Sharekhan Broker Research reports

Amber is capitalising on strong growth in the AC industry backed by a strong summer and soaring temperature. AC penetration is expected to improve significantly, and volumes are likely to clock a 30% CAGR going forward.

We retain a Buy on Radico Khaitan (RKL) with a revised PT of Rs. 2,489. Stock trades at 53x and 42x its FY2026E and FY2027E earnings, respectively.

We maintain a Buy rating on Bajaj Finserv, with a revised SOTP-based PT of Rs. 2,350 factoring the upside in valuations of its key subsidiaries.

We reiterate a Buy rating with a revised SOTP of Rs. 9,940 (valuing stock at 4.9x/ 4.0x of FY26/FY27 BV estimates on standalone basis plus considering Bajaj Housing Finance’s valuation). Stock trades at 4.1x/3.4x/2.8x FY2025E/FY2026E/FY2027E BV (standalone) estimates.

We maintain BUY with a revised PT of Rs. 1,820 (valued at 47x its Sep26E EPS). At CMP, the stock trades at
58.4/45.1/36.4x its FY25/26/27E EPS.

We maintain Buy with revised PT of Rs. 7,500 (valued at 32x its Sep26E EPS). At CMP, the stock trades at
35.9/29.9/25x its FY25/26/27E EPS.

We retain Buy on TCI Limited with a revised PT of Rs. 1400, increasing our valuation multiples for its
strong performing SCM, Seaways and Transystem JV businesses.

We maintain buy on Cholamandalam with a revised PT of Rs. 1,850 (valuing at 5.0x/4.0x of FY26E/
FY27E BV estimates). We believe strong growth outlook and superior profitability would support
premium valuation.

Lumax Auto Technologies (LATL) has decided to acquire a 60% stake in Greenfuel Energy Solutions Private
Limited (Greenfuel) for Rs 132.6 crore.

We visited Va Tech Wabag’s waste water treatment and desalination plants in Chennai and also
had an interaction with the management. Company has maintained its guidance of 15% revenue
growth and margins of 13-15% for the next 3-5 years.