Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available .
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We met with Havells’ (HAVL) management to gain insights into industry trends and the outlook for key business segments. The management remains optimistic about growth prospects across core categories, supported by margin improvement initiatives.
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.
HDFC AMC is India's third-largest mutual fund house with QAAUM of INR7.9t. It holds an overall market share of 11.5% and a 12.8% share in actively managed equity QAAUM, underpinned by strong brand reputation, consistent fund performance, and an extensive distribution network.
Brigade Enterprises (BRGD) posted a 36% CAGR in presales over FY20-24 and is expected to deliver more than 24% growth during FY25-27, guided by its strong launch pipeline and scale-up in Hyderabad and Chennai.
We met with Hyundai's (HMI) management to understand the current industry landscape and the company’s strategic direction. The overall demand environment remains muted, with the PV segment expected to grow modestly at 1-4% in FY26E.
In the last five-and-a-half months, GAIL’s share price has corrected ~30% with the stock now trading at 9.2x FY27E P/E. We maintain our positive outlook on GAIL.
Paytm has successfully navigated through the regulatory challenges while retaining most of its merchant base. The company’s merchant base grew 9% YoY to 43m in 3QFY25, while the number of merchants with devices rose 10% YoY to 11.7m.
Pidilite Industries (PIDI) hosted an analyst day to highlight its business moats and growth across categories. Company is market leader in adhesives and sealants with ~70% share in Fevicol and M-Seal and has structured its portfolio into Core, Growth, and Pioneer segments to drive strategic expansion.