Upgrades

Siemens Energy in its analyst meet highlighted the opportunity pipeline across domestic and international markets for power transmission business.

In domestic sales, premium bikes and commercial vehicles demonstrated strong performance owing to the festive season. This trend is expected to continue along with benefits due to a reduction in GST rates. Demand for transportation in middle India is surging, and the company anticipates the three-wheeler strategies to continue to drive growth, enabling Bajaj Auto to outperform the industry. The recently launched e-rickshaw, along with the fit-for-purpose' portfolio, is expected to further enhance profit and drive revenue in the future. However, supply-chain...

Kotak's consolidated AUM grew 12% YoY to Rs. 7,60,598cr, driven by diversified assets expansion, while book value per share increased 14% to Rs. 844, reflecting strong capital accretion and franchise strength. business diversification, digital advancement, and strong customer engagement initiatives. Management has reiterated its commitment to sustaining healthy growth in advances at 1.5x-2x times nominal GDP growth, while maintaining a credit-todeposit (CD) ratio in the range of 8587%. Strategic priorities include strengthening the deposit franchise, scaling Kotak 811 for digital-led acquisition, and expanding the microfinance platform posts for the Sonata-BSS merger. Continued investments...

Voltas delivered steady performance in Q2FY26, driven by its diversified portfolio, disciplined project execution and strengthening presence in commercial cooling and appliances. Overall performance remained subdued due to demand deferment, seasonal weakness and softer traction in core cooling. Management expects conditions to gradually improve, supported by GST-led affordability, the Bureau of Energy Efficiency transition, upcoming product refreshes, stronger channel activation and localisation-led efficiency gains. Expansion in Commercial Air Conditioning (CAC), refigeration, Voltbek and infrastructure solutions should provide...

During the quarter, Berger's revenue growth was impacted by the prolonged monsoon season, resulting in a modest increase in revenue. The company's margin and profitability were also affected by higher costs and expenses. However, the company continued to expand its retail presence, adding new stores and increasing its overall footprint. The sector's competitive landscape has stabilised, and demand is expected to pick up in the coming months, driven by improved weather conditions and the release of pent-up demand. This is expected to contribute to the company's overall revenue growth,...

*over or under performance to benchmark index Grasim Industries Ltd, a subsidiary of Aditya Birla Group, is a diversified company with interests in cements, textiles, retail and chemicals. It is also the world's largest...

announced to acquire entire minority shareholder stake of 23.3% in Biocon Biologics held by Viatris (Mylan Inc.), Serum Institute, True North and Tata Capital for US$ 1.173 billion, making it a wholly-owned subsidiary and valuing BBL at US$ 5.5 billion. Biocon will issue its shares worth US$ 773 million and make a cash payment to Viatris for the balance US$ 400 million. Cash payment to be paid by bridge / interim funding and a...

Affle 3i’s H1FY26 revenue grew ~19.3% y/y to ~Rs 12.7bn, with CPCUrevenue up ~18.2% y/y (~98.8% of topline) and rest from non-CPCU. EBITDA grew ~31.2% y/y to ~Rs2.86bn with margins expanding 205bps y/y to ~22.6%.

We attended Coforge’s Investor Day 2025 wherein the management discussions were largely centered on strategic objectives, growth vectors and execution intensity.

We attended Coforge’s analyst meet, wherein management reiterated its strategy of proactive large deal win focus; strong execution focus, with rewards for top sales leaders; specialised expertise in select industry segments of BFS, Insurance, travel and efforts to scale up healthcare and UK public sector.

We recommend a BUY on the stock and value the company at 38x multiple to its FY27E earnings to arrive at a TP of Rs 2,300/share, implying an upside of 18% from the CMP.

Hyper-specialisation + Large-deal engine driving growth: We attended Coforge's Investor Day 2025, wherein the management highlighted Coforge's proactive, non-RFP (request for proposal) large-deal strategy and deep domain specialisation across BFS, Insurance, Travel and Healthcare which position it for sustained industry-leading growth into FY28E. Coforge closed 6 large deals in H1FY25 and is targeting 20 by year-end, with cloud and AI embedded in two-thirds of wins. Travel is set for a deep acceleration in the next 12 months, while...

We remain sanguine on SRF’s chemicals business, with performance potentially improving across ref-gas, specialty chemicals and fluoropolymers. Higher volumes and sustained prices present ~15–20% upside risk in ref-gas business’ base-case revenues vs. a more plausible assessment.

BHEL has accumulated a strong orderbook in last three years but execution has been slow. Order inflow (OI) in FY24/25 was INR 780bn/ INR 920bn (vs. average OI of INR 210bn between FY19-23), respectively.

We recommend a BUY on the stock with a target price of Rs 3,565/share, implying an upside of ~10% from the CMP.

One 97 Communications Ltd, i.e. Paytm, provides payment solutions, hotel bookings, mobile phone top-ups, gaming and mobile content and bill payment services, as well as data processing services globally. In Q2FY26, the company's consolidated revenue grew 24.2% YoY to Rs. 2,061cr, driven by higher merchant additions, strong growth of gross merchandise value...

Pine Labs reported 17.8% YoY revenue growth, with strong growth in the Issuing and Acquiring business (up 32.5% YoY) offsetting the weakness in Digital Infrastructure and Transaction Processing (DITP) business (up 11.9% YoY).

Current Steel Capacity: India- 34.2 million Ton (MT) & US- 1.5 MT Key Event Update: JSW Steel has announced that it has entered into a strategic 50:50 joint venture with Japan's JFE Steel Corporation. As part of this arrangement, Bhushan Power and Steel Ltd (BPSL), currently owned by JSW Steel, will be transferred into the new joint venture entity. JFE Steel will acquire a 50% stake for...

On Dec 3rd, JSTL announced a strategic restructuring of the Bhushan Power and Steel Limited (BPSL) unit. As part of the transaction, BPSL (the step-down subsidiary of JSTL) will be transferred to JSW Sambalpur via a slump sale for a cash consideration of INR244.8b.