The interesting thing about Prince Pipes today is that the company has already done much of the heavy lifting. It has expanded capacity, strengthened its distribution network, entered new geographies and added products such as bathware and water tanks. The problem was that utilisation remained low and returns suffered.

Now the focus is shifting from building capacity to filling it.

Management is targeting 12–15% volume growth in FY27, which could take utilisation from the current ~52–53% to around 60%. At the same time, it expects an 11–13% operating margin, supported by better product mix, pricing and operating leverage.
That combination makes Prince an interesting earnings-recovery story.

A broadening product portfolio

Prince Pipes is no longer just a conventional PVC pipe manufacturer. The company has 7,200+ SKUs across PVC, CPVC, uPVC, PPR and HDPE, along with fittings, drainage systems, water tanks and bathware.

The strategic focus is increasingly on moving towards higher-value products. CPVC, PPR and PP are seeing greater emphasis, while newer products such as DECILO, a low-noise polypropylene drainage system, are aimed at premium residential and commercial projects. DECILO has already started getting installed across India.

The opportunity is straightforward: increase the contribution of products that earn better margins rather than relying only on volume growth.

Q1 FY27: Volumes weak, but profitability improved sharply

Q1 FY27 was a mixed quarter on the surface. Volumes declined 7% YoY to 40,729 MT, but revenue still grew 5% to ₹609 crore.

More importantly, EBITDA jumped 93% to ₹77 crore, with margin expanding to 13%, while PAT rose 580% to ₹34 crore.

The improvement was largely driven by mix. Plumbing and drainage performed better than agriculture, while higher-margin products such as CPVC, PPR and PP gained share. Better realisations also helped operating leverage.

The key question now is whether this improvement can continue while volumes recover.

The volume recovery is the key trigger

The 7% Q1 volume decline was largely concentrated in April, when PVC prices corrected sharply and distributors destocked. Management said May, June and July showed a recovery and has retained its 12–15% full-year volume-growth guidance.

The recent Minimum Import Price on PVC is also helping by creating greater price certainty for distributors. Management believes the reduction in price uncertainty should encourage normal inventory stocking.

If the volume recovery materialises, Prince could benefit from one of the most important levers in the story — operating leverage.

Utilisation could change the earnings profile

Prince currently operates at only around 52–53% production utilisation. Management believes 12–15% volume growth can take this towards 60% in FY27.

This is important because a large part of the company’s capacity expansion is already behind it. As volumes improve, fixed costs can be absorbed over a larger base. At the same time, the newer manufacturing facilities in Telangana and Bihar can reduce freight costs through a more decentralised footprint.

Management believes 60–65% utilisation is the level at which the business can achieve a sustainable 15–20% ROCE.

This makes utilisation and ROCE two of our most important monitorables.

Market-share opportunity

The Indian piping industry remains fragmented, and recent raw-material volatility has put pressure on smaller players. Larger organised companies have an advantage in supply security, distribution and brand strength.

Prince believes consolidation is creating market share up for grabs, both from smaller regional players and from competitors facing operational difficulties.

Its strategy is therefore not dependent only on industry growth. The company is aggressively filling distribution white spaces and has also digitised its value chain through DMS and SFA, allowing better tracking of secondary sales and more targeted retailer schemes.

This could gradually move the business from a traditional push model to a pull-based demand model.

Eastern India and new adjacencies

The Begusarai plant gives Prince a stronger foothold in Bihar and the broader Eastern market, where management sees significant room for growth. The company has historically been stronger in the North and West, making Eastern India an important geographic opportunity.

Beyond pipes, water tanks and bathware offer additional cross-selling opportunities.

Water tanks have already reached around ₹48 crore of quarterly revenue, while bathware remains a turnaround opportunity. Bathware generated ₹13 crore revenue in Q1 but reported a ₹5 crore EBITDA loss. Management expects the segment to reach around ₹25 crore quarterly revenue by Q3 FY27, bringing it close to breakeven.
A successful bathware turnaround would remove a drag on consolidated profitability while increasing the wallet share from Prince’s existing distribution network.

Working capital: another potential lever

Working capital remains an area to watch. Q1 inventory stood at around 100 days, although management expects this to normalise towards its stated 65–75 day range by September. Receivable days were already down to 40 days.

Management’s longer-term target is to bring debtor days towards 30 days, supported by channel financing and a stronger pull-based distribution model.

If achieved, lower working capital intensity could further improve ROCE and cash generation.

Our View

We see Prince Pipes as a recovery plus market-share gain story.

The company has already built the capacity. The next phase is about improving utilisation, increasing the share of higher-margin products, gaining market share and tightening working capital.

The bull case does not require everything to work perfectly. Even a combination of 12–15% volume growth, ~60% utilisation, 11–13% margins and gradual working-capital improvement could result in meaningful earnings growth from the current base.

The key, however, is execution. We would watch volume growth, utilisation, value-added mix, margins and ROCE closely over the next few quarters.

Prince Pipes has moved from an investment phase towards a potential harvesting phase.

The plants are built. The distribution network is expanding. The product portfolio is becoming more premium. Industry consolidation is creating market-share opportunities. Stock currently trades at 20x on FY28 earnings which appears pretty reasonable to us.

Now the question is simple:

Can Prince convert all this capacity and investment into higher utilisation, stronger cash flows and 15–20% ROCE?

If the answer is yes, the earnings trajectory could look very different over the next 2–3 years.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204 or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

The Q1 FY27 earnings season has given investors something more valuable than just quarterly numbers: fresh management guidance on growth, margins, capex, AUM and long-term ambitions.

Across sectors, several companies have maintained or upgraded their growth outlook, while a few are targeting significant scale-up over the next 2–4 years. Below is a consolidated tracker of the latest management commentary from companies covered after Q1 FY27.

🚀 High-Growth Guidance: 30%+ Growth

MTAR Technologies — FY27 revenue growth guidance of ~80%.

Dachepalli Publishers — FY27 revenue target of ₹130–150 Cr, implying 60–70% growth.

TANFAC Industries — FY27 revenue growth of ~30%, with FY28 growth expected at 60%+.

Manba Finance — FY27 AUM growth guidance of 35–40%.

Senores Pharmaceuticals — FY27 revenue growth of 30–40% and PAT growth of 50–60%. Management also sees revenue reaching ₹2,500–3,000 Cr over the next 3–4 years, versus FY26 revenue of ₹633 Cr.

Ganesh Housing — FY27 revenue target of ₹1,000–1,200 Cr and PAT target of ₹300–325 Cr.

Sri Lotus Developers & Realty — Revenue and PAT growth guidance of 55–60%.

SG Mart — Targeting 50% CAGR over three years, with FY27 EBITDA target of around ₹300 Cr.

Shakti Pumps — FY29 revenue target of ₹5,000 Cr, implying roughly 50% CAGR.

HFCL — FY27 revenue growth guidance of around 40%, with optical demand expected to remain strong for 5+ years.

Shadowfax Technologies — FY27 revenue growth guidance of 38–40%.

Hindustan Foods — FY27 PAT target of ₹200–220 Cr, versus ₹149 Cr in FY26.

Emmvee Photovoltaic Power — FY27 EBITDA target of around ₹2,400 Cr, versus ₹1,734 Cr in FY26.

Bansal Wire Industries — FY27 volume growth guidance of around 20%, with further operating leverage expected as capacities ramp up.

BlueStone Jewellery & Lifestyle — Revenue target of ₹12,000 Cr within four years.

📈 Strong 20–30% Growth Guidance

Steelcast — FY27 revenue growth expected at around 25%.

MAS Financial Services — AUM growth guidance of 20–25%.

Cemindia Projects — FY27 revenue growth target of 25%.

eMudhra — Organic revenue growth target of 18%, with PAT growth target of 25%.

PSP Projects — FY27 revenue target of ₹4,000–4,500 Cr, with revenue growth expected to remain above 25%.

SMC Global Securities — Long-term revenue CAGR target of around 20%.

V-Mart Retail — FY27 store addition guidance of 90+ stores.

Share India Securities — FY27 revenue growth guidance of around 20%.

Neogen Chemicals — Legacy business revenue guidance upgraded to ₹950–1,050 Cr.

Home First Finance — FY27 AUM growth expected at around 25%.

Tata Capital — FY27 AUM growth guidance of 23–25%.

Pine Labs — FY27 revenue growth expected at 21–23%.

Happiest Minds — FY27 revenue growth guidance of 12.5%, while FY28 growth aspiration remains 15%.

ADF Foods — FY27 revenue expected to be above ₹900 Cr.

GHCL Textiles — Revenue target of ₹2,000 Cr by FY29.

IndoCo Remedies — Overall revenue CAGR target of 12–15%.

Larsen & Toubro — Revenue growth guidance of 10–12%.

SUGS Lloyd — FY27 revenue target maintained at ₹600 Cr, while FY28 revenue target remains at ₹1,000 Cr.

Atlanta Electricals — Revenue CAGR guidance maintained at 40%, with export revenue targeted at around 15%.

Sejal Glass — FY27 revenue growth guidance of 25–40%, with FY28 growth targeted at 25%+.

Sobha — FY27 presales growth guidance of 30%+.

Himadri Specialty Chemical — Management reaffirmed its ₹1,100 Cr PAT target for FY28, versus ₹755 Cr PAT in FY26.

Transformers & Rectifiers India — FY27 revenue growth guidance of 25%.

Adani Power — 45 GW capacity target remains unchanged.

KEI Industries — FY27 growth expected at 25%+, with FY30 revenue target of ₹25,000 Cr.

Welspun Specialty Solutions — FY27 growth target of 20–25%.

Aditya Vision — Revenue growth guidance of 20–25%, with 30+ new stores planned in FY27.

Aptus Value Housing Finance — FY27 AUM growth guidance of 22–24%.

Aadhar Housing Finance — AUM and PAT growth guidance of around 20%.

Ganesha Ecosphere — FY27 revenue growth of 20%+, supported by volume growth; revenue target of ₹1,700–1,800 Cr.

GRP — FY27 overall revenue growth target of 20%+.

Newgen Software — Double-digit revenue growth expected.

Heritage Foods — Revenue growth expected in the mid-to-high teens, with FY27 capex of around ₹250 Cr.

Tips Music — FY27 revenue and PAT growth guidance of 20%.

Park Medi World — FY27 revenue target of ₹2,080 Cr and PAT target of ₹360 Cr, versus FY26 revenue of ₹1,679 Cr and PAT of ₹274 Cr.

DOMS Industries — Revenue growth guidance of 18–20%.

Greaves Cotton — Revenue CAGR target of 16–20%.

INOX India — FY27 revenue growth guidance of 18–20%.

Thyrocare Technologies — Mid-to-high teen growth maintained, while specialty revenue is targeted to grow 15–20% over 3–5 years.

Capillary Technologies — Organic growth guidance of 15–20%.

Talbros Automotive Components — Revenue growth guidance of 15–20%.

YES Bank — Loan growth guidance of 15–17%, with NIM targeted to move above 3% over two years.

Dynamic Cables — Long-term growth guidance maintained at 18–20%, with solar business expected to expand steadily.

Aavas Financiers — FY27 AUM growth guidance of 17–18%.

Rossari Biotech — FY27 growth outlook maintained at around 15%.

Tata Technologies — Strong double-digit growth maintained, with growth expected to accelerate in H2 FY27.

🏗️ Longer-Term Growth & Scale-Up Targets

Tinna Rubber & Infrastructure — FY27 revenue target of ₹700 Cr and FY29 target of ₹1,000 Cr.

Arvind Fashions — Mid-double-digit revenue growth expected.

Spandana Sphoorty Financial — FY27 exit AUM target of ₹6,000+ Cr, with FY28 AUM target of approximately ₹10,000 Cr.

Can Fin Homes — FY27 AUM growth guidance of 14%.

Pricol — FY31 revenue target of ₹8,000 Cr.

Bandhan Bank — FY27 growth guidance of 14% YoY.

International Gemological Institute (IGI) — FY27 revenue growth guidance of 15%.

Oriental Aromatics — Revenue growth guidance of 10–15%.

Best Agrolife — Revenue CAGR guidance of 10–15%.

Indian Oil Corporation — FY27 capex planned at around ₹32,700 Cr.

JK Cement — FY27 volume target of 22.5–23 MT, with FY27 capex of around ₹3,500 Cr.

Regency Fincorp — FY27 revenue target of ₹75 Cr+ and PAT target of ₹25–30 Cr on a conservative basis.

💰 Financials: AUM Growth Remains the Key Metric

One of the clearest themes from Q1 FY27 commentary is that several financial companies continue to target double-digit AUM/loan growth.

• Manba Finance: 35–40% AUM growth

• MAS Financial: 20–25% AUM growth

• Home First Finance: ~25% AUM growth

• Tata Capital: 23–25% AUM growth

• Aptus Value Housing: 22–24% AUM growth

• Aadhar Housing: ~20% AUM and PAT growth

• Aavas Financiers: 17–18% AUM growth

• Can Fin Homes: ~14% AUM growth

• Spandana Sphoorty: ₹6,000+ Cr FY27 exit AUM and ~₹10,000 Cr FY28 target

• Bandhan Bank: 14% FY27 growth guidance

• YES Bank: 15–17% loan growth

The key takeaway is that growth is still available across the financial sector, but investors will need to track whether this growth is accompanied by stable asset quality, improving NIMs and controlled credit costs.

🔍 What Stands Out From the Guidance

1. Several companies are targeting very high growth

The most aggressive targets come from MTAR Technologies, Dachepalli Publishers, TANFAC, Senores Pharma, SG Mart, Shakti Pumps, HFCL, Shadowfax and Atlanta Electricals.

However, high guidance also means execution risk is much higher. The next 2–3 quarters will be important in determining whether these targets are achievable.

2. Solar, electronics and infrastructure remain major growth themes

Companies such as MTAR Technologies, Shakti Pumps, HFCL, Emmvee, Transformers & Rectifiers, KEI, Dynamic Cables and Adani Power continue to point towards strong structural demand.

The common thread is India’s ongoing capex cycle, power infrastructure expansion, renewable energy investment and localisation of manufacturing.

3. Financial companies continue to guide for healthy growth

AUM growth expectations remain largely in the mid-teens to mid-20s, with a few smaller lenders targeting substantially higher growth.

The important question is not simply “who will grow fastest?” but “who can grow without sacrificing asset quality and return ratios?”

4. Consumer and retail companies are focusing on store expansion

V-Mart and Aditya Vision are both targeting aggressive store additions, while BlueStone has set a ₹12,000 Cr revenue ambition over four years.

For these companies, the next leg of growth will depend on same-store sales, store productivity and new-store payback periods.

5. Some of the most interesting guidance is not FY27 guidance

For long-term investors, targets such as:

• KEI: ₹25,000 Cr revenue by FY30

• Pricol: ₹8,000 Cr revenue by FY31

• GHCL Textiles: ₹2,000 Cr revenue by FY29

• Tinna Rubber: ₹1,000 Cr revenue by FY29

• Shakti Pumps: ₹5,000 Cr revenue by FY29

• BlueStone: ₹12,000 Cr revenue in four years

• Senores Pharma: ₹2,500–3,000 Cr revenue in 3–4 years

may be more important than the immediate FY27 number.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204 or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

SHAILY

• Revenue grew 13.8% YoY, while EBITDA margin expanded 190 bps to 29.6%, slightly ahead of ~29% guidance.

• Low material-cost growth supported margins; employee costs and UK subsidiary losses remain concerns.

• Promoter stake sale is an overhang, but sequential recovery is encouraging.

SALZERELEC

• Revenue grew 12.9% YoY, but EBITDA margin collapsed to 6.3% versus 9-9.5% guidance.

• PAT declined 53.5% as material and employee costs overwhelmed topline growth.

• June price hikes may aid margins from Q2, but FY27 guidance looks challenging.

ANANTRAJ

• EBITDA margin reached a five-quarter high of 31.2%, while PAT grew 18.5%.

• Data centres now contribute ~47% of PAT, strengthening the growth narrative.

• ₹690 Cr of unutilised QIP proceeds and the planned demerger provide strategic flexibility.

INDOFARM

• Tractor volumes grew 36%, ahead of guidance, with market-share gains.

• Crane segment remained flat, delaying the expected recovery.

• New crane facility commissioning in Q2 is the key catalyst for FY27 guidance.

PNCINFRA

• Standalone revenue grew 33.6% to ₹1,518 Cr; PAT surged 235%.

• EBITDA margin of 24.7% significantly exceeded ~12% guidance, partly aided by other income.

• ₹3,979 Cr order inflow and 34% lower finance costs support the outlook.

WINDMACHIN

• Revenue grew 29%, led by an 85% surge in injection-moulding machinery.

• EBITDA margin fell sharply to 4.3% due to raw-material inflation and PAT remained loss-making.

• ₹500 Cr raised through warrant conversion strengthens the balance sheet.

LUMAXIND

• Revenue grew 32.6% to a record Q1, while PAT increased 41.2%.

• EBITDA margin at 9.0% remained below the 10.5-11% full-year target.

• Credit-rating upgrade and Chakan Phase 2 ramp-up are positive catalysts.

HBLENGINE

• Revenue grew 6%, but PAT declined 24% as margins compressed.

• Defence battery sales weakened, while employee costs increased sharply.

• ₹1,714 Cr Kavach order pipeline provides strong visibility, but margin recovery is crucial.

MANGLMCEM

• Revenue was almost flat, while EBITDA margin contracted 491 bps to 11.7%.

• PAT declined 44%, with market-share loss and rising leverage adding concerns.

• Fuel-cost pressure in Q2/Q3 remains a key risk.

AFFLE

• Revenue grew 20.4%, while EBITDA margin remained healthy at 22.4%.

• Employee-cost operating leverage was encouraging and data costs stabilised sequentially.

• Bobble’s insolvency creates uncertainty, although no impairment has been booked.

DELHIVERY

• Revenue grew 27.8%, but PAT fell nearly 65%.

• EBITDA margin compressed 341 bps due to Ecom Express losses and freight-cost pressure.

• Strong topline growth is currently not translating into earnings.

ATULAUTO

• Volumes grew 42.5%, significantly ahead of industry growth of 29.7%.

• Material-cost inflation compressed EBITDA margin by 120 bps.

• EV L5 integration and Ahmedabad manufacturing consolidation are medium-term catalysts.

ABFRL

• Revenue grew 10.6%, while Pantaloons returned to profitability.

• Employee-cost inflation and weaker-than-expected ethnic-business growth remain concerns.

• Lower FY27 cash burn guidance is positive, but execution in new ventures needs improvement.

APOLLO

• Consolidated revenue surged 88% due to the IDL acquisition; core standalone growth was 16.7%.

• EBITDA margin compressed to 21.4% from 30.6% due to IDL’s lower margins and depreciation.

• Premier Explosives acquisition and new orders provide visibility, but core guidance execution remains a concern.

AKUMS

• CDMO performance drove strong margin outperformance and PAT growth.

• Domestic branded margins remain under pressure, while API losses need monitoring.

• Overall execution remains encouraging.

IFGLEXPOR

• Revenue grew 12.9% and PAT surged 58%.

• Raw-material inflation severely compressed margins, while Europe losses widened.

• America remains the standout segment; margin guidance looks challenging.

MEDIASSIST

• Revenue grew 24% to ₹236.5 Cr, while operating EBITDA margin improved to 20.3%.

• Margin recovery has continued for five quarters but remains below pre-acquisition levels.

• Debt-free balance sheet and pending Mayfair consolidation provide flexibility.

GREENPANEL

• Company swung from loss to profit as MDF margins improved to 11.5%.

• Plywood remained weak and inventory build was substantial.

• Turnaround remains tentative despite improved MDF profitability.

NITINSPIN

• Revenue grew 10.3%, while EBITDA margin reached a record 17.8%.

• PAT surged 83.6% on operating leverage, cost control and currency tailwinds.

• H2 capacity commercialisation is the key catalyst.

JGCHEM

• Revenue surged 44.8% to a record ₹315.7 Cr.

• Core EBITDA margin of 11.5% exceeded the 10-11% guided range.

• Dahej Phase 1 commissioning remains the key near-term catalyst.

CPL

• Revenue grew 16.4% and EBITDA 28.2%, with margin expanding 106 bps.

• Ahmedabad plant commissioning helped improve core MIS margins.

• Higher finance costs and deferred tax limited PAT growth.

EVEREADY

• Revenue grew 9%, while EBITDA margin expanded to 15%, comfortably above target.

• Debt reduction and flat COGS ratio supported profitability.

• Jammu alkaline plant adds a new growth driver; zinc costs remain a risk.

PRITIKAUTO

• Revenue grew 26.5% to ₹145 Cr, the highest Q1 print.

• EBITDA margin recovered 143 bps QoQ to 13.5% but remains below the 15-16% target.

• Subsidiary contribution improved, but margin recovery needs to accelerate.

RUSHIL

• Revenue grew 28%, led by strong laminates growth.

• Company turned profitable, but EBITDA margin declined sharply sequentially.

• Rising wood-fibre costs and weaker MDF profitability remain concerns.

AMBIKCO

• Revenue grew 34% and PAT 61%, with EBITDA margin expanding 125 bps.

• Capacity expansion and credit-rating upgrade support the growth outlook.

• Spindle commissioning delays due to geopolitical issues remain a near-term watch item.

NRBBEARING

• Revenue grew 19.2%, while EBITDA margin expanded 136 bps to 17.9%.

• Margin slightly missed the 18-21% guidance range.

• Lower promoter pledges and operating leverage are positives; capex and FEMA issues remain watch items.

UNIVCABLES

• Revenue surged 57.5% and PAT 90.7%, driven by volumes and exports.

• EBITDA margin remained around 10% despite higher raw-material costs.

• ₹617 Cr capacity expansion and ₹2,860 Cr order book provide strong visibility.

EXCELSOFT

• Revenue grew 44% to ₹80 Cr, driven by Educational Technology Services.

• EBITDA margin of 16.2% was far below 30-31% guidance.

• Heavy dependence on other income and a loss-making segment remain concerns.

DYNAMATECH

• PAT doubled YoY while EBITDA margin expanded 278 bps.

• Hydraulics and Metallurgy turnarounds are the key alpha signals.

• Restructuring appears to be translating into operational improvement.

SWARAJ

• Revenue more than doubled to ₹183 Cr, with improving EBITDA margins.

• ₹420 Cr capacity expansion and ₹20.5 Cr government subsidy are catalysts.

• Higher finance costs and equity dilution could impact per-share earnings.

LEMONTREE

• Record Q1 revenue of ₹345 Cr, up 9.1%, with PAT to owners up 20.1%.

• EBITDA margin compressed ~99 bps due to higher other expenses.

• Demerger CCI approval remains a key value-unlocking catalyst.

POWERICA

• Revenue grew 26.7%, while EBITDA margin recovered to 13.6%.

• Debt repayment drove a sharp structural decline in finance costs.

• GenSet margins remain under pressure from raw-material inflation.

DECNGOLD

• Standalone operations turned profitable after Jonnagiri delivered first gold sales.

• Consolidated group remained loss-making due to Avelum’s losses.

• ₹900 Cr FY27 Jonnagiri revenue guidance appears demanding from the early run-rate.

AARTIPHARM

• Revenue grew 42.4% and PAT 49.3%, with EBITDA margin expanding to 26%.

• Xanthine pricing and base effects supported the strong quarter.

• Capacity expansion is progressing, though higher finance costs and depreciation need monitoring.

BHARATWIRE

• Revenue declined 8% and PAT 22%.

• EBITDA margin compressed to 19.6% due to fixed-cost deleverage.

• Continued market-share loss remains the key concern.

CELLO

• Revenue was flat, missing the 8-10% growth expectation.

• Polymer inflation pushed raw-material costs sharply higher and EBITDA margin fell to 18.8%.

• Glassware improvement offers some comfort, but H2 recovery remains important.

PDSL

• Revenue grew 14.8%, comfortably above mid-single-digit guidance.

• PAT to owners rose 45%, while manufacturing profits recovered strongly.

• PBT margin remains only 1%, making the 3.5% target challenging.

SHARP

• Operating revenue remained zero for the 12th consecutive quarter.

• Losses widened due to employee and finance costs.

• Change of control and proposed diversification are potential long-term catalysts, but remain unproven.

SUBROS

• Revenue grew 17.5%, helped by strong auto dispatches and truck AC mandate.

• EBITDA margin compressed to 8.4% due to commodity and forex pressure.

• DENSO/Toyota e-compressor agreement is a long-term catalyst.

EVEXIA

• Revenue grew 39.8%, but PAT declined 34.9%.

• EBITDA margin compressed 315 bps amid cost pressures and inventory movements.

• Qualified audit opinion and unresolved ECL concerns raise governance risks.

JSLL

• Revenue grew 28.8%, significantly ahead of industry growth.

• EBITDA margin expanded 488 bps QoQ to 41%.

• Mathura hospital provides growth potential but is currently dilutive to margins.

ASHAPURMIN

• Revenue grew 19% on higher Guinea bauxite volumes.

• Margins declined 216 bps YoY due to material and freight costs.

• FY27 export guidance of 10-12 MMT is back-ended.

KAYNES

• Revenue grew 40.5%, ahead of the ~30% target.

• Consolidated PAT declined 24% due to employee costs and depreciation from capacity expansion.

• Standalone profit remained strong; OSAT/PCB ramp-up is the key monitorable.

KOVAI

• Revenue grew 15.3% and PAT 20.7%.

• EBITDA margin expanded to 28.8% QoQ.

• Education weakness and management succession uncertainty remain concerns.

BLS

• Revenue grew 25.3%, at the upper end of guidance.

• EBITDA margin of 28.3% exceeded the ~25% target.

• Atyati acquisition should provide a revenue tailwind from Q2, although integration needs monitoring.

ELLEN

• Revenue growth reaccelerated to 18%, while EBITDA margin recovered to 39.2%.

• Core gases grew 20.3% and debt reduction is complete.

• Power costs and temporary other income benefits need monitoring.

BAJEL

• Revenue declined 6.7%, but EBITDA margin improved and PAT rose 60%.

• Lower finance costs and better JV contribution supported profitability.

• Slow execution, employee costs and arbitration proceedings remain concerns.

Before you jump into next stock, If you want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204 or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

RAYMONDREL

• Revenue grew 38%, with margins expanding 260 bps.

• PAT declined 19% because finance costs tripled.

• Pre-sales surged 129%, while Parel JDA provides a strong future pipeline.

CUPID

• Record revenue of ₹155 Cr exceeded the >₹150 Cr guidance.

• EBITDA tripled and PAT grew 194%.

• South Africa programme supports multi-year visibility, though finance costs and investment volatility remain risks.

CARERATING

• Revenue grew 18.9%, while EBITDA margin expanded 147 bps.

• Corporate bond issuance supported the core ratings business.

• Others segment is nearing breakeven, but absence of numerical guidance limits visibility.

ENTERO

• Revenue grew 38% and EBITDA margin reached the FY27 target of 5% a year early.

• Gross-margin improvement and operating leverage drove the beat.

• Acquisition-related debt has sharply increased finance costs.

RAMCOCEM

• Revenue grew 9.6%, but EBITDA declined 22.4%.

• Power, fuel and transportation costs rose sharply.

• PAT declined 63%, while leverage improved but coverage ratios weakened.

ANUHPHR

• Revenue grew only 3.9%, significantly below 15-20% guidance.

• EBITDA margin expanded to 10%, while PAT grew 37.6%.

• Reviving topline growth is the key challenge.

GOPAL

• Revenue grew 30.9% from a fire-disrupted base, with EBITDA margin up 274 bps.

• Sequential gross margins weakened due to raw-material pressure.

• GST notice, finance costs and capacity ramp-up remain key monitorables.

JINDRILL

• Revenue grew 8.4% to the highest Q1 level.

• PAT declined 7.1% as costs grew faster than revenue.

• JV losses and fleet-mix changes remain concerns.

AFCONS

• Revenue declined 20.8%, missing the FY27 growth trajectory.

• EBITDA margin of 9.4% remained below the 11% sustainable target.

• ₹6,200 Cr order inflow is strong, but debt and working-capital pressure remain.

RACLGEAR

• Revenue grew 27.7%, ahead of the 15-20% full-year guidance.

• PAT growth was only 5.8% due to lower other income and higher tax.

• Debt reduction and currency tailwinds are positives, while costs remain a watch item.

GREENLAM

• Chipboard revenue surged 205%, helping the company swing to profit.

• Core laminate growth missed guidance and plywood remains loss-making.

• Group revenue guidance remains achievable, but core-business execution needs improvement.

AZAD

• Revenue grew 26.8%, broadly matching 25%+ guidance.

• EBITDA margin expanded to 37.6%, above the 33-35% range.

• PAT benefited from a deferred-tax credit; subsidiaries remain loss-making.

GALXBRG

• Revenue declined 5.6%, but EBITDA margin reached a record 29.8%.

• OFAC SDN-list removal is a key catalyst for export recovery.

• PAT benefited from other income, while idle CWIP and working capital remain concerns.

PIXTRANS

• Revenue grew 21.6%, while EBITDA margin expanded 863 bps.

• Inventory protection helped margins absorb higher rubber prices.

• Other income inflated PAT, making margin sustainability the key monitorable.

MARATHON

• Revenue grew 40% and EBITDA margin expanded 160 bps.

• Finance-cost collapse from QIP-driven debt repayment supported EBITDA.

• PAT declined 16% due to lower other income and inventory effects.

OLAELЕC

• Revenue of ₹455 Cr missed the ₹500-550 Cr guidance range.

• Cost discipline was good, but gross margins remained weak and losses deep.

• Negative operating cash flow and the PLI-related audit qualification remain concerns.

ORIENTPPR

• Revenue declined 4.5%, but EBITDA margin improved 293 bps.

• Segment EBIT turned positive for the first time in recent quarters.

• Market-share loss, finance costs and contingent liabilities remain risks.

RAYMOND

• A&D revenue grew 40.5% versus 25% guidance.

• Consolidated EBITDA margin of 15.9% exceeded the 14-15% target.

• China+1, forex and operating leverage drove PAT growth of 49.6%.

NLCINDIA

• Revenue grew 23.3%, with EBITDA margin expanding 299 bps.

• PAT declined 39% due to tax normalisation.

• Ghatampur commissioning is positive, while fuel costs and taxes remain concerns.

JAMNAAUTO

• Consolidated revenue grew 6.7%, with EBITDA up 12.4%.

• Standalone PAT declined 7% due to higher costs and depreciation.

• UK acquisition and narrowing subsidiary losses provide positives.

INOXWIND

• Revenue declined 1.5% and PAT to owners fell 58.4%.

• EBITDA margin exceeded guidance but was partly supported by other income.

• Higher material, EPC and finance costs make FY27 guidance challenging.

TITAN

• Revenue grew 40.4% and PAT 62.9%, led by jewellery and international operations.

• Margins expanded significantly, although duty gains boosted reported profitability.

• Debt build-up and Damas losses remain watch items.

POKARNA

• Revenue grew 10.8% and PAT surged 50.6%.

• EBITDA margin of 35.9% met guidance, aided by resin tailwinds and operating leverage.

• Granites turned profitable while Quartz margins reached 40.2%.

PPAP

• Revenue grew 29% and PAT swung from loss to profit.

• Cost ratios improved, but gross-margin pressure remains.

• PAT reliance on other income and absence of guidance warrant caution.

IMAGICAA

• Revenue grew 20%, while EBITDA margin expanded to 50.7%.

• Footfall grew 22%, supporting the Parks division.

• Hotel weakness, higher finance costs and the ₹50 Cr acquisition outlay remain concerns.

POLYMED

• Standalone margins improved and met guidance.

• Consolidated PAT declined 8.4% due to acquisition costs and higher employee expenses.

• Positive credit outlook is encouraging; integration remains key.

ADVAIT

• Revenue grew 51.4% and PAT 66.1%.

• EBITDA margin expanded 222 bps to 13.8%, beating the margin-improvement target.

• NRE pivot and ₹250 Cr PGVCL order support the growth outlook.

PARAS

• Revenue grew 37%, with EBITDA margin expanding 147 bps.

• Defence Engineering margins improved by more than 1,000 bps YoY.

• Forex pressure and seasonal volatility remain key risks.

HINDALCO

• Revenue grew 32% and PAT 75%, aided by aluminium prices and strong upstream margins.

• Novelis remains pressured by tariffs, while leverage is increasing with capex.

• Oswego restart ahead of schedule is a positive catalyst.

BATLIBOI

• Revenue grew 80% from a low base and the company returned to small PAT profit.

• EBITDA margin compressed sharply sequentially.

• Core operations remain loss-making excluding other income.

ULTRAMAR

• Revenue grew 30% and PAT 56%.

• EBITDA margin expanded 171 bps despite input-cost pressure.

• ₹250 Cr capacity expansion and chemical-segment recovery support the outlook.

SBIN

• Advances grew 19%, ahead of the 13-15% guidance.

• GNPA improved to 1.47% and credit cost remained only 0.27%.

• Deposit growth lagging credit growth remains the key NIM risk.

STARCEMENT

• Revenue grew only 3.4%, while EBITDA margin contracted 439 bps.

• PAT declined 24% as material, fuel and employee costs increased.

• Higher finance costs from capex add to near-term pressure.

JYOTICNC

• Standalone CNC revenue grew 36.7% and PAT 21.3%.

• Consolidated revenue and EBITDA margin missed management guidance due to Huron losses.

• Capacity expansion to 16,000 machines remains on track.

BECTORFOOD

• Revenue grew 16%, ahead of guidance, and PAT rose 25.5%.

• EBITDA margin of 13.1% missed the 14% target.

• New-plant ramp-up costs and depreciation are temporarily weighing on margins.

JKTYRE

• EBITDA margin collapsed to 6.8% versus 13-15% guidance.

• PAT declined 73% despite strong India volumes.

• Raw-material inflation and Mexico losses make FY27 margin guidance difficult.

PRADPME

• Revenue grew 20.9% and PAT 50.1%.

• Exports surged 79%, while ammunition capacity development continues.

• Higher other expenses and sequential margin compression remain concerns.

EMIL

• Record Q1 revenue of ₹2,419 Cr, up 39%, with EBITDA margin at 9.9%.

• PAT surged 457% to ₹121 Cr, helped by strong AC demand and inventory liquidation.

• Market-share gains and working-capital release support FY27.

CAPACITE

• Revenue grew only 6.7%, well below the 20% FY27 target.

• EBITDA margin remained within guidance, but employee and other costs pressured profitability.

• ₹1,071 Cr order inflow met the quarterly target.

GOLDIAM

• Revenue grew 41.9% and EBITDA margin expanded 858 bps.

• Normalized PAT increased 82.5%, driven by B2B exports and LGD mix.

• ORIGEM retail expansion is delayed, but the core business remains strong.

MODIS

• Revenue grew 27.9% and PAT 26.8%.

• EBITDA margin improved 588 bps sequentially to 19.9%.

• Debt-free balance sheet and ₹200-230 Cr FY27 revenue guidance remain positives.

GODREJCP

• Consolidated revenue grew 18.3% and EBITDA 16.4%, ahead of guidance.

• India margin declined 254 bps due to palm-oil costs.

• Africa grew 47%, but cost pass-through remains critical.

CERA

• Revenue grew 19.5%, within the 18-20% guidance band.

• EBITDA margin fell to 10.1% versus 14-15% guidance due to brass inflation.

• Margin recovery remains the key question.

GKENERGY

• Revenue grew 55.5% and PAT 59.9%.

• Finance-cost reduction helped profitability, but EBITDA margin declined 132 bps.

• EPC margins fell sharply due to higher COGS.

HEROMOTOCO

• Revenue grew 35.7% and volumes 22.7%, ahead of industry growth.

• EBITDA margin fell to 13.3% due to raw-material inflation.

• EV, scooters and international operations provide future growth levers.

PARAGMILK

• Revenue grew 10.9%, supported by cost discipline and working-capital improvement.

• PAT declined 20.1% due to tax normalisation.

• Cheese capacity expansion supports medium-term growth.

SAILIFE

• Revenue grew 11.7%, below 15-20% guidance.

• EBITDA margin of 26.7% missed the 28-30% target.

• PAT grew 21.2% and finance costs declined 38%, but revenue remains lumpy.

LUPIN

• Revenue grew 32% and EBITDA margin expanded to 29.8%.

• Margin significantly exceeded the 25% full-year guidance.

• US launches, chronic portfolio and VISUfarma support a strong FY27 outlook.

PGEL

• Revenue grew 35%, driven by AC demand and washing-machine ramp-up.

• EBITDA margin compressed 159 bps due to commodity inflation.

• Capacity additions and market-share gains are positives, but standalone profitability remains weak.

SONATSOFTW

• Revenue grew 10.6%, but International Services margin collapsed to 15.4%.

• PAT declined 1.1% despite strong domestic growth.

• International margin recovery and client concentration remain key concerns.

RAIN

• Revenue grew 17.4%, EBITDA margin expanded 479 bps and PAT surged 388%.

• Aluminium pricing and forex tailwinds helped.

• Working-capital consumption and higher debt remain concerns.

IFBIND

• Revenue and PAT grew strongly, with PBDIT margin expanding despite material-cost pressure.

• Cost savings supported profitability.

• Home Appliances and Engineering growth remained slightly below aspirational targets.

VIJAYA

• Revenue grew 22.8%, while EBITDA margin reached 42.7%.

• PAT surged 37.6% on operating leverage.

• Network expansion is supporting growth, although leverage and finance costs are rising.

BLSE

• Revenue grew 24.6%, but PAT grew only 6.3% due to margin pressure.

• EBITDA margin improved sequentially after four quarters of decline.

• Atyati consolidation from Q2 could provide a margin boost.

TRANSRAILL

• Domestic revenue grew 28.8%, with EBITDA margin of 11.9% above guidance.

• International revenue collapsed 44.3%, pulling overall growth down to 4%.

• Large order book provides H2 potential, but execution and commodity risks remain.

FORTIS

• Hospital revenue grew 17.5%, ahead of 15%+ guidance.

• Margins compressed sharply as employee costs outpaced revenue.

• Diagnostics margins remain below the FY27 target.

INTERARCH

• Revenue grew 20.7% on strong order-book execution.

• EBITDA margin missed guidance marginally and PAT remained flat.

• Margin recovery and QIP deployment are key monitorables.

MUTHOOTMF

• AUM grew 18%, while credit cost of 2.6% beat FY27 guidance.

• Asset quality improved for the sixth consecutive quarter.

• NIM remains stagnant at 12%, with ROA/ROE below targets.

WAKEFIT

• Revenue grew 16.7%, in line with mid-teens guidance.

• EBITDA margin expanded 260 bps to 17.8%.

• Pricing and operating leverage helped, but raw-material costs remain a risk.

EIHOTEL

• Revenue grew 14.5% despite seasonal weakness.

• EBITDA margin compressed 246 bps due to higher employee and other costs.

• Zero-debt balance sheet remains a major strength.

IXIGO

• Revenue grew 12.9% and PAT surged 80.8%.

• Treasury income from preferential proceeds contributed significantly to PAT.

• Train and bus recovery is positive, but flight margins weakened.

HITECHGEAR

• Revenue grew 10.3%, but PAT declined 20.7%.

• Canada operations recovered strongly, while India underperformed industry growth.

• Machine refurbishment completion by Q2 could support margin recovery.

LINC

• Revenue grew just 1.4%, while PAT declined 17.6%.

• EBITDA margin compressed sharply due to polymer inflation.

• JV/subsidiary contribution turned positive, providing the only notable positive.

ORIENTCER

• Consolidated PAT surged 177%, with EBITDA margin expanding 800 bps.

• Inventory benefits and debt reduction supported margins.

• Alumina-cost pressure could reverse some gains from Q2.

UNITEDTEA

• Revenue declined 10.5%, with margins down 450 bps.

• Sequential recovery of 21.6% reflects seasonal improvement.

• Debt-free balance sheet and property income provide resilience.

BRITANNIA

• Revenue grew 8.2%, while EBITDA margin expanded 50 bps YoY.

• COGS improvement supported profitability, but other expenses increased sharply.

• Limited volume disclosure makes sustainable growth harder to assess.

COSMOFIRST

• Revenue grew 45.7% on full utilisation of new BOPP/CPP lines.

• EBITDA margin compressed 193 bps due to polymer inflation.

• Specialty chemicals and Plastech trends remain encouraging.

APOLLOTYRE

• Revenue grew 12.8%, led by strong India demand.

• EBITDA margin fell to 11.7% due to raw-material inflation.

• Europe margins weakened sharply; low leverage remains a positive.

PREMIERENE

• Revenue grew 35.2% to ₹2,463 Cr and PAT 50.4%.

• EBITDA margin compressed to 29% due to raw-material costs.

• ₹5,100 Cr FY27 capex and new cell/module capacity create a large growth runway.

SULA

• Revenue growth remained modest, while PAT declined 45%.

• EBITDA margin compressed 173 bps due to higher grape costs.

• Chandon remains earnings-dilutive and GST liability is unresolved.

NCC

• Revenue grew 12.2% and EBITDA 19.5%, with margin reaching 9.4%.

• Real Estate showed strong momentum and cost control was excellent.

• Higher finance costs and lack of FY27 guidance temper the outlook.

LICI

• PAT grew 22.8%, while VNB margin expanded 750 bps to 22.9%.

• Solvency improved to 2.42.

• Non-par mix shift continues to support value creation.

KIRLOSENG

• Revenue grew 13.5%, but EBITDA margin compressed 352 bps.

• PAT declined 17.2% due to employee and commodity costs.

• B2B market-share gains and data-centre orders provide positives.

GALAPREC

• Revenue grew 19.5% to ₹75 Cr, at the upper end of guidance.

• EBITDA grew 26%, but margin remained below the FY27 target.

• Chennai Phase 2 ramp-up is on track; employee costs remain a concern.

VISAKAIND

• Revenue grew 16.6%, EBITDA margin expanded 480 bps.

• Normalized PAT surged 120%.

• Capacity expansion and interim dividend suggest management confidence.

CROMPTON

• Revenue grew 11.8%, with all three segments growing double digits.

• EBITDA margin expanded for the first time in several quarters.

• Commodity inflation and low Butterfly margins remain watch items.

SBCL

• Revenue grew 33% and PAT 45%, with standalone margin up 226 bps.

• Inventory build materially aided margin expansion, raising earnings-quality concerns.

• Subsidiary ramp-up and Pune approval are key catalysts.

ELIN

• Revenue grew 22.9%, but EBITDA margin collapsed to 1.1%.

• Raw-material costs surged and a fire caused ₹24.7 Cr exceptional loss.

• Management’s Q2 gross-margin recovery target looks ambitious.

SJS

• Revenue grew 24.5%, with EBITDA margin reaching 30%.

• Normalized PAT increased 52% on operating leverage.

• Walter Pack acquisition and display manufacturing expansion strengthen the long-term story.

TCIEXP

• Revenue, PAT and EBITDA margin all significantly missed FY27 guidance.

• Cost inflation and higher depreciation pressured profitability.

• Large acceleration in remaining quarters is required to meet targets.

BLUESTARCO

• Revenue grew 13.3%, the first double-digit growth in five quarters.

• EBITDA margin compressed to 5.2% and normalized PAT declined 21%.

• Zero net debt and strong subsidiary performance provide balance-sheet support.

TRENT

• Revenue grew 18.5% and PAT 25.8%.

• EBITDA margin expanded 208 bps, while store additions accelerated sharply.

• Revenue growth has moderated, while depreciation continues to rise.

EMCURE

• Revenue grew 22.9%, almost double the guided low-to-mid teens range.

• International business grew 34.2%, supporting operating leverage.

• Gross margin compressed due to input costs and mix.

TTKHLTCARE

• Revenue grew 13.8% and PAT 63.7%.

• Protective Devices turnaround drove profitability improvement.

• Input costs, wage inflation and Foods-segment slowdown remain concerns.

RATEGAIN

• Revenue exceeded the implied guidance trajectory.

• Adjusted EBITDA margin of 24.5% was comfortably above FY27 guidance.

• Sojern synergies are translating into operating leverage.

GRWRHITECH

• Revenue grew 27.9% and PAT 59.8%.

• EBITDA margin of 30.3% significantly exceeded the 23-27% guidance range.

• Succession issues and potential tariff headwinds remain risks.

GOODLUCK

• Revenue grew 30.9% and PAT 67.4%.

• EBITDA margin expanded to 10.8%.

• Defence subsidiary turnaround, rating upgrade and DGQA certification provide catalysts.

BAJAJELEC

• PAT surged to ₹48.4 Cr from near-zero, with EBITDA margin expanding 548 bps.

• Consumer Products turned profitable.

• Revenue growth of only 2.3% remains a major concern.

CAMPUS

• Revenue grew 12.2% and PAT 17.8%.

• EBITDA margin of 14.2% missed the 17-19% guidance.

• Material-cost inflation and inventory build raise sustainability concerns.

ANUP

• Revenue declined 28.5% and PAT fell 97.8%.

• EBITDA margin collapsed to 7.6% due to steel and freight inflation.

• ₹769 Cr order book remains strong, but conversion is weak.

AEGISLOG

• Revenue grew 37% and PAT surged 269%.

• EBITDA margin more than doubled to 30.3%.

• Supply disruption-led market-share gains and operating leverage are major positives.

MOTHERSON

• Revenue grew 16.7% and EBITDA 25.9%, with PAT more than doubling.

• Sequential margin compression of 228 bps is a concern.

• Strong order book and balance sheet provide support for future growth.

GODAVARIB

• Seasonal weakness widened losses by 20.6%.

• Bio-based chemicals grew 19.4%, with EBIT up 64.7%.

• New grain distillery is a catalyst, but ethanol margins remain weak.

IKS

• Revenue grew 20.8% and PAT 27.9%.

• Employee-cost leverage improved while margins remained stable.

• TruBridge acquisition adds scale but also leverage.

GVT&D

• Revenue grew 38% on strong order-book execution.

• EBITDA margin compressed 404 bps due to raw-material inflation.

• Margin remained within guidance, but cost pressure needs monitoring.

TENNIND

• Revenue grew 20.2% on strong auto demand.

• Material-cost inflation compressed margins and PAT declined 1.7%.

• Debt-free balance sheet and upcoming North India plant are positives.

PGIL

• Record revenue of ₹1,528 Cr, up 24.5%.

• EBITDA margin of 10.5% exceeded FY27 target.

• US tariff reversal and strong Vietnam/Guatemala operations supported growth.

TIMETECHNO

• Revenue grew 25%, aided by polymer pass-through.

• EBITDA margin compressed 116 bps due to raw-material inflation.

• Balance sheet strengthened materially, but volume growth remains undisclosed.

ALLCARGO

• Revenue grew 11.2%, EBITDA surged 39.2% and PAT swung to profit.

• Lower finance costs and cost control supported margins.

• Sustainability beyond seasonally strong Q1 remains important.

IONEXCHANG

• Revenue grew 20%, but EBITDA margin collapsed to 4.6%.

• PAT declined 94% due to severe segment-level margin compression.

• ₹503 Cr post-Q1 order provides a potential catalyst, but near-term outlook remains challenging.

AUROPHARMA

• Revenue grew 16.3% and PAT 25.2%.

• Gross margin expanded 160 bps to 60.4%.

• Lannett, Pen-G and biosimilar ramp-up provide additional FY27 catalysts.

BIKAJI

• Revenue grew 13%, with gross-margin improvement.

• EBITDA margin compressed 137 bps and PAT grew only 0.4%.

• Employee and other costs make the FY27 margin target challenging.

AJAXENGG

• Revenue grew only 1.7% in a seasonally weak quarter.

• EBITDA margin was 12.5%, with gross margin improving slightly.

• Management changes and other-cost growth need monitoring.

AUTOAXLES

• Revenue grew 5.6%, while PAT increased 27.6%.

• EBITDA margin expanded to 13.6%, partly helped by inventory drawdown.

• Zero-debt balance sheet provides resilience despite steel-cost pressure.

SIS

• Revenue grew 29.7%, comfortably ahead of the 15% aspirational target.

• Segment margins missed targets by 50-150 bps.

• Buyback is positive, but working-capital deterioration and weak OCF conversion are concerns.

BODALCHEM

• Revenue grew 56% and PAT more than tripled.

• Gross margin compressed sharply, while EBITDA margin declined to 9.7%.

• Deferred-tax benefit boosted earnings quality; 11-12% margin target remains challenging.

AMANTA

• Revenue growth was modest, while PAT and EBITDA declined.

• EBITDA margin of 22.1% missed 24-25% guidance.

• SteriPort and solar commissioning are positives, but SVP delays remain a concern.

SUBEXLTD

• Record Q1 revenue of ₹79.5 Cr, up 19.7%.

• Normalized EBITDA margin improved dramatically to 21.2%.

• Multi-quarter improvement confirms the turnaround, although impairment allowances remain a watch item.

MAYURUNIQ

• Revenue grew 19.7% and PAT 43%.

• EBITDA margin expanded 440 bps to 25.4%.

• Subsidiary losses and high other-income contribution to PAT remain concerns.

DATAMATICS

• Revenue grew near double digits and EBITDA margin expanded to 19.7%.

• Digital Experiences showed a clear sequential turnaround.

• PAT grew 43.6%, although other income contributed significantly.

PACEDIGITK

• Revenue grew 51%, led by 22.7x growth in Energy BESS.

• EBITDA margin compressed to 15.5% due to mix shift.

• Finance costs surged 191%, while Telecom remains weak.

POLICYBZR

• Revenue grew 40% and PAT 92%.

• Adjusted EBITDA margin expanded to 9.9%.

• Core online business grew 43%; ₹1,000 Cr FY27 PAT target remains achievable but requires acceleration.

NAHARPOLY

• Revenue declined 18.7% and PAT 58.2%.

• EBITDA margin almost halved to 9.5%.

• Deleveraging is positive, but operating conditions remain challenging.

GMMPFAUDLR

• Revenue grew 16.4% and PAT more than doubled.

• Finance-cost reduction drove much of the PAT growth, while EBITDA margin declined 257 bps.

• India segment weakness and higher employee costs remain concerns.

SARLAPOLY

• Revenue grew 10.6% and PAT 66.9%.

• EBITDA margin expanded over 1,000 bps, with strong yarn-segment profitability.

• Raw-material inflation and qualified audit opinion remain risks.

CUMMINSIND

• Revenue grew 17.9%, keeping double-digit growth guidance on track.

• EBITDA margin compressed 352 bps and PAT declined 7.9%.

• MD resignation and margin sustainability are key monitorables.

BIOCON

• Biosimilars and Generics delivered strong growth, with PAT to owners up 349%.

• Finance costs declined after debt restructuring.

• Syngene’s loss remains the key drag on consolidated earnings.

JKLAKSHMI

• Revenue grew 9.4%, driven by volumes.

• EBITDA margin compressed 490 bps due to cost inflation.

• Net debt/EBITDA rose to 1.38x, increasing balance-sheet pressure.

NAHARSPING

• Revenue grew 17.9% and PAT surged 338%.

• EBITDA margin recovered from -2.7% to 13.2%.

• Higher finance costs and lack of guidance remain concerns.

CANTABIL

• EBITDA margin expanded 236 bps to 33.2%, above the ~30% target.

• Revenue growth slowed to 12.7% for the fourth consecutive quarter.

• ₹1,000 Cr FY27 revenue target requires meaningful H2 acceleration.

NEULANDLAB

• Revenue surged 119% to ₹642 Cr and EBITDA margin reached 35.6%.

• CDMO exports drove the growth, with export share at 87%.

• Sequential revenue decline highlights CDMO lumpiness.

NAVINFLUOR

• Revenue grew 44% to ₹1,045 Cr, the highest ever.

• EBITDA margin expanded to 34.2%, above the ~30% target.

• Advanced Materials capex provides another medium-term growth lever.

GARFIBRES

• Consolidated revenue grew 31.4% and PAT 21.6%, supported by acquisitions.

• Standalone margins compressed due to higher other expenses and raw materials.

• Fibre & Industrial Products remained a bright spot.

BONDADA

• Revenue grew 24% and PAT 29%, but well below 60-70% FY27 guidance.

• ₹7,147 Cr order book provides strong visibility.

• Services, data centres and manufacturing offer potential acceleration.

TRACXN

• Revenue declined 0.6%, while employee costs exceeded revenue.

• EBITDA margin fell to -20.1% and the company swung to loss.

• Strong balance sheet provides comfort, but operating trajectory is concerning.

BERGEPAINT

• Revenue and PAT delivered strong double-digit growth.

• Standalone operating margin exceeded guidance.

• Crude-related gross-margin pressure remains, although H2 relief could help.

MONTECARLO

• Revenue grew 7.6%, but PAT loss widened 44%.

• EBITDA margin compressed 444 bps due to incomplete cost pass-through.

• Winter demand in Q2-Q3 will be critical for recovery.

ASAHIINDIA

• Revenue grew 15%, while EBITDA margin expanded 733 bps.

• Automotive glass demand and raw-material relief drove strong operating leverage.

• Continued market-share gains provide further upside.

Before you jump into next stock, If you want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204 or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

ROLEXRINGS

• Operating EBITDA margin of 22.6% exceeded full-year guidance.

• PAT grew 22%, but revenue growth of 4.4% remains below the annual target.

• H2 ramp-up will be critical.

JTLIND

• Revenue grew 32.7%, with EBITDA margin expanding to 8.1%.

• EBITDA/ton reached the top end of guidance.

• Volume growth remains below the annual target and finance costs have risen sharply.

SNOWMAN

• Revenue grew 9.2% and margin expanded 107 bps.

• Warehousing and transportation showed clear improvement.

• Labour and finance costs remain key monitorables.

VAIBHAVGBL

• Revenue grew 12.7%, broadly in line with FY27 guidance.

• Normalized PAT declined 7.4% after excluding a one-time tariff refund.

• UK operations improved sharply and are nearing breakeven.

AVALON

• Revenue grew 49.8%, while EBITDA margin expanded 273 bps.

• US subsidiary turned profitable well ahead of management’s original timeline.

• ₹2,196 Cr order book provides strong visibility.

NHPC

• Revenue grew 18.5%, while EBITDA margin expanded 572 bps.

• PAT grew only 2.9% as finance costs surged.

• New hydro capacity provides growth, but leverage remains a watch item.

SANOFI

• Revenue grew 7.7%, with EBITDA margin expanding 298 bps.

• Insulin portfolio grew 14% for the third consecutive quarter.

• Partnership volatility and CFO transition remain concerns.

MCX

• Revenue grew 88.1% and PAT 103.5%.

• EBITDA margin expanded to an exceptional 72.3%.

• MCX Coal Exchange provides a potential future growth avenue.

TIMKEN

• Revenue grew 14.9% to a record Q1 level.

• EBITDA margin expanded 94 bps, while normalized PAT grew 16.5%.

• Bharuch and Jamshedpur capacity expansion supports the long-term growth runway.

KDDL

• Revenue and profits grew strongly, led by Precision & Watch Components.

• Standalone manufacturing margins improved sharply.

• Ethos retail continues to dilute consolidated margins.

PTC

• Revenue grew 19%, but EBITDA margin collapsed from 7.2% to 3.2%.

• PAT declined 50% as trading spreads narrowed.

• Regulatory and PFS subsidiary issues keep the outlook uncertain.

UNIPARTS

• Revenue grew 27%, while EBITDA margin expanded 448 bps.

• Q1 revenue exceeded management’s “in line with Q4” expectation.

• D/E of just 0.09x and strong operating leverage support FY27 growth.

BSE

• Revenue grew 63.5% and PAT 65.8%.

• EBITDA margin expanded to 66.8%.

• Sequential growth stalled after 12 record quarters, creating a near-term monitorable.

SUNDRMFAST

• Revenue grew 19.6%, significantly above 10% guidance.

• Export recovery and domestic market-share gains remain strong.

• EBITDA margin declined to 16.1%, below the aspirational 18% target.

METROPOLIS

• Revenue grew 16.6% and PAT 25.8%.

• EBITDA margin of 25.8% remained within the target range.

• Strong cost control supported margins, although subsidiary performance weakened.

METROBRAND

• Revenue grew 14.7%, in line with long-term growth targets.

• PAT declined 4.8% and EBITDA margin missed the 30%+ target.

• Store expansion remains positive, but margin pressure is evident.

PNBHOUSING

• Asset quality remained within guidance and credit rating was upgraded to AAA.

• NII was flat sequentially and PAT growth lagged operating profit.

• NIM trajectory remains the key monitorable.

SHRIPISTON

• Revenue grew 53% following the Antolin acquisition.

• EBITDA margin compressed 402 bps and finance costs surged 280%.

• Integration is progressing, but leverage remains a concern.

ASKAUTOLTD

• Revenue grew 52%, comfortably ahead of mid-teens guidance.

• EBITDA margin fell to 12% due to aluminium cost pass-through pressure.

• Demand and market-share trends remain strong; margin recovery is key.

HNDFDS

• Revenue grew 17.9% and PAT 32.8%.

• FY27 PAT guidance of ₹200-220 Cr remains achievable.

• Lower capex should improve free cash flow, although subsidiary profitability weakened.

BHARTIARTL

• Revenue grew 18.4% and PAT 35.5%, aided by ARPU and market-share gains.

• Net debt/EBITDA improved to 1.17x.

• ARPU progression without tariff hikes and digital-TV margins remain watch items.

BHARTIHEXA

• Revenue crossed ₹2,500 Cr for the first time, with EBITDA margin at a record 54.8%.

• PAT grew 23.2% and net debt/EBITDA fell to 0.8x.

• Homes revenue grew 61.4%, providing another long-term growth engine.

NYKAA

• Revenue grew 29% and PAT surged 243%.

• EBITDA margin expanded 196 bps to 8.5%.

• Fashion profitability remains inconsistent and no formal guidance was provided.

TIRUMALCHM

• Consolidated EBITDA turned positive at ₹32.6 Cr.

• Standalone operations returned to profitability.

• Severe balance-sheet stress makes the ₹750 Cr fundraising and project financing critical.

PROTEAN

• Revenue grew 19%, but PAT declined 75%.

• ASK ramp-up costs compressed EBITDA margin to 10.4%.

• H2 recovery depends heavily on ASK scaling from Feb-Mar 2027.

ANDHRAPAP

• Revenue was broadly flat, but EBITDA margin expanded 243 bps to 17.9%.

• PAT grew 42% due to cost savings and lower finance costs.

• Kadiyam normalisation and tissue-project progress are key watch items.

MARICO

• Revenue grew 22.9%, PAT 25%, and EBITDA margin reached 20.7%.

• India and international businesses both grew above 20%.

• Raw-material cost management remains strong despite higher copra and CPO prices.

CASTROLIND

• Revenue grew 25% and PAT 42.5%.

• EBITDA margin expanded 306 bps to 26.4%.

• Interim dividend was increased 79%, though raw-material costs and working capital need monitoring.

HAPPYFORGE

• Revenue grew 27% and PAT 39%.

• EBITDA margin expanded 275 bps to 31.3%.

• Strong domestic demand and capacity additions support the outlook.

MAPMYINDIA

• Revenue grew 14.9%, but EBITDA margin compressed 578 bps.

• Lower-margin IoT hardware is diluting the core maps business.

• Device sales offer growth potential but currently hurt profitability.

AGARWALEYE

• Revenue grew 26%, ahead of ~21% guidance.

• PAT to owners surged 50.5%.

• 18 new facilities were added, while debt reduction from IPO proceeds supports the balance sheet.

WONDERLA

• Record revenue of ₹243 Cr, up 44%, driven by Chennai’s first full quarter.

• PAT grew 38% to ₹72.8 Cr.

• Chennai ramp-up temporarily compressed margins, but normalising capex should improve free cash flow.

AJMERA

• Revenue grew 22.7%, driven by subsidiary projects.

• EBITDA margin improved sequentially, but finance costs rose 45%.

• Collections declined 26%; FY27 presales target remains dependent on H2 launches.

GEEKAYWIRE

• Domestic revenue grew 24.8%, but exports declined nearly 20%.

• Overall revenue grew only 3.5%, while PAT fell 19.8%.

• Strong CFO and Wadiaram ramp-up are positives, but export recovery is important.

GRAPHITE

• Consolidated revenue grew 27%, led by the steel segment.

• Raw-material inflation compressed standalone EBITDA margin.

• Capacity expansion and steel ramp-up provide medium-term upside.

PIDILITIND

• Revenue grew 21.3% and EBITDA margin reached 26.6%.

• Margin comfortably exceeded the 20-24% corridor.

• Pricing power and operating leverage are offsetting input-cost inflation.

PRINCEPIPE

• PAT surged 600% and EBITDA margin expanded 580 bps.

• Operating leverage and lower finance costs drove profitability.

• High PVC resin costs and seasonal destocking keep the overall signal neutral.

SAFARI

• Revenue grew 11.5% YoY and 24.4% QoQ.

• EBITDA margin compressed to 12.8% due to polymer and employee costs.

• PAT declined 5.4%; CFO resignation adds uncertainty.

REPRO

• Revenue grew 20% to a record Q1.

• EBITDA margin collapsed to just 2.7% due to employee and other expenses.

• Property-sale proceeds provide liquidity, but core profitability remains weak.

EMAMILTD

• Standalone EBITDA grew 21%, with margin expanding 516 bps.

• Consolidated earnings were hurt by acquisition costs and international weakness.

• Higher effective tax rate is likely to remain a structural PAT headwind.

MOREPENLAB

• Revenue grew 34%, while EBITDA margin expanded 880 bps.

• CDMO ramp-up and operating leverage drove the improvement.

• Inventory movements aided margins; Q2 CDMO dispatches are the key catalyst.

BASF

• Revenue grew 29% and PAT 137%, its strongest quarter.

• Materials turnaround and Chemicals growth drove margin expansion.

• Agricultural Solutions weakness and Nutrition & Care margins remain concerns.

GREAVESCOT

• Revenue grew 30.7%, led by 97% EV growth.

• EBITDA margin missed the 13-15% target as material costs surged.

• EV losses widened, dragging consolidated profitability.

CAPILLARY

• Revenue grew 42.7%, driven by SessionM acquisition and organic growth.

• EBITDA margin expanded 737 bps to 17.9%.

• Cyber-fraud charge of ₹33.4 Cr caused reported loss; management departures add execution risk.

RITES

• Revenue grew 8.7%, with margins remaining above internal thresholds.

• Turnkey segment shows early order-book conversion.

• Margin compression and near-zero exports remain near-term watch items.

SYMPHONY

• Revenue grew 8%, EBITDA surged 27.8% and margin expanded 188 bps.

• India business grew 14.9%, while overseas operations stabilised.

• PAT declined only because of lower other income, making the operating performance encouraging.

SAREGAMA

• Revenue grew 27.5%, PAT 42% and EBITDA margin expanded 340 bps.

• Music segment growth accelerated to 28.8%.

• Artist Management and Events are diversifying revenue, while Video remains weak.

ZYDUSWELL

• Revenue surged 66.9% after the first full quarter of Comfort Click.

• PAT declined 7% due to acquisition-related costs.

• EBITDA margin of 16.8% remains close to the 17-18% aspirational band.

UNOMINDA

• Revenue grew 23.8% on strong OEM demand.

• EBITDA margin declined to 10.3%, below 10.5-11.5% guidance.

• Raw-material and labour inflation are limiting profit conversion.

NAZARA

• EBITDA margin fell to 5.8% and gaming margin to just 2.8%.

• PAT swung to a ₹79.9 Cr loss due to associate losses and impairment.

• Core gaming growth missed expectations, making the ₹300 Cr FY27 EBITDA target challenging.

IREDA

• PAT grew 36.8%, NII 24.1%, and cost-to-income improved.

• NNPA declined sharply to 1.22%.

• Credit costs remain elevated and governance/CMD-transition concerns persist.

SAMHI

• Revenue grew 12% and PAT 30%.

• EBITDA margin compressed to 33% due to GST and RARE India integration costs.

• Deleveraging is positive, while a potential ₹750 Cr capital raise remains a key development.

SAMBHV

• Revenue grew 31% to ₹732 Cr and PAT 69.5%.

• Debt repayment helped profitability, while EBITDA margin remained around 13%.

• FY27 volume guidance remains on track with a stronger balance sheet.

SBIFUNDS

• Revenue grew 15.2%, with operating margin expanding to 79.2%.

• PAT grew only 3.3% due to a sharp decline in other income.

• Lack of AUM/yield guidance limits visibility.

INOXINDIA

• Order inflow reached ₹532 Cr and order book ₹1,686 Cr.

• Revenue grew only 9.2%, below the 18-20% annual target.

• EBITDA margin remained within guidance, but PAT declined 5%.

KEI

• Revenue grew 23% and EBITDA margin expanded 247 bps.

• Performance is tracking ahead of full-year guidance.

• Sanand ramp-up is the key catalyst, while IT-search developments remain a watch item.

UNIMECH

• Revenue grew 70.9% and EBITDA margin expanded 500 bps.

• Hobel Bellows acquisition and planned QIP support further growth.

• Integration and higher finance costs remain risks.

KIMS

• Revenue grew 35.3%, but PAT to owners declined 47.2%.

• New-hospital ramp-up, finance costs and expenses compressed EBITDA margin to 19%.

• ₹1,500 Cr QIP provides a route to deleveraging.

SANATHAN

• Consolidated revenue grew 79% on the Punjab facility.

• PAT declined 41% as finance costs surged 10x and depreciation tripled.

• Punjab ramp-up and crude-cost tailwinds could improve profitability ahead.

HUBTOWN

• Revenue declined 17% and PAT 68%, with EBITDA margin compressing 349 bps.

• Qualified audit opinion and promoter-share invocation are major concerns.

• Lower finance costs and NCLT-approved simplification provide some positives.

BOROSCI

• Consolidated PAT turned positive at ₹4.4 Cr versus a loss previously.

• Glassware segment became profitable for the first time.

• Input costs and Scientific-segment margin compression remain watch items.

DOMS

• Revenue grew 19.3%, within FY27 guidance.

• EBITDA margin collapsed to 12.3% versus 16.5-17.5% guidance.

• Raw-material inflation caused PAT to decline 22%.

CHEMCON

• Revenue grew 24.2% and PAT 71.6%.

• EBITDA margin expanded 868 bps to 23.2%.

• Inventory drawdown boosted margins, making sustainability important.

ARTEMISMED

• Revenue grew 12.7% and PAT 48.3%.

• EBITDA margin expanded 257 bps to 21.5%.

• Gurgaon and Raipur expansion provide growth, although new facilities will initially dilute margins.

TORNTPOWER

• Revenue grew only 2.8%, while PAT to owners declined 12.7%.

• Generation segment recovered strongly, but leverage increased significantly.

• Nabha Power acquisition adds growth but also debt.

GESHIP

• Record revenue and PAT were driven by extraordinary tanker rates.

• Balance sheet is exceptionally strong with near-zero debt and ₹7,626 Cr net cash.

• Freight-rate normalisation remains the key risk.

DLF

• Revenue declined 52.9% due to project-recognition lumpiness.

• PAT still grew 4.1%, supported by DCCDL rental income.

• Near-zero debt and strong rental margins provide stability.

GPTHEALTH

• Revenue grew 17.8%, above 15% full-year guidance.

• EBITDA margin expanded 295 bps to 19.2%.

• Raipur hospital is progressing toward EBITDA breakeven by August 2026.

TEXRAIL

• Revenue declined 16.9% due to wagon-business lumpiness.

• Infra-Electrical revenue grew 76.8%.

• PAT surged 70.7%, but the entire increase came from a deferred-tax credit.

KAYA

• Revenue grew 13.9% and EBITDA turned positive at 6.4%.

• Net loss nevertheless widened to ₹15.2 Cr.

• High finance costs and rising other expenses remain concerns.

KANSAINER

• Revenue grew 10.2%, while EBITDA margin reached 14.6%, above guidance.

• Price hikes and cost controls offset part of raw-material inflation.

• Earnings growth remains below topline growth due to input and forex pressures.

GLAXO

• Revenue grew 16.6%, recovering strongly from supply-chain disruptions.

• Material-cost management supported margins.

• Higher other expenses and subsidiary losses remain concerns.

STOVEKRAFT

• Revenue grew 41.3% and PAT 63.5%.

• Gross margin expanded 128 bps, but other expenses absorbed much of the benefit.

• Forex losses and tax proceedings remain watch items.

UPL

• Revenue grew 10.5% and EBITDA 15.1%, broadly meeting guidance.

• Finance costs declined 15.4% and credit rating improved.

• India crop-protection business remains weak; one-time insurance income boosted PAT.

ATHERENERG

• Revenue surged 88.8%, while losses reduced for the sixth consecutive quarter.

• EBITDA margin improved to -2.7%.

• Rare-earth and cell costs remain a margin headwind; ₹2,500 Cr capital raise strengthens the balance sheet.

BUTTERFLY

• Revenue grew 14.1% and PAT 38.1%.

• EBITDA margin declined sequentially to 7%, despite operating leverage.

• Inventory build and other-income contribution warrant caution.

HALDYNGL

• Revenue grew 20.6% and standalone PAT more than doubled.

• EBITDA margin expanded 126 bps despite energy-cost pressure.

• ₹150 Cr capacity expansion provides a medium-term catalyst.

JMFINANCIL

• PAT to owners declined 35.7% due to impairment and higher expenses.

• Wealth management investments continue to pressure margins.

• Underlying PAT was nearly flat after adjusting for the prior-period impairment reversal.

SUNDARMFIN

• Standalone PAT grew 21.7% and NII 17.2%.

• Credit costs and operating leverage supported the quarter.

• Asset quality weakened sequentially and capital adequacy continues to decline.

ESCORTS

• Revenue grew 28%, but EBITDA margin compressed 497 bps.

• Commodity inflation limited PAT growth to just 4%.

• Tractor volumes remain strong; margin recovery is the key monitorable.

DHANUKA

• Revenue declined 12.6%, sharply missing FY27 expectations.

• EBITDA margin fell to 11.9% from 15.8%.

• Capacity expansion and buyback are positives, but near-term earnings remain weak.

NOCIL

• Revenue grew 19.9% and PAT 60.8%.

• EBITDA margin expanded 212 bps, partly aided by inventory drawdown.

• Anti-dumping duty and Dahej expansion provide structural tailwinds.

BHAGCHEM

• Record revenue of ₹195 Cr, up 57.6%.

• EBITDA margin expanded 839 bps to 15.7%.

• Bheema subsidiary turned profitable; raw-material costs and working capital remain risks.

CAMS

• Revenue grew 11.5%, while EBITDA margin expanded 271 bps.

• 45%+ EBITDA-margin guidance was achieved.

• Non-MF diversification continues, with an interim dividend providing additional support.

ETHOSLTD

• Revenue grew 33.3% and PAT 47.9%.

• Store count increased 34%, while operating leverage supported margins.

• Employee costs and temporary other-income benefits need monitoring.

CRIZAC

• Consolidated revenue declined 4%, dragged by loss-making subsidiaries.

• Standalone revenue grew 23% with EBITDA margin of 29.8%.

• Subsidiary losses and employee costs remain the key concerns.

MOBIKWIK

• Profitability turned positive and EBITDA margin improved to 5.6%.

• Revenue grew only 3.7%, far below 30-35% FY27 guidance.

• Strong cost control is encouraging, but employee costs are rising rapidly.

PARKHOSPS

• Revenue grew 19.3% and PAT to owners 42.3%.

• PAT margin exceeded guidance.

• Panchkula ramp-up temporarily compressed EBITDA margins.

BIRLACABLE

• Revenue grew 51% and EBITDA margin surged to 17.5%.

• PAT increased more than 20x due to operating leverage and product mix.

• BharatNet and data-centre demand provide structural tailwinds, while rating downgrade is a risk.

PERSISTENT

• Revenue grew 29%, the fastest Q1 growth in recent history.

• EBITDA margin compressed QoQ due to acquisition-related costs.

• Nagarro acquisition could transform scale, but near-term earnings will face deal-related pressure.

EPACKPEB

• Revenue grew 24%, but EBITDA margin of 9.4% missed 10.5-11.5% guidance.

• EPS Beads significantly exceeded growth guidance but margins weakened.

• ₹165 Cr order win and capacity expansion support Q2 execution.

ABLBL

• Revenue grew 11.2% and PAT 20.6%.

• Emerging Businesses revenue grew 19%, with significant EBITDA improvement.

• E-commerce recovered above 20%, while liquidity and leverage improved.

VISHNU

• Revenue grew 24.9%, driven by 52% export growth.

• EBITDA margin declined to 15.1%, while other income supported PAT.

• Subsidiary weakness and higher finance costs from capex remain concerns.

SPORTKING

• Revenue grew 20.1%, EBITDA margin expanded to 18.8% and PAT surged 123%.

• Prior revenue, margin and EBITDA guidance were all comfortably exceeded.

• Odisha greenfield plant is the next major growth catalyst.

LATENTVIEW

• Revenue grew 21.6%, but EBITDA margin fell below guidance.

• PAT declined 6.8% due to employee and other-cost pressures.

• Decision Point dispute and CEO transition create near-term uncertainty.

APLAPOLLO

• Volumes declined 6.2%, missing the 15-20% FY27 growth target.

• EBITDA and PAT growth also missed guidance.

• Net-cash balance sheet is a strength, but demand and market-share trends remain concerns.

NILKAMAL

• Revenue declined 7.5%, but operating margin expanded 266 bps.

• Retail segment turned profitable for the first time.

• Net debt fell 65%, although B2B volumes declined sharply.

CDSL

• Revenue grew 13.1% and PAT 14.8%.

• Depository recovery and sequential operating leverage were positive.

• Data-entry weakness and SEBI fine remain watch items.

DIVISLAB

• Revenue grew 27.8% and PAT 65.5%.

• Company beat annual guidance on revenue and margin.

• Inventory drawdown and forex effects mean some margin gains may normalise.

ASHIKAG

• Revenue grew 43.3% and PAT 15.5%.

• Growth was heavily driven by fair-value gains and interest income.

• ₹1,000 Cr capital raise was approved, while employee-cost growth remains elevated.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204 or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

Over the past week, I went through dozens of earnings calls and management interviews. While the market focused on quarterly numbers, many companies quietly shared guidance, margin targets, capex plans, demand trends and structural changes that could shape stock performance over the coming quarters.

Here are 20 companies that deserve a place on your watchlist next week—not because they reported strong earnings, but because management commentary revealed something investors may not have fully priced in yet.

🏦 IDFC First Bank

• Provisions continue to decline as asset quality improves.

• Management says ₹900 crore quarterly profit is the new normal.

• High-yield retail portfolio continues supporting strong book yields.

• Falling funding costs should aid future profitability.

⚙️ Ramkrishna Forgings

• Confident of sustaining strong growth momentum.

• Targets 20%+ EBITDA margins over the next few quarters.

• Rail wheel JV supplies commence from October.

• Export contribution expected to cross 35% of revenue.

🚚 CONCOR

• Raised FY27 volume growth guidance sharply to 18%.

• Domestic logistics demand remains exceptionally strong.

• Margin guidance maintained at 24-25%.

• Higher growth outlook could trigger earnings upgrades.

🚗 BLW Precision Forgings

• Long-term ambition of 10x revenue by FY35.

• EV demand remains robust across global markets.

• Commodity headwinds expected to moderate.

• Targets 25%+ long-term revenue CAGR.

🏗️ HUDCO

• Loan book targeted to reach nearly ₹2 lakh crore.

• Zero Net NPA remains the long-term objective.

• No fresh NPAs reported for 15 straight quarters.

• AI-driven appraisal improving operational efficiency.

🔌 RR Kabel

• Volume growth guidance maintained at 16-18%.

• Cable business continues to outperform wires.

• Export margins expected to improve as demand recovers.

• FMEG business targets breakeven during FY27.

Before you jump into next stock, If you want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204 or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

🧪 Supreme Petrochem

• Global supply chain disruptions remain key monitorable.

• Domestic demand remains subdued currently.

• Future pricing depends on raw material movement.

• ₹325 crore expansion underway.

⚡ Tata Power

• Power demand expected to grow 6-7% in FY27.

• Mundra tariff resolution nearing completion.

• Renewable and solar businesses remain strong.

• ₹25,000 crore capex to fuel long-term growth.

📦 Mold-Tek Packaging

• Volume outlook remains cautious amid geopolitical risks.

• Higher-margin pharma and food segments gaining share.

• EBITDA/kg guidance increased on efficiency gains.

• Cost savings becoming structural.

🌬️ Suzlon Energy

• FY27 expected to be stronger than FY26.

• Service business continues delivering industry-leading margins.

• Export certifications under process.

• S175 turbine witnessing encouraging customer response.

🚜 M&M Financial

• Rural demand remains resilient across segments.

• Asset quality continues to remain stable.

• Liquidity buffer strengthened amid uncertainty.

• Diversification beyond vehicle finance continues.

💳 Pine Labs

• Online payments business growing 20-30%.

• AI investments to support future growth.

• Profit increased fourfold YoY.

• Monetisation expanding beyond payment processing.

🌐 Sterlite Technologies

• ₹18,000 crore order book provides strong visibility.

• Data centre projects driving margin expansion.

• FY27 EBITDA margin guidance maintained at 23%.

• ₹1,500 crore capex planned over three years.

✈️ INDO-MIM

• Aerospace and defence demand remains robust.

• China+1 creating export opportunities.

• Medical and turbine segments witnessing healthy demand.

• Margins supported by operating leverage.

👨‍💼 TeamLease Services

• IT hiring finally showing signs of recovery.

• AI-led hiring demand continues improving.

• Traditional software hiring remains weak.

• Management expects stronger H2FY27.

🧬 Vinati Organics

• EBITDA margins expected around 26-27%.

• ATBS demand recovery likely in H2.

• Viral Organics commissioning from January.

• Capacity utilisation to improve returns.

🏥 Medanta

• Reported another record revenue quarter.

• EBITDA margins remain resilient at 23-24%.

• Noida hospital nearing breakeven.

• ₹4,500 crore expansion funded internally.

🛣️ IRB Infrastructure

• Toll collection growth guidance of 22-25%.

• Traffic growth expected at 5-6%.

• Ordering activity likely to accelerate in H2.

• ToT opportunities remain a key growth driver.

🌾 Deepak Fertilisers

• LNG contract to save nearly ₹300 crore annually.

• Record quarterly EBITDA performance.

• Capacity expansions add meaningful growth visibility.

• Margin outlook continues improving.

🚙 Mahindra & Mahindra

• SUV leadership continues strengthening.

• EV business turned EBITDA positive earlier than expected.

• Tractor demand outlook remains stable.

• Capacity expansion supports future growth.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204 or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

One management team spoke about AI becoming a meaningful revenue driver.

Another announced a billion-dollar expansion.

A bank discussed using AI to improve underwriting.

An infrastructure company pointed to data centres as its next growth engine.

Individually, these comments are interesting.

Together, they paint a much bigger picture of where corporate India believes FY27 is headed.

Here are the highlights from 48 management interactions this earnings season.

💻 LTIMindtree

• Expects stronger growth from Q2 led by BFSI, Tech and large deal ramp-ups.

• AI contributes ~12% of revenue and is growing faster than the core business.

• Margins to improve through AI, utilisation gains and cost optimisation.

• Randstad acquisition expected to start contributing from Q3FY27.

💳 L&T Finance

• Reiterated 20%+ loan growth guidance for FY27.

• AI underwriting expected to lower credit costs to ~2%.

• Digital partnerships continue to drive retail loan growth.

• AI initiatives could save 30–40 bps in operating expenses.

🥃 Radico Khaitan

• Vodka volumes surged 43%; premiumisation remains strong.

• Premium portfolio growth guided above 20%.

• Expects 125 bps margin expansion during FY27.

• UK FTA likely to improve Scotch margins.

🏭 Shyam Metalics

• Targets ₹45,000 crore revenue by FY31.

• Investing nearly USD1 billion through internal accruals.

• Expanding aggressively into stainless steel.

• Zero debt and disciplined capital allocation remain priorities.

🚧 Ramky Infrastructure

• Targets 20–25% revenue growth over the next few years.

• ₹13,000 crore order book provides strong visibility.

• EBITDA margins expected at 18–22%.

• Industrial and water projects remain key focus areas.

🧴 Bajaj Consumer

• Revenue grew 25%; EBITDA doubled in Q1.

• Growth expected to normalise to mid-teens.

• Margins targeted in low-to-mid 20% range.

• Rural and e-commerce demand remains healthy.

☀️ Saatvik Green

• Module and cell capacity expansion progressing on schedule.

• FY27 margins expected around 12–13%.

• Cell shortages and ALMM support demand.

• Expansion funded through IPO proceeds and internal accruals.

🏢 Smartworks

• Revenue growth guided at 28–30%.

• Over 95% revenue remains annuity-based.

• Expansion capex to be self-funded.

• Enterprise demand remains robust.

💰 Muthoot Microfin

• AUM grew 18%; disbursements jumped 49%.

• Gold loan business to expand sharply in FY27.

• Individual loan book continues to perform well.

• Lower funding costs expected after ratings upgrade.

⚙️ LTTS

• Sustainability and Mobility to drive growth.

• Large deal execution to accelerate from Q2.

• AI integrated across all major deals.

• Healthy deal pipeline supports FY27 outlook.

⚡ KEC International

• Data centre T&D emerging as a key opportunity.

• Reiterated ₹30,000 crore order inflow guidance.

• ₹1.8 lakh crore tender pipeline remains healthy.

• Higher-margin data centre projects to aid profitability.

📲 Route Mobile

• Acquired Hela AI to strengthen customer engagement platform.

• AI expected to diversify revenues beyond SMS.

• Focus remains on global expansion.

• AI offerings to improve customer stickiness.

📟 Rishabh Instruments

• Electronics business expected to grow 20–22%.

• Nashik expansion to double capacity.

• Germany repeat orders validate R&D strength.

• HPDC margins expected to recover gradually.

⚫ Himadri Speciality Chemical

• FY27 expected to witness strong operational growth.

• Battery materials business being scaled aggressively.

• Carbon nanotube project progressing on schedule.

• Targets ₹3,000 crore speciality tyre revenues.

🔋 Amara Raja Energy

• New battery manufacturing facility commissioned.

• Developing indigenous 2170 battery cells.

• Increasing localisation across EV batteries.

• Strengthening lithium-ion ecosystem.

If you want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

🏦 Jana Small Finance Bank

• Loan growth guidance of 19–21%.

• Deposit growth expected at 23–25%.

• Stable NIM guidance around 7.5%.

• Credit costs expected to remain controlled.

📰 DB Corp

• Q2 likely softer due to festive calendar shift.

• Stronger advertising demand expected in Q3.

• Cost optimisation remains a focus.

• Stable print circulation trends continue.

⚡ Laser Power & Infra

• ₹3,200 crore order book provides visibility.

• Strong order pipeline across infrastructure.

• Double-digit EBITDA margins expected.

• IPO proceeds strengthen balance sheet.

🏦 South Indian Bank

• Asset quality expected to remain resilient.

• Gold loans guided to grow 17–18%.

• NIMs could improve if rate cycle turns.

• Geographic expansion continues.

💻 Wipro

• Margins targeted back to 17–17.5%.

• AI investments remain a priority.

• Hiring to stay demand-linked.

• Large deal pipeline remains healthy.

🤖 Newgen Software

• High-teen revenue growth guidance maintained.

• SaaS expected to grow 30–40%.

• EBITDA margins expected above 20%.

• AI products driving customer demand.

☀️ Sterling & Wilson Renewable

• Strong recovery expected during H2FY27.

• Revenue growth guidance maintained at ~15%.

• Order inflows expected above ₹10,000 crore.

• Africa and Middle East remain growth markets.

🏢 WeWork India

• Enterprise leasing demand remains healthy.

• Expansion to continue across FY27.

• Balance sheet restructuring to enable dividends.

• Grade-A office demand remains robust.

🏦 Federal Bank

• Mid-teen loan growth maintained.

• CASA ratio expected to improve.

• Lower credit costs likely.

• Gold loans remain a key growth driver.

🏠 Can Fin Homes

• FY27 AUM growth guided at ~14%.

• NIM guidance maintained at 3.75%.

• Stress pool continues to improve.

• Expansion continues across North & West India.

⚡ Tata Power

• ₹6,000 crore pumped storage project secured.

• PSP expected to generate high-teen IRRs.

• Large storage pipeline under development.

• Energy transition remains key focus.

🚘 Tata Technologies

• Strong double-digit FY27 growth expected.

• Large deal wins improve visibility.

• Higher offshore mix to aid margins.

• Diversification beyond auto continues.

🧪 Rossari Biotech

• Saudi Arabia expansion underway.

• HPC remains long-term growth driver.

• Focus on debt reduction.

• Cleaning business expected to turn profitable.

🔌 Havells

• Margins expected to normalise through FY27.

• Strong outlook for cables and Lloyd.

• Capex increased for cable expansion.

• Domestic demand remains healthy.

💎 BlueStone Jewellery

• Inventory gains to continue over coming quarters.

• Targets 50–80 store additions annually.

• Same-store sales expected above 30%.

• Mid-teen margin target over medium term.

🏦 Karur Vysya Bank

• NIM expected to remain above 4%.

• Stable funding costs expected.

• Gold loan mix to remain disciplined.

• Retail lending continues to expand.

⚡ Transformers & Rectifiers India (TARIL)

• FY27 growth guidance maintained at 25%.

• Margins to improve via backward integration.

• Changodar plant ramp-up from H2FY27.

• Positive operating cash flow expected.

🌾 Rallis India

• Domestic demand remains healthy.

• Volume growth remains top priority.

• Export markets remain uncertain.

• New product launches continue.

🛵 Bajaj Auto

• Export run-rate expected above 2.5 lakh units/month.

• EV momentum continues.

• Capacity expanding to over 9 million units.

• Premium motorcycles remain strong.

🏨 IHCL

• Hotel demand remains robust.

• FY27 guidance could be upgraded.

• Asset-light expansion continues.

• Strong cash flows support growth.

🧬 Anthem Biosciences

• Strong FY27 growth expected.

• Four products commercialised.

• Ten products nearing launch.

• Capacity expansion remains a priority.

💊 Granules India

• Tariff risks seen as manageable.

• Strong growth outlook maintained.

• Better product mix improving margins.

• USFDA reinspection expected soon.

🌐 IndiaMART

• Revenue growth to be led by ARPU improvement.

• EBITDA margins around 33%.

• New businesses expected to grow over 30%.

• Product-market fit remains key priority.

☀️ Waaree Renewable

• ₹5,300 crore order book supports growth.

• BESS and data centre EPC offer new opportunities.

• Strong execution expected through FY27.

• O&M business expanding steadily.

⚡ Atlanta Electricals

• Confident of ~40% revenue growth.

• Export opportunities increasing.

• Margins expected to remain stable.

• T&D demand remains strong.

🎬 PVR INOX

• Occupancy and ticket prices improving.

• Targets 1,000 screens over five years.

• Alternate content gaining traction.

• Company has turned net cash positive.

⚫ HEG

• Needle coke prices expected to rise further.

• Capacity expansion remains on schedule.

• Pricing environment improving.

• Green business demerger on track.

🛡️ Paras Defence

• ₹6,200 crore OSAT semiconductor project progressing.

• Anti-drone and semiconductor businesses remain growth engines.

• Government incentives to support investment.

• Export demand remains healthy.

🌱 Coromandel International

• Non-fertiliser business targeted to grow 20–25%.

• Fertiliser capacity expansion underway.

• Seeking higher subsidy support.

• Focus remains on diversified growth.

🚗 Sona BLW Precision

• Targets 10x revenue growth by FY35.

• EV partnership with Denso strengthens pipeline.

• Margins expected between 23–25%.

• Long-term EV opportunity remains intact.

🥃 Allied Blenders & Distillers

• Revenue growth expected around 18%.

• EBITDA margins targeted at 18–20%.

• UK FTA could add 140–150 bps to margins.

• Premiumisation remains a key driver.

🏘️ Mahindra Lifespace

• FY27 pre-sales target of ₹4,500–5,000 crore.

• FY30 pre-sales target doubled to ₹10,000 crore.

• Large land bank additions support future launches.

• Expansion focused on premium markets.

⛏️ Caliber Mining & Logistics

• ₹9,550 crore order book ensures visibility.

• IPO proceeds to reduce debt.

• Expanding into new mining regions.

• Critical minerals offer long-term opportunity.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

Every few years, companies around the world replace millions of laptops and desktops—not because they stop working, but because technology moves on.

For most businesses, these devices become electronic waste.

For GNG Electronics, they become inventory.

Instead of manufacturing new computers, GNG acquires retired enterprise devices, professionally refurbishes them, and sells them with warranties of up to three years across 46 countries. As AI accelerates hardware upgrades, memory chip prices rise, and governments push sustainability, the global refurbished electronics industry is quietly entering a structural growth phase.

The interesting part is that GNG isn’t simply buying and selling used laptops.

It has spent more than a decade building a business that is extremely difficult to replicate.

About the Company

GNG Electronics is India’s largest organized refurbisher of laptops and desktops, operating under its proprietary brand Electronics Bazaar. The company operates refurbishment facilities across India, the UAE, and the United States, creating an integrated global platform for sourcing, refurbishing and distributing refurbished ICT devices.

Its business follows a simple but powerful philosophy:

Buy Better → Refurbish Better → Sell Better

It takes used laptops, desktops, and servers that corporates, leasing companies, and governments have discarded, then restores them to like-new condition through a 21-step process that includes paint, fabrication, and LCD work. The finished product is sold under the company's own brand, Electronics Bazaar, typically at around one-third the price of a new equivalent device, backed by a replacement warranty – three years in India and one year internationally.

GNG is not a simple broker or recycler. It owns the full value chain: procurement from global sources, in-house refurbishment with quality control, and distribution through channel partners and direct sales. This integrated model is what the company calls "buy better, refurbish better, sell better." The business is working-capital intensive but asset-light – facilities are rented, equipment is modular, and capacity can be added quickly without heavy capex.

Business Segments

💻 Laptops (81% of Revenue)
GNG’s core business is refurbishing premium enterprise laptops from brands like Dell, HP, Lenovo, and Apple. These devices are restored to near-new condition and sold across 46 countries to enterprises, educational institutions, SMEs, and government agencies. Rising component prices have supported higher average selling prices, while industry-leading warranties (up to 3 years in India) strengthen customer trust.

🖥️ Other ICT Devices (19% of Revenue)
This segment includes desktops, workstations, servers, and enterprise infrastructure hardware. Leveraging the same refurbishment capabilities and quality standards, GNG is expanding into high-end server and data center equipment. As AI adoption increases demand for affordable computing infrastructure, management sees this segment emerging as an important growth driver.

Investment Thesis

1. Riding one of the fastest-growing segments in global electronics

The refurbished PC industry is growing much faster than the traditional PC market.

Globally, the refurbished PC market is expected to grow from around US$17 billion in CY24 to over US$40 billion by CY29, significantly outpacing the primary PC industry. In India, the opportunity is even larger, with the refurbished PC market projected to nearly quadruple by FY30.

The biggest driver is simple economics.

A refurbished laptop typically costs nearly one-third the price of a new machine, making it an attractive choice for students, SMEs, educational institutions and cost-conscious enterprises.

Consumer financing program launched in Q4 FY26 makes premium refurbished laptops available for ₹1,000 per month through EMI partnerships with consumer finance players in India. Similar tie-ups are being explored internationally. This expands the addressable customer base, especially for first-time buyers, students, and small businesses.

2. AI could become an unexpected tailwind

Most investors believe AI only benefits semiconductor companies.

But AI is also increasing the cost of new laptops.

As memory and storage chip prices have surged due to AI-driven data centre demand, companies like Apple and Microsoft have already increased prices of several hardware products.

This widens the affordability gap between new and refurbished devices, making professionally refurbished laptops an increasingly attractive alternative for consumers and enterprises.

Rather than competing against AI, GNG could become one of its indirect beneficiaries.

3. A sourcing network that competitors can’t easily build

The biggest challenge in refurbishment isn’t repairing laptops.

It’s sourcing high-quality devices consistently.

Over the past decade, GNG has built relationships with more than 720 procurement partners, including corporates and IT Asset Disposition (ITAD) companies.

This provides access to large volumes of enterprise-grade devices before they reach the fragmented secondary market.

A stronger sourcing network translates into better inventory quality, higher refurbishment yields and superior profitability.

This procurement advantage is perhaps the company’s biggest competitive moat.

4. Refurbishment is a manufacturing process—not trading

Many investors assume refurbished electronics is simply a trading business.

The reality is very different.

Every device undergoes multiple stages of diagnostics, repairs, cosmetic restoration, quality testing and data sanitization before reaching customers.

Instead of replacing components unnecessarily, GNG follows a “repair over replacement” philosophy that improves economics while maintaining product quality.

The outcome is remarkable.

Despite offering warranties of up to three years, warranty claims remain below 2% of revenue, while actual warranty servicing costs are only around 0.1% of revenue because repairs are managed through its own service network.

5. Brand trust matters in a fragmented industry

The refurbished electronics market has traditionally suffered from poor consumer confidence.

Most unorganized sellers offer inconsistent quality, limited testing and little or no after-sales support.

GNG has taken the opposite approach.

Its Electronics Bazaar brand offers professionally refurbished products backed by warranties ranging from one to three years.

This combination of quality assurance, structured refurbishment and after-sales support has helped the company build meaningful brand credibility while many smaller refurbishers struggle to scale.

6. Distribution partnerships could significantly accelerate growth

Even the best product cannot scale without distribution.

Recognizing this, GNG has partnered with Ingram Micro India and Supertron Electronics, becoming the only organized refurbisher currently onboarded by both national distributors.

These partnerships immediately provide access to enterprise customers and dealer networks across India without having to build an expensive sales infrastructure from scratch.

The company is also exploring similar partnerships across Europe and North America, which could further strengthen its international presence.

7. Structural tailwinds continue to strengthen

Several long-term trends are working simultaneously in GNG’s favour:

• Refurbished PCs offer nearly 65% savings over new devices.

• Educational institutions, SMEs and startups continue to digitize rapidly.

• Corporates are increasingly adopting ESG and circular economy initiatives.

• European regulations are encouraging refurbished ICT adoption.

• AI-driven hardware inflation is widening the affordability gap.

• Global supply chain disruptions have increased acceptance of refurbished devices as reliable alternatives.

Unlike cyclical demand drivers, these are structural changes that could support industry growth for years.

8. Smartphones could become the next growth engine

Although GNG currently focuses on laptops and desktops, its capabilities naturally extend into refurbished smartphones.

The company already possesses everything required to scale into this segment:

• Large procurement ecosystem

• Multi-country refurbishment facilities

• Standardized quality processes

• Global distribution network

• Established brand credibility

India’s refurbished smartphone market is expected to grow at nearly 29% CAGR over the next five years, providing a sizeable optionality beyond its core business.

9. Exceptional financial execution

Strong industry tailwinds alone don’t create multibaggers.

Execution does.

Over FY20-FY26, GNG delivered an impressive:

• 41% Revenue CAGR

• 80% EBITDA CAGR

• 107% EPS CAGR

while consistently generating return on equity above 27% during its growth journey.

This combination of high growth and healthy profitability is relatively uncommon among newly listed companies.

Outlook & Valuation

The outlook for GNG Electronics appears favourable as several industry tailwinds continue to support the refurbished computing market. AI-driven demand for data centres is expected to keep memory, storage and processor supplies tight through at least 2027, resulting in higher prices for new PCs. This could sustain a 20–25% price gap between new and refurbished devices, strengthening GNG’s value proposition and supporting both higher volumes and better realizations. With its existing refurbishment capacity of 150,000 units per month, the company is well positioned to capitalize on rising demand, while strategic partnerships with Ingram Micro and Supertron are expected to expand its distribution network and drive 10–15% incremental domestic volumes over the next two years.

Management is also exploring partnerships with distributors in Europe and North America, which could help expand its presence beyond the current 46 countries. As the trusted Electronics Bazaar brand scales further, operating leverage, faster inventory turns and better pricing power could drive margins above the company’s 50 bps annual expansion guidance. Given the structural growth drivers, sustained high volume growth, improving realizations and a favourable industry backdrop, we believe GNG has the potential to compound earnings at a healthy pace over the medium term, justifying premium valuation multiples if execution remains strong.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

The Q1FY27 earnings season is throwing up some interesting surprises. While headline numbers look strong for many companies, the real story lies in margins, guidance, asset quality and management commentary.

Here are the biggest takeaways from the results released so far.

💻 Information Technology

TCS

• Revenue +13.9% YoY to a record ₹72,275 Cr; broad-based growth across segments.

• EBIT margin slipped to 24.0% due to wage hikes and legal provisions.

LTIMindtree

• Revenue +18% YoY with 121 bps EBIT margin expansion.

• BFSI recovery continues, but QoQ constant currency growth slowed to 0.3%.

HCLTech

• Revenue +13.9% YoY, PAT +20.3% YoY.

• EBIT margin remained below FY27 guidance despite strong deal wins.

Tech Mahindra

• USD revenue +6.1% YoY; third consecutive $1Bn+ deal-win quarter.

• EBIT margin expanded 379 bps YoY, keeping FY27 margin target on track.

Wipro

• Revenue +10.6% YoY, but PAT grew only 0.7%.

• Operating margin slipped below guidance despite ₹15,000 Cr buyback.

LTTS

• Revenue +11.5% YoY with EBITDA margin improving to 18.7%.

• Sustainability business remained the strongest growth engine.

Tata Elxsi

• Revenue +14.5% YoY, ahead of management guidance.

• EBITDA margin compressed due to annual wage hikes.

Tata Technologies

• Revenue +33.8% YoY, strongest Q1 ever.

• Normalized PAT grew 6.2%, while ES-Tec integration supported growth.

Newgen Software

• Revenue +11.2%, PAT +26.4%.

• US business remained the key growth driver.

Onward Technologies

• Revenue reached record ₹149 Cr (+12.2%).

• PAT declined due to margin pressure and a higher tax rate.

🏦 Banking & Financials

ICICI Bank

• PAT +15.9%, loan growth 19.6%, GNPA improved to 1.38%.

• Strong execution despite rising credit-deposit ratio.

HDFC Bank

• Loan growth 15.4%; cost-to-income improved.

• NIM and CASA ratio continued to soften.

Axis Bank

• PAT +22.5%, advances +19%.

• Lower provisions supported earnings despite NIM pressure.

Kotak Mahindra Bank

• PAT +22.6%; GNPA improved to 1.18%.

• CASA deposits declined sequentially.

Union Bank

• PAT +29.6% with record-low GNPA 2.65%.

• Deposit growth remained weak.

Indian Bank

• NII +16.9%; asset quality improved further.

• Earnings impacted by ₹1,000 Cr precautionary provision.

Bank of Maharashtra

• Advances +27.2%, PPOP +21.3%.

• CASA ratio moderated to 49%.

Federal Bank

• PAT +37%, GNPA improved to 1.52%.

• Repo-rate cuts impacted sequential NII.

South Indian Bank

• NII +23%, PAT +17%.

• Loan growth exceeded management guidance.

IDBI Bank

• Advances +22.2%.

• NIM compression remained the key concern.

Yes Bank

• Retail banking returned to profit.

• Plans to raise ₹7,500 Cr for future growth.

RBL Bank

• PAT +26.6% with improving asset quality.

• ENBD investment strengthened capital base.

PNB

• Asset quality improved further.

• NII growth missed management guidance.

Central Bank

• PAT +13%.

• Advances remained strong but deposits lagged.

Can Fin Homes

• NII +17.9%, PAT +19.6%.

• GNPA remained among the industry’s best at 0.87%.

Jana SFB

• PAT +52%, NII +34%.

• Retail banking turnaround continued.

FedFina

• Strong earnings with improving margins.

• GNPA declined to 1.55%.

Poonawalla Fincorp

• Revenue +77%, PAT +392%.

• Sixth straight quarter of asset-quality improvement.

Piramal Finance

• NII nearly +50%.

• Cost-to-income improved sharply through operating leverage.

360 ONE

• Revenue +26.9%; AUM reached ₹7.77 lakh Cr.

• Wealth Management margins compressed despite strong Asset Management growth.

Angel One

• Revenue +25%, PAT +102%.

• Sequential performance weakened due to regulatory changes.

Groww

• Revenue +66%, PAT +94%.

• EBITDA margin expanded to 64.7%.

HDB Financial

• PAT +38%.

• Gross Stage-3 improved to 2.34%.

⚡Other Earnings

Polycab

• Revenue +39% YoY with strong growth across Wires & Cables, FMEG and EPC businesses.

• Copper cost inflation compressed EBITDA margin, but management maintained margin guidance.

BHEL

• Revenue +40.3% YoY, swinging from a loss to profitability.

• Lower finance costs and improved working capital offset governance concerns.

Elecon Engineering

• Adjusted revenue +11.8% YoY, led by the Gear division.

• Order book grew 36.9%, though EBITDA margin softened due to higher steel costs.

GNA Axles

• Revenue +36.7% YoY, PAT +66.4% YoY driven by strong tractor and CV demand.

• EBITDA margin improved sequentially, while domestic growth offset US tariff headwinds.

Avantel

• Revenue +35% YoY, EBITDA margin expanded to 27.3%.

• Fresh order inflow of ₹127 Cr provides healthy revenue visibility.

Menon Bearings

• Revenue +36.6% YoY, PAT +67.4% YoY.

• EBITDA margin expanded to 24.4% despite raw material inflation.

Premier Polyfilm

• Revenue reached a record ₹100 Cr (+34.4% YoY).

• PAT surged 51.3%, aided by the PVC duty waiver and stronger balance sheet.

BEPL

• Revenue surged 53% YoY, while PAT grew 39%.

• Capacity expansion to 100,000 TPA remains the key medium-term growth catalyst.

Emmvee

• Revenue +51% YoY, with PAT more than doubling.

• EBITDA margin expanded to 35.2%, supported by backward integration.

Bajaj Consumer Care

• Revenue +25% YoY, PAT +85% YoY.

• EBITDA margin expanded sharply to 26.8% due to improved product mix.

JK Cement

• Revenue +21% YoY, comfortably ahead of industry growth.

• PAT declined 12.5% as higher costs compressed margins.

India Cements

• Returned to profitability with PAT of ₹26.6 Cr.

• EBITDA margin improved to 15.6% following UltraTech integration.

Nuvoco Vistas

• Revenue +8.9% YoY, while PAT increased 20%.

• Lower finance costs and premiumisation supported profitability.

JSW Steel

• Adjusted EBITDA margin improved to 19.8%.

• Net debt reduced by ₹7,713 Cr, with FY27 guidance maintained.

MRPL

• Revenue doubled YoY to ₹41,609 Cr.

• PAT turned profitable at ₹946 Cr, while debt reduced significantly.

DMart

• Revenue +15.1% YoY, but growth slowed versus historical trend.

• Store additions remained muted, while e-commerce losses continued.

Havells India

• Revenue +19.7% YoY, driven by Cables and Renewables.

• PAT declined 15.3% as commodity inflation squeezed margins.

ITC Hotels

• Revenue +14.8% YoY, with EBITDA margin expanding 112 bps.

• Hotels business remained robust, while Branded Residences contributed positively.

Heritage Foods

• Revenue reached a record ₹1,338 Cr (+17.7% YoY).

• PAT declined 38% due to higher milk procurement costs.

GM Breweries

• Revenue +25.8% YoY, while PAT increased 45.9%.

• Operating leverage drove earnings despite PET bottle cost pressure.

Sai Silks (Kalamandir)

• Revenue declined 1% YoY.

• PAT fell 14.7% amid weak demand and higher operating expenses.

Oberoi Realty

• Revenue +31.7% YoY, with operating margin expanding 374 bps.

• ₹8,109 Cr bookings from Three Sixty North provide strong future visibility.

Rossari Biotech

• Revenue +28.2% YoY, significantly ahead of guidance.

• PAT growth remained muted due to higher finance costs and depreciation.

Tatva Chintan

• Revenue +43% YoY, comfortably exceeding FY27 guidance.

• EBITDA margin softened due to rising operating costs.

Globus Spirits

• Revenue reached ₹1,152 Cr (+21% YoY).

• PAT grew 50%, while manufacturing margins exceeded guidance.

Goa Carbon

• Revenue plunged 67% YoY due to prolonged plant shutdowns.

• The company slipped into losses amid liquidity stress.

Borosil Renewables

• Revenue +22% YoY, with normalized PAT up 64%.

• EBITDA margin of 35% exceeded management guidance.

Reliance Industries

• Revenue +25.4% YoY, supported by O2C and Digital businesses.

• PAT declined 27.8% due to a high base and margin pressure.

Jio Financial Services

• Revenue surged 227% YoY.

• Lending and fee-based businesses continued to scale rapidly with stable asset quality.

ICICI Lombard

• PAT declined 46% YoY due to higher Motor TP reserves.

• Health Retail remained the key positive with strong premium growth.

HDFC Life

• PAT increased 11.9% YoY, with solvency improving to 185%.

• Persistency and market share remain key monitorables.

ICICI Prudential Life

• PAT +27.8% YoY, while VNB margin expanded 220 bps.

• Retail protection business delivered strong growth after GST reforms.

HDFC AMC

• Revenue +13.5% YoY, PAT +12.1% YoY.

• Operating margin moderated due to higher employee costs.

ICICI Asset Management

• Delivered healthy revenue and PAT growth.

• Sequential margin pressure emerged from employee cost normalization.

Anand Rathi Wealth

• Reported PAT increased 74% YoY.

• Core earnings remained under pressure due to higher employee costs and MTM-driven profits.

Just Dial

• Revenue +9.9% YoY.

• EBITDA margin declined as employee costs increased faster than revenue.

360 ONE WAM

• Revenue +26.9% YoY, while AUM reached ₹7.77 lakh Cr.

• Asset Management remained the growth driver despite Wealth Management margin pressure.

5Paisa Capital

• Revenue +13.7% YoY, supported by higher interest income.

• Balance sheet strengthened after the rights issue, though core broking remained weak.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

This week, I tracked management commentary across hundreds of listed companies universe. Here are the stocks that stood out the most and which could improve your watchlist:

1. NALCO

• Targets 40-45% EBITDA margin for FY27 despite higher input costs in H1.

• Aluminium prices expected to remain around $2,900-3,000/ton, supporting profitability.

• Expanding alumina refinery while increasing domestic sales and exports.

2. Titagarh Rail Systems

• Wagon demand remains robust with production targeting up to 1,000 wagons/month.

• Metro and Vande Bharat orders continue to drive passenger rail growth.

• Passenger segment margins could improve significantly through indigenous propulsion systems.

3. Delhivery

• Targets 15-18% long-term growth through AI and robotics.

• Scaling cross-border logistics platform for Indian MSMEs.

• Automation continues to improve profitability across operations.

4. NephroPlus

• Plans to add 50-60 dialysis centres this year.

• International expansion continues across Saudi Arabia and the Philippines.

• Targets 15-20% revenue CAGR over the next few years.

5. Persistent Systems

• Nagarro acquisition expands presence across Europe, Japan and the Middle East.

• Combined entity expected to return to high-teen growth within two years.

• Acquisition to be funded through debt and expected to be EPS accretive.

6. Atul Auto

• Delhi’s EV policy creates a significant opportunity for electric three-wheelers.

• EV portfolio now covers fixed, swappable and fast-charging technologies.

• Minimal exposure to diesel/CNG in Delhi limits transition risk.

7. Puravankara

• GCC expansion continues to boost premium housing demand.

• Maintaining ₹11,200 crore FY27 guidance.

• Pipeline includes 25 launches during the year.

8. Poly Medicure

• Over 100 products under development across three years.

• Plans 30-35 launches during FY27.

• Increasing focus on higher-margin cardiology and critical care products.

9. Aye Finance

• MSME demand remains strong across Tier-2 and Tier-3 cities.

• Lower borrowing costs expected to support margins.

• IPO proceeds provide enough capital for over two years of growth.

10. Mahindra & Mahindra

• SUV business continues delivering industry-leading growth.

• EV portfolio expanding rapidly with strong customer response.

• Capacity expansion underway to support long-term product launches.

11. Phitku

• Majority stake acquired by Ananta Capital within 14 months of launch.

• Focus remains on ingredient-led premium personal care.

• Targets 4-5x growth through international expansion and new products.

12. MapmyIndia

• Transitioning into an AI-native geospatial technology company.

• Leveraging decades of proprietary mapping data.

• IoT and Digital Twin businesses have crossed ₹100 crore revenue.

13. Thermax

• US data centres emerging as a key long-term growth opportunity.

• Export business continues growing at 20-30%.

• Recovery visible across boilers, water and pollution control businesses.

14. Corona Remedies

• Guides for 15% revenue and 20% profit growth during FY27.

• Core brands continue growing faster than the domestic pharma market.

• Management sees no immediate overhang from private equity investors.

15. Aeroflex Industries

• Data-centre cooling business witnessing rapid capacity expansion.

• This segment could contribute 30-35% of revenue in coming years.

• Core export demand from US and Europe is recovering.

16. Borosil

• Rajasthan manufacturing facility has commenced commercial production.

• FY27 capex of ₹150-200 crore planned.

• Targets EBITDA margin above 20% over the medium term.

17. V2 Retail

• Store addition target increased to 200+ outlets.

• Same-store sales continue showing healthy momentum.

• Organized value retail opportunity remains underpenetrated.

18. Berger Paints

• Maintains 15-17% revenue growth guidance.

• Exterior paint demand remains healthy despite delayed monsoon.

• May evaluate selective price increases around Diwali.

19. Oberoi Realty

• Gurugram becoming one of the company’s biggest growth markets.

• Future project launches expected at higher realizations.

• FY27 pre-sales could grow significantly.

20. Raymond Realty

• FY27 pre-sales target stands at ₹4,000 crore.

• Large Mumbai project pipeline provides strong visibility.

• Margins expected between 17-19% as execution improves.

21. Action Construction Equipment (ACE)

• Entering the heavy-duty crane segment through a 50:50 JV with Kato.

• Commercial production is expected to begin during FY27.

• Management sees the new business generating ₹300–400 crore revenue over the next 2–3 years.

22. J&K Bank

• Crossed the ₹3 lakh crore business milestone ahead of schedule.

• Targets 15%+ advances growth and 12% deposit growth.

• Expects CASA ratio to improve from H2FY27.

23. Vector Technics

• Revenue expected to jump from ₹10 crore to ₹400 crore in FY27.

• Existing manufacturing capacity already has healthy demand visibility.

• Focus remains on domestic defence opportunities.

24. Aequs

• Sees India emerging as a global aerospace manufacturing hub.

• Commercial aviation outsourcing opportunity continues to expand.

• Building an agile supply chain to attract global contracts.

25. Mercedes-Benz India

• Reported its strongest-ever first-half sales.

• Premium vehicle demand remains healthy despite macro uncertainty.

• Management believes India’s EV portfolio still has significant room for expansion.

26. Quality Power

• Data-centre investments are creating a strong demand cycle.

• Expanding into battery energy storage and power conversion systems.

• Increasing manufacturing capacity to serve global AI infrastructure customers.

Before you jump into next stock update, if you want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

27. CleanMax

• Added more than 500 MW during Q1, ahead of annual targets.

• Nearly half of the renewable pipeline is linked to AI and data-centre customers.

• Battery storage expected to become the next major growth engine.

28. RateGain

• AI expected to unlock new revenue opportunities across travel technology.

• Sojern acquisition strengthens the company’s data moat.

• Management remains focused on launching AI-powered products.

29. Zota Healthcare

• Dawa India expansion continues aggressively.

• Export business expected to accelerate over the coming years.

• Expansion focused on underserved states including Bihar, Assam and Uttar Pradesh.

30. Oswal Pumps

• Scaling solar module capacity to 2.1 GW.

• Pump manufacturing capacity to increase significantly through automation.

• Investing across aluminium extrusion and EVA manufacturing.

31. Cochin Shipyard

• Order book remains strong at ₹26,300 crore.

• Focus continues on specialised and mid-sized vessels.

• Management targets 12–15% annual growth going forward.

32. Muthoot Microfin

• Industry recovery supporting stronger loan growth.

• AUM growth target increased to 20%.

• Gross NPAs expected to improve further if current momentum continues.

33. Apollo Micro Systems

• Maintains FY27 revenue guidance of ₹600–700 crore.

• Order book of around ₹1,500 crore provides strong execution visibility.

• Management expects continuity in operations despite recent developments.

34. IKS Health

• Plans to reduce debt steadily over the next four years.

• Targets nearly 3x EBITDA growth by FY30.

• Integration remains the key focus following recent acquisitions.

35. Paras Defence

• Working on next-generation interceptor drone opportunities.

• Open to technology partnerships with global defence companies.

• Focus remains on organic expansion rather than acquisitions.

36. Borosil (Additional Key Commentary)

• Manufacturing expansion expected to improve operating leverage.

• FY27 capex remains focused on capacity addition.

• Long-term margin outlook remains positive.

37. Berger Paints (Additional Commentary)

• Decorative paint demand remains resilient.

• Premium product mix continues improving.

• Management remains optimistic heading into the festive season.

38. Raymond Realty (Additional Commentary)

• Large MMR pipeline provides multi-year revenue visibility.

• Higher project scale expected to improve profitability.

• Focus remains on premium residential developments.

39. Mahindra & Mahindra (Additional Commentary)

• Export business continues gaining momentum.

• EV adoption remains stronger than expected.

• Multi-year SUV launch pipeline supports future growth.

40. Delhivery (Additional Commentary)

• AI expected to improve operating efficiency further.

• Freight and parcel businesses continue gaining market share.

• International logistics remains a long-term growth opportunity.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

Every earnings season, management quietly reveal what they expect over the next 12–36 months—how fast they plan to grow, where they’ll invest, what risks they see and, most importantly, how confident they really are. Because of too much data, you might skip many important stocks

No worries! I did.

After reviewing growth guidance from hundreds of listed companies, I found a handful of businesses whose confidence stood above the rest. Some operate in sectors everyone is talking about. Others are quietly building businesses that few investors are paying attention to.

1. Samvardhana Motherson International

• Management expects 500%+ revenue growth from its consumer electronics GF3 plant over FY27-28.

• Signals aggressive diversification beyond traditional auto components.

2. KPIT Technologies

• India business is expected to double in FY27.

• Strong demand from software-defined vehicles and EV engineering.

3. Titagarh Rail Systems

• Targets delivery of 200 passenger rail coaches in FY27.

• Railway manufacturing pipeline remains healthy.

4. Jupiter Wagons

• Container manufacturing revenue expected to double.

• Freight logistics continues to be a major growth driver.

5. Amber Enterprises

• Management guides for 40% revenue growth in FY27.

• RAC, electronics and EMS remain key growth engines.

6. PG Electroplast

• Washing machine business expected to grow 30-35%.

• Capacity expansion continues to support growth.

7. Syrma SGS Technology

• Targets around 35% revenue growth.

• EMS demand remains robust across multiple segments.

8. Netweb Technologies

• Expects 35-40% revenue growth.

• AI servers and HPC continue to drive demand.

9. Kaynes Technology

• Management guides for 20-25% growth.

• Large order book supports medium-term visibility.

10. Bharat Forge

• Targets around 25% revenue growth.

• Defence and aerospace continue gaining share.

11. Solar Industries

• Revenue expected to grow 42%.

• Defence explosives remain a structural opportunity.

12. Data Patterns

• Management guides for 20-25% growth.

• Defence electronics order inflows remain healthy.

13. Azad Engineering

• Revenue expected to grow 25%+.

• Aerospace manufacturing capacity continues expanding.

14. Apollo Micro Systems

• Management expects growth momentum similar to FY26.

• Defence execution remains strong.

15. Rossell Techsys

• Revenue guidance of 87% growth.

• Aerospace outsourcing continues gaining traction.

16. Waaree Energies

• EBITDA expected to grow 20-25%.

• Solar manufacturing expansion remains on track.

17. KPI Green Energy

• Revenue expected to grow 40-50%.

• IPP and EPC businesses remain strong.

18. KP Energy

• Targets 40-50% revenue growth.

• Wind infrastructure demand continues improving.

19. Inox Wind

• Management guides for 75% growth.

• India’s wind cycle appears to be reviving.

20. Advait Energy

• Revenue expected to grow 40%+.

• Transmission and renewable projects support growth.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

21. Hero MotoCorp

• Global business expected to grow 41%.

• Export recovery and premium motorcycles remain key drivers.

22. TVS Motor

• EV capacity expected to grow 25%.

• Premiumisation continues.

23. Eicher Motors

• Management guides for 20-25% revenue growth.

• Royal Enfield expansion remains healthy.

24. Ashok Leyland

• Defence business expected to compound above 20%.

• Defence becoming a meaningful growth vertical.

25. Pricol

• Newly acquired business expected to double over three years.

• Integration remains the key monitorable.

26. PB Fintech

• Management expects 30%+ growth.

• Insurance penetration continues rising.

27. Bajaj Finance

• AUM expected to grow 20-24%.

• Premium retail lending remains intact.

28. Cholamandalam Finance

• Guides for 20-23% AUM growth.

• Credit demand remains healthy.

29. Home First Finance

• Loan book expected to grow 25%.

• Affordable housing remains underpenetrated.

30. Aavas Financiers

• Targets 20%+ AUM growth.

• Strong rural housing opportunity.

31. Varun Beverages

• International business volume expected to grow 20%+.

• Overseas expansion continues.

32. Marico

• Revenue guidance of 20-25%.

• Premium portfolio continues to outperform.

33. Radico Khaitan

• Luxury portfolio expected to grow 25%.

• Premiumisation remains the focus.

34. Westlife Foodworld

• Store expansion expected to accelerate.

• QSR demand remains resilient.

35. Sula Vineyards

• Premium wine production expected to grow 40%.

• Premium consumption trend continues.

36. Natco Pharma

• Brazil business expected to nearly double.

• International markets remain key.

37. Shilpa Medicare

• Formulation business expected to grow 40-50%.

• Specialty products driving momentum.

38. Aarti Pharmalabs

• CDMO revenue expected to grow 40-50%.

• Global outsourcing remains favourable.

39. Poly Medicure

• Management guides for 25% growth.

• Medical devices continue gaining market share.

40. Rainbow Children’s Medicare

• Revenue expected to grow 20%.

• Occupancy and expansion remain healthy.

41. Ratnamani Metals

• Revenue expected to grow up to 50%.

• Energy infrastructure demand remains robust.

42. Apar Industries

• Cable volumes expected to grow 25%.

• Power infrastructure spending remains supportive.

43. KEI Industries

• Targets 20% CAGR through FY28.

• Wires & cables demand remains structural.

44. Skipper

• PAT expected to grow 30%.

• Transmission projects continue driving orders.

45. HFCL

• Revenue expected to grow 20-25%.

• Optical fibre and telecom products remain strong.

46. Godrej Properties

• Bookings expected to grow 20%.

• Premium residential demand remains healthy.

47. Brigade Enterprises

• Revenue expected to grow 20%.

• Multiple launches planned.

48. Awfis

• Revenue guidance of 25-27%.

• Flexible workspace demand continues to rise.

49. Sirca Paints

• Targets 25-30% CAGR.

• Premium decorative paints remain the focus.

50. GNG Electronics

• Revenue expected to grow 25%.

• Refurbished electronics market continues expanding.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

While the June quarter had its fair share of macro concerns—from geopolitical tensions in the Middle East and crude oil volatility to uncertainty around global trade—India Inc.’s first set of business updates paints a surprisingly encouraging picture.

Across banking, NBFCs, consumer companies, jewellery, automobiles and financial services, most companies have reported healthy business momentum. Loan books continue to expand at a healthy pace, consumer demand remains resilient, discretionary spending is holding up well, and FMCG companies are witnessing improving volume growth after several muted quarters.

Here’s a detailed look at the key updates.

Banking: Credit growth remains healthy despite deposit competition

The banking sector continues to report healthy credit demand with most lenders delivering double-digit loan growth. Deposit mobilization has also improved, although CASA trends remain mixed.

IDFC First Bank: Strong Quarter with Improving Liability Franchise

IDFC First Bank delivered another strong operational update with loan growth exceeding expectations.

Key Highlights

• Loans & Advances increased 20.6% YoY and 5.2% QoQ to ₹3.05 trillion, ahead of estimates.

• Total Deposits grew 17.7% YoY and 5.9% QoQ to ₹3.11 trillion.

• CASA Ratio improved to 50.8% from 49.8% in Q4FY26.

• Healthy deposit growth helped improve the Credit-Deposit ratio to 95.5% versus 96.4% last quarter.

The continued improvement in CASA and deposits indicates that the bank’s liability franchise is strengthening while maintaining industry-leading loan growth.

HDFC Bank: Healthy Loan Growth, CASA Moderates

India’s largest private lender reported another stable quarter.

Highlights

• Average AUM increased 10.8% YoY to ₹30.4 trillion.

• Period-end advances grew 15.4% YoY and 3.4% QoQ, marginally ahead of expectations.

• Average deposits increased 13.3% YoY.

• Period-end deposits grew 14.7% YoY with ₹650 billion incremental deposits during the quarter.

• CASA deposits declined sequentially resulting in CASA ratio falling to 32.3% from nearly 34%.

Although CASA moderated, overall deposit mobilisation remained robust, indicating HDFC Bank continues gaining market share in deposits.

Public Sector Banks Continue Delivering Stable Growth

Canara Bank

The standout performer among PSU banks.

• Total Business +14.4%

• Advances +18%

• Deposits +11.7%

• Strong RAM portfolio growth

• CD Ratio improved to 80.2%

Bank of Baroda

Growth remained healthy although slightly below expectations.

• Business +15.5%

• Advances +17.4%

• Deposits +13.8%

• Retail lending remained strong.

• CD ratio largely stable.

Punjab National Bank

A relatively softer quarter.

• Business +10%

• Advances +13%

• Deposits +8.5%

• Deposit mobilisation remained modest.

Bandhan Bank

Bandhan’s operating trends continue to improve.

Key Highlights

• Loans grew 16.4% YoY

• Deposits increased 6.6% YoY

• Retail deposits rose 15.4%

• Retail deposit mix improved to nearly 74%

• CASA ratio stood at 27.1%

• Collection efficiency remained extremely healthy at 98.9%

The continued shift towards granular retail deposits remains a positive structural trend for the bank.

IndusInd Bank

A relatively balanced update.

• Advances declined 2.3% YoY but improved 3.3% QoQ.

• Deposits increased 4.5% YoY.

• CASA moderated to 29.5%.

Small Finance Banks Continue Gaining Momentum

Equitas Small Finance Bank

Another healthy quarter.

• Advances +26.7%

• Deposits +10.4%

• MFI portfolio +70%

• CASA at 25%

• CD ratio moderated marginally.

CreditAccess Grameen

The microfinance leader reported encouraging improvement in asset quality.

Highlights

• GLP increased 16.4% YoY

• Highest ever Q1 disbursements.

• PAR 90 reduced sharply from 2.3% to 1.5%

• Collection efficiency remained exceptionally strong at 99.68%

Improving asset quality while maintaining growth is an encouraging sign for the sector.

Bajaj Finance Continues Its Growth Leadership

Another strong operational quarter.

Highlights

• New loan bookings increased 20% YoY

• Customer franchise reached 124 million

• AUM increased 24% YoY

• New customer additions remained healthy.

The only weak spot remained deposits, which declined 5% YoY.

Bajaj Housing Finance

Housing finance demand remains robust.

• Disbursements +33%

• AUM +24%

• Loan Assets +24%

• Repayment rates remained stable.

Mahindra Finance

Steady growth with stable asset quality.

• Disbursements +21%

• Business Assets +12.5%

• Stage-3 assets stable around 3.5%

• Comfortable liquidity position maintained.

Jewellery

Consumer discretionary demand continues to surprise positively.

Senco Gold

The jewellery retailer reported an encouraging start to FY27.

Key Highlights

• Robust revenue growth supported by healthy demand.

• Strong Same Store Sales Growth.

• Opened 8 new showrooms during the quarter.

• Diamond jewellery continued witnessing strong momentum.

• Old Gold Exchange contributed nearly 43% of sales, highlighting sustained customer engagement despite elevated gold prices.

The strong showroom expansion alongside healthy same-store growth suggests demand remains resilient even after the sharp rise in gold prices.

FMCG: Recovery Becoming More Visible

Godrej Consumer Products

One of the biggest positives this quarter.

Highlights

• Consolidated revenue expected to grow in high teens.

• Volume growth in high single digits.

• India business accelerated.

• GAUM witnessed strong growth despite a high base.

• Indonesia business staged a remarkable turnaround after several difficult quarters.

The recovery across multiple geographies indicates improving execution and healthier demand trends.

Marico

Perhaps one of the strongest FMCG updates this season.

Highlights

• Domestic business delivered double-digit underlying volume growth, the highest in multiple quarters.

• Consolidated revenue expected to grow in the early twenties.

• International business maintained mid-teen constant currency growth.

• Vietnam and MENA continued outperforming.

• Bangladesh witnessed temporary moderation due to pricing anniversarization.

Marico’s update reinforces that urban demand recovery is gradually broadening.

Financial Services

Angel One

Trading activity remained healthy although market share moderated.

Highlights

• Client base crossed 38.6 million

• Average MTF Book reached a record ₹67.8 billion

• Orders increased 21% YoY

• Commodity turnover surged sharply.

• Overall market share declined modestly because of softer F&O activity.

The rapid scaling of the MTF book continues to remain the biggest positive.

Automobiles

Tata Motors

India Business Continues to Fire

Passenger Vehicle business reported an outstanding quarter.

• Total PV sales increased 46%

• Domestic PV sales +45%

• EV sales surged 112%

• June sales +69%

However, Jaguar Land Rover remained under pressure.

JLR

• Wholesale volumes declined 9.2%

• China down 26%

• Europe down 12%

• Retail sales declined 15%

Supply-chain disruptions, geopolitical issues and planned model transitions continued to weigh on performance.

Other Auto companies

Passenger vehicle (PV) volumes grew 22.2% YoY, driven by continued strength in SUVs and premium models. Maruti Suzuki (+22%), Mahindra (+28%) and Tata Motors PV (+69%) reported robust growth, while Hyundai’s volumes declined 15.7% due to a temporary supply-chain disruption, which has since been resolved.

Two-wheelers also delivered healthy growth, supported by improving rural demand. Premium motorcycles continued to outperform the mass segment, with Royal Enfield volumes rising 27.4% YoY, while Hero MotoCorp’s dispatches declined 4.2%, highlighting continued weakness in entry-level motorcycles. TVS Motor remained the standout performer with strong growth across motorcycles, scooters and mopeds.

Electric vehicle adoption continued to accelerate. The electric two-wheeler industry recorded its second-highest monthly retail sales on record, with TVS Motor (+75.8%), Bajaj Auto (+80.2%) and Hero MotoCorp (+175%) reporting strong growth, while Tata Motors retained leadership in the electric passenger vehicle segment.

Commercial vehicles remained healthy as infrastructure and logistics activity supported demand. Tata Motors, Ashok Leyland and Eicher Motors all reported nearly 25-30% YoY growth in MHCV volumes, while tractor sales also remained strong, with Escorts (+19.8%) and Mahindra (+12.4%) reflecting improving rural sentiment.

Steel

Sambhv Steel Tubes

The company reported its highest-ever Q1 sales volumes.

Highlights

• Strong growth in value-added products.

• Structural pipes volumes remained healthy.

• Pre-galvanized products recorded robust growth.

• Stainless steel segment continued expanding.

• Performance remained resilient despite global steel market weakness.

What’s our take?

Several trends are becoming increasingly evident.

1. Banking growth remains robust

Almost every major banks reported:

• Loan growth above 17% YoY

• Deposit growth above 11% YoY

• Sequential credit growth of over 4% for most private lenders.

The average loan growth stood at 20% YoY, indicating healthy credit demand across retail, MSME and corporate segments.

2. Deposit mobilisation has improved

Despite intense competition for liabilities, most banks reported healthy deposit growth while maintaining stable credit-deposit ratios.

3. Small Finance Banks continue expanding

Both Equitas and CreditAccess reported healthy growth alongside improving asset quality, suggesting stress in the microfinance ecosystem continues to ease.

4. Consumer demand remains resilient

Senco Gold’s same-store sales growth, Marico’s double-digit volume growth and GCPL’s accelerating revenue indicate discretionary and staple demand is holding up better than expected.

5. Automobile demand remains healthy

Most manufacturers reported double-digit growth despite an already strong base.

India’s passenger vehicle market continues benefiting from premiumisation and rising SUV penetration.

6. Financialization continues

Angel One’s expanding MTF book and Bajaj Finance’s strong customer additions reflect sustained retail participation across financial products.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204

or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

The most valuable line in a concall is usually the one that nobody talks about.

This week, I read management interactions of 25 companies to find those hidden clues. Here’s what stood out.

Astral

🔹 Approved the demerger of its Plumbing and Chemical businesses to unlock sharper strategic focus.
🔹 Chemical business targets ₹5,000 crore revenue over the next five years, while the plumbing business continues to gain market share with CPVC backward integration.

Hitachi Energy

🔹 Massive opportunity emerging from AI-led data centres, renewable energy integration and grid modernization.
🔹 Strong order book provides multi-year revenue visibility.

IRCTC

🔹 Management remains confident of maintaining nearly 30% EBITDA margins.
🔹 Growth to be driven by Vande Bharat expansion, catering and tourism businesses.

CCL Products

🔹 Supply chain remains largely insulated despite global geopolitical uncertainties.
🔹 Stable sourcing strategy continues supporting margins and exports.

Balrampur Chini Mills

🔹 Investing ₹3,080 crore in India’s first commercial-scale PLA bioplastics plant.
🔹 Could transform the company from a traditional sugar business into a specialty materials player.

Stove Kraft

🔹 Cooking appliance business continues to grow strongly.
🔹 Management expects the segment to nearly double while improving operating leverage.

IndiGo

🔹 Fuel costs and aircraft supply constraints remain the biggest challenges.
🔹 Long-term aviation demand remains robust with airport infrastructure improving rapidly.

Cholamandalam Investment

🔹 AUM growth guidance remains healthy at 20-23%.
🔹 Mortgage portfolio continues gaining share while vehicle finance becomes relatively smaller.

RR Kabel

🔹 Confident of delivering 16-18% volume growth.
🔹 Export recovery, Middle East improvement and FMEG breakeven remain key growth drivers.

Jupiter Lifeline Hospitals

🔹 Expanding bed capacity towards 3,000 beds.
🔹 Greenfield hospitals expected to reach EBITDA breakeven within two years.

Dilip Buildcon

🔹 Mining and long-term assets expected to contribute nearly 75% of profits by FY29.
🔹 Debt reduction and fresh order inflows remain major priorities.

Indian Hotels

🔹 Domestic travel remains extremely strong.
🔹 Spiritual tourism and Ginger hotel expansion continue to drive long-term growth.

Apar Industries

🔹 Management believes profits can potentially double over the next four years.
🔹 Cable business targets around 25% annual growth with ₹1,500 crore capex planned.

Radico Khaitan

🔹 Premiumisation continues to remain the central strategy.
🔹 Long-term brand building takes priority over short-term volume gains.

NRB Bearings

🔹 Promoter debt issue now resolved after stake sale.
🔹 Building EV-agnostic platforms while maintaining a highly diversified customer base.

CMR Green Technologies

🔹 Benefiting from India’s recycling and circular economy opportunity.
🔹 Expanding into zinc alloys and strengthening non-aluminium businesses.

Punjab National Bank

🔹 Targets healthy credit growth while mobilising FCNR deposits.
🔹 Focus remains on improving margins through a better liability mix.

KRN Heat Exchanger

🔹 Capacity utilisation expected to rise sharply over the next two years.
🔹 Data centre orders are emerging as an important future growth engine.

Garware Technical Fibres

🔹 Long-term strategy of doubling profits every five years remains intact.
🔹 Infrastructure applications continue delivering over 40% growth.

Aye Finance

🔹 Targets 25-30% AUM growth.
🔹 Falling borrowing costs and improving profitability remain key positives.

EPACK Prefab

🔹 Management guides for around 30% revenue growth.
🔹 Large order book and capacity expansion provide strong execution visibility.

Anthem Biosciences

🔹 Industry destocking appears over.
🔹 Commercial product pipeline and GLP-1 opportunities could drive the next phase of growth.

Anupam Rasayan

🔹 First company globally to commercialise ETFA using continuous-flow chemistry.
🔹 Targets 10-15% global market share with EBITDA margins above 25%.

Bluestone Jewelry

🔹 Vision FY30 targets ₹12,000 crore revenue.
🔹 Aggressive retail expansion and lifestyle jewellery remain the key growth drivers.

Symphony

🔹 Strong summer season has cleared inventories.
🔹 Price hikes from July and over 95% domestic sourcing should support profitability.

Hexagon Nutrition

🔹 Focus shifting towards higher-margin branded clinical nutrition.
🔹 International expansion remains an important long-term growth lever.

These aren’t stock recommendations.

They’re management commentaries that reveal where companies are investing, where they see demand emerging, and how they plan to create shareholder value over the coming years.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this book “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks for your portfolio.

Available now on Amazon

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

A company grows earnings by 20%. The stock falls 30%.

Another company grows earnings by 8%. The stock doubles.

Most investors spend their lives trying to explain this contradiction.

The answer eventually became a book.

Today, I’m excited to share that my book “Growth, Value & the Art of Intelligent Investing” is now officially available on Amazon.

The question that inspired this book

Over the last decade, I’ve spent thousands of hours studying businesses, reading annual reports, listening to management commentaries, analyzing financial statements, and researching companies across sectors.

Yet one question kept appearing again and again.

Should I invest in growth stocks or value stocks?

It sounds like a sensible question.

In reality, it may be one of the most misleading questions investors ask.

Because markets don’t reward growth.

Markets don’t reward value.

Markets reward the gap between expectations and reality.

A stock priced for perfection can disappoint despite strong business performance.

A stock priced for failure can create extraordinary wealth with only modest improvement.

Understanding this simple idea changed the way I looked at investing.

And eventually, it became the foundation of this book.

Why most investors struggle

Most investors don’t fail because they lack information.

They fail because they misinterpret information.

Some chase growth at any price.

Some buy “cheap” stocks without understanding the business.

Others keep changing strategies every few years depending on what is working in the market.

The result?

• Overpaying for popular stories

• Holding value traps for years

• Chasing performance at exactly the wrong time

• Abandoning good investments before they work

What you’ll learn

Inside the book, you’ll discover:

• Why the growth vs value debate is flawed

• How expectations drive stock prices

• How valuation influences long-term outcomes

• The role of patience and cycles in wealth creation

• Portfolio construction and capital allocation

• How to survive fear, euphoria, and social pressure

• What truly matters in long-term investing

What’s Inside?

Chapter 1

Growth vs Value: Why Most Investors Ask the Wrong Question

Understanding how expectations, narratives, and valuation shape investment outcomes.

Chapter 2

Indian Market Case Studies

Lessons from HUL, Infosys, Reliance, PSUs, new-age technology companies, SMEs and multiple market cycles between 1992 and 2026.

Chapter 3

Valuation Discipline & the Art of Not Overpaying

Margin of safety, expectation analysis, reverse DCFs, and avoiding expensive mistakes.

Chapter 4

Portfolio Construction: Building an Army

Position sizing, risk management, concentration, diversification, and surviving market drawdowns.

And finally...

A short closing section titled:

“What Really Matters in the End.”

It is only a few pages long.

Yet it may be the most important part of the entire book.

The book is now available on Amazon

📖 Growth, Value & the Art of Intelligent Investing

Available on Amazon:

Buy now from Amazon

If you’ve enjoyed my research notes, company analyses, newsletters, and investing frameworks over the years, I believe you’ll find value in this book as well.

And if you do decide to read it, I’d genuinely love to hear your thoughts.

Thank you for being part of this journey.

Happy Investing.

Anant Chaudhary
Founder, Anantam Research

Feel free to connect on whatsapp for discounts on bulk deals

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

Subscribe now

Most investors still see Stylam Industries as just another laminate manufacturer.

That may be a mistake.

Because beneath the surface, something unusual is happening.

A Japanese company with 43 manufacturing facilities across the globe has taken a strategic stake, joined the board, and is now discussing whether more production should shift to India because Stylam’s operations are more efficient and cost-effective than several overseas facilities.

The company? AICA Kogyo of Japan.

And this partnership may be far more important than the market currently realizes.

A ₹300 crore bet on the future

Stylam has just commissioned what management describes as its most advanced manufacturing facility ever.

Built with highly automated German and Chinese machinery, the entire production line requires only around 10-12 people to operate.

Commercial production begins in July 2026.

At peak utilization, this single facility has the potential to generate nearly ₹1,000 crore of additional revenue.

To put that in perspective, management is targeting total company revenue of ₹2,000-2,200 crore within the next two years.

That’s nearly double current levels.

The hidden value of the japanese partnership

Most investors are focusing on the equity investment.

The bigger opportunity could be elsewhere.

AICA brings proprietary chemical technologies, specialized formulations, patents, and decades of manufacturing expertise.

More importantly, their presence on the board introduces a highly process-driven management culture that could unlock efficiencies across Stylam’s operations.

Management has openly stated that several domestic challenges which previously held back growth have now been addressed following the Japanese partnership.

Sometimes, the right strategic partner can be worth far more than capital.

The domestic opportunity nobody is talking about

For years, Stylam generated most of its revenue from exports.

That is beginning to change.

The company now wants to become one of India’s top three premium laminate brands over the next 2-3 years.

Not by competing in the low-end market.

Not by chasing volumes.

Instead, Stylam is targeting the premium and super-premium segment where design, quality, and branding matter.

To achieve this, the company plans to significantly expand its domestic distribution network to 200-250 major distributors.

If successful, investors may witness the emergence of an entirely new growth engine.

Europe could become the biggest trigger

There is another catalyst that could arrive sooner than expected.

The proposed India-EU Free Trade Agreement.

Currently, Indian laminate exports to Europe face a 6.5% import duty.

If the agreement comes through, that duty could potentially fall to zero.

At the same time, European manufacturers continue to struggle with elevated energy and gas costs.

This creates a significant cost advantage for Indian exporters.

Management has already indicated export growth of 15-20% during April and May 2026 despite global logistical disruptions and geopolitical uncertainties.

Imagine the impact if tariffs disappear.

An underappreciated optionality

There is also a business segment many investors have forgotten.

Stylam possesses nearly ₹500 crore of acrylic sheet manufacturing capacity that remains underutilized.

Management intends to revive this business using its expanding domestic distribution network.

Additionally, the company is exploring small strategic acquisitions in areas such as MDF and specialty chemicals to deepen integration and strengthen its supply chain.

These opportunities are not part of most investor models today.

Numbers that deserve attention

While many building-material companies operate with EBITDA margins in the mid-teens, Stylam has consistently maintained margins in the 20-25% range.

The company remains debt-free.

Expansion is being funded through internal accruals and strategic capital.

Management has indicated a dividend payout policy of around 25%.

Most importantly, they believe the newly commissioned ₹300 crore facility could ultimately generate RoCE approaching 60% after stabilization.

Very few manufacturing companies can claim that.

Why this story is interesting

A Japanese strategic partner.

A massive new automated facility.

A domestic market turnaround.

Potential benefits from the India-EU trade agreement.

Underutilized assets waiting to be monetized.

And a management team openly aspiring to double revenue within the next two years.

The market often rewards companies not for what they are today, but for what they can become.

I've been tracking Stylam Industries for quite some time and first wrote about the company in late 2024 at Rs. 2000 levels.

when the investment case was centered around its debt-free balance sheet, strong export franchise, and reasonable valuations.

Since then, the story has evolved meaningfully. The entry of Japan's AICA Kogyo, a ₹300 crore state-of-the-art automated facility, renewed focus on the domestic premium market, and potential benefits from the India-EU FTA have added new growth levers that were not part of the original thesis.

What makes the story interesting today is that Stylam is no longer just a laminate exporter—it is positioning itself for a much larger growth phase over the next few years.

Sometimes the most interesting opportunities are hidden in industries that nobody is excited about—until the numbers force everyone to pay attention.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this ebook “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks with clarity.

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

If you were investing in Indian stocks during 2022 and 2023, you probably remember the boom in railways stocks.

Initially, the rally was driven by strong fundamentals. Government spending increased, order books surged and companies such as RVNL, IRCON, RailTel and Titagarh Rail Systems reported impressive growth.

Then something changed.

Investors stopped buying railway companies and started buying railway stories.

A company would announce a new railway product, a small railway order, or even future plans to participate in the railway ecosystem, and the stock would rally sharply. Eventually, the narrative became bigger than the numbers.

By the beginning of 2024:

Ircon was trading at 30x+ trailing price to earnings (P/E) multiple, vs historic average of 5-6x.

RVNL was trading at 70-80x vs historic average of 6-7x.

Railtel was trading at 60-70x vs historic average of 15-20x

Titagarh Rail was trading at 70-80x vs historic average of 20-25x.

All stocks went down by 60-70% in last 2 years at the bottom and still down more then 50%. earnings have collapsed, hence valuations still looks high.

Today, India wants to become a global defence manufacturing hub. Airbus and Boeing are increasing sourcing from India. Defence exports are at record highs. Private sector participation is expanding rapidly.

But as more companies announce their entry into the sector and stocks rise 10-20% in a single trading session on future promises, investors must ask a critical question:

Whether investors are beginning to price in success long before it arrives?

And if history has taught us anything, it is that “the biggest gains are often made when a theme is discovered, while the biggest mistakes are made when every new entrant is assumed to be the next winner”.

How The Defence Rally Actually Started

The current rally did not begin in 2025.

The seeds were planted much earlier.

The turning point came around 2020-21 when the Indian government started aggressively pushing defence indigenisation under the Atmanirbhar Bharat initiative.

Several structural developments changed investor perception:

• Import embargo lists for defence equipment

• Increasing defence procurement from domestic manufacturers

• Growing defence exports

• Push towards private sector participation

• PLI schemes across manufacturing

• Rising geopolitical tensions globally

For the first time, investors started believing that Indian private sector companies could become meaningful participants in defence manufacturing rather than merely acting as vendors to PSUs.

The market began rerating companies such as HAL, Bharat Electronics, Data Patterns, Paras Defence and Bharat Dynamics.

The opportunity is massive

And that is exactly why investors are excited.

India aims to become a major global aerospace and defence manufacturing hub.

Defence exports have increased from less than ₹1,000 crore a decade ago to more than ₹38,000 crore recently.

The government’s target is significantly higher over the next decade.

For decades, India was viewed primarily as an engineering and IT services destination. Today, global aerospace giants are increasingly viewing India as a manufacturing destination.

This shift is perhaps more important than any individual defence order because it expands the opportunity beyond defence PSUs.

It will likely create opportunities across:

• Precision engineering

• Bearings

• Forgings

• Castings

• Electronics

• Supply chain management

• Aerospace components

• Maintenance, repair and overhaul (MRO)

The market understands this.

And that is where the excitement begins.

The fundamentals have been extraordinary

Unlike many previous market narratives, Aerospace & Defence did not start with hype.

It started with numbers.

Companies have reported substantial growth in revenues, profits and order books over the last few years.

In other words, the initial rally was justified.

Fundamentals improved first.

Valuations followed.

But something has changed recently

If you have been investing for long enough, you start noticing subtle changes in market behavior.

As the theme gains popularity, the market gradually starts rewarding something else.

Possibility.

That is exactly what appears to be happening in Aerospace & Defence today.

A few years ago, a defence stock would rally after securing a major order. Today, in some cases, stocks are rallying simply because management has announced plans to enter the aerospace and defence ecosystem.

Notice the difference.

The market is no longer rewarding defence revenues.

It is rewarding defence ambitions.

And that distinction matters because ambitions are much easier to announce than revenues are to generate.

Let’s look at a couple of recent examples.

TVS Supply Chain Solutions:

TVS Supply Chain Solutions recently announced a joint venture with Italy-based ALA Group to enter aerospace and defence logistics and supply chain management.

Strategically, the move makes perfect sense.

The aerospace supply chain opportunity is massive. Global OEMs are looking to diversify sourcing, India is becoming a preferred manufacturing destination and aerospace logistics could become a meaningful business opportunity over the next decade.

The key phrase here is “over the next decade.”

The business is still in its infancy. Meaningful revenues are years away. Execution, customer acquisition and scaling remain ahead.

Yet the stock is up 40% in just a few trading sessions.

The market was effectively pricing in years of future growth on day one.

NRB Bearings: A Long Runway, But A Long Wait Too

NRB Bearings is another interesting example.

The company remains predominantly an automotive bearing manufacturer today. However, investors have increasingly focused on its aerospace bearing opportunity.

The logic is easy to understand.

If India becomes a major aerospace manufacturing hub and companies such as Airbus and Boeing continue increasing sourcing from India, specialised bearing manufacturers could become important beneficiaries.

NRB successfully entered the aerospace segment through the acquisition of Mahant Tool Room (MTR) via a wholly-owned subsidiary. The company is fast-tracking production of precision, mission-critical components, grew its defense order book to over ₹70 crores. Backed by this capex plan, the company is aiming for ₹2,600+ crore in revenue by 2031, with industrials, defense, and aerospace expected to eventually contribute over 20–25% of total sales. With total CAPEX requirement of ₹500 crore over a 5-year span.

With the acquisition, NRB will book 50-70 crore of revenue in Q1FY27, while the major inflection point for revenue acceleration is scheduled for Q1 FY2027–28 immediately following the commissioning of their new capacity expansions.

But stock is already doubled in last 2 months.

The opportunity is undoubtedly real.

But it is also likely to play out gradually over many years rather than quarters.

Aerospace is not an industry where orders appear overnight. MTR also has just 70 crore of orders. Approvals, certifications, testing and customer relationships can take years to build.

Yet stock prices often react as if the future has already arrived.

And that is what investors should pay attention to.

The issue is not whether TVS Supply Chain or NRB Bearings can create meaningful aerospace businesses. They very well might.

The issue is that the market appears increasingly willing to discount those future possibilities long before they show up in revenues and profits.

Looking at the speed of recent stock price moves, it feels as though investors are becoming less concerned about near-term earnings growth and more interested in simply participating in the Aerospace & Defence story.

That behaviour does not necessarily signal a bubble.

But it is often one of the earliest signs that a narrative is becoming more powerful than the numbers.

Valuations are beginning to demand perfection

To be fair, the Aerospace & Defence sector has earned a premium valuation.

Most leading defence companies today are sitting on order books that are roughly three to eight times their FY26 revenues, providing strong visibility for the next few years.

That visibility deserves a premium.

However, valuations are starting to look demanding.

Many of the leading A&D stocks are trading between 40x and 80x FY28 earnings estimates, while some niche players command even higher multiples.

At these valuations, investors are no longer paying for the next two years of growth.

The market is effectively pricing in the belief that the defence story will continue playing out successfully for the next five to ten years.

That is a very important distinction.

When a stock trades at 10-15x earnings, investors are largely paying for the business as it exists today.

When a stock trades at 60x or 80x earnings, they are paying for a future that has not yet arrived.

Implicitly, the market is assuming either extraordinary growth over the next few years or the ability of the business to sustain elevated growth rates for a very long period of time.

History suggests that sustaining exceptionally high growth rates for extended periods is far more difficult than investors often assume.

We have seen this repeatedly across market cycles.

During 2020-21, several high-quality consumer companies, including DMart, traded at valuation multiples exceeding 100x earnings as investors extrapolated years of strong growth. The underlying business continued to perform well, but the stock eventually went through a prolonged period of consolidation as earnings gradually caught up with expectations.

A similar pattern was visible in segments of the EMS sector. Companies such as Dixon Technologies experienced phases where investors discounted years of future growth into current valuations. While the business delivered impressive growth, the stock’s valuation eventually moderated as growth rates normalized from extraordinary levels to merely strong levels.

This is one of the most misunderstood concepts in investing.

What should investors do?

History shows that the biggest mistakes in investing are rarely made by identifying the wrong theme.

They are made by overpaying for the right theme.

As investors, our job is not simply to identify a great story. Our job is to identify a great story at a sensible price.

Before calculating how much you can make if everything goes right, it is worth asking a different question:

What happens if things don’t go as expected?

What if approvals take longer?

What if order inflows slow?

What if margins disappoint?

What if the market decides to pay 30x earnings instead of 70x earnings?

The answer to those questions often tells you more about risk than any upside calculation ever will.

The Aerospace & Defence story may continue creating enormous wealth over the next decade.

But as enthusiasm builds and more investors rush toward the theme, selectivity becomes increasingly important.

Because eventually, the winners will be determined not by who entered the sector, but by who successfully converted opportunity into earnings.

And in investing, only 3 things matters in the end:

Earnings, Earnings and Earnings.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204

or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this ebook “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks with clarity.

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

1. Mahindra & Mahindra

Strong tractor demand continues; rural outlook remains positive

• Domestic tractor sales grew 23% YoY.

• Rural demand remains healthy.

• Management expects favourable farm economics to support growth through FY27.

• Export markets remain weak but domestic momentum is strong.

2. IREDA

Renewable energy financing growth remains robust

• Renewable lending pipeline remains strong.

• Green energy investments continue to accelerate.

• Loan book growth remains healthy despite margin pressures.

• Management remains optimistic on India’s energy transition.

3. Smartworks

GCC demand driving office space absorption

• Signed a landmark 5 lakh sq ft Bengaluru transaction.

• Occupancy levels remain strong.

• Rising GCC demand continues to support growth.

• Expansion pipeline remains healthy.

4. Ram Ratna Wires

EVs and Make-in-India creating multi-year opportunity

• Targets 25–30% annual growth.

• Expanding copper tube and BLDC motor capacities.

• Benefiting from import substitution trends.

• EV ecosystem emerging as a major growth driver.

5. Antony Waste Handling

₹18,000 crore order book provides long runway

• Strong revenue visibility from existing projects.

• Waste-to-energy opportunities expanding.

• Expects double-digit revenue growth.

• Municipal infrastructure spending remains supportive.

6. Bajaj Auto

Exports, premiumisation and EVs remain key pillars

• Export volumes expected to improve further.

• Premium motorcycle segment remains strong.

• EV business gaining scale.

• International markets becoming increasingly important.

7. Glenmark Pharma

Semaglutide opportunity gaining momentum

• Confident of FY27 revenue and margin targets.

• Branded portfolio contribution expected to rise steadily.

• Semaglutide viewed as a major growth opportunity.

• Product mix expected to improve profitability.

Before you jump on to next stock, if you want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

8. Blue Star

Air-conditioner demand remains healthy

• Summer sales growth remains strong.

• Industry penetration remains low.

• Structural demand drivers remain intact.

• Capacity additions support long-term growth ambitions.

9. V2 Retail

Aggressive store expansion underway

• Plans to add up to 200 stores.

• Focused on tier-2 and tier-3 markets.

• Technology and inventory optimisation improving execution.

• Growth runway remains substantial.

10. Transrail Lighting

Power transmission capex cycle remains strong

• Domestic opportunity estimated at nearly ₹1 lakh crore.

• Order book provides strong visibility.

• Management confident of robust order inflows.

• Grid infrastructure investments remain a key tailwind.

11. Premier Energies

Solar demand expected to surge in FY27

• Domestic cell demand expected to double.

• Order book exceeds ₹14,000 crore.

• Expanding across the solar value chain.

• New capacities being commissioned aggressively.

12. VA Tech Wabag

Water recycling becoming a strategic necessity

• Water reuse emerging as a global theme.

• India accelerating investments in water infrastructure.

• Industrial demand remains robust.

• Smart water management creating new opportunities.

13. KSH International

Beneficiary of India’s electrification journey

• Strong demand from power and industrial sectors.

• Capacity expansion underway.

• Manufacturing push creating incremental opportunities.

• FY27 outlook remains encouraging.

14. Dhanuka Agritech

Agriculture demand becoming less monsoon-dependent

• Irrigation coverage continues to rise.

• Farm economics remain healthy.

• New product launches expected to support growth.

• Long-term agricultural outlook remains constructive.

15. Borosil Renewables

Policy support strengthening domestic solar manufacturing

• Anti-dumping measures provide support.

• Domestic capacity utilisation expected to improve.

• Renewable energy investments remain strong.

• Solar ecosystem expansion continues.

16. Tata Capital

Housing finance remains a major growth engine

• Targets 23–25% AUM CAGR.

• Housing and secured retail lending remain strong.

• Asset quality remains comfortable.

• Retail credit demand improving gradually.

17. Rubicon Research

Investing heavily for the next growth phase

• EBITDA margins expected to remain healthy.

• Significant R&D investments underway.

• New facilities expected to ramp up.

• Growth visibility remains strong.

18. CEAT

Global expansion and premiumisation driving growth

• Camso integration progressing well.

• International business contribution expected to rise.

• Premium categories gaining traction.

• Long-term growth opportunities remain significant.

19. Olectra Greentech

EV bus adoption creating a large opportunity

• Government initiatives expanding addressable market.

• Capacity expansion plans remain aggressive.

• Strong visibility from existing orders.

• EV penetration expected to accelerate.

20. Happiest Minds

GenAI emerging as a meaningful growth lever

• Revenue growth guidance remains healthy.

• Outcome-based pricing improving margins.

• AI-related deal pipeline expanding.

• Digital transformation demand remains strong.

21. CG Power

One of the biggest beneficiaries of India’s power capex cycle

• Strong demand across transformers and switchgear.

• Capacity expansion underway.

• Export opportunities increasing.

• Multi-year transmission capex cycle remains intact.

22. Dixon Technologies

Manufacturing scale-up continues

• New facilities nearing full utilisation.

• Export opportunities improving.

• Telecom and electronics manufacturing gaining momentum.

• Production-linked incentives continue to support growth.

23. UNO Minda

₹1,250 crore EV investment signals confidence

• EV component localisation accelerating.

• Strong order wins across OEMs.

• Technology partnerships enhancing capabilities.

• Positioned well for future EV penetration.

24. Transport Corporation of India

India logistics story remains intact

• Targets double-digit earnings growth.

• Logistics demand remains healthy.

• Coastal shipping and warehousing expansion underway.

• Long-term supply-chain opportunities remain attractive.

25. TVS Supply Chain Solutions

Aerospace and defence emerge as new growth verticals

• New JV opens entry into a fast-growing market.

• Significant revenue opportunity over the next five years.

• Expected to achieve profitability quickly.

• Benefiting from India’s defence manufacturing push.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this ebook “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks with clarity.

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

When investors think of kitchen and home improvement businesses, they often focus on brands that sell directly to consumers.

But some of the biggest wealth creators are the companies quietly building manufacturing scale, expanding product categories, and gaining market share globally while operating behind the scenes.

Carysil appears to be entering exactly that phase.

What started as a quartz kitchen sink manufacturer is gradually evolving into a broader kitchen solutions company with growing exposure to faucets, built-in appliances, stainless steel sinks, and premium home improvement products.

The next few years may not be driven by price increases alone. Instead, growth could increasingly come from higher volumes, new capacities, and a richer product mix.

About the Company

Carysil is one of the world’s leading manufacturers of quartz kitchen sinks and has built a strong presence across Europe, the UK, the Middle East, and India.

Over the years, the company has expanded beyond sinks into faucets, built-in kitchen appliances, and other premium kitchen solutions.

Its strategy is straightforward but powerful:

Build manufacturing scale, expand product categories, strengthen global distribution, and capture a larger share of the premium kitchen market.

Investment Thesis

1. Capacity Expansion Sets The Foundation For The Next Growth Cycle

One of the biggest reasons to track Carysil is the ongoing capacity expansion across key product categories.

The company’s quartz sink capacity is being increased from 1 million units to 1.25 million units annually through a capex program of approximately ₹50 crore. The expansion is expected to be completed by Q4 FY27.

Management remains confident that demand will be strong enough to absorb the additional capacity relatively quickly.

This is important because Carysil’s next phase of growth is expected to be increasingly volume-driven rather than purely price-driven.

As utilisation rises, operating leverage can become a meaningful earnings driver.

2. Quartz And Stainless Steel Sinks Continue To Deliver

While investors are excited about newer opportunities, the core sink business continues to perform well.

The stainless steel sink segment has witnessed strong volume growth, supported by new product launches and increasing supplies to global brands such as Kohler and Hafele.

Capacity in this segment has already been expanded from 180,000 units to 250,000 units annually.

Healthy order visibility suggests the company is expanding capacity against actual demand rather than speculative growth assumptions.

That provides confidence that core business momentum remains intact.

3. Appliances Could Become A Major Profit Engine

Perhaps the most interesting part of the Carysil story today is its growing appliances business.

India is witnessing rapid adoption of modular kitchens, premium housing, and built-in appliances. At the same time, several product categories continue to depend heavily on imports.

Carysil is positioning itself to benefit from both trends.

The company has already operationalised the first phase of chimney manufacturing, while additional capacities for hobs, ovens, microwaves, and food waste disposers are expected by FY27.

Management also highlighted increasing OEM demand, creating another avenue for growth.

What makes this segment particularly attractive is profitability.

Appliances generate gross margins of nearly 50-60%, significantly higher than many traditional manufacturing businesses.

As the segment scales, it could become an increasingly important contributor to both revenue and profitability.

4. Faucets Are Emerging As A Dark Horse Opportunity

Investors often overlook Carysil’s faucet business, but management appears increasingly optimistic about its future.

The segment is witnessing strong traction in export markets, particularly across Europe and the United States.

Like appliances, faucets also enjoy attractive gross margins in the range of 50-60%.

The combination of premium positioning, export opportunities, and favorable margins makes this a potentially meaningful growth driver over the next few years.

If execution remains strong, faucets could emerge as one of the company’s most profitable segments.

5. India Business Has A Long Runway Ahead

While exports remain important, the domestic opportunity is becoming increasingly compelling.

Management has outlined an ambitious target of achieving approximately ₹500 crore in India revenues over the next five years.

Achieving this would require annual growth of roughly 30-40%.

To support this objective, Carysil continues investing aggressively across:

• Dealer expansion

• Experience centres

• Franchise stores

• Modern trade channels

• Digital commerce platforms

As premium kitchen adoption rises across India, Carysil appears well positioned to participate in this structural trend.

6. Export Business Continues To Gain Market Share

Global market dynamics are creating another opportunity.

Several European competitors have been struggling with elevated operating costs and profitability pressures.

This is allowing efficient manufacturers like Carysil to gain incremental market share.

The company continues strengthening its presence across key geographies including Europe, Germany, the UK, and the Middle East.

Management indicated that the UK business has already achieved operational break-even, while broader European demand trends appear to be stabilising after a difficult period.

If European housing and renovation markets recover further, Carysil could be a direct beneficiary.

Financial Outlook Remains Strong

Management continues to maintain a confident outlook for FY27:

✅ Revenue growth guidance of approximately 15-20%.

✅ EBITDA margin guidance of 18-20%.

✅ Scope for further margin expansion through operating leverage.

✅ Raw material inflation remains manageable.

✅ Freight and logistics disruptions are under control.

✅ Gas supply issues have normalised with plants operating at full capacity.

The company expects FY27 capex to remain elevated at ₹70-75 crore as it continues investing for future growth.

What we think

Over the next few years, multiple growth engines could work simultaneously:

• Quartz sink capacity expansion.

• Growth in stainless steel sinks.

• Scaling of built-in appliances.

• Rapid expansion of the faucet business.

• Accelerating domestic market penetration.

• Continued export market share gains.

When a company combines capacity expansion, category diversification, premiumisation, and global market share gains, the compounding opportunity can often be larger than what current numbers suggest.

For Carysil, the next phase of growth may not come from a single product.

It may come from an entire kitchen ecosystem being built around the brand.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204

or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this ebook “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks with clarity.

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

Most specialty chemical companies depend on a single product cycle.

A few diversify into adjacent categories.

But every once in a while, you come across a business that is simultaneously building exposure to pharma intermediates, battery chemicals, and semiconductor chemicals—three sectors that could witness structural growth over the next decade.

That is what makes Acutaas Chemicals particularly interesting today.

While the market continues to focus on its traditional pharma intermediates business, the next phase of growth may come from entirely different segments that are only beginning to contribute.

About the Company

Acutaas Chemicals is a specialty chemical manufacturer with a diversified presence across pharma intermediates, electrolyte additives for lithium-ion batteries, semiconductor chemicals, and other high-value niche chemistries.

The company has built strong process chemistry capabilities over the years and is increasingly moving towards products that offer higher entry barriers, stronger customer stickiness, and superior margins.

What makes the story compelling is that multiple growth projects are approaching commercialization at the same time.

Investment Thesis

1. Pharma Intermediates Continue To Deliver Strong Visibility

The core pharma intermediates business remains healthy and continues to provide a strong foundation.

Management highlighted sustained demand momentum and increasing visibility over the medium term. The company is actively reshuffling its product portfolio toward higher-value offerings, which should support margin expansion going forward.

More importantly, the CDMO pipeline is gradually gaining traction.

Four new products have already completed customer validation and are currently awaiting regulatory approvals. Management expects each of these products to have peak revenue potential of ₹50–100 crore, creating a meaningful growth runway over the next few years.

This provides a combination of revenue visibility and operating leverage without requiring disproportionate capital investment.

2. Battery Chemicals Could Become The Next Major Growth Driver

Perhaps the most exciting opportunity lies in electrolyte additives used in lithium-ion batteries.

The first two products have already been commissioned and are expected to start contributing from FY27 itself. However, management believes the real scale-up will happen from the second half of FY27, with a significant ramp-up expected from the third quarter onward.

The third product is also progressing according to plan.

Importantly, management indicated that customer contracts already provide strong visibility for capacity utilization, while spot market prices continue to remain favorable.

This reduces the typical commercialization risk associated with new chemical projects.

As India accelerates investments in EVs, battery manufacturing, and energy storage, electrolyte additives could emerge as one of the company’s largest value creators.

3. Semiconductor Chemicals Are Moving From Vision To Reality

Another underappreciated piece of the story is semiconductor chemicals.

The company invested nearly ₹190 crore in Indichem during FY26 and commissioning remains on track.

India’s semiconductor ecosystem is still in its infancy, but companies that establish capabilities early could benefit disproportionately as domestic manufacturing expands.

While investors often discuss semiconductor fabrication plants, the chemical ecosystem supporting those facilities receives far less attention despite being equally critical.

Acutaas appears to be positioning itself well ahead of the curve.

4. Baba Fine Chem Could Witness A Sharp Recovery

One of the key concerns over the last couple of years was the performance of Baba Fine Chem.

Management now believes FY26 marked the bottom.

The outlook for FY27 appears significantly stronger as utilization improves and operations normalize.

The most attractive aspect is profitability.

Once scaled up, Baba Fine Chem is expected to operate at gross margins of nearly 65–70%, making it one of the highest-margin businesses within the portfolio.

A successful turnaround here could have a disproportionately positive impact on consolidated profitability.

Management Outlook

Despite a challenging global environment, management has maintained its FY27 guidance.

Key takeaways include:

✅ Revenue growth guidance of around 25% for FY27.

✅ EBITDA margins expected to remain around FY26 levels of 36%.

✅ No major supply-chain disruptions currently visible.

✅ Pricing increases continue to be passed on to customers.

✅ First quarter remains seasonally weak but expected to deliver healthy year-on-year growth.

Management also reiterated that revenue growth could exceed guidance if macroeconomic conditions improve.

Why Investors Should Track This Company

Many specialty chemical stories rely on a single growth driver.

Acutaas Chemicals is different.

Over the next two years, investors could potentially witness:

• Expansion in pharma intermediates.

• Commercialization of electrolyte additives for batteries.

• Scaling up of semiconductor chemicals.

• Recovery of the high-margin Baba Fine Chem business.

If execution remains on track, FY27 and FY28 could mark the period when these growth engines begin contributing simultaneously.

Sometimes the biggest wealth creators are not the companies operating in fashionable sectors.

They are the companies supplying critical ingredients to those sectors.

Acutaas Chemicals appears to be quietly positioning itself at the intersection of healthcare, electric mobility, energy storage, and semiconductors.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204

or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this ebook “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks with clarity.

– Anant Chaudhary
🌐 anantamresearch.com/research

Subscribe now

Over the last few days, I went through dozens of management interactions, earnings calls, and leadership interviews.

Hidden beneath the headlines were several important signals—capacity expansions, margin inflection points, order book visibility, market share gains, occupancy improvements, new business ramps, and debt reduction stories.

Many of these developments won’t show up in quarterly earnings immediately.

But they could significantly influence earnings trajectories over the next few years.

Here are some of the most interesting management takeaways that caught my attention:

🔹 Minda Corp

• Toyodenso JV plant remains on schedule for production launch.

• Management sees a ₹600–700 crore revenue opportunity from the JV by 2030.

• Minda VAST consolidation could add ₹500–600 crore revenue with healthy margins.

🔹 Anupam Rasayan

• Acquiring a controlling stake in Bliss GVS to build a fully integrated pharma platform.

• Targets improving utilization from 30% to 70–80%.

• Management believes EBITDA margins can exceed 20% within 2–3 years.

🔹 JK Cement

• Targeting double-digit volume growth despite industry growth of 6–8%.

• Facing near-term cost pressures, but long-term demand outlook remains robust.

• Focus remains on market share gains and operational efficiency.

🔹 Narayana Health

• UK operations currently at 10% EBITDA margins.

• Significant margin improvement potential through higher private patient mix.

• Domestic growth continues to be driven by asset-light optimization.

🔹 Sarda Energy

• Strong Q1 expected as merchant power prices improve.

• Long-term PPA portfolio expanding rapidly.

• Plans to double generation capacity by FY30.

🔹 Awfis Space Solutions

• Occupancy expected to rise from 76% to 84%.

• GCC clients generating superior realizations.

• Expansion strategy focused on high-yield micro-markets rather than aggressive capacity additions.

🔹 Puravankara

• Added a new Bengaluru project with ₹2,300 crore GDV.

• Expansion funded without increasing corporate debt.

• Demand environment in Bengaluru remains healthy.

🔹 Gokaldas Exports

• Management expects profitability to improve sequentially through FY27.

• Africa business likely to contribute stronger growth.

• Currency risks largely hedged.

🔹 Ganesha Ecosphere

• Targeting 25–30% market share in recycled PET.

• Subsidiary businesses expected to grow 50–60%.

• Tightening EPR regulations could become a major tailwind.

🔹 Indigo Paints

• Value growth expected to outpace volume growth.

• Management prioritizing market share gains over margin expansion.

• Leveraging its 20,000+ dealer network more aggressively.

🔹 RateGain

• FY27 revenue guidance significantly ahead of earlier long-term expectations.

• EBITDA margins expected to remain healthy.

• Debt reduction progressing faster than planned.

🔹 Transport Corporation of India (TCI)

• Targeting 10–12% revenue growth.

• Fuel inflation largely pass-through.

• New vessels arriving in H2 could support future growth.

🔹 Pine Labs

• Turnaround from losses to profitability driven by operating leverage.

• Revenue expected to grow over 20%.

• Strong cash flow conversion emerging as a key positive.

🔹 Carraro India

• Near-term geopolitical disruptions remain a challenge.

• Management remains confident of protecting margins through contractual mechanisms.

• Long-term fundamentals remain intact despite temporary slowdown.

🔹 Transrail Lighting

• Expecting ₹10,000–11,000 crore of fresh order inflows.

• Strong execution visibility supported by a large order book.

• Working capital efficiency remains a key focus area.

🔹 Cummins India

• Data center demand continues to accelerate.

• Railways and mining segments showing strong momentum.

• Premium product mix helping sustain margins.

🔹 Ashok Leyland

• Commodity inflation being offset through pricing and cost controls.

• EV bus business witnessing rapid adoption.

• Replacement demand cycle remains supportive.

🔹 PhysicsWallah

• Management guiding for 30% revenue growth.

• EBITDA expected to more than double.

• AI-powered “Aryabhata 2.0” could become an important differentiator.

🔹 GMR Airports

• New airport additions expected to strengthen earnings.

• Passenger growth outlook remains healthy.

• Delhi Airport tariff revisions continue to support profitability.

🔹 Supriya Lifescience

• Targeting ₹1,000 crore revenue milestone.

• CDMO business emerging as a key growth engine.

• Strong backward integration providing resilience against supply chain disruptions.

Want early access to stock-specific insights like this?

📲 Message on WhatsApp: 9149354204
or click 👉 wa.me/9149354204

No noise. Just clear, actionable insights.

I’ve distilled 12+ years of learning into this ebook “Growth, Value & the Art of Intelligent Investing”— to help you identify winning stocks with clarity.

– Anant Chaudhary
🌐 anantamresearch.com/research