Laxmiden’s business encompasses three high-growth pillars: custom labs (crowns and bridges), aligner solutions (clear aligners, thermoforming sheets, and resins), and pediatric dental products (Bioflex zirconia crowns and SDF), all of which are experiencing strong momentum.
At 23.6x 1-year forward multiple, TCS trades at a 4% discount to its average 10-year historical valuation. Our TP of INR 3,908 (vs INR 4,017 earlier) is based on 25x (unchanged) FY27E EPS. TCS has consistently gained market share across tech shifts over the years, backed by a diversified service mix, deep client trust, and strong domain expertise. We see it as a key partner in clients’ cost takeout and digital transformation efforts. Maintain BUY
Abbott’s core portfolio productivity is the highest in the industry — at Rs 12.5mn per MR from 3,250 MRs. We expect further ramp-up in productivity through new product expansion, tapping more indicators, penetrating through newer geographies and price hikes. We expect core portfolio’s productivity to increase to Rs 14.5mn by FY27E from 3500 MRs
We reiterate BUY on Anant Raj with an unchanged TP of Rs800. The company has announced the commissioning of its second Data Center (DC) facility at Panchkula, and is also expanding its existing capacity at Manesar, Haryana. We expect operations to start over the next two months, with annualized occupancy at ~70%, which would improve ahead. This would take total operational DC capacity to 28MW (including 0.5MW of cloud capacity), from 6MW currently. For the next two years, we factor in capex of Rs19-20bn toward DC capacity
We initiate coverage on Tips Music Ltd (Tips Music) with a BUY rating and a DCF-based Mar’26 TP of INR 800 (implied FY27E PER of 40x, PEG of 1.7x). It is one of the leading music labels in India (top 5) and delivered above-industry growth of 36% over FY21-25 by expanding its catalogue (hits from the 1990s and 2000s) distribution within India as well as globally
SDL remains a top pick in the southern premium housing space, with strong recall, expanding geographic footprint, and improving financial metrics. Its expanding launch pipeline and improving approvals position it well for volume-led growth, cash flow generation, and margin recovery in FY26
Symphony Ltd is India’s undisputed leader in the organised air cooler market with a 50% value share. Company has continued to follow its successful approach — focusing on an asset-light model supported by strong innovation, smart marketing and solid brand strategy. By partnering with OEMs for manufacturing, Symphony has maintained a light balance sheet and a clear strategic focus — a move that has helped it stay ahead in the rapidly changing consumer market.
Marks meaningful step forward in realization group strategic vision. Simplification of group structure and realign corporate structure to unlock synergy and enhance competitive edge. Gabriel India to play pivotal role in the transformation serving as group’s vehicle for future growth and platform. We lift our EPS by 36% for FY27 on EPS accretive acquisitions. We recommend a Buy rating at a sum-of-TP of Rs1,400 (earlier 770, 32x FY27e EPS), 32x on consol FY27e EPS of Rs32.5 (Rs1,040), future group consolidation (Rs260) and M&A potential (Rs100). Refer fig 18 for details
JSWINFRA ended FY25 on a strong note, delivering robust growth in cargo volumes, revenue, and profitability, while making steady progress toward its long-term goal of achieving 400 MTPA port capacity by FY30. The recent acquisition of NAVKAR has significantly strengthened its logistics segment, which is targeting INR80b in revenue by FY30. With a strong balance sheet and a favorable macro environment, JSWINFRA is well-positioned to benefit from India’s infrastructure push and increasing third-party cargo demand, despite global headwinds
We retain our Buy rating on Astral with a revised price target of Rs. 1,800, supported by its strong fundamentals, expanding product portfolio, and long-term growth drivers. PVC prices have remained largely stable, and rising infrastructure activity, coupled with urban and rural housing demand, continue to create a favorable operating environment for the company
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