22-Mar-23
Bikaji Foods International (NOT RATED): Appetite for growth
Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks
View Report 
16-Mar-23
Kaynes Technology (NOT RATED): Expanding footprint
Budding electronics manufacturer that is expanding capacity to tap into India’s EMS boom
View Report 
01-Mar-23
Tech Mahindra (HOLD): Sandstorm a potential game changer
TECHM launches Sandstorm, a network monitoring service that allows clients to remotely measure customer experiences across devices
View Report 
28-Feb-23
Infosys (BUY): Private 5G-as-a-Service to see multiyear tailwinds
Private 5G expected to be a key enabler for the digital transformation of enterprises
View Report 
20-Feb-23
SAIL (HOLD): Higher production positive but legacy issues linger
Q3 marks recovery in line with peers; production uptick helped SAIL partly bridge the gap with existing capacity
View Report 
20-Feb-23
TVS Motor (HOLD): Steady performance; healthy outlook
Realisation-led performance aids ~70bps YoY rise in Q3FY23 EBITDA margin; judicious product mix behind better pricing
View Report 
16-Feb-23
Nestle India (BUY): Investing for growth
CY22 revenue increased 14.5% YoY with broad-based growth across categories
View Report 
16-Feb-23
Maruti Suzuki (HOLD): Focus shifts to high-margin segment
Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales
View Report 
15-Feb-23
PI Industries (BUY): Strong quarter spurred by custom synthesis business
Q3 robust with EBITDA/PAT growth of 40%/58% YoY on the back of margin improvement, low tax and higher other income
View Report 
15-Feb-23
CESC (BUY): Stable performance; DF circles disappoint
Stable Q3 with 4% YoY revenue growth to Rs 19bn and flattish net profit at Rs 1.9bn
View Report 
15-Feb-23
Siemens India (BUY): Stellar quarter
Strong Q1 beat aided by margin expansion across segments. C&S Electric turns a corner
View Report 
14-Feb-23
JK Lakshmi Cement (SELL): Cost overruns remain a concern
Q3 volumes surged 16% YoY on a weak base with realisations up 8%, aiding healthy topline growth
View Report 
13-Feb-23
LIC (NOT RATED): Strong 9MFY23 growth but margins moderate
9MFY23 net premium grew 21% YoY to Rs 3.4tn, lifting NBP market share 400bps YoY to 65.4%
View Report 
13-Feb-23
Thermax (HOLD): Scaling back on large project bids
Transitioning to smaller orders in a bid to eliminate lumpiness in large projects and lift profitability
View Report 
13-Feb-23
ABB India (HOLD): Q4 beat; retain HOLD on full valuations
Q4CY22 robust with revenue up 16% YoY and margins buoyed by motion and industrial automation businesses
View Report 
13-Feb-23
Alkem Labs (SELL): Quarter buoyed by seasonal tailwinds
Q3 revenue grew 16% YoY to Rs 30bn led by double-digit growth across markets; flu season drove US sales of US$ 92mn
View Report 
11-Feb-23
Shree Cement (HOLD): Cost efficiencies to aid performance
Volume-led (+23%) revenue growth of 15% YoY in Q3 as realisations fell due to weak pricing in key regions
View Report 
11-Feb-23
Ambuja Cement (HOLD): Steady growth continues, maintain HOLD
Q4 revenue growth of 11% YoY contributed by volume gains of 8% with realisations up 3%
View Report 
11-Feb-23
Aurobindo Pharma (BUY): Modest Q3; no respite on margin front
Q3 revenue up 7% YoY to Rs 64bn led by growth in the US and EMs along with recovery in ARV business
View Report 
11-Feb-23
Voltas (HOLD): Subpar quarter as EMP losses deepen
UCP revenue up 11% YoY but EBIT margin band seems to have softened to 7-9% from 12-14% earlier
View Report 
10-Feb-23
JK Cement (BUY): Steep costs likely to soften in Q4; maintain BUY
Grey cement volumes grew 23% YoY in Q3 backed by capacity addition in Central India and presence in remunerative areas guarding prices
View Report 
09-Feb-23
Cummins India (HOLD): Robust quarter; positives in the price
Q3 strong with revenue up 25% YoY despite supply chain constraints, as infrastructure-led demand improved; exports grew 23%
View Report 
09-Feb-23
Syrma SGS (BUY): Strong topline but margins soften
Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn
View Report 
08-Feb-23
Tata Steel (BUY): Weaker Q3 does not disrupt upcoming growth, maintain BUY
Q3 below consensus with softer recovery in India operations and acute losses in Europe
View Report 
08-Feb-23
The Ramco Cements (SELL): Performance driven by new capacity addition
Q3 revenue rose 29% YoY as utilisation improved to 69%; realisation gain of 9% came as a positive surprise
View Report 
07-Feb-23
Dalmia Bharat (HOLD): Strong quarter; capacity addition on track
Q3 revenue up 23% YoY backed by double-digit volume growth (11%) and equally strong realisation gains
View Report 
07-Feb-23
Hitachi Energy (BUY): Chip shortage takes a toll
Q3 revenue down 8% YoY due to the persistent chip shortage; EBITDA margin under pressure at 3.8%
View Report 
06-Feb-23
Star Cement (BUY): In-line performance; maintain BUY
Q3 volumes up 5% YoY to 0.9mt backed by healthy realisation gains; price hike impact to reflect fully in Q4
View Report 
06-Feb-23
ITC (BUY): Stellar show continues; outlook bright
Q3 revenue grew 3.5% YoY and gross margin expanded 700bps driven by a strong performance across categories
View Report 
05-Feb-23
Mahanagar Gas (BUY): Growth set to accelerate in medium term; maintain BUY
Q3 marginally ahead; priority HP-HT allocation to bridge APM gas shortfall and cap on APM gas price to improve competitiveness
View Report 
04-Feb-23
Tata Power (BUY): Growth aided by coal profits again
Q3 net profit jumped 2x YoY to Rs 9.5bn backed by high coal profits and strong power demand
View Report 
04-Feb-23
Divi's Labs (HOLD): Big miss on revenue and margins
Q3 disappoints as revenue/PAT of Rs 17bn/Rs 3bn missed consensus by 12%/38%
View Report 
03-Feb-23
Jindal Steel & Power (BUY): Streamlining management processes a positive; BUY
Q3 recovered in line with street estimates and revival set to continue in Q4 on policy support in China and India
View Report 
03-Feb-23
Tata Consumer Products (BUY): Subdued quarter; long-term story remains intact
Q3 revenue grew 8% YoY (3% QoQ), but margins contracted due to inflationary pressure and lag in pricing
View Report 
03-Feb-23
V-Guard Industries (HOLD): Topline intact while margin pressure persists
EBITDA margin deteriorated further to 6.7% in Q3; recovery on the anvil as high-cost inventory nearly exhausted
View Report 
03-Feb-23
Crompton Greaves (BUY): Weak lighting business dims performance
Lighting (-20% YoY) saw tepid demand and volatile pricing in Q3 amid stiff competition; pumps fell 10%
View Report 
02-Feb-23
Power Grid Corp (BUY): Steady quarter; upgrade to BUY post correction
Steady Q3 performance with 11% YoY growth each in revenue and net profit
View Report 
02-Feb-23
UTI AMC (BUY): Dull quarter on MTM losses; maintain BUY
MTM loss from subsidiary UTI International coupled with softer yields dampens Q3; core MF business market share intact at ~6%
View Report 
02-Feb-23
Britannia Industries (BUY): Strong performance in a challenging environment
Q3 revenue grew 17% YoY to Rs 42bn driven by price hikes, with adj. PAT up 50%
View Report 
01-Feb-23
KEC International (HOLD): Disappointing quarter – cut to HOLD
EBITDA margin muted for the second consecutive quarter at 4.6% in Q3, dragged down by muted profitability in standalone business
View Report 
01-Feb-23
Godrej Consumer Products (BUY): Broad-based growth; strong margin recovery
Q3 sales grew 9% INR and 15% CC YoY; underlying volume growth stood at 1%
View Report 
01-Feb-23
Blue Star (BUY): Buoyant performance; UCP margin expansion continues
UCP EBIT margin expands further to 7.4% (+100bps YoY) in Q3; outlook remains positive for Q4
View Report 
31-Jan-23
Orient Electric (HOLD): Back on track with Q3 rebound
Topline boosted by better ECD performance; profitability turns positive with sequential margin expansion
View Report 
31-Jan-23
Larsen & Toubro (BUY): Revenue beat; commentary optimistic
Q3 revenue ahead of estimates at Rs 464bn (+17% YoY); LT confident of exceeding 13-15% revenue and order growth guidance for FY23
View Report 
30-Jan-23
Tech Mahindra (HOLD): Weak performance; expect a muted FY23
Q3 revenue growth subdued at 0.2% QoQ CC, though marginally above our estimate vs street’s estimate of 0.4%QoQ CC
View Report 
30-Jan-23
Indraprastha Gas (BUY): Dull quarter; focus shifting to non-bus CNG volumes
Q3 results weak but in line with consensus; capping of APM gas price could help restore margins and reboot structural growth
View Report 
30-Jan-23
Nippon Life India AMC (BUY): Healthy quarter; retain BUY
Market share intact at ~7% with Q3 QAAUM up 4% YoY to Rs 2.9tn; competitive edge in ETFs maintained
View Report 
30-Jan-23
NTPC (BUY): Another strong quarter
Q3 revenue (+43% YoY) a beat and PAT in line; on track for 18GW capacity addition over 3Y at projected Rs 750bn capex
View Report 
28-Jan-23
Aditya Birla Sun Life AMC (HOLD): Challenges persist, maintain HOLD
Market share declines to 7% as Q3 QAAUM falls 6% YoY to Rs 2.8tn vs. 5% growth for the industry
View Report 
27-Jan-23
Glenmark Life Sciences (BUY): Sequential recovery in API business
Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits
View Report 
27-Jan-23
AIA Engineering (BUY): Stellar quarter despite challenging macro
Strong all-round beat; Q3 EBITDA margin boosted to 29.8% by a better mix and one-offs, with 20-22% levels seen as sustainable
View Report 
26-Jan-23
Dr Reddy's Labs (HOLD): Strong US sales; recovery in EM and PSAI businesses
Q3 revenue growth strong at 27% YoY to Rs 67.7bn, supported by US contribution and launches
View Report 
26-Jan-23
Cipla (BUY): US-led growth; margins strong
Q3 revenue grew 6% YoY to Rs 58bn (11% ex-Covid sales last year) driven by US business and despite a sharp decline in SAGA
View Report 
25-Jan-23
Dixon Technologies (BUY): Dull Q3 as mobiles business dials down
Q3 topline down 22% YoY with weakness across key segments; however, EBITDA margin a beat at 4.6%
View Report 
25-Jan-23
HDFC AMC (BUY): Muted growth; raise to BUY on price correction
Q3 net profit growth muted at 3% YoY owing to weak revenue pickup and higher operating expense
View Report 
25-Jan-23
SBI Card (BUY): Higher costs continue to dent profitability
Q3 PAT missed our estimate by 8% due to increased funding costs and high operating expenses
View Report 
24-Jan-23
JSW Steel (HOLD): Exciting growth but unfavourable risk-reward; maintain HOLD
Q3 EBITDA recovered ahead-of consensus expectations but net income was a miss on impact of higher net debt
View Report 
24-Jan-23
Amber Enterprises (HOLD): Strong topline but margins remain muted
Q3 topline grew 38% YoY but EBITDA margin disappoints at 5.8% (6.2% est.), dragging PAT well below expectations
View Report 
24-Jan-23
KEI Industries (BUY): Upbeat numbers
Strong performance in cables aids Q3 topline growth of 14% YoY; EHV drag transient
View Report 
24-Jan-23
Siemens India (BUY): Annual report highlights – Primed for accelerated growth
Well positioned to benefit from emerging opportunities in digitalisation and sustainable solutions
View Report 
24-Jan-23
Reliance Industries (BUY): Entry opportunity; upgrade to BUY
Q3 EBITDA recovers with capture of higher refining margin upside and improved natural gas realisation
View Report 
23-Jan-23
SBI Life (BUY): Upbeat quarter; maintain BUY
Strong 15% YoY growth in 9M gross premium with an in-line Q3; APE clocks robust 20% increase
View Report 
20-Jan-23
HDFC Life (BUY): Strong growth momentum; maintain BUY
Robust momentum in gross premium to Rs 146bn in Q3; NBP market share climbs to 20.9%
View Report 
20-Jan-23
360 One (BUY): Resilient model; high ROE – maintain BUY
ROAE up 160bps YoY and 60bps QoQ to 23.5% in Q3, showing a consistent expansion trend
View Report 
20-Jan-23
Polycab India (BUY): Buoyant quarter
Upbeat performance in wires & cables aided Q3 topline growth of 10% YoY despite a higher base
View Report 
19-Jan-23
Havells India (BUY): Modest performance amid a challenging environment
Middling Q3 revenue growth of 13% YoY owing to soft B2C demand; growth led purely by volumes as no price hikes undertaken on QoQ
View Report 
19-Jan-23
Hindustan Unilever (BUY): Growth momentum continues; margins improve sequentially
Q3 revenue grew 16% YoY with volume growth of 5%; EBITDA margin improved sequentially by 70bps
View Report 
19-Jan-23
IndusInd Bank (BUY): Recovery plan in play
Q3 PAT growth strong at 58% YoY backed by healthy core income coupled with stable opex and lower provisions
View Report 
18-Jan-23
Mahanagar Gas (BUY): Healthy medium-term outlook
Management aims to double the annual growth run-rate to 6% in the medium term by accelerating network buildout
View Report 
18-Jan-23
Eris Lifesciences (BUY): Oaknet continues to drive revenue growth
Q3 consolidated revenue grew 27% YoY led by Oaknet, but standalone growth modest at 9%
View Report 
18-Jan-23
ICICI Prudential Life (BUY): VNB strong but premium growth disappoints
9MFY23 VNB grew 23% YoY to Rs 17.1bn with margin profile strong at 32%
View Report 
16-Jan-23
HDFC Bank (BUY): Steady earnings growth
Q3 PAT grew 19% YoY (16% QoQ) to Rs 122.6bn aided by strong interest & other income and lower provisions
View Report 
13-Jan-23
Wipro (HOLD): Consulting business likely to dampen growth in the near term
Q3 revenue grew at a meagre 0.2% QoQ, underperforming our estimate
View Report 
12-Jan-23
Chemplast Sanmar (NOT RATED): Uptick in PVC prices could aid margin recovery
Management expects to see benefit of PVC price recovery from Q4 after a muted Q3
View Report 
12-Jan-23
HCL Technologies (BUY): Profit beat in seasonally weak quarter
Q3 revenue growth at 5% QoQ CC beat consensus as well as our estimates
View Report 
12-Jan-23
Infosys (BUY): Cobalt to drive near-term growth
Q3 revenue growth in line at 2.4% QoQ CC, supported by vendor consolidation
View Report 
09-Jan-23
Tata Consultancy Services (HOLD): Demand drivers intact with some pockets of slowdown
Q3 revenue growth of 2.9% QoQ CC beat consensus and came in higher than our estimate
View Report 
27-Dec-22
Indraprastha Gas (BUY): Growth levers intact despite EV
IGL targets 10% volume growth over FY23-25E, aims to offset loss from electric vehicles
View Report 
23-Dec-22
Solar Industries (NOT RATED): Growth focused
Dominant player in explosives, both in India and overseas, focused on expanding its competencies in defence
View Report 
20-Dec-22
JSW Steel (HOLD): Dolvi another growth milestone
Successful delivery of 5mtpa Dolvi expansion with operational stability achieved within a year of startup
View Report 
20-Dec-22
Syrma SGS (BUY): Capacity expansion on course
Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23
View Report 
12-Dec-22
Voltas (HOLD): Competition weighing on margins
Management does not anticipate return to double-digit RAC EBIT margins in medium term amid rising competition
View Report 
09-Dec-22
Siemens India (BUY): Buoyant outlook
Q4 in line; management now focused on aggressive growth, in a shift from consolidation
View Report 
08-Dec-22
Syrma SGS (BUY): Niche ODM player – initiate with BUY
Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins
View Report 
06-Dec-22
Greenpanel Industries (BUY): Long runway before takeoff
Increase in MDF imports could pose a threat to domestic price realisation, if not curbed
View Report 
01-Dec-22
NLC India (NOT RATED): Capacity addition largely on track
Higher capacities in power as well as mining to boost profitability and capitalise on the country’s strong power demand
View Report 
29-Nov-22
Mahindra & Mahindra (BUY): Performance to strengthen
Q2 net sales of Rs 208bn (+6% QoQ) driven entirely by realisation gains with NRPV at Rs 763k (+6% QoQ)
View Report 
28-Nov-22
TTK Prestige (NOT RATED): Banking on brand value to blunt competition
Demand for premium products buoyant but entry-level segment remains distressed
View Report 
21-Nov-22
Eicher Motors (HOLD): Volume gains encouraging; ASP revival key
Q2 revenue up 5% QoQ to Rs 33bn backed by 11% volume growth (MoM run-rate of 60k units), partly offset by 7% fall in ASP
View Report 
17-Nov-22
BOBCAPS Research | Ashok Leyland (BUY): Healthy performance all round
Q2 topline healthy at Rs 83bn backed by volume growth of 15% QoQ to 45.3k vehicles (+65% YoY on a weak base)
View Report 
14-Nov-22
TVS Motor (HOLD): Strong quarter but positives in the price
Q2 revenue at Rs 72bn (+29% YoY) backed by higher ASP (Rs 69.3k, +13%) and volumes (+14%)
View Report 
14-Nov-22
Aurobindo Pharma (BUY): Margin slippage continues; launches key for growth
Q2 revenue dipped 3% YoY (-8% QoQ) to Rs 57bn as decline in US/ Europe outweighed growth in other businesses
View Report 
14-Nov-22
LIC (NOT RATED): Strong growth; focused on raising persistency
Net premium grew 24% YoY to Rs 2.3tn in H1FY23, lifting NBP market share from 64.5% to 68.3%
View Report 
14-Nov-22
Alembic Pharma (HOLD): Broad-based growth; margin crunch persists
Q2 revenue increased 14% YoY supported by growth across businesses; commissioning of new facilities in Q4 to further propel topline
View Report 
14-Nov-22
Alkem Labs (SELL): Near-term outlook weak – cut to SELL
Revenue grew 10% YoY to Rs 31bn in Q2 led by India business, but US price erosion continued to weigh on margins
View Report 
11-Nov-22
Hero Motocorp (HOLD): Efforts on to capture premium market
Q2 revenue grew 7% YoY backed by realisation gains of 8%, which offset flat volumes on a weak base
View Report 
11-Nov-22
Astral (HOLD): Inventory loss, one-off expenses drag margin
Consolidated Q2 revenue declined 2% YoY with plumbing down 11% but paints & adhesives up 27%; pipe volumes dipped 4%
View Report 
11-Nov-22
Lupin (HOLD): Return to double-digit margins
Q2 revenue grew 11% QoQ (+1% YoY) with recovery in US business and continued momentum in India
View Report 
10-Nov-22
Somany Ceramics (BUY): Gas prices continue to weigh on margins
Q2 revenue growth at 9% YoY due to 24.5% increase in blended realisation (+13% QoQ); however, tile volumes declined 2% YoY
View Report 
10-Nov-22
Pidilite Industries (SELL): Margin expansion ahead but valuations lofty; reiterate SELL
Consolidated Q2 net revenue increased 15% YoY to Rs 30bn as the C&B/B2B segments grew 14%/17%
View Report 
10-Nov-22
Zydus Wellness (BUY): High commodity prices play spoilsport
Q2 revenue grew 12% YoY (-38% QoQ) to Rs 4.3bn aided by 5% volume growth
View Report 
09-Nov-22
VST Tillers Tractors (BUY): Gaining momentum slowly but surely
Q2 net revenue per vehicle grew ~5% YoY to Rs 0.22mn though volumes fell 4% due to poor tractor sales
View Report 
09-Nov-22
Cera Sanitaryware (HOLD): Steady demand trends
Consolidated Q2 revenue grew 3% YoY aided by demand from home renovation and upgrade projects
View Report 
09-Nov-22
Greenpanel Industries (BUY): Domestic demand remains healthy
Q2 revenue increased 8% YoY to Rs 4.6bn led by 14% growth in MDF, though plywood business was down 17%
View Report 
09-Nov-22
Divi's Labs (HOLD): Disappointing quarter
Q2 revenue fell 7% YoY to Rs 18.5bn, weighed down by a decline in custom synthesis business
View Report 
08-Nov-22
Greenply Industries (BUY): Stable quarter but margins disappoint
Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations
View Report 
05-Nov-22
Maruti Suzuki (HOLD): Healthy performance
Q2 gross margin improved to 27% (25% in Q1) due to softer raw material cost and better synergies; volumes up 11% QoQ on festive sales
View Report 
05-Nov-22
Cipla (BUY): Robust US and India sales
Q2 revenue up 6% YoY as US/India sales offset decline in other markets; growth at 12% YoY ex-Covid sales in base quarter
View Report 
04-Nov-22
Orient Electric (HOLD): One-offs mar performance
Q2 in the red as fans business remained a drag, marked by transition to new energy norms and one-time distribution exercise
View Report 
04-Nov-22
Blue Star (HOLD): Best Q2 performer among AC pack
Q2 unitary product margin up 110bps YoY to 6.2%; management commentary positive, unlike tepid outlook from peers
View Report 
04-Nov-22
Ajanta Pharma (HOLD): No respite from margin pressure; cut to HOLD
Q2 revenue growth muted at 6% YoY as lower Africa/US sales offset a strong uptick in India/Asia business
View Report 
02-Nov-22
Kajaria Ceramics (BUY): Demand sluggish; high gas cost weakens margins
Q2 revenue grew 11% YoY aided by a 10% rise in tile realisations while volume growth stayed flat at ~25msm
View Report 
02-Nov-22
Voltas (HOLD): Dismal Q2; UCP margins at decadal low
UCP EBIT margin at 10Y low of 7.3% with flat revenue; exit market share at 23% in Aug’22 vs. 24% in Jun’22
View Report 
01-Nov-22
Sun Pharma (HOLD): Strong Q2 but valuations full – cut to HOLD
Brisk Q2 revenue growth at 14% YoY to Rs 110bn backed by ramp-up in global specialty business and healthy India/EM sales
View Report 
01-Nov-22
Tata Steel (BUY): Integrated Indian operations to weather downturn
Weak Q2 results as cost adjustments lagged prices; European operations saw a sharper pullback from a stronger Q1
View Report 
31-Oct-22
Supreme Industries (HOLD): Muted quarter but H2 revival on track
Q2 revenue grew 8% YoY led by a 9% volume uptick despite seasonal weakness
View Report 
29-Oct-22
Dr Reddy's Labs (HOLD): US launch of gRevlimid buoys quarter
Q2 revenue up 9% YoY on sales of gRevlimid in the US; gross margin expansion aids EBITDA growth of 42% YoY
View Report 
28-Oct-22
JSW Steel (HOLD): Aggressive growth policy fuels earnings volatility
Q2 results weak as cost adjustment lagged price declines; we cut FY23E EBITDA by 20% as we now expect margin stabilisation in FY24
View Report 
28-Oct-22
V-Guard Industries (HOLD): Margin pressure dampens performance
Q2 subdued as EBITDA margin slid 310bps YoY to 7.4% amid absorption of high-cost inventory; RM recovery guided by Q4
View Report 
28-Oct-22
SBI Card (BUY): Dull quarter on high opex and credit costs
Operating expenses rose 33% YoY in Q2 on higher client acquisition cost; credit cost also moved up
View Report 
28-Oct-22
Reliance Industries (HOLD): Windfall tax limits cyclical upside; consumer business shines
Q2 EBITDA normalised with pullback in O2C profits from record levels; consumer business continued to deliver strong YoY growth
View Report 
28-Oct-22
Crompton Greaves (BUY): Q2 a minor blip; expect swift recovery
Q2 EBITDA margin subdued at 11.4% (-410bps YoY) despite in-line revenue; BGAL’s revenue back on track with double-digit margins
View Report 
25-Oct-22
Finolex Industries (HOLD): Revival slipped to Q4
Q2 revenue decreased 13% YoY as realisations in PVC resin/PVC pipes & fittings dropped 29%/17%
View Report 
22-Oct-22
Laurus Labs (HOLD): CDMO scale-up masks otherwise dismal Q2; cut to HOLD
Q2 revenue grew 31% YoY (+2% QoQ) led by synthesis division and other APIs; FDF revenue at record-low of Rs 1.5bn
View Report 
22-Oct-22
Amber Enterprises (HOLD): Structural growth overhang persists
Q2 topline meets estimates but bottomline disappoints with net loss of Rs 30mn owing to higher finance/forex cost
View Report 
22-Oct-22
SBI Life (BUY): Strong margin trajectory; better H2 expected
VNB growth strong with margin at 31% in H1FY23, leading us to raise margin estimates through FY25
View Report 
22-Oct-22
Glenmark Life Sciences (BUY): Slowdown in parent-led business weakens revenue
Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)
View Report 
21-Oct-22
HDFC Life (BUY): Merger with Exide Life completed; focus on growth
H1 gross premium grew 13% YoY; however, Q2 gross premium missed our estimate by 7%
View Report 
21-Oct-22
Dixon Technologies (BUY): Buoyant numbers, bright prospects
Strong Q2 beat with topline up 38% YoY to Rs 39bn and PAT 15% ahead of our estimates at Rs 777mn
View Report 
20-Oct-22
Havells India (BUY): Margins hit trough; expect recovery in H2
Muted margins in Q2 owing to poor profitability in both ECD and cables along with wider losses at Lloyd
View Report 
20-Oct-22
IIFL Wealth (BUY): Guidance maintained despite slower flows
Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact
View Report 
19-Oct-22
Bajaj Auto (HOLD): Steady performance in a challenging environment
Q2 revenue growth (16%) driven by realisation gains as volumes stayed flat YoY. Costs dented meaningful margin gains (17% vs. 16% YoY)
View Report 
19-Oct-22
Polycab India (BUY): Beat on all fronts
Strong performance in wires & cables boosts Q2 topline by 11% YoY to Rs 33bn; exports up 75%
View Report 
19-Oct-22
V-Mart Retail (BUY): LimeRoad deal positive but profitability could suffer
Value fashion marketplace LimeRoad.com acquired for Rs 0.7bn in a bid to strengthen online presence
View Report 
15-Oct-22
ICICI Prudential Life (BUY): Some hits, some misses – maintain BUY
H1FY23 VNB grew 25% YoY to Rs 10.9bn with margin profile strong at 31%; on course to double VNB by end-FY23 vs. FY19
View Report 
24-Sep-22
Tata Steel (BUY): Merger to simplify group structure
Proposed merger with 7 group entities will simplify the group structure and enable more efficient funding of NINL and mining expansions
View Report 
22-Sep-22
Syrma SGS Tech (NOT RATED): Niche player in EMS
Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers
View Report 
16-Sep-22
RPG Life Sciences (NOT RATED): Investor day takeaways – Chronic and specialty launch focus
EBITDA margin up 10ppt from FY19 levels to ~20% in FY22 as efforts to improve operational efficiency pay off
View Report 
15-Sep-22
IIFL Wealth (BUY): Annual report analysis: Recurring model bears fruit
Slew of fund launches by IIFL AMC a positive; AMC along with IIFL One remain focus segments, with the lens on up-and-coming tier-2/3 markets
View Report 
14-Sep-22
KEC International (NOT RATED): Analyst meet takeaways – Headwinds abating
FY23 order inflow (+15% YoY) and margin guidance remains broadly unchanged
View Report 
08-Sep-22
Greenpanel Industries (BUY): Structural tailwinds intact
Plans to expand MDF capacity by adding 231,000cbm at a capex of Rs 6bn, for commercial production in Q2FY25
View Report 
02-Sep-22
IIFL Wealth (BUY): NDR takeaways – Spotlight on recurring revenue and new clients
Management focused on driving recurring income and net fund flows to scale the business and curb cyclicality
View Report 
30-Aug-22
Reliance Industries (HOLD): AGM takeaways – Growth contours defined
Positives from the AGM include a clear succession plan, supercharged 5G rollout, restart of O2C investments, and targets in new energy
View Report 
30-Aug-22
SAIL (HOLD): Plodding quest for growth
Expect full benefits of Rs 600bn expansion to flow by FY25; doubling of capacity needed to align employee cost with peers
View Report 
25-Aug-22
Zydus Wellness (BUY): Management meet takeaways – Primed for growth
Product innovation, distribution expansion and international footprint expected to aid brisk PAT CAGR of 20% over FY22-FY24, in our view
View Report 
13-Aug-22
Divi's Labs (HOLD): No respite in sight for margins
Q1 revenue broadly in line with consensus at Rs 22.5bn (+15% YoY/-10% QoQ), but EBITDA 10% below
View Report 
12-Aug-22
Astral (HOLD): Good performance amid challenges; cut to HOLD post rally
Consolidated Q1 revenue grew 73% YoY with plumbing/paints & adhesives up 74%/72%; pipe volumes increased 49%
View Report 
12-Aug-22
Aurobindo Pharma (BUY): Healthy growth but margin pressure persists
Q1 revenue of Rs 62bn came in 5% above consensus as US business outperformed; however, EBITDA margin slid 570bps YoY to 15.5%
View Report 
11-Aug-22
Pidilite Industries (SELL): Sound business but valuations lofty; reiterate SELL
Consolidated Q1 net revenue increased 60% YoY to Rs 31bn as the C&B/B2B segments grew 64%/50%
View Report 
10-Aug-22
Somany Ceramics (BUY): Good quarter; long term outlook remains positive
Q1 revenue growth at 67% YoY due to 42% increase in tile volumes (+20% vs Q1FY20) &15.5% rise in blended realisation (+17% vs Q1FY20)
View Report 
10-Aug-22
Amber Enterprises (HOLD): Mixed quarter; challenges ahead
Q1 EBITDA margin down 100bps QoQ to 5.4% and adj. PAT below estimates at Rs 429mn
View Report 
09-Aug-22
V-Mart Retail (BUY): Growth off low base but yet to retrace to pre-Covid levels
Q1 revenue grew 230% YoY to Rs 5.9bn (80% from VMART, 20% from Unlimited stores); 3.8% growth (ex-Unlimited) vs. Q1FY20
View Report 
08-Aug-22
Greenply Industries (BUY): New capacities to form next leg of growth
Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations
View Report 
06-Aug-22
Alkem Labs (HOLD): Higher expenses and forex loss dent margins; cut to HOLD
Q1 revenue declined 6% YoY (+4% QoQ) to Rs 25.7bn on a high base, and EBITDA dropped 66% on weak margins
View Report 
05-Aug-22
Glenmark Life Sciences (BUY): Margins improve despite revenue decline
Q1 revenue fell 7% YoY on a high base (+6.5% ex-Covid portfolio) with CDMO/ API down 38%/7%; RM relief and PLI incentives boosted gross margin
View Report 
05-Aug-22
Blue Star (HOLD): Commendable margin performance
Q1 EBIT margin in cooling business relatively strong at 8.1%, outperforming peers
View Report 
05-Aug-22
Cera Sanitaryware (HOLD): Strong Q1; upside capped post rally – cut to HOLD
Consolidated Q1 revenue grew 74% YoY backed by high demand from home renovation projects, real estate launches and price hikes
View Report 
04-Aug-22
Voltas (HOLD): Competitive edge appears blunted; downgrade to HOLD
Subpar Q1 on double whammy of lower cooling business margins and provisioning-led losses in projects business
View Report 
04-Aug-22
ERRATUM: Tata Steel (BUY): Preferred pick as we look beyond volatility
TATA exposed to slower pickup in China but we expect Chinese demand to stabilise over H2, providing support to regional margins
View Report 
04-Aug-22
Dixon Technologies (BUY): Annual report analysis: Targeting higher EMS share
Key initiatives taken in FY22 to bolster business in electronic manufacturing services (EMS), including PLI initiatives
View Report 
29-Jul-22
Ajanta Pharma (BUY): Margin stress continues despite strong revenue growth
Q1 revenue growth robust at 27% YoY (13% ahead of consensus), supported by a low base in Asia/Africa and momentum in India
View Report 
29-Jul-22
Zydus Wellness (BUY): First normal quarter post-Covid; retain BUY
Q1 revenue grew 17% YoY (9% QoQ) to Rs 6.9bn aided by price hikes and 10.3% volume growth
View Report 
29-Jul-22
SBI Life (BUY): Standout performance by the market leader; BUY
Stellar growth as Q1 gross premium increased 35% YoY with NBP up 67% and renewal premium up 14%
View Report 
29-Jul-22
V-Guard Industries (HOLD): Margin blip in Q1
Q1 EBITDA margin hit by A&P spend and write-offs; ECD/electronics margins guided to recover to ~7%/16% in FY23
View Report 
28-Jul-22
SBI Card (BUY): Ticks most boxes; maintain BUY
Q1 credit card spends grew 79% YoY and cards in force 19% YoY, with strong asset quality
View Report 
28-Jul-22
Laurus Labs (BUY): Synthesis business saves the day
Q1 revenue/EBITDA came in 5%/8% above consensus and grew 20%/ 15% YoY to Rs 15.4bn/Rs 4.5bn
View Report 
27-Jul-22
Dixon Technologies (BUY): Strong Q1 topline; remains the best PLI play
Mobiles segment drove Q1 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially
View Report 
27-Jul-22
Reliance Industries (HOLD): Refining upside capped; roadmap for new energy next catalyst
RIL captured upsides in refining margin and gas prices in Q1, but an increase in tax rate and Jio depreciation resulted in a miss on net income
View Report 
26-Jul-22
IIFL Wealth (BUY): Decent set of numbers considering headwinds; Maintain ‘BUY’
Focus on expanding trail-based ARR model; recurring revenue constituted 68% share in Q1 and recurring AUM 57%
View Report 
26-Jul-22
Orient Electric (HOLD): Headwinds in core portfolio, maintain HOLD
Q1 gross margin maintained but EBITDA margin drained by higher A&P spend (+108% YoY) and logistics & warranty expense (+87% YoY)
View Report 
26-Jul-22
JSW Steel (HOLD): Aggressive growth policy a risk – cut to HOLD
With a weaker outlook for steel margins in H1, JSTL lowers capex plan for FY23 to manage leverage but maintains Rs 480bn plan over 3 years
View Report 
26-Jul-22
Supreme Industries (HOLD): Healthy topline but margins soft; downgrade to HOLD
Q1 revenue grew 64% YoY led by increased realisations (+8%) and volume recovery (+53%) on a soft base
View Report 
26-Jul-22
Finolex Industries (HOLD): Near-term pain ahead; downgrade to HOLD
Q1 revenue increased 23% YoY as volumes/realisations rose 29%/4% in PVC pipes & fittings and 25%/0.2% in PVC resin
View Report 
25-Jul-22
Crompton Greaves (BUY): Temporary margin miss; expect swift recovery
Q1 miss on margins due to one-time costs; expect margins to course correct in 9MFY23 against backdrop of lower commodity costs
View Report 
22-Jul-22
Greenpanel Industries (BUY): MDF remains in the driver’s seat
Q1 revenue climbed 51% YoY to Rs 4.6bn led by growth of 50%/57% YoY (-1.6%/0.4% QoQ) in MDF/plywood
View Report 
21-Jul-22
Kajaria Ceramics (BUY): Margins healthy despite cost inflation; retain BUY
Q1 revenue grew 80% YoY (-8.5% QoQ) spurred by a 15% (+2% QoQ) rise in tile realisations and 53% (-10% QoQ) volume growth
View Report 
21-Jul-22
Havells India (BUY): Short-term margin blip, better road ahead
Q1 EBITDA margin hit by absence of price hikes, while falling commodity prices hurt profitability in key cables and wires segment
View Report 
21-Jul-22
Century Plyboards (BUY): Impressive sequential performance
Q1 revenue/PAT came in at Rs 8.8bn/Rs 0.9bn led by healthy price realisations across segments (ex-plywood)
View Report 
20-Jul-22
Polycab India (BUY): Resilient margins offset moderation in revenue
Pricing action, cost-cutting initiatives and premiumization all helped to keep margins intact in Q1
View Report 
19-Jul-22
HDFC Life (BUY): Sustainable growth, high visibility – BUY
Q1 gross premium increased 23% YoY with NBP up 27% and renewal premium up 19%
View Report 
18-Jul-22
Jindal Steel & Power (BUY): Q1 beats estimates; look beyond uncertainty – BUY
Q1 results ahead of consensus but net debt reduction muted with higher working capital build
View Report 
18-Jul-22
ICICI Prudential Life (BUY): Strong APE growth and high margins but low premium growth
Q1 APE grew 25% YoY to Rs 15.2bn led by the savings segment at 25% and protection at 22%
View Report 
15-Jul-22
Larsen & Toubro (NOT RATED): Annual report analysis – In a good place
Strategic growth plan ‘Lakshya’ targets revenue of Rs 2.7tn and ROE of 18%+ by FY26
View Report 
12-Jul-22
[Initiation] IIFL Wealth (BUY): Juggernaut rolling; initiate with BUY
Sustainable model with diverse product offerings in HNI/UHNI category and focus on expanding trail-based recurring revenue streams
View Report 
04-Jul-22
Orient Electric (HOLD): Annual report analysis – Strategic initiatives paying off
Targeting key growth drivers such as greater reach in South India, channel diversification and innovation-led product development
View Report 
01-Jul-22
Cera Sanitaryware (BUY): Consistent Performer
We expect CRS to clock revenue CAGR of ~16.5% during FY22-24E aided by growth in sanitaryware and faucetware segments
View Report 
01-Jul-22
Crompton Greaves (BUY): Annual Report Analysis – Fortifying its market position
Leadership maintained in fans and pumps, while being a top player in lighting. BGAL acquisition to strengthen adjacency offerings
View Report 
30-Jun-22
Calcom Vision (NOT RATED): An upcoming ODM player in LEDs and fans
Calcom Vision Ltd, an ODM player, specializes in LED manufacturing and is expanding its competencies in BLDC fans
View Report 
29-Jun-22
Zydus Wellness (BUY): In a sweet spot !!!
Accelerated launch of innovative products, growing international footprint, and expanding customer base augur well for the company
View Report 
22-Jun-22
Dr Reddy's Labs (HOLD): Investor Day – Peek into the future
DRRD unveiled a framework to make its business future ready
View Report 
20-Jun-22
V-Mart Retail (BUY): Near-term pain gets accentuated
Due to disruptions in UP and Bihar, which form 65-70% of the top-line, the sale is expected to be adversely impacted in Q1FY23
View Report 
20-Jun-22
[Initiation] Glenmark Life Sciences (BUY): Niche API player with superior margins – initiate with BUY
Pure-play API company with robust market share in key high-value, low-volume chronic therapies, alongside budding CDMO business
View Report 
10-Jun-22
Havells India (BUY): Annual report analysis: Product innovation focus paying off
Management optimistic about margin recovery on the back of strong underlying demand across segments
View Report 
09-Jun-22
Greenpanel Industries (BUY): On a strong MDF-led growth trajectory – raise to BUY
Well placed to capitalise on near-term MDF demand traction, with strong guidance of 15-18%/15% volume growth in FY23/FY24
View Report 
08-Jun-22
Polycab India (BUY): Annual report analysis – W&C well capitalised; FMEG remains key
Maintains leadership in wires & cables with ~23% market share; growth momentum in FMEG business sustained in FY22 (5Y CAGR of 30%)
View Report 
06-Jun-22
Voltas (BUY): Market share partly recouped in April
Claws back ~200bps of market share in April over March, taking share to 21.6%
View Report 
06-Jun-22
[Initiation] SBI Card (BUY): A play on India’s cashless revolution – initiate with BUY
Major player in credit card domain with vast growth potential due to partnership with parent SBIN and customised offerings
View Report 
31-May-22
Aurobindo Pharma (BUY): Launch momentum to gather pace; valuations attractive
Q4 EBITDA margin stable QoQ at 16.8% but down 450bps YoY with 335bps YoY contraction in gross margin
View Report 
31-May-22
Sun Pharma (BUY): Strong India growth; cost normalisation impacts margins
Q4 EBITDA/adj. PAT declined 17%/28% QoQ (+6%/-5% YoY) due to 350bps QoQ contraction in operating margin
View Report 
31-May-22
Astral (BUY): Emerging as a one-stop building materials player; raise to BUY
Consolidated Q4 revenue grew 23% YoY with pipe/adhesive segments up 22%/27%; pipe volumes increased 11%
View Report 
30-May-22
Dixon Technologies (BUY): A play on PLI
Mobiles segment drove 40% YoY Q4 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially
View Report 
30-May-22
Crompton Greaves (BUY): Prudent cost management aids Q4
Q4 margin well maintained led by key initiatives of brand building, fortifying the distribution network and cost cutting
View Report 
30-May-22
Blue Star (HOLD): AC industry growth to double amid ‘golden era’
Management expects AC market to clock 20% CAGR over five years (vs. 7-10% historically) buoyed by increased affordability and reach
View Report 
30-May-22
Voltas (BUY): Annual report analysis: Reinforcing its #1 position
Retains leadership in RAC segment with 23.4% market share; bolstering supply chain through JV with Highly
View Report 
26-May-22
V-Mart Retail (BUY): Festive demand drives growth
Q4 revenue grew 30% YoY to Rs 4.6bn, with 84% coming from VMART and 16% from Unlimited stores
View Report 
23-May-22
Divi's Labs (HOLD): Strong all-round beat but growth unsustainable – cut to HOLD
Robust standalone Q4 revenue/EBITDA growth of 45%/57% YoY, ahead of consensus by 11%/17%
View Report 
22-May-22
Lupin (SELL): Operationally poor quarter; further weighed down by one-offs
LPC booked a loss of Rs. 5.2 bn in Q4 with weak operating performance and contraction in margins, EBITDA was ~50% below consensus
View Report 
20-May-22
V-Guard Industries (HOLD): Margin pressure continues
Q4 revenue growth strong at 24% YoY on the back of higher sales in electrical and consumer durables segments, but margins remain stressed
View Report 
20-May-22
Dr Reddy's Labs (HOLD): Operating performance in line; impairment weighs down profit
India, Russia, US and one-off opportunities drove 15% YoY sales growth in Q4; non-core brands divested in Russia and India
View Report 
20-May-22
Somany Ceramics (BUY): Another quarter of weak performance
Q4 revenue growth muted at 9.7% YoY due to a 5% decline in tile volumes, though blended realisation rose 14% to Rs 333/msm
View Report 
19-May-22
Pidilite Industries (SELL): Earnings miss, unabated cost inflation; downgrade to SELL
Consolidated Q4 net revenue increased 12% YoY to Rs 25bn as the C&B/B2B segments grew 11%/21%
View Report 
19-May-22
Finolex Industries (BUY): Higher volumes drive topline but PVC price volatility persists
Q4 revenue increased 28% YoY as volumes/realisations rose 4%/9% in PVC pipes & fittings and 32%/8% in PVC resin
View Report 
19-May-22
PI Industries (BUY): Healthy quarter
Q4 revenue growth healthy at 17% YoY driven by a 47%/11% increase in the AgChem/CSM segments
View Report 
18-May-22
Zydus Wellness (BUY): Revival underway; retain BUY
Q4 revenue grew 5.6% YoY (65% QoQ) to Rs 6.4bn aided by price hikes; volumes muted
View Report 
17-May-22
Kajaria Ceramics (BUY): Muted volume growth and higher gas prices play spoilsport
Q4 revenue grew 16% YoY (+3% QoQ) spurred by a 13% rise in tile realisations; volume growth was subdued at 2%
View Report 
17-May-22
Century Plyboards (BUY): Strong quarter; raise to BUY post correction
Q4 revenue/PAT came in at Rs 8.9bn/Rs 0.9bn led by robust price realisations across segments (ex-plywood)
View Report 
16-May-22
Greenply Industries (BUY): Steady revenue; new capacities to form next leg of growth
Consolidated Q4 revenue grew 13% YoY backed by an 8% rise in plywood volumes and 7% rise in price realisation for India operations
View Report 
14-May-22
Alkem Labs (BUY): Q4 revenue in line; margin guidance weak
Q4 revenue of Rs 24.8bn broadly in line with our estimate; PAT reduced 55% to Rs 1.1bn on account of prior years’ tax
View Report 
13-May-22
Amber Enterprises (HOLD): Components business remains in focus
Q4 topline strong but higher RM and operating costs dent margins and bottomline
View Report 
13-May-22
Tech Mahindra (BUY): In-line performance; Communication TCV strong
Q4 revenue growth in line at 4.9% QoQ USD, spearheaded by the enterprise segment; TCV robust at US$ 1.01bn
View Report 
12-May-22
Voltas (BUY): Strong strategy for southern market holds the key
Analysis of AC/cooler ownership shows higher product penetration in North India while the South lags
View Report 
11-May-22
Cera Sanitaryware (BUY): Highest-ever EBITDA margin with healthy demand outlook
Consolidated Q4 revenue up 7% YoY ex-one-offs of Anjani Tiles divestment and Ind AS-105 application; amounted to Rs 525mn
View Report 
11-May-22
Polycab India (BUY): Wired for growth
Strong quarter with the core cable and wire business performing well on revenue and margins, beside maintaining market leadership
View Report 
11-May-22
Cipla (BUY): Strong India and US growth marred by lower margins
Slight miss on Q4 revenue but EBITDA underperformed our estimate by 32% due to lower margins (incl. one-time charge of Rs 2bn)
View Report 
11-May-22
Orient Electric (HOLD): Premiumisation is key
ECD weakness hurt Q4 topline growth; aggressive price hikes helped to sustain gross margin despite RM cost pressure
View Report 
11-May-22
Ajanta Pharma (BUY): Margin stress continues
Q4 revenue 6% ahead of our estimate but margins disappointed with gross/EBITDA margin contraction of 530bps/1050bps YoY to ~72%/24%
View Report 
10-May-22
Reliance Industries (HOLD): Margin uptick in cyclicals; consumer business to drive growth
Q4 results in line with consensus – O2C and digital services performed well; we raise FY23/FY24 EBITDA by 8%/4%
View Report 
09-May-22
Voltas (BUY): Structural story intact
Below-expected quarter but strong portfolio and distribution coupled with low market penetration remain key structural drivers
View Report 
06-May-22
Greenpanel Industries (HOLD): Strong margin expansion despite lower MDF & plywood volumes
Q4 revenue climbed 21% YoY to Rs 4.7bn led by 31% growth in MDF but plywood revenue declined by 15%
View Report 
06-May-22
Blue Star (HOLD): Gunning for market share
Good quarter with strong room AC sales due to harsh summer and pent-up demand in target markets, aided by its broad product portfolio
View Report 
05-May-22
Tata Steel (BUY): Results in line; growth allocation to improve – BUY
Q4 results in line with consensus, dividend payout raised to 15% with improved gearing, and 10:1 stock split announced
View Report 
05-May-22
Havells India (BUY): Plenty of positives – BUY
Strong Q4 topline aided by Lloyd and the wires & cables business, though RM inflation remained a drag on margins
View Report 
04-May-22
Eris Lifesciences (BUY): Launch investments cramp margins; forays into derma
Q4 sales/EBITDA contracted 8%/20% QoQ (up 10%/3% YoY) due to structural decline in the cardiometabolic segment
View Report 
02-May-22
Alembic Pharma (HOLD): Mixed quarter; cut to HOLD amid rising margin pressure
Q4 revenue growth at 11% YoY led by broad-based domestic uptick and 17% growth in the US; ROW declined 19% YoY
View Report 
02-May-22
LIC (SUBSCRIBE): Insurance colossus with sharp growth focus – SUBSCRIBE
Steadfastly retains >60% market share despite stiff competition and is well positioned to capture opportunities in a growing industry
View Report 
29-Apr-22
Wipro (BUY): In-line performance; maintain BUY
Q4 revenue growth slightly ahead of estimates at 3.1% QoQ USD driven by manufacturing, retail and BFSI
View Report 
29-Apr-22
Supreme Industries (BUY): Healthy volumes but margins soft; raise to BUY post correction
Q4 revenue grew 23% YoY led by increased realisations (+6%) and volume recovery (+16%)
View Report 
29-Apr-22
Laurus Labs (HOLD): Mixed Q4; non-ARV business guided to drive $1bn in sales
Q4 topline growth 14% ahead of consensus as healthy CDMO, FDF and non-ARV API sales offset decline in ARV business
View Report 
28-Apr-22
Persistent Systems (HOLD): Stellar, all-round performance
Q4 revenue growth of 9.1% QoQ USD outperformed estimates led by services business; TCV at US$ 361mn rose 8% QoQ
View Report 
21-Apr-22
HCL Technologies (BUY): Growth muted; TCV and guidance robust
Q4 revenue growth of 0.5% QoQ USD underperformed our estimate owing to a double-digit slowdown in Mode-3 business
View Report 
20-Apr-22
L&T Infotech (BUY): Soft growth; maintain BUY on strong TCV
Q4 revenue growth of 3.6% QoQ CC below our estimate of 5%; however, net new TCV robust at US$ 80mn, up 21% YoY
View Report 
18-Apr-22
Mindtree (BUY): In-line quarter; robust TCV a key positive
Q4 revenue growth at 4.8% QoQ USD was largely in line with our estimate, driven by travel and BFSI verticals; manufacturing and retail slowed
View Report 
13-Apr-22
Infosys (BUY): Subpar quarter; FY23 guidance robust
Q4 revenue growth muted at 0.7% QoQ USD, below our (4.1%) and street estimates. TCV robust at US$ 2.3bn
View Report 
12-Apr-22
Tata Consultancy Services (BUY): Resilient margins
Q4 revenue growth at 3.2% QoQ CC beat consensus expectations of 2.3% but came in a tad lower than our estimate
View Report 
29-Mar-22
Aurobindo Pharma (BUY): Acquisition of Veritaz Healthcare marks India formulations
ARBP acquired Veritaz Healthcare at 1x FY22E sales (9.8x EBITDA), marking its foray into domestic formulations
View Report 
14-Mar-22
[Initiation] Zydus Wellness (BUY): Robust health and wellness portfolio – initiate with BUY
Product innovation, distribution expansion and Heinz India merger synergies expected to aid brisk PAT CAGR of 11% for FY21-FY24
View Report 
04-Mar-22
Greenpanel Industries (BUY): On a strong growth trajectory
GREENP well placed to capitalise on near-term MDF opportunity with management guiding for 15% volume growth in FY23E
View Report 
24-Feb-22
Sun Pharma (BUY): Alchemee acquisition to expand global branded derma portfolio
SUNP, through subsidiary Taro Pharma, to acquire Galderma’s skincare arm Alchemee in US$ 90mn all-cash deal
View Report 
18-Feb-22
Butterfly Gandhimathi Appliances (NOT RATED): Fast-growing, pan-India branded play
One of the fastest growing kitchen appliance companies in India with leadership in steel LPG stoves and tabletop wet grinders
View Report 
18-Feb-22
Oil & Gas: Expert call - Refining and shipping outlook
Current refining demand growth expectations may prove conservative, keeping refining and product markets tight
View Report 
18-Feb-22
Affle (India) (BUY): Limited impact from Google’s new privacy measures
Google plans to adopt new privacy initiatives (termed Privacy Sandbox) to curtail tracking across apps on Android smartphones
View Report 
15-Feb-22
Greenply Industries (BUY): New capacities to cater the growing demand
Consolidated Q3 revenue grew 24% YoY backed by 11% increase in plywood volumes and 7% rise in price realisation for India operations
View Report 
14-Feb-22
Reliance Industries (HOLD): Derisking the O2C business
RIL plans to restructure a part of its O2C business to address climate risks and open up new opportunities for value addition
View Report 
11-Feb-22
Divi's Labs (BUY): Remarkable quarter; upgrade to BUY
Q3 surpassed expectations on all fronts with revenue/EBITDA growth at 49%/62% YoY, ahead of consensus by 15%/26%
View Report 
11-Feb-22
V-Mart Retail (BUY): Well placed to capture value fashion opportunity; raise to BUY
Q3 revenue growth at 47% YoY to Rs 6.9bn, with 83% coming from VMART and 17% from Unlimited stores
View Report 
11-Feb-22
Alembic Pharma (BUY): US business weak but showing signs of stabilising
Q3 revenue dipped 3% YoY on a steep decline in US (-23%) and API (-8%) business, despite growth in India (+17%) and ROW (+13%)
View Report 
10-Feb-22
Aurobindo Pharma (BUY): Headwinds continue; Plans India formulations foray
Q3 revenue declined 6% YoY despite 48% growth in APIs as US (-13%) and ARV (-65%) business contracted
View Report 
07-Feb-22
Affle (India) (BUY): Record revenue growth aided by JAMPP
Q3 revenue growth at 24% QoQ and 126% YoY – the highest ever in AFFLE’s history led by rise in CPCU and user volumes
View Report 
05-Feb-22
Lupin (SELL): Major benefits remain back ended, 3Q disappoints
Q3 revenue growth modest at 4% YoY (+2% QoQ) despite strong US and India formulation business, as API revenue declined 25%
View Report 
05-Feb-22
Alkem Labs (HOLD): Strong domestic growth; weak margins
Robust traction in India formulations (+20% YoY) during Q3, partly offset by a 7% decline in US generic revenue
View Report 
05-Feb-22
Astral (HOLD): Decent quarter; FY24 outlook bright
Consolidated Q3 revenue grew ~23% YoY with pipe/adhesive segments up 25%/16%; pipe volumes dipped 4% due to dealer destocking
View Report 
02-Feb-22
eClerx Services (BUY): All-round outperformance; maintain BUY
Q3 revenue growth at 5.9% QoQ USD beat our estimate led by a sharp increase in offshoring
View Report 
01-Feb-22
Tech Mahindra (BUY): Mixed bag – growth outperforms, margin disappoints
Q3 revenue growth robust at 4.1% QoQ USD, outperforming our estimate of 3.6%, driven by the CME vertical
View Report 
01-Feb-22
Ajanta Pharma (BUY): Strong revenue growth but margins contract
Q3 revenue up 12% YoY spurred by branded formulations business in India and Africa; US sales down 14% QoQ to US$ 22mn
View Report 
01-Feb-22
Sun Pharma (BUY): Broad based growth; steady margins
Strong Q3 with YoY growth across geographies; flat sequential growth in domestic/ROW markets due to lower Covid portfolio contribution
View Report 
31-Jan-22
Info Edge (BUY): Impressive growth led by recruitment business
Q3 revenue growth of 14.7% QoQ and 48% YoY was INFOE’s highest in over a decade, led by its recruitment business
View Report 
31-Jan-22
Century Plyboards (BUY): Strong quarter but margin disappoints; raise to BUY post correction
Q3 revenue/PAT came in at Rs 8.5bn/Rs 0.9bn led by robust price realisations across segments (except plywood)
View Report 
31-Jan-22
Dr Reddy's Labs (HOLD): Stable quarter, US price erosion continues; cut to HOLD
Growth in Q3 driven by product launches and higher volumes, partly offset by US price erosion
View Report 
29-Jan-22
Eris Lifesciences (BUY): Cardio-metabolic segment headwinds hamper growth
Industry-wide slowdown in cardiometabolic segment (59% revenue share for ERIS) affected Q3 growth
View Report 
29-Jan-22
Laurus Labs (HOLD): PAT declines 44% on negative operating leverage
Inventory destocking in ARV API/FDF led to 20% YoY decline in revenue; guided to normalise from Q4
View Report 
28-Jan-22
Reliance Industries (HOLD): Broader growth canvas; raise to HOLD
Q3 results a mixed bag – retail and oil & gas performed well but digital services and O2C delivered muted sequential growth
View Report 
27-Jan-22
Coforge (BUY): Robust quarter – beat on margins
Q3 revenue grew 4.2% QoQ USD, roughly in line with estimate. Growth was driven by the BFS vertical with a modest uptick in travel
View Report 
27-Jan-22
Pidilite Industries (HOLD): Broad-based growth but sharp RM headwinds a drag
Consolidated Q3 net revenue up 24% YoY to Rs 28.5bn as C&B/B2B segments grew 23%/30%
View Report 
27-Jan-22
Finolex Industries (HOLD): Tepid earnings outlook; PVC prices volatile
Q3 revenue declined 6% YoY as volumes fell 15% in PVC pipes & fittings and 36% in PVC resin
View Report 
26-Jan-22
Cipla (BUY): Growth led by India business
Q3 sales growth modest at 6% YoY led by US and India formulations. API sales declined due to slowdown in orders from developed markets
View Report 
25-Jan-22
IndiaMart InterMesh (BUY): Below-expected Q3; retain BUY on deferred revenue growth
Q3 revenue up 3% QoQ, short of our estimates due to weak ARPU growth
View Report 
25-Jan-22
Cera Sanitaryware (BUY): Healthy demand traction with positive outlook
Q3 consolidated revenue grew 28% YoY with the sanitaryware/faucet segments increasing 51%/60%
View Report 
25-Jan-22
ICICI Bank (HOLD): Gaining traction; cut to HOLD on fair valuations
Augmented risk architecture to enhance overall performance with total CAR estimated at robust 19-20% levels, enabling growth
View Report 
25-Jan-22
Supreme Industries (BUY): Disappointing quarter; structural story intact
Q3 revenue grew 5.5% YoY led by high realisations (+31%) though volumes declined 18%
View Report 
24-Jan-22
Greenpanel Industries (BUY): Excellent quarter despite lower MDF volumes
Q3 revenue climbed 34% YoY to Rs 4.2bn led by 40% growth in MDF and 8% in plywood segment
View Report 
24-Jan-22
JSW Steel (BUY): Upgrade to BUY on favourable risk-reward
Q3 results broadly in line; we raise our earnings forecasts on consolidation of BPSL
View Report 
21-Jan-22
Kajaria Ceramics (BUY): Robust volume growth reflects strong demand; raise to BUY
Q3 revenue grew 27% YoY (+10% QoQ) driven by 14% volume growth to 25.6msm – the highest-ever volumes for KJC
View Report 
21-Jan-22
Persistent Systems (HOLD): Stellar quarter
Above-expected Q3 with revenue growth of 9.2% QoQ USD led by IP business
View Report 
21-Jan-22
Mphasis (HOLD): Strong growth, lukewarm margins
Q3 revenue growth robust at 7.6% QoQ USD, ahead of our estimate, driven by direct business, BCM and communications
View Report 
20-Jan-22
Just Dial (BUY): Disappointing Q3; Maintain BUY on RRVL led synergy potential
Just Dial (JUST) reported revenue growth of mere 1.9% QoQ-far below estimates, dragged by impact on SMEs from covid waves
View Report 
19-Jan-22
L&T Infotech (BUY): Growth spree continues; outperformance on all counts
L&T Infotech (LTI) reported strong growth beat with 8.7% QoQ USD growth. EBIT margin at 17.9% was up 70bps QoQ, was above estimates
View Report 
19-Jan-22
Errata: HDFC Bank (BUY): Balanced Growth
Bank remains reasonably stable during turbulence
View Report 
14-Jan-22
HCL Technologies (BUY): Major growth beat; mode-3 drives momentum
HCL Tech (HCLT) reported stellar growth of 6.7% QoQ USD, beating our estimate of 3.5%
View Report 
13-Jan-22
Mindtree (BUY): Margin beat despite supply constraints; upgrade to BUY
Mindtree (MTCL) reported growth of 4.7% QoQ USD, in-line with estimates. Momentum was driven by travel, CMT and BFSI
View Report 
21-Dec-21
Prataap Snacks (NOT RATED): Emerging contender in booming snacks business
Fast-growing player in savoury packaged snacks. Strengthening of processes (to stabilise RM cost) and distribution channels to spur growth
View Report 
16-Dec-21
AMI Organics (NOT RATED): Emerging pharma intermediate play; riding on Chinese import substitution
Company benefits from the best of two domains in chemical industry: Pharma intermediates and specialty chemicals
View Report 
06-Dec-21
Eris Lifesciences (BUY): Foray into India’s insulin market
ERIS enters ten-year, 70:30 JV with MJ Biopharm for marketing rh-insulin, insulin analogues, GLP1 agonists and biosimilars
View Report 
03-Dec-21
Tata Power (SELL): Stock rally too high, too fast
TPWR’s ~70% run-up in two months stems from power demand growth, international coal price rally and possible renewables business IPO
View Report 
22-Nov-21
Wipro (BUY): Transformed model paying off
WPRO’s analyst meet focused on highlighting results of a transformed business model and reiterating a “bold” strategy
View Report 
15-Nov-21
Info Edge (BUY): Strong real estate and recruitment business pickup
Q2 revenue grew 37% YoY, outperforming consensus, with broad-based uptick across Naukri, 99acres and other verticals
View Report 
12-Nov-21
Affle (India) (BUY): Growth shines aided by stellar JAMPP performance
Q2 revenue surged 104% YoY aided by above-expected rebound at JAMPP and strong native business growth
View Report 
12-Nov-21
Somany Ceramics (BUY): Strong recovery, positive outlook
Consolidated Q2 revenue grew 32% YoY to Rs 5.6bn with tile volumes up 25% and blended realisation up 6% YoY to Rs 306/msm
View Report 
12-Nov-21
Pidilite Industries (SELL): Broad-based growth but sharp RM headwinds a drag
Consolidated Q2 net revenue up 40% YoY to Rs 26.3bn. Like-to-like growth at 33% (ex-PAPL)
View Report 
12-Nov-21
Tech Mahindra (BUY): Positive commentary instils confidence; 5G outlook optimistic
TECHM’s analyst meet today focused on the 3Ps – Purpose, People and Performance
View Report 
11-Nov-21
CESC (HOLD): Fairly priced but upside if distribution is delicensed
Despite steady 8% YoY growth in Q2 pretax income, consolidated net income fell 11% due to lower tax rate in comparable quarter
View Report 
10-Nov-21
V-Mart Retail (HOLD): Well placed to capture value fashion opportunity; raise to HOLD
Q2FY22 revenue grew 93% YoY to Rs 3.4bn, marking 107% recovery vs. pre-Covid (Q2FY20) levels on consolidation of 74 ‘Unlimited’ stores
View Report 
10-Nov-21
Power Grid Corp (HOLD): Steady but limited growth drivers
Steady 1.9% YoY growth in Q2 pretax income and appreciable decline in outstanding payments
View Report 
10-Nov-21
IndiaMart InterMesh (BUY): Correction offers a good opportunity; upgrade to BUY
Stock looks attractive following ~25% correction from its Oct’21 peak – upgrade from HOLD to BUY with unchanged TP of Rs 8,430
View Report 
03-Nov-21
Century Plyboards (HOLD): Best quarter ever but valuations full
Q2 revenue/PAT came in at Rs 8.1bn/Rs 1bn led by robust price realisations across segments
View Report 
03-Nov-21
eClerx Services (BUY): Stellar Q2FY22 performance; upbeat demand environment
Q2 revenue grew 7.1% QoQ USD, delivering a strong beat. EBIT margin missed our estimate but outperformed consensus expectations
View Report 
02-Nov-21
VRL Logistics (BUY): Recovery, expansion and new customers driving growth
Q2 PAT increased 60% YoY as revenue grew 45% due to strong recovery in goods transport and bus service volumes
View Report 
01-Nov-21
Finolex Industries (HOLD): Strong realisation and volume growth aid profitability
Q2 revenue growth robust at 85% YoY as PVC realisations surged 63% and pipe volumes grew 27% YoY
View Report 
28-Oct-21
Greenpanel Industries (HOLD): Strong quarter led by MDF; cut to HOLD on limited upside
Q2 revenue climbed ~88% YoY to Rs 4.2bn led by ~103% growth in MDF and ~38% in plywood
View Report 
27-Oct-21
Cera Sanitaryware (HOLD): Healthy demand traction but priced in
Q2 consolidated revenue grew 24% YoY with the sanitaryware/faucet segments increasing 30%/63%
View Report 
27-Oct-21
Persistent Systems (HOLD): Growth outperformance continues
Stellar Q2 print with revenue growth of 9.3% QoQ USD (incl. Capiot) driven by BFSI and healthcare
View Report 
27-Oct-21
Cipla (BUY): Results better than expected; EBITDA margin resilient
Q2 revenue/EBITDA grew 10%/4% YoY to Rs 55bn/Rs 12bn, beating our estimates by 6%/4%
View Report 
26-Oct-21
Tech Mahindra (BUY): Growth outperforms; 5G demand outlook robust
Q2 revenue growth beat estimates at 6.4% QoQ USD on 6.3%/6.7% enterprise/communications business growth
View Report 
25-Oct-21
Coforge (BUY): Strong Q2 performance coupled with large deals
Robust Q2 revenue growth of 6.6% QoQ USD led by BFSI; EBIT margin in line at 14.8% (+230bps QoQ)
View Report 
25-Oct-21
Kajaria Ceramics (HOLD): Robust volume growth reflects strong underlying demand
Q2 revenue grew 37% YoY (+73% QoQ) driven by 25% volume growth to 24.8msm
View Report 
23-Oct-21
Supreme Industries (BUY): Long-term structural story intact; OPM disappoints
Strong Q2 revenue growth led by high realisations (+38% YoY) and healthy volumes in plastics (+9% YoY)
View Report 
23-Oct-21
IndiaMart InterMesh (HOLD): In-line results; on course for growth recovery
Q2 performance in line as sales grew 12% YoY and EBITDA margin stood at 46%
View Report 
23-Oct-21
TCI Express (HOLD): Strong volume-led growth
Robust volume growth in Q2 a reflection of improving macros. Network expansion and new sorting centre to sustain growth
View Report 
22-Oct-21
Mphasis (HOLD): Mixed bag
Q2 revenue grew 6.4% QoQ USD, outperforming our (4.9%) and street estimates; EBIT margin a miss at 15.1%
View Report 
21-Oct-21
Just Dial (BUY): Strategic refresh post Reliance takeover awaited
Disappointing Q2 with revenue contracting 6.9% YoY and miss on margins
View Report 
19-Oct-21
L&T Infotech (BUY): Outperformance on all counts
Best revenue growth ever at 8.3% QoQ USD in Q2, aided by secular uptick across verticals, clients, service lines and geographies
View Report 
15-Oct-21
HCL Technologies (BUY): Product business a drag on performance
Q2 a miss with subdued revenue growth of 2.6% QoQ USD due to 8.4% contraction in product business
View Report 
14-Oct-21
Infosys (BUY): Operational beat coupled with revenue guidance upgrade
Stellar Q2 with revenue growth at 5.7% USD QoQ vs. 4.2% estimated and resilient operating margin
View Report 
14-Oct-21
Wipro (BUY): Strong growth and confident commentary; upgrade to BUY
Q2 revenue growth beat estimates at 6.9% USD/8.1% CC QoQ and surpassed guided range of 5-7% CC QoQ
View Report 
14-Oct-21
Mindtree (SELL): Upbeat Q2 but valuations lofty
Strong Q2 beat led by significant revenue surprise and resilient operating margin
View Report 
12-Oct-21
IndiaMart InterMesh (HOLD): Takeaways from INMART management interaction
Pandemic-led boost to INMART’s outsourced client acquisition model (DSA-based) has improved sales engine efficiency
View Report 
09-Oct-21
Tata Consultancy Services (BUY): Management confident of strong medium-term demand
Q2 revenue grew 2.9% QoQ USD, in line with our estimate of 3%; TCV was healthy at US$ 7.6bn
View Report 
07-Sep-21
Affle (India) (BUY): Annual report analysis – Sustained R&D focus
Ecosystem-level partnerships fortify AFFLE’s defense against data/ privacy risk
View Report 
17-Aug-21
Info Edge (BUY): Naukri poised for accelerated growth; upgrade to BUY
In-line Q1 with revenue up 14% YoY (deferred revenue up 36%) and EBITDA margin at 31.2%
View Report 
14-Aug-21
eClerx Services (BUY): In-line quarter; robust outlook
Q1 revenue growth at 1.4% QoQ USD, roughly in line with our estimate of 1.7% QoQ USD
View Report 
13-Aug-21
Hero MotoCorp (HOLD): Lacklustre quarter
Q1 revenue fell 37% QoQ on reduced volumes and ASP. High RM cost and lower operating efficiency further dampened PAT
View Report 
13-Aug-21
Ashok Leyland (SELL): Margin stress ahead; maintain SELL
Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability
View Report 
12-Aug-21
Pidilite Industries (SELL): Raw material pressure hurts gross margin
Consolidated Q1 revenue grew 121% YoY, rebounding from a tepid base
View Report 
12-Aug-21
Eicher Motors (SELL): Dull quarter as volumes trend down; maintain SELL
Q1 revenue declined 35% QoQ on weak volumes (-40%). Lower operating efficiency further pulled down profitability
View Report 
11-Aug-21
Century Plyboards (HOLD): In-line quarter
Q1 standalone revenue growth robust at 124% YoY off a low base, with strong growth across segments
View Report 
09-Aug-21
Astral (SELL): Pipe volumes muted; valuations rich
Consolidated Q1 revenue grew 73% YoY with pipes/adhesives rising 63%/107% due to a low base; pipe volumes grew just 13%
View Report 
09-Aug-21
MRF (SELL): Margins to remain under pressure
Q1 revenue fell 13% QoQ, EBITDA margin shrank 400bps on gross margin pressure and adj. PAT fell 49% QoQ to Rs 1.6bn
View Report 
09-Aug-21
Affle (India) (BUY): Stellar quarter
Q1 revenue increased 70% YoY driven by 89% growth in CPCU business, with a broad-based uptick across E, F, G, H verticals
View Report 
09-Aug-21
VRL Logistics (BUY): Lower losses; volume recovery and price increase to drive growth
Q1 losses fell to below 10% of last year but declined from strong profits in Q4FY21 as volumes slowed and bus operations continued to bleed
View Report 
07-Aug-21
Cipla (BUY): Strong quarter
Q1 revenue/EBITDA grew 27%/28% YoY, beating consensus estimates by 7%/19%
View Report 
06-Aug-21
Somany Ceramics (BUY): In-line quarter; outlook stronger
Consolidated Q1 revenue grew 95% YoY with tile volumes up 94% due to a low base.
View Report 
06-Aug-21
Tata Power (BUY): Strong Q1 led by solar business; transmission reentry announced
Strong results driven by growth in solar products, award to CGPL under APTEL order and uptick in coal mining associates
View Report 
06-Aug-21
Balkrishna Industries (SELL): Valuations rich, maintain SELL
Q1 revenue beat our estimate at Rs 18.1bn but EBITDA margin dropped to 28.3% on lower gross margin and higher other expense
View Report 
06-Aug-21
JK Tyre & Industries (SELL): Weak Q1; maintain SELL
Q1 revenue in line but gross margin fell short of our estimate, denting operating performance. Adj. PAT a miss at Rs 567mn
View Report 
06-Aug-21
TVS Srichakra (SELL): Poor demand and high input cost hit profitability
Q1 revenue in line at Rs 4.8bn but EBITDA margin disappoints at 5.1% due to poor operating efficiency
View Report 
06-Aug-21
Cera Sanitaryware (HOLD): Growth picks up off a low base
Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%
View Report 
06-Aug-21
Greenply Industries (HOLD): Low base aids Q1; MDF foray to be beneficial in long run
Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business
View Report 
05-Aug-21
Mayur Uniquoters (BUY): Demand trends improving; upgrade to BUY
Standalone Q1 revenue tripled YoY as volumes surged 217% aided by a low base
View Report 
05-Aug-21
Hindustan Petroleum Corp (BUY): Q1 muted, project completion the key driver
Q1 reflects weak benchmark refining margin and impact of planned shutdowns but robust marketing margin
View Report 
05-Aug-21
Apollo Tyres (SELL): Dull quarter; maintain SELL
Q1 revenue in line but EBITDA margin disappoints at 12.4% due to gross margin pressure and lower operating efficiency
View Report 
03-Aug-21
Kajaria Ceramics (HOLD): In-line quarter
Consolidated Q1 revenue grew 102% YoY as tile volumes doubled, aided by a soft lockdown-hit base quarter
View Report 
02-Aug-21
Indian Oil Corp (BUY): Q1 muted but core refining earnings have bottomed out
Q1 earnings reflect a muted refining performance but recovery in marketing margin
View Report 
02-Aug-21
Finolex Industries (HOLD): Higher PVC resin prices aid profitability
Q1FY22 revenue growth robust at 72% YoY as PVC realisations surged 93% YoY
View Report 
31-Jul-21
Ajanta Pharma (BUY): Strong earnings growth; reiterate BUY
Q1 PAT robust at Rs 1.7bn, up 17% YoY. Sales grew 12% YoY while EBITDA declined 2%
View Report 
30-Jul-21
Eris Lifesciences (HOLD): Strong quarter; cut to HOLD post recent rally
Q1 EBITDA/PAT growth strong at 22%/20% YoY to Rs 1.3bn/Rs 1.1bn, meeting street estimates
View Report 
29-Jul-21
Tech Mahindra (BUY): Positive 5G-led traction in large deals
Q1 dollar revenue growth beat our estimate at 4.1% QoQ on 4.7% enterprise business growth and 3.2% recovery in communications
View Report 
29-Jul-21
TVS Motor (SELL): Dull quarter; maintain SELL
Q1 revenue met our estimate but EBITDA margin fell short at 7% and adj. PAT declined 70% QoQ to Rs 833mn
View Report 
29-Jul-21
Coforge (BUY): Yet another positive surprise; maintain BUY
Q1 strong with 16% QoQ USD revenue growth led by BFSI. EBIT margin in line at 12.6% (-107bps QoQ)
View Report 
28-Jul-21
Greenpanel Industries (BUY): MDF continues to witness strong growth
Q1 consolidated revenue growth robust at 242% YoY with 272%/132% rebound in MDF/plywood segments off a soft base
View Report 
28-Jul-21
Maruti Suzuki (HOLD): Weak Q1, volume outlook healthy; cut to HOLD on limited upside
MSIL’s Q1 revenue fell 26% QoQ while lower gross margin and higher staff cost capped EBITDA margin at 4.6%. Adj. PAT declined 62% QoQ
View Report 
28-Jul-21
Mahindra Logistics (BUY): Recovery in net income; focus on warehousing
Strong Q1 operating income of Rs 164mn in a challenging quarter vs. a loss of Rs 206mn in Q1FY21
View Report 
27-Jul-21
Alembic Pharma (HOLD): US disappoints; acute-led recovery in domestic business
ALPM reported a 42% YoY decline in Q1 EBITDA due to weak US sales led by increased competition in key molecules and launch delays
View Report 
26-Jul-21
GNA Axles (HOLD): Healthy Q1 but recent rally limits upside; maintain HOLD
GNA’s Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%
View Report 
24-Jul-21
Persistent Systems (HOLD): An all-round growth beat; upgrade to HOLD
PSYS reported stellar Q1FY22 numbers with dollar revenue growth of 9.1% QoQ (incl. Capiot) driven by BFSI and healthcare
View Report 
23-Jul-21
IndiaMart Intermesh (HOLD): Resilient showing in Covid-hit Q1
INMART reported a decent Q1FY22 performance with 20% YoY revenue growth and a 50% EBITDA margin
View Report 
23-Jul-21
Mphasis (HOLD): Direct business growth negates shortfall in DXC – raise to HOLD
MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impact
View Report 
22-Jul-21
Bajaj Auto (SELL): Input cost headwinds weaken margins
BJAUT’s Q1 revenue declined 14% QoQ on lower volumes (-14%) and flat ASP. High RM cost further pulled down profitability
View Report 
22-Jul-21
Ceat (SELL): Gross margin pressure and poor demand hit profitability
CEAT’s Q1 revenue fell below projections at Rs 19bn and gross margin declined, weakening EBITDA margin to 8.7%. Adj. PAT was at Rs 199mn
View Report 
21-Jul-21
Supreme Industries (HOLD): Volumes hit by lower agricultural pipe sales
SI’s Q1 volumes slipped 22% YoY as agri pipe demand slowed, but pass-along of higher RM prices aided consolidated revenue growth of 27% YoY
View Report 
19-Jul-21
HCL Technologies (BUY): Second Covid wave hinders growth
HCLT reported 0.9% QoQ dollar revenue growth in Q1FY22, underperforming our estimate of 1.5% due to the Covid2.0 impact
View Report 
19-Jul-21
Swaraj Engines (SELL): Healthy Q1; cut to SELL on recent stock rally
Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT
View Report 
17-Jul-21
Just Dial (BUY): Reliance Retail to acquire controlling stake; BUY
RRVL’s Rs21.6bn capital infusion to acquire 25% of JUST DIAL (JUST) to drive revenue growth was the key positive development
View Report 
16-Jul-21
L&T Infotech (BUY): Strong start to FY22
LTI’s Q1FY22 revenue grew 5.1% QoQ USD, its best first-quarter growth ever, due to an uptick in hi-tech and BFS
View Report 
16-Jul-21
Wipro (HOLD): Simplified operating model pays off
WPRO posted an upbeat QoQ performance in Q1FY22 with 12% CC revenue growth, ahead of our (8.9%) and street estimates
View Report 
14-Jul-21
Infosys (BUY): Strong start to FY22 fortifies growth leadership; upgrade to BUY
INFO’s Q1FY22 revenue growth of 4.8% CC QoQ outperformed our estimate of 3.8% CC and street expectations of 3.8% USD
View Report 
13-Jul-21
Mindtree (SELL): Demand robust; margin weighed down by supply constraints
Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates
View Report 
09-Jul-21
Tata Consultancy Services (BUY): India contraction plays spoilsport; core market growth intact
TCS reported 2.4% QoQ cc growth (vs. est. of 3.5%), impacted by contraction in India geography. Core market growth was intact at 4.1%
View Report 
07-Jul-21
Deepak Fertilisers (NOT RATED): Takeaways from company interaction
DPFCL’s FY21 performance was best ever for the company with EBITDA/PAT jump of 2.1x/4.6x YoY
View Report 
01-Jul-21
Spicejet (SELL): Liquidity crisis, rising fuel cost dampen outlook; SELL
SJET’s Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9
View Report 
28-Jun-21
Finolex Industries (HOLD): Higher PVC prices boost profitability
FNXP reported strong Q4FY21 revenue growth of 63% YoY as PVC prices surged 68% YoY, driving up realisations
View Report 
24-Jun-21
Cera Sanitaryware (HOLD): Near-term headwinds but outlook improving
CRS’s management expects unlocking to rejuvenate demand led by tier-2-and-below cities and targets 17-18% revenue growth for FY22
View Report 
21-Jun-21
Info Edge (SELL): Higher momentum in other verticals to weigh on profitability
INFOE reported below-expected Q4FY21 numbers with revenue down 10% YoY (-6.5% est.) and EBITDA margin at 18% (29% est.)
View Report 
21-Jun-21
NTPC (HOLD): Renewables target doubled but not giving up on coal yet
NTPC reported strong 31% YoY growth in Q4FY21 net income driven by capacity expansion
View Report 
21-Jun-21
Vst Tillers Tractors (HOLD): Limited upside; cut to HOLD
VSTT’s Q4 operating performance was in line. EBITDA margin fell 220bps QoQ on higher RM cost and adj. PAT declined 14% to Rs 264mn
View Report 
18-Jun-21
RPG Life Sciences (NOT RATED): Annual investor conference takeaways
RPGL reported revenue growth, margin expansion and debt reduction in FY21 despite Covid-led disruptions in the acute portfolio
View Report 
17-Jun-21
Somany Ceramics (BUY): Strong operational performance, BUY remains
SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last year
View Report 
17-Jun-21
Ceat (SELL): Endeavouring to gain market share in non-core segments
At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook
View Report 
15-Jun-21
Greenply Industries (ADD): Decent quarter; cut to ADD on limited upside
GIL reported Q4FY21 consolidated revenue growth of 15% YoY backed by a 21% uptick in India business
View Report 
15-Jun-21
Kajaria Ceramics (REDUCE): Strong quarter; maintain REDUCE due to rich valuations
KJC reported consolidated Q4FY21 revenue growth of 46% YoY as tile volumes grew 39%, aided by a soft lockdown-hit base quarter
View Report 
13-Jun-21
Mayur Uniquoters (ADD): Stellar quarter; recent rally caps upside – downgrade to ADD
MUNI’s standalone Q4FY21 revenue grew 35% YoY as volumes increased 26% aided by a low base
View Report 
11-Jun-21
Century Plyboards (SELL): Strong quarter; downgrade to SELL on rich valuations
CPBI reported robust standalone revenue growth of 41% YoY off a soft base, with the plywood/MDF/laminate segments growing 43%/41%/44%
View Report 
11-Jun-21
Cera Sanitaryware (REDUCE): Good quarter; cut to REDUCE on limited upside
CRS reported Q4FY21 consolidated revenue growth of 47% YoY off a tepid base, with the sanitaryware/faucet segments increasing 47%/62%
View Report 
10-Jun-21
eClerx Services (BUY): Upbeat FY22 outlook; upgrade to BUY
ECLX reported Q4FY21 revenue growth of 19.3% CC QoQ, including 6.3% organic growth and the balance from its Personiv acquisition
View Report 
09-Jun-21
InterGlobe Aviation (ADD): Strong balance sheet, leadership premium – upgrade to ADD
IndiGo’s Q4FY21 RASK came in at Rs 3.3, EBITDAR at Rs 7.3bn was hit by rising fuel costs and the company suffered a Rs 11.6bn net loss
View Report 
07-Jun-21
MRF (SELL): Margin headwinds to persist; maintain SELL
MRF’s Q4 revenue grew 4% QoQ to Rs 47bn, EBITDA margin shrank 530bps on gross margin pressure and adj. PAT fell 38% QoQ to Rs 3.2bn
View Report 
01-Jun-21
V-Mart Retail (SELL): Anaemic quarter, near-term outlook remains bleak – SELL
Despite a soft base, V-Mart Retail (VMART) reported weak 6% YoY Q4FY21 revenue growth due to sustained Covid-19 headwinds.
View Report 
28-May-21
Mahindra & Mahindra (SELL): Adverse sales mix and rising input cost to hurt earnings
M&M’s (MM) Q4FY21 revenue was in line at Rs 133.4bn (–5% QoQ).
View Report 
28-May-21
Eicher Motors (SELL): In-line quarter; maintain SELL
Eicher Motors (EIM) reported in-line Q4FY21 standalone revenue of Rs 29bn, a 22% EBITDA margin and adj. PAT of Rs 4.7bn.
View Report 
26-May-21
Alkem Labs (BUY): Poor US sales and inventory provision affect Q4
Alkem Labs reported a below-expected Q4FY21 with +7%/–4% YoY sales/EBITDA growth.
View Report 
26-May-21
Greenpanel Industries (BUY): Lockdown to subdue near-term demand but outlook upbeat
We present key takeaways from our interaction with the management of Greenpanel Industries (GREENP).
View Report 
25-May-21
TVS Srichakra (SELL): Bleak volume and margin outlook; SELL
TVS Srichakra (TVSS) posted a 5% QoQ increase in Q4FY21 revenue, with an above-expected EBITDA margin of 13.3% (11.2% est.).
View Report 
21-May-21
State Bank Of India (BUY): Strong show on asset quality – retain BUY
State Bank of India’s (SBIN) Q4FY21 PAT of Rs 64.5bn was backed by 19% YoY NII growth and strong non-interest income from a lumpy NPA recovery worth Rs 40bn.
View Report 
21-May-21
JK Tyre & Industries (SELL): Balance sheet concerns, margin headwinds ahead; maintain SELL
JK Tyre’s (JKI) Q4FY21 revenue increased 6% QoQ to Rs 29bn while operating margin contracted 260bps QoQ to 15.5%, albeit beating our estimate of 13.8% due to an above-expected gross margin.
View Report 
21-May-21
Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids
Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids
View Report 
19-May-21
Astral (SELL): Good performance but valuations lofty – SELL
Astral’s (ASTRA) Q4FY21 consolidated revenue grew 79% YoY, with 80%/78% growth in pipes/adhesives.
View Report 
19-May-21
Canara Bank (ADD): Operating performance stable
Canara Bank (CBK) reported Q4FY21 PAT of Rs 10bn aided by 6% QoQ growth in operating profit.
View Report 
19-May-21
Minda Corporation (BUY): Healthy Q4; upgrade to BUY
Minda Corp’s (MDA) Q4FY21 topline increased 7% QoQ to Rs 7.9bn.
View Report 
17-May-21
Federal Bank (BUY): Balance sheet resilient – upgrade to BUY
Federal Bank’s (FB) Q4FY21 PAT at Rs 4.8bn beat our/consensus estimates on below-expected provisions.
View Report 
15-May-21
Balkrishna Industries (SELL): Valuations rich; maintain SELL
Balkrishna Industries (BIL) posted healthy Q4FY21 volume growth of 17% YoY to 68k MT, 15% ahead of our projections.
View Report 
14-May-21
Greenpanel Industries (BUY): Stellar performance, maintain BUY
Greenpanel Industries’ (GREENP) consolidated Q4FY21 revenue grew 64% YoY aided by a 63%/65% increase in the MDF/plywood segments.
View Report 
14-May-21
Escorts (BUY): Fundamentals in place; valuations attractive – upgrade to BUY
Escorts (ESC) reported Q4FY21 revenue of Rs 22bn (+60% YoY) with above-expected ASP.
View Report 
14-May-21
Mphasis (SELL): DXC drag to continue; cut to SELL
Mphasis (MPHL) reported dollar revenue growth of 1.8% QoQ in Q4FY21, underperforming our estimate.
View Report 
13-May-21
Pidilite Industries (SELL): Higher RM cost to crimp margins; maintain SELL
Pidilite Industries (PIDI) reported consolidated Q4FY21 revenue growth of 45% YoY on a tepid base, with a 45%/26% rise in standalone C&B/B2B volumes.
View Report 
13-May-21
Apollo Tyres (SELL): Margin headwinds ahead; maintain SELL
Apollo Tyres (APTY) delivered an operational beat in Q4FY21 led by better margins in European operation.
View Report 
10-May-21
DCB Bank (ADD): Recoveries to improve gradually – upgrade to ADD
DCB Bank’s (DCBB) Q4FY21 PAT of Rs 0.8bn (+13% YoY) beat our estimate on below-expected provisions.
View Report 
08-May-21
Bandhan Bank (ADD): Aggressive write-offs prop up asset quality
Bandhan Bank (Bandhan) reported Q4FY21 PAT of Rs 1bn (–80% YoY), much below our and consensus estimates owing to a spike in provisions.
View Report 
07-May-21
Hero MotoCorp (REDUCE): Near-term headwinds; REDUCE
Hero MotoCorp’s (HMCL) Q4FY21 operating performance was marginally ahead of our estimates due to an above-expected gross margin.
View Report 
06-May-21
CEAT (SELL): Rising raw material costs to impact earnings; SELL
CEAT’s revenue was 8% ahead of our estimate at Rs 23bn in Q4FY21.
View Report 
06-May-21
Coforge (BUY): Bumper FY22 guidance; reiterate BUY
Coforge reported a strong Q4FY21 with 7.1% QoQ USD revenue growth led by the ‘other’ vertical, though EBIT margin underperformed at 13.6% (+63bps QoQ).
View Report 
05-May-21
L&T Infotech (BUY): Market-leading growth in FY21
L&T Infotech’s (LTI) Q4FY21 revenue growth was strong at 4.4% QoQ CC due to an uptick in the hi-tech, manufacturing and BFS verticals.
View Report 
04-May-21
RBL Bank (ADD): Heading in the right direction – upgrade to ADD
RBL Bank’s (RBK) Q4FY21 PAT of Rs 0.8bn declined 34% YoY due to an 11% fall in NII and accelerated provisions.
View Report 
03-May-21
Supreme Industries (SELL): Profit boosted by inventory gains, maintain SELL
Supreme Industries’ (SI) Q4FY21 revenue grew 46% YoY, aided by an 8% rise in volumes off a tepid base.
View Report 
03-May-21
Kotak Mahindra Bank (BUY): Q4 in line; well capitalised for growth
Kotak Bank’s (KMB) Q4FY21 PAT at Rs 16.8bn (+33% YoY) was largely in line with our estimates.
View Report 
03-May-21
Ajanta Pharma (BUY): Another good quarter
Ajanta Pharma (AJP) reported strong Q4FY21 revenue/EBITDA growth of 11%/56% YoY to Rs 7.6bn/Rs 2.6bn, surpassing consensus estimates by 3%/23%.
View Report 
01-May-21
Laurus Labs (BUY): Solid margins despite higher API mix
Laurus Labs reported yet another strong quarter on the back of high growth in the API (esp. ARV) and formulation segments.
View Report 
01-May-21
AU Small Finance Bank (BUY): Miss on asset quality
AU Small Finance Bank (AUBANK) reported below-estimated Q4FY21 PAT of Rs 1.7bn due to slower NII growth and one-off employee cost.
View Report 
01-May-21
IndusInd Bank (BUY): Steady operating performance; growth to pick up
IndusInd Bank (IIB) reported in-line Q4FY21 PAT of Rs 9.3bn with a steady operating performance marked by 9%/10% YoY growth in NII/operating profit.
View Report 
30-Apr-21
Mahindra Logistics (BUY): Earnings call takeaways – Management upbeat on growth
In its Q4FY21 earnings call, Mahindra Logistics’ (MLL) management spoke about its vision to triple revenue by FY26, driven by formalisation, auto recovery, service expansion and integrated solutions to customers.
View Report 
30-Apr-21
Persistent Systems (SELL): Good execution despite IP seasonality
Persistent Systems (PSYS) reported in-line Q4FY21 numbers, with dollar revenue growth at 4.6% QoQ.
View Report 
29-Apr-21
Mahindra Logistics (BUY): Strong quarter as SCM continues to deliver
Mahindra Logistics’ (MLL) Q4FY21 net income increased 58% YoY on 28% revenue growth in the SCM segment, even as the enterprise mobility business remained weak.
View Report 
29-Apr-21
BOBCAPS Research | Bajaj Auto (SELL): In-line Q4; maintain SELL
Bajaj Auto’s Q4FY21 revenue was ahead of estimates at Rs 86bn.
View Report 
28-Apr-21
TVS Motor (SELL): Upgrade estimates; maintain SELL on rich valuations
TVS Motor (TVSL) posted a Q4FY21 beat on all counts.
View Report 
27-Apr-21
Axis Bank (BUY): Good show on asset quality
Axis Bank (AXSB) delivered strong Q4FY21 PAT of Rs 27bn (+2.4x QoQ) on 17% YoY growth in operating profit.
View Report 
27-Apr-21
Maruti Suzuki (BUY): Strong growth outlook, attractive valuations – upgrade to BUY
Maruti (MSIL) posted in-line Q4FY21 revenue, but an adverse sales mix, higher input costs and lower other income pulled PAT down 10% YoY.
View Report 
26-Apr-21
Tech Mahindra (BUY): Subdued Q4; deal win acceleration lends visibility
Tech Mahindra (TECHM) posted below-estimated Q4FY21 dollar revenue growth of 1.6% QoQ.
View Report 
24-Apr-21
ICICI Bank (BUY): No negative pandemic surprises
ICICI Bank (ICICIBC) reported Q4FY21 PAT of Rs 44bn on 17% YoY growth in NII and 14% loan growth.
View Report 
23-Apr-21
HCL Technologies (BUY): Q4 in line; deal wins gain momentum
HCL Tech (HCLT) reported 3% QoQ dollar revenue growth in Q4FY21, in line with our estimate.
View Report 
23-Apr-21
GNA Axles (ADD): In-line operating performance; ADD
GNA Axles’ (GNA) Q4FY21 revenue was 10% ahead of estimates at Rs 3.1bn (+72% YoY), led by healthy volumes.
View Report 
20-Apr-21
Swaraj Engines (ADD): Better sales mix to aid earnings; upgrade to ADD
Swaraj Engines’ (SWE) Q4FY21 revenue was below estimates on lower volumes.
View Report 
17-Apr-21
HDFC Bank (BUY): Asset quality stable despite NPA recognition
HDFC Bank’s (HDFCB) Q4FY21 PAT was in line at Rs 82bn (+18% YoY) and asset quality was stable with GNPA ratio at ~1.3% despite the SC vacating its stay on NPA recognition.
View Report 
16-Apr-21
Mindtree (ADD): Continued recovery in travel; TCV robust
Mindtree (MTCL) reported a strong Q4FY21 performance with dollar revenue growth of 5.2% QoQ, ahead of estimates.
View Report 
15-Apr-21
Wipro (ADD): Good execution; FY22 guidance robust
Wipro (WPRO) delivered an upbeat QoQ performance in Q4FY21 with 3% CC revenue growth, ahead of our estimate of 2.6%.
View Report 
15-Apr-21
Infosys (ADD): FY22 guidance in line; first signs of supply pressure
Infosys’ (INFO) Q4FY21 revenue growth of 2% CC QoQ was in line with our estimate of 1.9%, with the company also posting robust TCV of US$ 2.1bn.
View Report 
13-Apr-21
Coforge (BUY): SLK Global acquisition to derisk travel business
Coforge has acquired 60% stake in SLK Global Solutions – a BPM and digital solutions company for the financial services industry.
View Report 
13-Apr-21
[Initiation] Bandhan Bank (ADD): Near-term headwinds cloud prospects – initiate with ADD
We initiate coverage on Bandhan Bank (Bandhan) with ADD and a Mar’22 TP of Rs 375 based on 2.4x FY23E P/BV.
View Report 
12-Apr-21
Tata Consultancy Services (BUY): Strong contract wins lend a head start for FY22
TCS’s Q4FY21 revenue growth of 4.2% QoQ CC was broadly in line with our optimistic estimates in a seasonally weak quarter.
View Report 
07-Apr-21
[Initiation] AU Small Finance Bank (BUY): A budding, high-quality franchise – initiate with BUY
We expect AU Small Finance Bank’s (AUBANK) longstanding expertise in vehicle finance and successful extension into secured business loans to aid a 22% loan CAGR over FY20-FY23.
View Report 
25-Mar-21
Greenpanel Industries (BUY): MDF demand remains robust
Key takeaways from our interaction with the management of Greenpanel Industries (GREENP)
View Report 
19-Mar-21
Greenply Industries (BUY): Demand trends strong
Key takeaways from our interaction with the management of Greenply Industries (GIL).
View Report 
12-Mar-21
Balrampur Chini (NOT RATED): Sugar prices subdued; ethanol sales to support profitability
Key takeaways from our interaction with the management of Balrampur Chini Mills (BRCM).
View Report 
05-Mar-21
Wipro (ADD): Bold Capco acquisition
The Capco acquisition, Wipro’s (WPRO) largest to date, for a cash consideration of US$ 1.45bn is another of CEO Thierry’s bold moves to achieve industry-leading growth.
View Report 
05-Mar-21
Eris Lifesciences (BUY): NDR takeaways – Execution on track
We hosted virtual investor meetings with V Krishnakumar, COO of Eris Lifesciences (ERIS).
View Report 
01-Mar-21
Greenpanel Industries (BUY): MDF demand trends robust
Domestic MDF demand remains strong in Q4FY21 backed by higher purchases of readymade furniture, a shift away from low-end plywood and continued slowdown in imports (25-30% of the total market).
View Report 
15-Feb-21
Info Edge (SELL): Core businesses fail to revive
Info Edge (INFOE) reported a 15% YoY sales decline in Q3FY21.
View Report 
15-Feb-21
Mayur Uniquoters (BUY): All-round beat – upgrade to BUY
Mayur Uniquoters’ (MUNI) Q3FY21 standalone revenue swelled 31% YoY to a record Rs 1.6bn.
View Report 
15-Feb-21
ONGC (BUY): Q3 weak; rising oil prices offer respite
ONGC’s Q3FY21 EBITDA at Rs 65bn (–47% YoY) underperformed estimates owing to higher operating costs.
View Report 
12-Feb-21
Ashok Leyland (SELL): Lacklustre quarter – maintain SELL
Ashok Leyland (AL) reported a weak Q3FY21 as revenue at Rs 48.1bn fell 5% short of our estimate.
View Report 
12-Feb-21
Petronet LNG (BUY): Valuations disconnected from fundamentals – maintain BUY
Petronet LNG’s (PLNG) Q3FY21 EBITDA outperformed estimates at Rs 13.4bn (+21% YoY).
View Report 
11-Feb-21
Greenply Industries (BUY): Q3 beat as demand gains traction
Greenply Industries’ (GIL) consolidated Q3FY21 revenue dipped 2% YoY, bettering our estimate of a 6% drop.
View Report 
11-Feb-21
MRF (SELL): Near-term headwinds persist; maintain SELL
MRF delivered Q3FY21 revenue as per projections but above-expected gross margins led to a beat on both EBITDA (+58% YoY to Rs 9.6bn) and operating margins (21.1% vs. 16.2% estimated).
View Report 
10-Feb-21
SpiceJet (SELL): Lower yields amidst rising fuel costs; maintain SELL
SpiceJet’s (SJET) Q3FY21 revenue plunged 54% YoY to Rs 16.9bn.
View Report 
10-Feb-21
Century Plyboards (ADD): Strong operational performance; MDF expansion to spur growth
Century Plyboards’ (CPBI) standalone revenue rose 10% YoY in Q3FY21, with plywood/MDF up 11%/21% YoY.
View Report 
10-Feb-21
GAIL (BUY): Cyclicals bolster earnings
GAIL’s Q3FY21 PAT was in line at Rs 14.9bn (+24% YoY) aided by an improved operating performance across segments (ex-trading).
View Report 
10-Feb-21
TCI Express (BUY): Operating excellence continues to offset volume weakness
TCI Express’s (TCIEXP) Q3FY21 revenue missed estimates (–2% YoY vs. +5% est.) but strong EBITDA margin gains (+450bps YoY) yielded a solid earnings beat (+32% YoY vs. +9% est.).
View Report 
10-Feb-21
Eicher Motors (SELL): In-line quarter; maintain SELL
Eicher Motors (EIM) reported in-line Q3FY21 revenue and a slight beat on EBITDA margins (23.5% vs. 21.4% estimated), led by better operating efficiencies.
View Report 
09-Feb-21
Balkrishna Industries (SELL): Healthy Q3 but margin headwinds ahead – maintain SELL
Balkrishna Industries (BIL) posted healthy volume growth of 17% YoY to 59.8k MT in Q3FY21, 8% ahead of our projections.
View Report 
08-Feb-21
VRL Logistics (BUY): Earnings momentum gathering pace
VRL Logistics’ (VRLL) Q3FY21 print had many positives – (1) strong EBITDA growth (+24% YoY), (2) sustained GT realisations despite muted volumes, and (3) buyback of Rs 600mn.
View Report 
06-Feb-21
Gujarat Gas (BUY): Volumes ahead of estimates
Gujarat Gas’ (GUJGA) Q3FY21 performance sustained the traction seen in Q2, with adj. PAT doubling YoY to Rs 3.9bn.
View Report 
06-Feb-21
Container Corp of India (SELL): Earnings in line; LLF remains a key monitorable
Container Corp’s (CCRI) Q3FY21 revenue was a beat but EBITDA met our estimates.
View Report 
05-Feb-21
Alkem Labs (BUY): Q3 in line; strong free cash to support rerating
Alkem Labs’ Q3FY21 was in line, with sales/EBITDA growth at 6%/17% YoY.
View Report 
05-Feb-21
Mahindra & Mahindra (SELL): Healthy Q3, valuations expensive – maintain SELL
M&M’s (MM) Q3FY21 revenue was in line at Rs 140.6bn (+16% YoY).
View Report 
05-Feb-21
Hero MotoCorp (SELL): Optimism priced in – maintain SELL
Hero MotoCorp’s (HMCL) Q3FY21 operating performance beat estimates due to above-expected gross margins.
View Report 
04-Feb-21
Somany Ceramics (BUY): Strong operational performance, outlook improving
Somany Ceramics’ (SOMC) consolidated revenue grew 13% YoY to Rs 4.9bn in Q3FY21 as tile volumes grew 12%.
View Report 
04-Feb-21
State Bank of India (BUY): Asset quality outlook remains upbeat
State Bank of India’s (SBIN) Q3FY21 PAT declined 7% YoY to Rs 52bn on a 5% dip in operating profit.
View Report 
04-Feb-21
Inox Leisure (BUY): Light at the end of the tunnel
A lack of fresh content weighed on Inox Leisure’s (INOL) footfalls in Q3FY21, yielding paltry revenue Rs 149mn.
View Report 
04-Feb-21
Apollo Tyres (SELL): Positives priced in; maintain SELL
Apollo Tyres (APTY) delivered an operational beat in Q3FY21.
View Report 
04-Feb-21
Transport Corp of India (BUY): A lot to like
Transport Corp’s (TRPC) Q3FY21 print beat estimates on all fronts.
View Report 
03-Feb-21
Astral Poly Technik (SELL): Good quarter but valuations rich – downgrade to SELL
Astral Poly Technik’s (ASTRA) consolidated revenue grew 35% YoY in Q3FY21, backed by 42% growth in the adhesives segment and a 33% uptick in pipes.
View Report 
03-Feb-21
PI Industries (BUY): Q3 above estimates on better execution; robust outlook intact
PI Industries’ (PI) revenue/EBITDA growth of 37%/48% YoY beat estimates by 13%/9%.
View Report 
03-Feb-21
Minda Corporation (ADD): Q3 results in line; upside limited – downgrade to ADD
With higher revenue growth in the mechatronics & aftermarket division, Minda Corp’s (MDA) Q3FY21 topline increased 7% YoY to Rs 7.2bn.
View Report 
03-Feb-21
Cera Sanitaryware (BUY): Supply disruptions hit Q3 but demand outlook strong – raise to BUY
Cera Sanitaryware (CRS) reported a 3% YoY decline in consolidated revenue for Q3FY21, with the sanitaryware segment down 5% due to production issues.
View Report 
02-Feb-21
Finolex Industries (ADD): Higher PVC prices aid profitability
Finolex Industries’ (FNXP) Q3FY21 revenue grew 53% YoY, aided by a 15% rise in PVC resin volumes while pipe volumes increased 5%.
View Report 
02-Feb-21
Ajanta Pharma (BUY): Another good quarter; resilient outlook to drive stock upside
Ajanta Pharma (AJP) reported yet another excellent quarter with Q3 revenue/ EBITDA growth of 15%/30% YoY to Rs 7.5bn/Rs 2.4bn, surpassing our estimates by 11%/14%.
View Report 
02-Feb-21
Escorts (SELL): Management cautious on margins; maintain SELL
Escorts (ESC) reported Q3FY21 revenue at Rs 20bn (+24% YoY) and above-estimated operating margins at 18%.
View Report 
30-Jan-21
ICICI Bank (BUY): Stress manageable and provisioning comfortable
ICICI Bank’s (ICICIBC) Q3FY21 PAT at Rs 49.3bn (+19% YoY) beat estimates on strong 17% growth in operating profit.
View Report 
30-Jan-21
UPL (BUY): Mixed Q3; LATAM sales pushed to Q4 – growth tailwinds strong
UPL reported a mixed Q3 with in-line EBITDA and a 9% sales miss.
View Report 
30-Jan-21
Mahindra Logistics (BUY): Topline growth makes a stellar comeback
Mahindra Logistics’ (MLL) Q3FY21 consolidated revenue grew by a strong 15% YoY led by SCM (+24%) while the mobility segment lagged (–60%).
View Report 
30-Jan-21
Dr Reddy's Labs (ADD): US sales weak; gVascepa and margin recovery near-term triggers
Dr Reddy’s (DRRD) reported a Q3 operational miss after a strong H1.
View Report 
30-Jan-21
Tech Mahindra (BUY): Communication leads growth driven by large 5G deal win
Tech Mahindra (TECHM) posted 2.8% QoQ CC revenue growth and 150bps EBITDA margin expansion, bettering our estimates for Q3FY21.
View Report 
30-Jan-21
Sun Pharma (ADD): EBITDA beat ex-Taro; sustaining specialty recovery is key
Sun Pharma (SUNP) reported a healthy ex-Taro EBITDA beat of 5% in Q3FY21.
View Report 
29-Jan-21
Cipla (BUY): All-round beat; India delivers key surprise
Cipla reported a Q3 sales/EBITDA beat of 8%/14% steered by (1) India (Rx up 25% YoY), EU & ROW sales, and (2) cost control (–10% YoY, flat QoQ).
View Report 
29-Jan-21
IndusInd Bank (BUY): Gearing for growth; asset quality outlook improving
IndusInd Bank (IIB) reported higher PAT of Rs 8.3bn (Rs 6.1bn est.) on below-estimated provisions.
View Report 
29-Jan-21
eClerx Services (REDUCE): Upbeat quarter led by organic growth
eClerx (ECLX) reported a substantial topline beat in Q3FY21 backed partly by Personiv revenues flowing in and robust CLX business.
View Report 
29-Jan-21
Pidilite Industries (SELL): Margin headwinds expected in the near future
Pidilite Industries (PIDI) reported healthy Q3FY21 consolidated revenue growth of 19% YoY, supported by a 22%/12% rise in standalone C&B/B2B volumes.
View Report 
29-Jan-21
Persistent Systems (SELL): IP business seasonality bolsters growth
Persistent Systems (PSYS) reported a surprisingly strong set of numbers in Q3FY21, with dollar revenue growth at 7.4% QoQ.
View Report 
29-Jan-21
Laurus Labs (BUY): Solid margins despite higher API mix – TP raised to Rs 480
Laurus Labs reported another solid beat in Q3FY21 fuelled by strong growth in the API and synthesis segments.
View Report 
29-Jan-21
Lupin (ADD): In-line Q3; several near-term catalysts
Lupin’s (LPC) EBITDA was boosted by one-time licensing income (Rs 700mn est.).
View Report 
28-Jan-21
RBL Bank (SELL): Weak asset quality; elevated provisions – maintain SELL
RBL Bank’s (RBK) PAT was largely in line at Rs 1.5bn.
View Report 
28-Jan-21
Eris Lifesciences (BUY): Healthy Q3; chronic franchise and FCF growth to unlock value
Eris Lifesciences (ERIS) reported a healthy Q3 with a 3% revenue beat led by superior execution on the core cardio-metabolic and VMN portfolios (~78% of sales).
View Report 
28-Jan-21
Coforge (BUY): Travel recovery and BFS drive growth
Coforge reported a robust Q3FY21 performance, marked by 3.3% QoQ CC revenue growth led by the BFS and travel verticals.
View Report 
28-Jan-21
TVS Motor (SELL): Valuations rich; maintain SELL
TVS Motor’s (TVSL) Q3FY21 revenue was marginally better than estimated due to above-expected ASP.
View Report 
28-Jan-21
InterGlobe Aviation (SELL): Rising fuel costs to burn earnings; cut to SELL
InterGlobe Aviation’s (IndiGo) Q3FY21 RASK stood at Rs 3.2.
View Report 
28-Jan-21
Maruti Suzuki (SELL): Operational performance along expected lines; maintain SELL
Maruti (MSIL) reported Q3FY21 earnings of Rs 19bn backed by higher other income and a lower tax rate.
View Report 
28-Jan-21
Canara Bank (ADD): Earnings beat but asset quality risks persist
Canara Bank’s (CBK) Q3 PAT of Rs 7bn beat our estimate on strong 47% YoY growth in operating profit.
View Report 
27-Jan-21
Axis Bank (BUY): Prudent provisioning dampens earnings but fortifies balance sheet
Axis Bank’s (AXSB) Q3FY21 PAT of Rs 11.2bn (–36% YoY) was marred by high provisions.
View Report 
27-Jan-21
Greenpanel Industries (BUY): Significant all-round beat, outlook bright
Greenpanel Industries’ (GREENP) Q3FY21 consolidated revenue grew 34.5% YoY aided by a 44% increase in the MDF segment.
View Report 
25-Jan-21
Supreme Industries (SELL): Inventory gains aid higher profitability
Supreme Industries’ (SI) Q3FY21 revenue grew 34% YoY, aided by a 10% rise in volumes.
View Report 
25-Jan-21
V-Mart Retail (SELL): Demand remains lacklustre
While the third quarter is typically its best season, V-Mart Retail (VMART) reported a Q3FY21 revenue decline of 16% YoY to Rs 4.7bn due to continued Covid-19 headwinds.
View Report 
25-Jan-21
Kotak Mahindra Bank (BUY): Manageable stress formation in Q3 – maintain BUY
Kotak Bank’s (KMB) Q3FY21 PAT of Rs 18.5bn (+16% YoY) was backed by strong 29% growth in operating profit.
View Report 
24-Jan-21
Reliance Industries (REDUCE): Oil-to-Chemicals outlook remains cloudy
Q3FY21 highlights: (a) RIL’s EBITDA was in line with estimates at Rs 216bn (–5% YoY, +14% QoQ) as Oil-to-Chemicals (O2C) and RJio met expectations while retail outperformed.
View Report 
24-Jan-21
DCB Bank (SELL): Growth remains subdued
DCB Bank’s (DCBB) Q3FY21 PAT of ~Rs 1bn beat estimates on higher treasury income and contained opex.
View Report 
22-Jan-21
Mphasis (REDUCE): DXC revenue contracts further; BFS growth slows
Mphasis (MPHL) reported dollar revenue growth of 2% QoQ in Q3FY21, in line with estimates but lagging behind peers.
View Report 
21-Jan-21
Kajaria Ceramics (REDUCE): Margins surprise positively
Kajaria Ceramics (KJC) posted an above-expected Q3FY21 with 13% YoY revenue growth and volumes up 11%.
View Report 
21-Jan-21
JK Tyre & Industries (SELL): Good Q3 but rising RM cost and poor sales mix to hurt margins
JK Tyre (JKI) surprised positively on both revenue and earnings in Q3FY21, led by strong replacement demand as well as above-expected gross margins which could stem from low-cost inventory.
View Report 
21-Jan-21
Bajaj Auto (SELL): Operating performance healthy but unsustainable
Bajaj Auto’s (BJAUT) Q3FY21 revenue was in line with projections.
View Report 
20-Jan-21
L&T Infotech (BUY): Large deals accelerate; margins shine
L&T Infotech’s (LTI) Q3FY21 dollar revenue growth was strong at 5.8% QoQ due to an uptick in the manufacturing and BFS verticals.
View Report 
20-Jan-21
Federal Bank (ADD): Operating performance remains strong
Federal Bank (FB) reported above-estimated PAT of ~Rs 4bn (–8% YoY) on lower provisioning than forecast.
View Report 
20-Jan-21
CEAT (SELL): Healthy Q3 but long-term woes remain; maintain SELL
CEAT surprised positively on both revenue and earnings in Q3FY21, led by strong replacement demand and above-expected gross margins which could be a function of low-cost inventory.
View Report 
19-Jan-21
Alembic Pharma (BUY): Q3 misses estimates but India beat looks sustainable
Alembic Pharma (ALPM) reported a 12% EBITDA miss due to weak sales.
View Report 
18-Jan-21
Mindtree (ADD): Good growth; onset of a positive cycle
Mindtree (MTCL) reported a strong Q3FY21 performance with dollar revenue growth of 5% QoQ and EBIT margin at an all-time high of 19.6% (+230bps QoQ).
View Report 
16-Jan-21
HDFC Bank (BUY): Sailing steady in a storm
HDFC Bank’s (HDFCB) Q3FY21 PAT of Rs 88bn (+18% YoY) was led by strong 17% growth in operating profit.
View Report 
16-Jan-21
PVR (REDUCE): Improving content pipeline, cost control measures key positives
PVR (PVRL) reported paltry revenue of Rs 454mn (–95% YoY) in Q3FY21 as a lack of content and the 50% capacity cap weighed on footfalls.
View Report 
15-Jan-21
HCL Technologies (BUY): Growth streak continues; guidance raised
HCL Tech (HCLT) reported 4.4% QoQ dollar revenue growth in Q3FY21, outperforming our 3.2% estimate.
View Report 
13-Jan-21
Wipro (SELL): Growth outperforms estimate, but lags behind peers
Wipro (WPRO) delivered an upbeat QoQ performance in Q3FY21 with 3.4% CC revenue growth, ahead of our estimate of 2.7%.
View Report 
13-Jan-21
Infosys (ADD): Guidance upgraded on strong growth
Infosys’ (INFO) Q3FY21 dollar revenue growth of 6.2% QoQ beat our estimate of 3.5%, with the company also posting its highest-ever TCV of US$ 7.1bn.
View Report 
11-Jan-21
GNA Axles (BUY): Strong Q3; estimates upgraded
GNA Axles (GNA) posted a strong set of results in Q3FY21 with revenue up 29% YoY.
View Report 
08-Jan-21
Tata Consultancy Services (BUY): Strongest Q3 in nine years – growth and margins outperform
TCS’s QoQ dollar revenue growth of 5.1% beat street estimates (~3.1%) in a seasonally weak quarter.
View Report 
04-Jan-21
Greenpanel Industries (BUY): Strong showing in MDF to continue – we raise estimates
Demand for MDF has bettered expectations since unlocking of the economy in Q3FY21 as the pandemic has boosted consumption of readymade furniture.
View Report 
29-Dec-20
Balrampur Chini (NOT RATED): Enhanced ethanol sales to support profitability
We recently interacted with the management of Balrampur Chini Mills (BRCM).
View Report 
23-Dec-20
TCI Express (BUY): Demand on the mend
We recently interacted with the management of TCI Express.
View Report 
21-Dec-20
PVR (REDUCE): Capital raise to bolster liquidity, new content sparks revival hopes
PVR’s (PVRL) board has recently approved a capital raising plan of upto Rs 8bn, through equity issuance, quasi-equity instruments, or debt instruments.
View Report 
21-Dec-20
Petronet LNG (BUY): At an inflection point
Key takeaways from our recent interaction with the Petronet LNG (PLNG) management.
View Report 
16-Dec-20
eClerx Services (REDUCE): Sizeable like-to-like acquisition to fuel inorganic growth
eClerx (ECLX) has acquired Personiv – an IT services firm with capabilities in the digital, back office and customer contact domains – for a cash consideration of US$ 34mn.
View Report 
15-Dec-20
TVS Srichakra (SELL): Upsides capped; downgrade to SELL
Having aggressively penetrated the OEM segment, TVS Srichakra (TVSS) now intends to focus on the aftermarket through an elaborate brand building exercise.
View Report 
14-Dec-20
SpiceJet (SELL): Valuations full – downgrade to SELL
Easing of Covid restrictions (incl. international travel) and likely reinstatement of Boeing 737s into the fleet will remain growth catalysts for SpiceJet (SJET), though rising crude prices could impede earnings.
View Report 
14-Dec-20
[Initiation] Eris Lifesciences (BUY): Chronic franchise, FCF growth underappreciated; initiate with BUY
Eris Lifesciences’ (ERIS) earnings are at inflection point and we expect a 16% EBITDA CAGR over FY21-FY24 (vs. 8%, FY18-FY21).
View Report 
12-Dec-20
Cipla (BUY): Revlimid settlement – Cipla gains but limited NPV loss for Dr Reddy’s
In our view, the gRevlimid settlement is positive for Cipla’s stock given the market was not factoring in potential upside sooner from this opportunity.
View Report 
11-Dec-20
L&T Infotech (BUY): Strong pipeline to carry the momentum
L&T Infotech’s (LTI) analyst meet focused on cloud and data products which are expected to be the new growth engines.
View Report 
10-Dec-20
UPL (BUY): Old whistleblower complaint – steep correction unwarranted
UPL’s stock corrected over 15% today after a report by ET Prime cited a whistleblower complaint alleging that promoter Jaidev Shroff along with family members has siphoned off money.
View Report 
08-Dec-20
Greenply Industries (BUY): Plywood demand recovering steadily
We outline key highlights from our interaction with the management of Greenply Industries (GIL).
View Report 
07-Dec-20
V-Mart Retail (SELL): Early onset of winter boosting sales
We present key takeaways from our recent interaction with the V-Mart Retail management (VMART).
View Report 
04-Dec-20
Mindtree (ADD): Analyst meet takeaways – 4×4×4 strategy laid out
Mindtree (MTCL) is optimistic about achieving above-industry growth, aided by a new three-year ‘4×4×4’ strategy aimed at narrowing its focus on four verticals, service lines and markets each.
View Report 
03-Dec-20
Indraprastha Gas (BUY): Expect volume recovery from FY22
We present key takeaways from our recent interaction with the Indraprastha Gas (IGL) management.
View Report 
02-Dec-20
MRF (SELL): Rising input cost a key concern amid rich valuations; cut to SELL
MRF Tyres (MRF) has rallied ~30% in the last three months and is currently trading at 25x Sep’22E EPS.
View Report 
01-Dec-20
Tech Mahindra (BUY): Analyst meet takeaways – Growth acceleration ahead
In its analyst meet today, Tech Mahindra (TECHM) emphasised its focus on reviving growth and appeared optimistic about demand traction and margins.
View Report 
27-Nov-20
Greenpanel Industries (BUY): MDF growth holds strong
Key takeaways from our interaction with the management of Greenpanel Industries (GREENP).
View Report 
24-Nov-20
Apollo Tyres (SELL): Positives priced in; downgrade to SELL
Apollo Tyres (APTY) delivered a Q2FY21 beat and has rallied 40% in the last three months due to domestic volume visibility, a better Europe performance and steady margin outlook.
View Report 
19-Nov-20
Wipro (SELL): Sweeping structural changes to simplify business model
Wipro’s (WPRO) analyst meet was focused on a slew of strategic changes being implemented by its new CEO.
View Report 
17-Nov-20
ONGC (BUY): Worst appears priced in
ONGC’s Q2FY21 EBITDA at Rs 84bn (–36% YoY) outperformed estimates on account of lower operating costs.
View Report 
13-Nov-20
Mahanagar Gas (SELL): Margins surge but volume recovery lags peers
Mahanagar Gas’s (MAHGL) Q2FY21 PAT outperformed at Rs 1.4bn (–46% YoY, +3x QoQ).
View Report 
12-Nov-20
Eicher Motors (SELL): Q2 in line; maintain SELL
Eicher Motors (EIM) reported in-line Q2FY21 revenue and a slight beat on EBITDA margins (22.8% vs. 21.4% est.), led by better operating efficiencies.
View Report 
12-Nov-20
TVS Srichakra (BUY): Q2 along expected lines; maintain BUY
TVS Srichakra’s (TVSS) Q2FY21 revenue was marginally below expectations at Rs 5.4bn, but a sharp 25% YoY drop in other expenses led to superior operating margins at 15.9% (13.9% est.).
View Report 
12-Nov-20
Petronet LNG (BUY): Margins buoyant, volumes normalise
Petronet LNG’s (PLNG) Q2FY21 EBITDA outperformed our estimates at Rs 13.6bn (+17.5% YoY).
View Report 
12-Nov-20
Aurobindo Pharma (BUY): Q2 beat; growing balance sheet comfort merits higher multiple
Aurobindo Pharma’s (ARBP) Q2 EBITDA was 13% above estimates, led by an all-round sales beat of 7% and multiyear-high gross margins of 61.2%.
View Report 
12-Nov-20
Mayur Uniquoters (ADD): Good performance, outlook improving
Mayur Uniquoters’ (MUNI) Q2FY21 standalone revenue declined 11% YoY and volumes dropped 5% amid a continued slowdown in user industries (footwear, auto), albeit less pronounced than expected.
View Report 
12-Nov-20
Century Plyboards (ADD): Healthy quarter; upside limited – cut to ADD
Century Plyboards’ (CPBI) standalone revenue decreased 12% YoY in Q2FY21, in line with estimates.
View Report 
11-Nov-20
Cera Sanitaryware (ADD): Decent performance in a tough environment
Cera Sanitaryware (CRS) reported a 1.6% decline in consolidated revenue for Q2FY21, with the sanitaryware segment being flat YoY.
View Report 
11-Nov-20
Info Edge (SELL): Real estate and recruitment business remain sluggish
Info Edge (INFOE) reported a 19% YoY sales decline.
View Report 
11-Nov-20
SpiceJet (BUY): Q2 better than expected; maintain BUY
SpiceJet’s (SJET) Q2FY21 revenue came in at Rs 10.6bn.
View Report 
11-Nov-20
Gujarat State Petronet (BUY): Upbeat volume outlook; tariff risks appear priced in
Gujarat State Petronet’s (GUJS) Q2FY21 EBITDA outperformed at Rs 3.8bn (–13% YoY) on better margins.
View Report 
11-Nov-20
Indraprastha Gas (BUY): Margin surge leads earnings beat – upgrade to BUY
Indraprastha Gas’ (IGL) Q2FY21 earnings were well above estimates at Rs 3.1bn (–19% YoY).
View Report 
11-Nov-20
V-Mart Retail (SELL): Seasonal weakness exacerbated by pandemic
V-Mart Retail (VMART) reported a Q2FY21 revenue decline of 44% YoY to Rs 1.8bn in a seasonally dull quarter compounded by the lockdown.
View Report 
10-Nov-20
VST Tillers Tractors (BUY): Strong Q2; price target revised upwards
VST Tillers’ (VSTT) Q2FY21 results beat estimates – revenue surged 37% YoY to Rs 2.2bn and EBITDA margin came in at 17.1% (11.3% est.).
View Report 
10-Nov-20
Mahindra & Mahindra (SELL): Tractor sales upbeat; valuations expensive – maintain SELL
M&M’s (MM) Q2FY21 revenue grew 6% YoY to Rs 115.9bn and EBITDA margin was above our estimate at 17.8%.
View Report 
10-Nov-20
GAIL (BUY): Operating parameters return to normalcy
GAIL’s Q2FY21 PAT was in line at Rs 12.4bn (+17% YoY), driven by an improved operating performance across segments (except trading).
View Report 
10-Nov-20
Oil India (BUY): Concerns priced in – raise to BUY
Oil India (OINL) reported Q2FY21 earnings of Rs 2.4bn, well above our estimates.
View Report 
09-Nov-20
Allcargo Logistics (ADD): MTO segment spurs robust operating performance
Allcargo Logistics’ (AGLL) Q2FY21 consolidated revenue rose 25% YoY, ahead of our estimate of 15%, augmented by consolidation of Gati (4% ex-Gati) and growth in the MTO segment (+9%).
View Report 
09-Nov-20
Ashok Leyland (SELL): Weak macros, rich valuations – maintain SELL
Ashok Leyland’s (AL) Q2FY21 revenue and earnings were broadly in line with our estimates.
View Report 
09-Nov-20
VRL Logistics (BUY): Strong quarter; volume growth slated to revive in H2
VRL Logistics’ (VRLL) Q2FY21 print beat our estimates on all fronts.
View Report 
07-Nov-20
Divi's Labs (ADD): Flawless execution drives Q2 beat – upgrade to ADD
Divi’s Labs (DIVI) retained its strong execution in Q2, reporting an 18% EBITDA beat.
View Report 
07-Nov-20
Astral Poly Technik (REDUCE): Reasonably good quarter; outlook improving
Astral Poly Technik’s (ASTRA) consolidated revenue grew 10% YoY in Q2FY21, aided by 31% growth in the adhesives segment whereas pipes grew 4% (volumes up 2%).
View Report 
07-Nov-20
Inox Leisure (BUY): Cost control mitigates Q2 losses; content push awaited
A tight leash on operating cost and rent waivers helped Inox Leisure (INOL) mitigate its operating/net loss to Rs 318mn/Rs 679mn, in the absence of any revenue in Q2.
View Report 
07-Nov-20
Balkrishna Industries (ADD): Upbeat volume outlook – upgrade to ADD
Balkrishna Industries (BIL) posted strong volume growth of 36% YoY to 61.2k MT in Q2FY21, ahead of our projections.
View Report 
07-Nov-20
Cipla (BUY): Comprehensive Q2 beat; India drives good surprise
Cipla reported a Q2 sales/EBITDA beat of 13%/17% led by (1) outperformance in India (Covid portfolio contributed ~5% sales/EBITDA) and CGA sales, and (2) cost control (–13% YoY).
View Report 
06-Nov-20
Pidilite Industries (SELL): Margin gains to be neutralised by hardening RM prices
Pidilite Industries (PIDI) reported in-line consolidated Q2FY21 revenue growth of 4% YoY, led by a 7% increase in C&B volumes.
View Report 
06-Nov-20
Alkem Labs (BUY): H1 gross margin beat sustainable; FCF to support rerating
Alkem Labs posted a Q2 EBITDA beat of 12% led by lower SGA spends (–29% YoY) while sales were in line.
View Report 
06-Nov-20
Somany Ceramics (BUY): Good operational performance; sharp balance sheet improvement
Somany Ceramics (SOMC) reported above-expected consolidated revenue of Rs 4.2bn (flat YoY) in Q2FY21, aided by a 3% uptick in tile volumes.
View Report 
06-Nov-20
MRF (ADD): Strong Q2; earnings estimates raised
MRF delivered a positive surprise on Q2FY21 revenue and earnings, led by strong replacement demand in Indian markets and above-expected operating efficiency.
View Report 
06-Nov-20
Container Corp of India (SELL): Licensing fee jolt eclipses revival in operating performance
Container Corp’s (CCRI) Q2FY21 print was in line with our estimates.
View Report 
05-Nov-20
Lupin (ADD): Muted Q2; multiple near-term catalysts
Lupin’s (LPC) Q2 EBITDA was 5% below estimates.
View Report 
05-Nov-20
Gujarat Gas (BUY): Strong beat on margins and volumes; upgrade to BUY
Gujarat Gas’ (GUJGA) Q2FY21 earnings were above estimates, surging 8x QoQ to Rs 4.8bn.
View Report 
05-Nov-20
Apollo Tyres (ADD): Strong Q2; earnings estimates upgraded
Apollo Tyres (APTY) surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand in Indian markets, better Europe operations and above-expected operating efficiency.
View Report 
05-Nov-20
eClerx Services (SELL): Strong growth driven by sharp CLX recovery
eClerx (ECLX) reported a surprising growth and margin beat in Q2FY21 backed by CLX recovery and aggressive cost cuts.
View Report 
05-Nov-20
Hindustan Petroleum Corp (BUY): GRMs recover, marketing margins remain elevated
HPCL’s Q2FY21 earnings remained robust at Rs 24.7bn (+2.4x YoY).
View Report 
05-Nov-20
Greenply Industries (BUY): Results in line; balance sheet improves significantly
Greenply Industries’ (GIL) consolidated Q2FY21 revenue slipped 22% YoY, but still bettered estimates.
View Report 
04-Nov-20
Transport Corp of India (BUY): Healthy show continues
Transport Corp (TRPC) reported a solid Q2FY21 performance for the second successive quarter, surpassing our expectations on all fronts.
View Report 
04-Nov-20
State Bank of India (BUY): Stress disclosures reassuring – upgrade to BUY
State Bank of India’s (SBIN) Q2FY21 PAT at Rs 45.7bn grew 52% YoY on 15% NII growth while operating profit (ex-one offs) grew 12%.
View Report 
04-Nov-20
PVR (REDUCE): Another washout quarter; content availability key for turnaround
With screens being shut, PVR (PVRL) did not report any meaningful revenue in Q2FY21.
View Report 
04-Nov-20
Ajanta Pharma (BUY): Exceptional Q2 beat; H2 momentum to moderate
Ajanta Pharma (AJP) posted Q2 revenue/EBITDA growth of 11%/54% YoY to Rs 7.2bn/Rs 2.7bn.
View Report 
04-Nov-20
Sun Pharma (ADD): Q2 beat led by specialty sales; margin beat not fully sustainable
Sun Pharma (SUNP) reported a healthy Q2 beat: 6% on sales, 32% on EBITDA.
View Report 
03-Nov-20
TCI Express (BUY): Stellar operational performance amid weak externalities
An effective asset-light model, price hikes and efficiency gains enabled TCI Express (TCIEXP) to deliver a strong EBITDA margin beat (15.3% vs. 11.5% est.), negating a 21% YoY topline fall (est. –15%).
View Report 
02-Nov-20
Mahindra Logistics (BUY): Strong recovery in non-auto SCM drives operational beat
Buoyed by traction in key client segments – e-commerce, consumer, pharma, tractors – Mahindra Logistics’ (MLL) topline decline eased to 2% YoY, ahead of our estimate of a 14% drop.
View Report 
02-Nov-20
Escorts (SELL): Strong Q2; optimism priced in – SELL
Escorts (ESC) reported strong Q2FY21 revenue at Rs 16.4bn (+24% YoY) with sharp 880bps operating margin expansion to 18.4%.
View Report 
02-Nov-20
Indian Oil Corp (BUY): Valuations at a disconnect to earnings resilience
IOCL’s Q2FY21 EBITDA of Rs 94bn (2.6x YoY) was above estimates.
View Report 
02-Nov-20
Greenpanel Industries (BUY): Strong performance; margin traction to continue
Greenpanel Industries (GREENP) reported above-expected Q2FY21 revenue growth of 17% YoY (consolidated), aided by a 26% increase in the MDF segment.
View Report 
31-Oct-20
DCB Bank (SELL): Earnings in line but growth remains weak
DCB Bank’s (DCBB) Q2FY21 PAT at Rs 0.8bn was in line with estimates.
View Report 
31-Oct-20
ICICI Bank (BUY): Solid provisioning buffer
ICICI Bank (ICICIBC) reported healthy Q2 PAT of Rs 43bn led by 20% YoY growth in operating profit.
View Report 
31-Oct-20
Reliance Industries (REDUCE): Earnings traction lagging multiple expansion
Q2FY21 highlights: (a) RIL’s EBITDA beat estimates at Rs 189bn (–14.5% YoY, +12% QoQ) led by better retail and petchem EBITDA of Rs 20bn (–13.5% YoY) and Rs 60bn (–33% YoY) respectively.
View Report 
31-Oct-20
IndusInd Bank (BUY): Credit buffer buildup nearly complete; growth in focus next
IndusInd Bank’s (IIB) Q2FY21 PAT at Rs 6.6bn (–53% YoY) saw the impact of elevated provisions, as expected.
View Report 
30-Oct-20
UPL (BUY): In-line Q2 led by strong volume growth; FY21 guidance retained
UPL’s Q2FY21 results were broadly in line with 14%/15% YoY growth in revenue/ EBITDA.
View Report 
30-Oct-20
[Initiation] GNA Axles (BUY): Undisputed market leader in rear axles; initiate with BUY
GNA Axles (GNA) is India’s leading rear axle shaft manufacturer with >50% market share.
View Report 
30-Oct-20
Bharat Petroleum Corp (BUY): Robust fundamentals
BPCL’s Q2FY21 earnings were in line, driven by recovery in core GRMs (US$ 1.56/bbl, ex-inventory gains) and robust marketing margins.
View Report 
30-Oct-20
Laurus Labs (BUY): Beat continues; expect a better H2 – TP raised to Rs 410
Laurus Labs reported yet another record beat in Q2FY21 with no major one-offs.
View Report 
29-Oct-20
InterGlobe Aviation (BUY): Weak Q2 as expected; macro uptick to support growth
InterGlobe Aviation’s (IndiGo) Q2FY21 RASK was in line at Rs 3.1.
View Report 
29-Oct-20
TVS Motor (SELL): Valuations rich; maintain SELL
TVS Motor’s (TVSL) Q2FY21 revenue was marginally better than estimated due to above-expected ASP.
View Report 
29-Oct-20
Maruti Suzuki (SELL): Q2 along expected lines; upside limited – downgrade to SELL
Maruti (MSIL) reported in-line Q2FY21 earnings of Rs 13.7bn.
View Report 
29-Oct-20
PI Industries (BUY): Q2 beat; management retains healthy CSM outlook
PI Industries (PI) reported a good Q2 beat. Revenue/EBITDA grew 28%/46% YoY, ahead of our estimates by 7%/13%.
View Report 
29-Oct-20
Hero MotoCorp (SELL): Optimism priced in – downgrade to SELL
Hero MotoCorp’s (HMCL) Q2FY21 operating performance beat estimates due to above-expected ASP.
View Report 
29-Oct-20
Axis Bank (BUY): Positive readthrough on asset quality parameters
Axis Bank’s (AXSB) Q2FY21 PAT was healthy at Rs 17bn driven by 20% YoY growth in NII and a 16% uptick in operating profit.
View Report 
28-Oct-20
RBL Bank (SELL): Asset quality aided by loan classification standstill
RBL Bank’s (RBK) Q2FY21 operating performance remained weak as NII growth slowed to 7% YoY and provisions stayed high.
View Report 
28-Oct-20
Dr Reddy's Labs (ADD): All-round beat; H2 catalysts tracking well
Dr Reddy’s (DRRD) reported a Q2 EBITDA beat of 13% led by better operating leverage across markets.
View Report 
28-Oct-20
CEAT (SELL): Healthy Q2 but long-term woes remain; cut to SELL
CEAT surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand and above-expected operating efficiency.
View Report 
28-Oct-20
Supreme Industries (SELL): Margin expansion largely inventory-led; cut to SELL
Supreme Industries’ (SI) Q2FY21 revenue grew 8% YoY, aided by a 1% rise in volumes.
View Report 
27-Oct-20
Finolex Industries (ADD): Higher PVC resin prices aid profits; valuations fair – cut to ADD
Finolex Industries’ (FNXP) Q2FY21 revenue grew 2% YoY, aided by a 15% rise in PVC resin volumes while pipes declined 9%.
View Report 
26-Oct-20
Kotak Mahindra Bank (BUY): Above-expected quarter
Kotak Bank’s (KMB) Q2FY21 PAT at Rs 21.8bn (+27% YoY) beat estimates given strong 31% YoY operating profit growth and lower provisions.
View Report 
26-Oct-20
Persistent Systems (SELL): IP revenues volatile; retain SELL
Persistent Systems (PSYS) reported 3.9% QoQ dollar revenue growth, led by the services segment (+5.4% QoQ).
View Report 
23-Oct-20
Tech Mahindra (BUY): Communication vertical recovers; TCV robust
Tech Mahindra (TECHM) posted 2.9% QoQ CC revenue growth and stellar 390bps EBITDA margin expansion, bettering our estimates for Q2FY21.
View Report 
23-Oct-20
JK Tyre & Industries (BUY): Strong Q2FY21; focus on debt reduction continues
JK Tyre (JKI) surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand and above-expected operating efficiencies.
View Report 
23-Oct-20
Mphasis (REDUCE): DXC remains soft but pipeline healthy – raise to REDUCE
Mphasis (MPHL) reported strong Q2FY21 revenue and margins.
View Report 
22-Oct-20
Alembic Pharma (BUY): Good beat (ex-US) fuels earnings upgrade
Alembic Pharma (ALPM) reported a 12% EBITDA beat, with strong growth in ROW, API and India while US sales were in line.
View Report 
22-Oct-20
Coforge (ADD): Executable order book hits record high
Coforge (erstwhile NIIT Tech) reported a robust Q2FY21 performance, marked by 8.1% QoQ CC revenue growth that was broad-based across verticals.
View Report 
22-Oct-20
Bajaj Auto (SELL): Hazy near-term 2W outlook, 3Ws continue to lag
Bajaj Auto’s (BJAUT) Q2FY21 operating performance was in line with our estimates, but adj. PAT fell short (–19% YoY to Rs 11.4bn) owing to below-expected other income.
View Report 
21-Oct-20
L&T Infotech (BUY): Robust growth and pipeline; margin shines
L&T Infotech’s (LTI) Q2FY21 revenue beat estimates, with 2.3% QoQ CC growth due to an uptick in the manufacturing and BFS verticals.
View Report 
20-Oct-20
Kajaria Ceramics (REDUCE): Good performance but in the price – downgrade to REDUCE
Kajaria Ceramics (KJC) posted an above-expected Q2FY21 with stable YoY revenue and volumes, aided by better traction in tier-2 cities and below.
View Report 
17-Oct-20
HDFC Bank (BUY): Resilient quarter; confident commentary
HDFC Bank reported a commendable Q2FY21 with 18% YoY growth in operating profit and PAT.
View Report 
16-Oct-20
HCL Technologies (BUY): Guidance raised on robust, broad-based performance
HCL Tech (HCLT) reported 6.4% QoQ USD growth coming from mid-high single digit recovery across verticals.
View Report 
16-Oct-20
Federal Bank (ADD): Strong operating performance
Despite robust growth in operating profit (40% YoY), Federal Bank’s (FB) Q2FY21 PAT declined 26% YoY to Rs 3.1bn as the standard asset provision buffer was raised to ~0.5% of loans (vs. ~0.2% in Q1).
View Report 
15-Oct-20
Mindtree (ADD): Robust margin visibility
Mindtree (MTCL) reported a strong Q2FY21 operational performance, with dollar revenue up 3.1% QoQ and EBIT margin at a 20-quarter high of 17.3% (+360bps QoQ).
View Report 
14-Oct-20
Infosys (ADD): Stellar recovery based on strong TCV
Infosys’ (INFO) Q2 topline grew ahead of estimates at 4% QoQ CC and it also posted its highest ever TCV of US$ 3.15bn.
View Report 
13-Oct-20
Wipro (SELL): Upbeat Q2 but mid-term growth outlook weak
Wipro (WPRO) delivered an upbeat QoQ performance in Q2FY21 with 2% CC revenue growth, ahead of our estimate of 1%.
View Report 
08-Oct-20
Tata Consultancy Services (BUY): Demand recovery drives outperformance
TCS’ growth of 7.2% USD outperformed street’s estimates.
View Report 
25-Sep-20
[Initiation] Swaraj Engines (SELL): Healthy prospects but valuations full – initiate with SELL
Swaraj Engines (SWE) is the sole supplier of engines for M&M-owned Swaraj tractors which command ~12% market share in the 800,000-unit p.a. tractor industry.
View Report 
24-Sep-20
Cera Sanitaryware (ADD): Demand trends improving
Key takeaways from our interaction with the management of Cera Sanitaryware (CRS).
View Report 
21-Sep-20
HCL Technologies (BUY): Acquisition spree on; DWS to expand footprint in Australia
HCL Technologies (HCLT) acquired Australian IT firm DWS for US$115.8mn.
View Report 
21-Sep-20
Ajanta Pharma (BUY): NDR takeaways – Earnings drivers tracking well
We hosted investor meetings with the management of Ajanta Pharma (AJP).
View Report 
18-Sep-20
Allcargo Logistics (ADD): Multiple one-offs, Gati consolidation boosts performance
Amid a tumultuous demand climate, Allcargo Logistics (AGLL) reported strong 14% YoY revenue growth in Q1FY21 led by consolidation of the newly acquired Gati (5.4% ex-Gati) and healthy topline growth in the MTO (+9%) and CFS (+8%) segments.
View Report 
17-Sep-20
Dr Reddy's Labs (ADD): US Revlimid settlement – low competition can boost NPV
Dr Reddy's (DRRD) has announced a key settlement of the patent litigation with Celgene for US Revlimid (lenalidomide capsules) used to treat multiple myeloma.
View Report 
17-Sep-20
Greenply Industries (BUY): Demand conditions improving gradually
Key takeaways from our interaction with the management of Greenply Industries (GIL).
View Report 
16-Sep-20
[Initiation] Shriram Transport Finance (BUY): Limited pandemic headwinds – initiate with BUY
Over the last four decades, Shriram Transport Finance (SHTF) has built a pan-India network in a fragmented used-CV market (~16% CV market share).
View Report 
15-Sep-20
PVR (REDUCE): Cost control only positive in washout quarter; cut to REDUCE
In a washout first quarter with no meaningful revenue, PVR (PVRL) reported operating and net losses of Rs 1.2bn and Rs 2.3bn respectively.
View Report 
15-Sep-20
[Initiation] SpiceJet (BUY): Deep value BUY despite steep discount to market leader
SpiceJet (SJET) ranks second in the domestic aviation industry with ~17% share.
View Report 
14-Sep-20
HCL Technologies (BUY): Favourable quarter ahead; earnings upgraded
HCL Technologies (HCLT) provided a surprising mid-quarter update today, guiding for above-expected revenue growth of at least 3.5% QoQ CC and operating margin in the range of 20.5-21% for Q2FY21.
View Report 
10-Sep-20
Container Corp of India (SELL): Annual report analysis – FY20 a mixed bag
Container Corp’s (CCRI) FY20 annual report reveals a mixed year with some hits and some misses.
View Report 
10-Sep-20
Best Agrolife (NOT RATED): Up-and-coming agrochem player
Best Agrolife (BAL, Not Rated) is a midsized crop-protection chemical company (FY20 sales Rs 6.1bn), with diversified products across insecticides, fungicides and herbicides, a strong pack-to-pack (P2P) presence and fast-growing brand business.
View Report 
08-Sep-20
Info Edge (SELL): Lower billings a cause for concern
Info Edge (INFOE) posted weak Q1FY21 revenues with a 10% YoY decline, weighed down by a 25% slump in 99acres.com revenues.
View Report 
08-Sep-20
V-Mart Retail (SELL): Revival hopes pinned on Q3 festive season
Key takeaways from our recent interaction with the V-Mart Retail management (VMART).
View Report 
07-Sep-20
[Initiation] InterGlobe Aviation (BUY): Market leader advantage – initiate with BUY
We believe InterGlobe Aviation (IndiGo) is poised for strong growth given its market leadership (over 50% market share), ready capacity, strong balance sheet and the vulnerability of most of its peers in the domestic aviation industry.
View Report 
07-Sep-20
Greenpanel Industries (BUY): MDF segment in strong recovery mode
Key takeaways from our recent interaction with the management of Greenpanel Industries (GREENP).
View Report 
02-Sep-20
Finolex Industries (BUY): Demand situation steadily improving
Key takeaways from our interaction with the management of Finolex Industries (FNXP).
View Report 
02-Sep-20
ONGC (BUY): Pricing in the worst – upgrade to BUY
ONGC’s Q1FY21 earnings at Rs 5bn (–90% YoY) outperformed estimates on lower operating costs.
View Report 
30-Aug-20
Reliance Industries (SELL): Expanding footprint in retail
RIL’s retail business subsidiary – RRVL - announced ~Rs247 bn investment in Future enterprises (FEL).
View Report 
28-Aug-20
DCB Bank (SELL): Clarity on asset quality by Q3FY21
Key takeaways from our recent interaction with the DCB Bank (DCBB) management.
View Report 
26-Aug-20
Indraprastha Gas (REDUCE): Volumes slump; raise to REDUCE post correction
Indraprastha Gas’ (IGL) Q1FY21 EBITDA was a tad below estimates at Rs 0.8bn (–77% YoY).
View Report 
22-Aug-20
Oil India (REDUCE): Muted volumes
Oil India (OINL) reported a loss of Rs 2.5bn for Q1FY21, impacted by one-off expenses to contain a blowout at one of its oilfields in Assam.
View Report 
19-Aug-20
Muthoot Finance (ADD): Opex levers played out, valuations hit peak – cut to ADD
Muthoot Finance’s (MUTH) Q1FY21 gold AUM increased 15% YoY to Rs 413bn due to higher productivity.
View Report 
18-Aug-20
Petronet LNG (BUY): Margins improve, volume outlook brightens
Petronet LNG’s (PLNG) Q1FY20 EBITDA was in line at Rs 9bn (–11% YoY), with low volumes (–16% YoY) being compensated by higher EBITDA/ mmbtu at Rs 48 (+5.7% YoY).
View Report 
17-Aug-20
Greenply Industries (BUY): Q1 revenues slump; outlook improving
Greenply Industries’ (GIL) consolidated Q1FY21 revenue declined 62% YoY as India sales dropped 65% due to the lockdown and Gabon subsidiary revenue fell 43%.
View Report 
17-Aug-20
VRL Logistics (BUY): Insipid Q1 but steady recovery bodes well
Lockdown-induced disruptions catalysed a steep 70% YoY decline in VRL Logistics’ (VRLL) Q1FY21 topline to Rs 1.6bn.
View Report 
14-Aug-20
Mayur Uniquoters (ADD): Tepid quarter, upside limited; downgrade to ADD
Mayur Uniquoters’ (MUNI) Q1FY21 volumes nosedived 74% YoY as the lockdown hit demand, leading to a standalone revenue decline of 70% and an operating margin loss of Rs 5mn.
View Report 
14-Aug-20
Bharat Petroleum Corp (BUY): GRMs outperform but marketing to aid earnings growth
BPCL’s Q1FY21 earnings beat estimates driven by higher GRMs (US$ 1.9/bbl) and a surge in marketing margins.
View Report 
14-Aug-20
Hero MotoCorp (REDUCE): Optimism priced in – maintain REDUCE
Hero MotoCorp (HMCL) delivered a Q1FY21 revenue beat but disappointed on earnings due to lower operating efficiencies.
View Report 
13-Aug-20
Eicher Motors (SELL): Downtrading could dent volumes – cut to SELL
Eicher Motors (EIM) reported in-line Q1FY21 revenue but dismal operating margins at 0.2%, primarily due to higher input costs and lower operating efficiencies.
View Report 
13-Aug-20
Century Plyboards (BUY): Tough quarter, potential normalcy by Q4
Century Plyboards’ (CPBI) standalone Q1FY21 revenues contracted 65% YoY, with all major product segments declining by over 60%.
View Report 
13-Aug-20
Transport Corp of India (BUY): Multi-modal capabilities to the fore
Notwithstanding strong industry headwinds, Transport Corp (TRPC) reported a sturdy Q1FY21 print, underscoring the strength of its business model.
View Report 
13-Aug-20
GAIL (BUY): Marketing losses sink earnings
GAIL’s Q1FY21 PAT was below estimates at Rs 2.6bn (–80% YoY).
View Report 
13-Aug-20
Ashok Leyland (SELL): Weak macros, rich valuations – maintain SELL
Ashok Leyland’s (AL) Q1FY21 performance was disappointing despite a strong boost to blended average realisations from BS-VI price upgrades.
View Report 
13-Aug-20
Aurobindo Pharma (BUY): In-line Q1; earnings, balance sheet comfort merit higher multiple
Q1 revenue/EBITDA were in line backed by strong US sales and sustained gross margins.
View Report 
13-Aug-20
eClerx Services (REDUCE): Aggressive cost management saves the day
eClerx (ECLX) reported a surprising operating margin beat in Q1FY21 backed by aggressive cost cuts.
View Report 
12-Aug-20
Somany Ceramics (BUY): Recovery expected in Q2; upgrade to BUY on cheap valuations
Somany Ceramics (SOMC) reported a dull Q1FY21 as consolidated revenue shrank 57% YoY to Rs 1.7bn, with tile volumes down 56% YoY.
View Report 
11-Aug-20
V-Mart Retail (SELL): Lockdown blues; near-term outlook remains murky
V-Mart Retail (VMART) reported a below-expected Q1FY21 – revenue plunged 83% YoY to Rs 781mn as SSSg dropped 85% in a lockdown-hit quarter.
View Report 
11-Aug-20
[Initiation] V.S.T Tillers Tractors (BUY): Power tillers to steer growth – initiate with BUY
We believe VST Tillers Tractors (VSTT) is poised for strong growth given its market leadership in power tillers (~50% market share), ready capacity, focused growth in tractors and debt-free status.
View Report 
10-Aug-20
Container Corp of India (SELL): Increased land licence fee a massive blow; downgrade to SELL
Container Corp’s (CCRI) Q1FY21 revenue/EBITDA dropped 27%/61% YoY, in line with estimates.
View Report 
10-Aug-20
Mahanagar Gas (SELL): Muted volume outlook
Mahanagar Gas’s (MAHGL) Q1FY21 PAT underperformed at Rs 0.45bn (–73% YoY).
View Report 
10-Aug-20
Finolex Industries (BUY): Tough quarter but outlook healthy; raise to BUY on low valuations
Finolex Industries’ (FNXP) Q1 revenue declined 40% YoY, with volumes sliding 42% in both PVC pipe and resin segments amid the lockdown.
View Report 
10-Aug-20
Persistent Systems (SELL): CEO resigns after short stint; reiterate SELL
In a surprising development, Persistent System's (PSYS) CEO Christopher O'Connor has resigned after a short stint of 1.5 years.
View Report 
08-Aug-20
DCB Bank (SELL): Profit below estimates; need for higher Covid provision buffer
DCB Bank’s (DCBB) Q1FY21 PAT at Rs 0.8bn (–2% YoY) was hit by muted NII growth and a 29% QoQ drop in non-interest income.
View Report 
08-Aug-20
Divi's Labs (REDUCE): Q1 beat due to lumpiness – retain REDUCE on full valuations
Strong execution in Q1 drove a sharp 39% EBITDA beat for Divi’s Labs (DIVI).
View Report 
08-Aug-20
Kajaria Ceramics (ADD): Tepid quarter but ahead of estimates
Kajaria Ceramics (KJC) posted a consolidated Q1FY21 revenue decline of 60% YoY – albeit bettering our estimates – as tile volumes fell 61% due to the lockdown.
View Report 
08-Aug-20
Mahindra & Mahindra (SELL): Tractors save the day; valuations rich – maintain SELL
M&M’s (MM) Q1FY21 revenues dropped 56% YoY to Rs 56bn, EBITDA declined 68% to Rs 5.7bn and PAT nosedived 96% to Rs 389mn.
View Report 
08-Aug-20
Cipla (BUY): Strong Q1 beat; stock catalysts intact – BUY
Cipla reported a Q1 EBITDA beat of 42%/30% on our/consensus estimates, led by (1) Albuterol stocking in the US, (2) chronic/trade generic sales in India, and (3) cost control (–27% YoY), partly non-recurring.
View Report 
08-Aug-20
Alkem Labs (BUY): Gross margin beat sustainable; stronger FCF to support rerating
Alkem Labs posted a solid Q1 EBITDA beat led partly by one-offs.
View Report 
08-Aug-20
Lupin (ADD): Weak quarter; multiple near-term catalysts
Lupin’s (LPC) Q1 revenue/EBITDA were 12%/14% below estimates.
View Report 
07-Aug-20
Hindustan Petroleum Corp (BUY): Marketing margins bolster earnings
HPCL’s Q1FY21 PAT outperformed at Rs 28bn as marketing margins surged to historical highs – a trend which reaffirms our preference for the OMC business model.
View Report 
07-Aug-20
Pidilite Industries (SELL): Business slumps amid lockdown
Pidilite Industries’ (PIDI) consolidated Q1FY21 revenue contracted 57% YoY as the lockdown induced a 59% slump in domestic consumer & bazaar (CBP) segment volumes.
View Report 
07-Aug-20
Greenpanel Industries (BUY): Lockdown mars quarter
Greenpanel Industries’ (GREENP) Q1FY21 consolidated revenue dropped 57% YoY due to the Covid-19 lockdown, with the plywood/MDF segments declining by 62%/56% YoY – in line with estimates.
View Report 
07-Aug-20
Canara Bank (ADD): Strong operating performance
Canara Bank (CBK) reported PAT of Rs 4bn backed by 21% YoY growth in NII and a 32% increase in operating profit.
View Report 
06-Aug-20
Gujarat State Petronet (BUY): Swiftly returning to normal
Gujarat State Petronet’s (GUJS) Q1FY20 EBITDA was in line at Rs 3.5bn (–14% YoY).
View Report 
06-Aug-20
Cera Sanitaryware (ADD): Weak Q1 due to lockdown, but ahead of estimates
Cera Sanitaryware’s (CRS) Q1FY21 consolidated revenue declined 46% YoY, bettering our estimate of a 62% drop.
View Report 
06-Aug-20
PI Industries (BUY): Q1 beat; Growing CSM mix can drive rerating – raise to BUY
PI Industries (PI) reported a strong beat in Q1FY21 with sharp QoQ EBITDA recovery.
View Report 
05-Aug-20
Astral Poly Technik (REDUCE): Lockdown-hit quarter
Astral Poly Technik’s (ASTRA) Q1FY21 consolidated revenue declined at a slower pace than expected, posting 33% YoY contraction as the lockdown induced a 31% drop in pipe volumes.
View Report 
04-Aug-20
Indian Oil Corp (BUY): Improved outlook on marketing margins
IOCL’s Q1FY21 EBITDA at Rs 55bn (–34% YoY) was above estimates.
View Report 
04-Aug-20
Gujarat Gas (ADD): Muted Q1 but volumes have normalised; cut to ADD on low upside
Gujarat Gas’ (GUJGA) Q1FY21 earnings were well below estimates, plunging 75% YoY to Rs 0.5bn.
View Report 
04-Aug-20
HDFC Bank (BUY): Elevation of Sashi Jagdishan as MD & CEO a big positive
As per a press release on the exchanges, HDFC Bank (HDFCB) has received RBI approval to appoint Sashidhar Jagdishan as Managing Director and CEO for three years.
View Report 
01-Aug-20
UPL (BUY): Mixed results; FY21 growth guidance healthy
UPL’s Q1FY21 EBITDA was an 11% beat despite an 8% sales miss.
View Report 
01-Aug-20
Sun Pharma (REDUCE): Mixed Q1; margin beat unlikely to sustain – REDUCE
Sun Pharma (SUNP) posted an 11% EBITDA beat but an 8% miss on sales.
View Report 
31-Jul-20
State Bank of India (ADD): Stable on most fronts
SBIN’s Q1FY21 PAT at Rs 42bn (+81% YoY) was backed by 16% NII growth and gains worth Rs 15bn from the SBI Life stake sale.
View Report 
31-Jul-20
Mahindra Logistics (BUY): Weak headline numbers mask encouraging underlying trends
Though Mahindra Logistics’ (MLL) headline numbers were expectedly weak – consolidated revenue fell 54% YoY with EBITDA loss at Rs 22mn – a closer look at the Q1FY21 print reveals several positives.
View Report 
31-Jul-20
Cholamandalam Investment (BUY): Business activity picking up in pockets
Cholamandalam Investment (CIFC) reported 10% YoY growth in AUM to Rs 635bn in Q1FY21, led by low repayment rates.
View Report 
31-Jul-20
Laurus Labs (BUY): All-round beat; multiple positives spur big upgrade – TP Rs 1,200
Laurus Labs reported a record Q1 beat with no major one-offs.
View Report 
31-Jul-20
[Initiation] Escorts (SELL): Growth levers priced in; initiate with SELL
Escorts (ESC) is the third largest tractor manufacturer in India, commanding ~11% market share in the ~800,000-unit p.a. tractor industry.
View Report 
31-Jul-20
Reliance Industries (SELL): Cyclicals and retail sink; RJio saves the day – downgrade to SELL
Key highlights from Reliance Industries’ (RIL) Q1FY21 results: (a) EBITDA below estimates at Rs 169bn (–21% YoY), (b) cyclicals mixed – GRM at US$ 6.3/bbl outperformed estimates while petchem EBITDA at Rs 44bn (–50% YoY) fell short, (c) retail EBITDA underperformed at Rs 10.8bn (–47% YoY) whereas RJio EBITDA was higher at Rs 78bn (+59% YoY) on better ARPU.
View Report 
30-Jul-20
Ajanta Pharma (BUY): Solid beat on margins – set to normalise in coming quarters
Ajanta Pharma (AJP) posted Q1 revenue/EBITDA growth of 9%/33% YoY to Rs 6.7bn/Rs 2.2bn.
View Report 
29-Jul-20
Yes Bank: Challenges galore – we drop coverage
Yes Bank (YES) reported Q1FY21 PAT of ~Rs 0.5bn on a 50% QoQ increase in NII and 78% QoQ decline in provisions.
View Report 
29-Jul-20
Dr Reddy's Labs (ADD): Good beat but ETR increase caps earnings upgrade – ADD
Dr Reddy’s (DRRD) reported a Q1 EBITDA beat of 21% despite a marginal surprise on sales.
View Report 
29-Jul-20
TVS Motor (SELL): Rich valuations; maintain SELL
TVS Motor’s (TVSL) Q1FY21 revenue beat estimates at Rs 14.3bn.
View Report 