Institutional Reports07 Oct 2026
The India pharma and healthcare sector is expected to see revenue growth, led by M&A and India growth, but EBITDA margins are expecte...
Institutional Reports07 Oct 2026
Demand resilience broadens despite geopolitical overhang: Our channel checks suggest the demand slowdown that weighed on H1CY26 is behind...
Institutional Reports07 Oct 2026
Home First Finance Company India (HOMEFIRST) is poised to deliver ~25% AUM CAGR over FY27-FY29E on the back of increased investments in d...
Institutional Reports07 Oct 2026
Demand trends remained decent across most consumer durables categories in Q2FY27. Performance across cooling categories remained healthy ...
Institutional Reports06 Oct 2026
We reiterate BUY with a Sep‑27 TP of INR 550, based on 5x EV/sales (implying ~40x EV/EBITDA and ~49x P/E). In our recent management inter...
Institutional Reports06 Oct 2026
SBI Cards and Payment Services (SBICARD) has gradually improved its pace of card acquisitions in FY27, driving uptick in CIF growth (&#43...
Institutional Reports05 Oct 2026
We maintain BUY, with a Sep‑27 TP of INR700, on 35x P/E. In our meeting, management reiterated its focus on strengthening the Imperial Bl...
Institutional Reports05 Oct 2026
We maintain BUY on Radico Khaitan, supported by its superior execution, with a Sep‑27 TP of INR5,300, on 55x P/E (~10% premium to its 5Y ...
Institutional Reports05 Oct 2026
As covered in our sector initiation - Building newer moat crucial for valuations, FMCG sector valuations continue to de‑rate amid weak ea...
Institutional Reports05 Oct 2026
We upgrade our rating on APL Apollo Tubes Ltd (APAT) to BUY from ADD earlier, with a higher TP of INR 2,350 (35x Sep’28E adj EPS). We int...
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