Downgrades

We recommend a BUY rating on the stock with a target price of Rs 1,925/share, implying an upside of 10% from the CMP

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.

Vinati Organics is expanding its ATBS capacity to 60,000 MT by Q1FY26, driven by strong demand and a favorable outlook for the US oil & gas sector.

Clarifying the news, Carborundum Universal’s management confirmed that VAW’s sanctions are minimal and to the tune of 2% of overall profitability.

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.

The global rice trade has experienced a sharp uptick, driven by rising consumption, policy shifts, and record production. With global rice consumption projected to reach 530mMT in FY25, up from 522mMT in FY24, demand remains robust across key markets.