New Research Reports

We are terminating research coverage of Inox Wind Limited, effective 27th May 2026.

JUBLINGR reported consolidated revenue of Rs11.8bn in Q4FY26, broadly in line with our estimates. The Chemical Intermediates segment grew 10% QoQ and 15% YoY, driven by higher acetic acid prices following supply disruptions in the Middle East. Acetic Anhydride volumes increased YoY, while remaining stable sequentially. The Nutrition & Health Solutions segment reported growth of 15% QoQ and 21% YoY, supported by double digit QoQ and YoY volume growth, led by Niacinamide. In the Specialty Chemicals segment, revenue growth was driven by a recovery in volumes across business lines, with Fine Chemicals and Agro Chemicals leading the overall...

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...

We maintain our BUY rating on the stock.

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...

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,...

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...

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...

We maintain our BUY rating on the stock.

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.

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

Management reiterated FY27 revenue growth guidance of 1215% with targeted order inflows of ~Rs300bn. Management highlighted a strong order book of ~Rs400bn,...

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...

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

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...

With a 7% upside from the CMP, we maintain our HOLD rating.

Q4FY26 performance: VA Tech Wabag Limited reported strong Q4FY26 performance with revenue rising 22.3% YoY to 1,414 crore, while EBITDA increased 11.8% YoY to 157 crore. EBITDA margin, however, contracted by 110 bps YoY to 11.1% due to project mix. PAT grew strongly by 28.6% YoY to 128 crore during the quarter. For FY26, revenue grew 19.7% YoY to 3,944 crore, EBITDA rose 13% YoY to 477 crore, while PAT increased 25.4% YoY to 370 crore. EBITDA margin stood at 12.1% versus 12.8% in FY25. The Board recommended a...

Surya Roshni's Q4FY26 performance was below expectations. Revenue remained flat YoY at Rs21.6bn, driven by a 9% YoY growth in LCD revenue, while steel pipes segment declined 2% YoY due to export disruptions arising from West Asia conflict. Consolidated EBITDA margin contracted 230bps YoY to 7.1%, impacted by elevated input costs and higher employee costs (+8% YoY). Steel pipes EBITDA/t declined 1% YoY to Rs5,121/t, due to lower realisation. Management reiterated FY27 volume guidance of 1.1mnT, supported by improving export visibility and stronger order book. We cut FY26E/FY27E...

Century Plyboards' Q4FY26 performance remained mixed bag. Revenue grew 24% YoY to Rs14.9bn, driven by strong growth across MDF (+32% YoY), Plywood (+20% YoY), Laminate (+18% YoY) and Particle boards (110% YoY). EBITDA margin expanded by 66bps YoY to 11.9%, supported by margin improvement in Plywood and Laminates segment. Margin expansion came despite sharp chemical cost inflation, aided by calibrated price hikes. Management announced a new plywood facility with a capacity of 1.2 lakh CBM planned in 2 phases of 50% each, along with a 240,000 CBM particle board facility by FY32 with total capex outlay of Rs8.7bn....