Highest Upside

Proxy play on the global wind energy sector with significant operating leverage

Fintech foray spearheading the turnaround

A strong set; timing of launches a key monitorable

We attended Siemens Innovation Day, where the company highlighted its key products and solutions that it has established for its customers.

Q2FY25 revenues totaling Rs. 1,201 crore, demonstrating a significant y-o-y growth rate of 20%.EBITDA stood at Rs. 236 crore, marking a remarkable y-o-y increase of 31%.

The festive and the ongoing wedding season has improved the demand environment for retailers such as Raymond Lifestyle (RLL), with expectations of double-digit growth (~12-14%) in secondary sales, which should result in improved collections in 3QFY25

Raymond Lifestyle’s (RLL) 2Q revenue/EBITDA declined by 5%/17% YoY due to subdued discretionary demand. Higher depreciation and interest costs led to a 27% YoY decline in adjusted PAT.

Nurturing Growth with a Shield of Margin Safety

Siemens (SIEM) in its FY24 annual report emphasized its strategy to capitalize on the opportunity potential that exists in India from diverse sectors and industries, spurred by favorable government policies, a relatively sanguine macroeconomic situation, and the ongoing global energy transition while also acknowledging the transient hiccups in select segments.

With a 34% upside from the CMP, we maintain our long-term BUY rating on the stock.

We initiate coverage on Sonata Software (SSOF) with BUY and TP of Rs780, at 30x Dec-26E earnings. In its International IT Services business, SSOF delivered ~26% revenue CAGR over FY21-24 and ~4.3% CQGR over the last 10 quarters which remain among the top quartile revenue growth performances.

Update note

NCR Realty bull market and favorable data center demand dynamics augur well

Bridging the Gap: Quality Diagnostics at Fair Prices

Revamped Strategy to Drive Growth

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.