Buy

*over or under performance to benchmark index Mahanagar Gas Limited (MGL) distributes natural gas to households, commercial establishments and industries in India. In Q4FY26, the company's consolidated revenue rose 4.9% YoY to Rs. 2,259cr, as higher gas sales and calibrated price actions more than offset the curtailment of supplies to industrial and commercial amid a disruption in liquified natural gas (LNG) supplies due to the conflict in West Asia. Gas sales volume increased 6.2% YoY to 4.672 mmscmd on the back of growth in compressed natural gas (CNG) volume of 7.2% to 3.349 mmscmd, domestic piped...

over or under performance to benchmark index Rainbow Children's Medicare Ltd operates India's largest paediatric-focused hospital chain, integrating advanced child healthcare with maternal and fertility services, with 24 hospitals and 5 clinics across 6 states. Rainbow is India's largest paediatric-focused multi-speciality hospital chain, driven by its asset-light hub-and-spoke model with higher margins, robust free cash...

We maintain our BUY rating on the stock.

We upgrade our rating on the stock to BUY from HOLD.

We maintain our BUY rating on the stock with an unchanged target price of Rs 800/share, implying a 15% upside from the CMP.

We maintain our BUY rating on the stock.

Narayana Hrudayalaya (NARH) reported strong EBITDA of INR5.1bn (up 43% YoY), 7% above PLe, led by another quarter of robust performance across India and Cayman operations along with the consolidation of UK subsidiary. The management reiterated its aggressive capex plan and commitment toward growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix. In the medium term, NARH intends to add ~1,535 beds over the next 3 years through greenfield and brownfield expansion across Bengaluru, Kolkata and Raipur. Our FY27E and FY28E EBITDA stands increased by 2-3%. We maintain BUY' rating with TP of INR2,250/share,...

Transition towards higher-value systems and IP-driven opportunities to support long-term growth: AMPL remain focused on strengthening its position in defence electronics (including radars, electronic warfare, space, and strategic electronics) through strong in-house design and manufacturing capabilities. Company has evolved from a supplier of subsystems to a key partner in developing and producing major national programs, enhancing its role in the defence value chain. Management has highlighted a growing focus on products and solutions based on Astra's...

Q4FY26 performance: KPR's consolidated revenues stood flat at Rs.1784.4cr in Q4FY26. Textile business revenues reported 1.3% YoY growth to Rs.1445cr while sugar business revenues grew by 9.6% YoY to Rs.348cr. Consolidated gross margins expanded 60bps YoY to 38.9% aided by favourable input cost. Better gross margins and lower other costs aided EBITDA margins expansion of 71bps YoY to...

Solution-led strategy encouraging; volume scale up awaited Q4FY26, with sales volume increasing by 2.0% YoY to 70,138 MT vs to 68,741 MT in Q4FY25. Consolidated revenue from operations grew by 9.4% YoY to 1,266 crore vs 1,157 crore in Q4FY25, supported by better realizations and steady volume growth. Operating EBITDA rose by 17.4% YoY to 371 crore compared to 316 crore in Q4FY25. Operating EBITDA margin improved by 200 bps YoY to 29.3% from 27.3% in Q4FY25, aided by favorable product mix, and...

Q4FY26 - Strong revenue growth and margin improvement - Revenues were up ~20% YoY to 370 crore driven by power brands of Neurobion Forte (Multivitamins), Livogen (Iron compounds), and Polybion (Vitamin B complex) but pulled down by de-growth in Evion (Vitamin E) and Nasivion (nasal decongestant). EBITDA grew ~67% YoY to ~136 crore and margins increased 1058 bps YoY to 36.6% mainly due to 31% increase in...

Focus on cost reduction initiatives to improve EBITDA/ton going ahead: Company's EBITDA/ton stood at 1703/ton in FY26, up ~38.6% YoY led by improvement in realisations, favourable cost structure and positive operating leverage. Management has guided overall cost impact of ~250300/ton in H1FY27 mainly due to packaging costs amid West Asia crisis and has also guided EBITDA/ton of ~15001700/ton for FY27E-28E. We believe that though company's cost structure is affected due to higher input cost in near term, EBITDA/ton to remain strong going forward, led by continuous focus on...

It has established a strong presence in Bengaluru, Chennai, Kolkata and recently expanded to Pune. It has a project pipeline of more than 35 msf (16.7/18.6 msf ongoing/upcoming) with a mix of Owned, Joint...

Q4FY26 - India, Cayman continue to do well - Revenues grew ~76% YoY to 2594 crore due to consolidation of recently acquired UK's PPG Hospital (like to like growth ~22%) . The India business grew ~13% growth to 1249.4 crore with an ARPOB of 50956 growing of ~10% YoY. There was a 48% growth in Cayman Hospitals to ~ 562 crore (Hospital business grew 15% YoY to ~436 crore and Insurance business grew 595% to ~126 crore). Consol. EBITDA grew 42% YoY to 510 crore mainly driven by ~32% growth in India EBITDA to ~ 311 crore (361 bps margin expansion to...

Commercial assets rental income expected to scale up to 700 crore (company's share ~ 350 crore) over five years from 158 crore in FY26. Q4FY26 performance: Max Estates achieved a healthy presales of 3392 crore in Q4FY26 ( 1540 crore/ 121 crore in Q3FY26/ Q4FY25) led by Estate 105, Noida project launch ( 1783 crore). Q4FY26 pre-sales include 1221 crore bookings done by erstwhile developer of Max One, Noida project. For FY26, Max estates recorded presales of 5305 crore as against 5321 crore in FY25. Company reported strong growth in collections at 1578 crore, up 61% YoY in FY26. Consolidated revenues...

India's mortgage market remains significantly underpenetrated at a mortgage-to-GDP ratio of approximately 12%, versus 50-80% in developed markets, creating a multi-decade growth runway for organised housing finance players.

Minda Corporation remains structurally positioned to outgrow the auto industry through rising content-per-vehicle, expanding electronics penetration, and increasing platform-level wins across ICE and EV ecosystems.

DDev Plastiks Industries Ltd.'s (DDEVPLAS) Q4FY26 result was in-line with our estimates on key parameters. The core polymer compounding business grew 13% YoY driven by robust domestic demand from the wires and cables sector, despite navigating macroeconomic disruptions. EBITDA increased 12% YoY to Rs2,870mn for FY26, maintaining operating margin at 11% by offsetting rising operating costs through commercial adjustments and operating leverage. The management provided a volume guidance of 231,000 MTPA for FY27E and the projected revenue growth for the polymer segment is guided at 13% for FY27, with management maintaining a...

Shaily Engineering Plastics (SHEP) has nearly four decades of rich experience in manufacturing high-precision, innovative, and quality products.

*over or under performance to benchmark index Pidilite Industries is a pioneer in the adhesives, sealants and construction chemicals business. The company serves the consumer and industrial segments with innovative solutions, such as its renowned flagship brand, Fevicol. It has a strong presence in...