Highest Upside

Kajaria Ceramics (KJC)’s consol. revenue grew 5% YoY to INR11.1b (in line). EBITDA dipped 1% YoY to INR1.7b (est. INR1.6b).

We initiate coverage of NLC India Limited (NLCIL) with a BUY recommendation and a target price of Rs 340/share, implying an upside potential of 20% from the CMP.

Margin expansion and strong fee income counter-balanced opex, which
led to ~10% sequential growth in DCB Bank’s Q4 operating profit.

Pitti Engineering Ltd (PEL) reported robust top-line and bottom-line growth on YoY basis.
Revenue increased by 32.1% YoY (+16.7% QoQ) to INR 3,828 Mn, driven by strong volume growth.

Emami reported 10% YoY sales growth in 1QFY25 (est. 8%). The domestic business grew 10% YoY, led by 9% volume growth. There was a sequential improvement in demand in the rural market.

Maintains guidance despite asset quality pressures

Soft business quarter, reiterates guidance

We initiate coverage on GMR Power & Urban Infra (GPUIL) with BUY and SOTP based Sep-25E TP of Rs180/sh, presenting ~20% upside along with numerous optionalities that prop up our bull case TP to Rs205/sh.

Gravita India Ltd (Gravita), one of the largest recycling companies in India, is wellpositioned to benefit from strong industry tailwinds and healthy traction within the sector.