Daily Brief India: Adani Green Energy, Syngene International Ltd, Ultratech Cement and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Nickel Industries
The US equity market rebounded overnight to erase earlier losses in the day. The S&P 500 was up for a fifth straight day (its longest streak since November 2024), albeit at just 0.1%.
In the US, the Dallas Fed manufacturing activity index plunged to negative 35.8 (-14.1 e / -16.3 p) in March, reaching its lowest level since May 2020. The survey showed executives describing the situation as “chaos” and “insanity”.

Syngene International Ltd (SYNG IN) guided for mid-single digit revenue growth and lower EBITDA margins in FY26, following a mixed performance in FY25.
The moderated outlook is primarily due to the initial operational costs and depreciation from the new US biologics facility and a normalization of inventory levels for a key client.
Focus shifts to the successful integration and ramp-up of new capacities and the potential for underlying growth in key segments to materialize beyond the transient FY26.

FY25 EBITDA growth was primarily volume-driven, with EBITDA/ton declining to Rs988 due to flat realizations and initial dilution from acquisitions.
UltraTech is investing Rs1,800 crore to enter the cables and wires segment, targeting December 2026 commissioning and leveraging its existing retail and B2B networks.
At Rs12,000 per share, the stock trades at 51–53x FY26E EPS, supported by expectations of sustained volume growth and operational efficiency gains.

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