HCG: New Capex Plan Appears Sub-Optimal - Change in Recommendation to SELL

215 Views30 Dec 2025 23:05
HCG's new strategy, led by its new promoter KKR, entails significant capex. Our thesis had been hinged on consolidation and operating leverage, but with new capex, the future looks uncertain.
What is covered in the Full Insight:
  • Introduction
  • Strong Q2FY26 Performance
  • Operational Metrics Overview
  • Capex Plan and Analysis
  • Recommendation Change to SELL
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