (MMT) of materials via 1,729 vendors to 2,659 customers across...

Retail Research

Retail Research

HZL’s Board has approved a growth capex of ~INR120b (funded through internal accruals and debt) to expand the zinc smelting capacity by 250ktpa at Debari, along with a mines capacity expansion of 330ktpa (Rajpura Dariba - 2.5ktpa and Zawar - 0.8ktpa).

We had upgraded BSE to BUY from Neutral in our thematic report titled “Indian Capital Market: A golden era!” published in Dec’24. We followed up in Jan’25 with BSE as one of our top ideas for 2025.

We interacted with the management of Voltas (VOLT) to gain insights into the current demand trends, the company’s strategy amid challenging conditions, and segmental performance.