Daily Brief India: Just Dial Ltd, Lenskart Solutions, National Aluminium, Larsen & Toubro and more

• Just Dial is a dominant player in India’s local search market, boasting a vast database of listings and a strong brand recall built over two decades. The company is currently in a growth phase, evidenced by a significant 102.04% 3-year CAGR in net income.
• The strategic acquisition of a majority stake by Reliance Retail Ventures Ltd. provides substantial synergistic opportunities, access to capital, and integration into a larger digital ecosystem, which is expected to accelerate the growth of its B2B platform, JD Mart.
• Despite strong financial performance, the company faces intense competition from Google’s local search offerings and various specialized vertical players, which poses a significant threat to its market share and pricing power. The company’s future success hinges on its ability to innovate and effectively monetize its new ventures.

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• Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
• Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
• We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

• Record margins sustained: Q2 FY26 EBITDA ₹1,932 cr; full-year margins near 49% on captive coal and lower caustic costs.
• Growth visibility: 1 Mtpa 5th-stream alumina refinery to commission by Jun 2026; Pottangi mine start by FY27.
• Valuation gap: Trades at ~4× EV/EBITDA vs 6–7× peers, with ₹7,900 cr cash and 4.5% yield supporting 25–30% re-rating potential.

• Q2 revenue (INR 680 billion, +10% YoY) missed estimates on transient issues, but order inflows surged 45%, leading to a record INR 6.67 lakh crore (approx. US$80 billion) order book.
• L&T is successfully exiting its largest legacy drag (Hyderabad Metro) and capturing a dominant share of the Middle East hydrocarbon boom and the domestic private capex wave.
• The strategic pivot to new-age manufacturing and green energy, funded by a booming core, is building a more resilient, higher-growth L&T for the future.