Thermax (TMX IN) - Dismal Q3; Industrial Infra Recovery Remains in Focus
We largely maintain our FY26/27E EPS estimates and upgrade the rating to ‘Accumulate’ from ‘Reduce’ due to recent sharp correction in the stock price.
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HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...
Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...
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Groww IPO Trading - Decent Overall Demand
Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.
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Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour
In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...
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JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations
JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...
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