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
Zensar’s focused services clubbed together as one value proposition has witnessed growth of 8.2% YoY v/s overall Top-line growth of 5.4% YoY in FY25. These services are resonating well with large clients meeting their customized needs at one go. This value proposition is also leading non-TMT verticals to drive double-digit growth for the company, further aided by broad-based geography growth strategy with expected recovery in South African market
We are happy to share that the Axis Top Picks Basket delivered a return of 9.7% in the last three months against the 8.5% return posted by the Nifty 50, outperforming the Nifty 50 by a notable margin of 1.2%. Moreover, over the last one month, the basket has gained 3.7%. Our Top Picks Basket has delivered an impressive return of 336% since its inception (May’20), which stands well above the 175% return delivered by the NIFTY 50 index over the same period
Here are the top 15 companies from the NSE 500 basket that provide higher dividend yields.
The dividend yield is computed based on the closing price of 30th June 2025. We have considered companies that have consistently paid dividend in the last 3 years – i.e FY24/CY23, FY23/CY22 and FY22/CY21.
We met the management of HG Infra led by Chairman and Managing Director Mr. Harendra Singh. HG expects 17–18% YoY revenue growth and 15–16% EBITDA margins for FY26E, with order inflows of INR 110bn. HG has strong highways bid pipeline of INR 600bn. Additionally, it has submitted bids for projects worth c. INR 150bn where results are awaited. Increase in working capital during FY25 was mainly led by inventory in solar projects and delayed payments which is expected to normalize by 2Q26E. HG expects LoA for MSRDC projects in the near future and AD for major HAM projects by Dec-25. Monetization of solar/BESS assets is being considered through either InVIT mode or outright sale of assets. HG remains open to subcontracting work from major developers
Over the past three years, Axis Max life has posted strong industry leading APE growth of 18% with 13% VNB CAGR. The management aspires to continue to grow APE in mid-teens (300-400 bps higher than industry) with VNB margin at 24-25% in FY26. The company is focusing on further scaling up the proprietary channel, improving bancassurance productivity, maintain leadership in protection and online distribution
Trent remains a stellar business. However, the ask from the business is too high (from a valuation stencil). Westside seems to be showing signs of customer fatigue, while Zudio seems to be peaking in terms of unit economics. We build in 23% revenue and PBT CAGR over FY25-27 (8-10% lower than consensus). We maintain SELL on Trent with an SOTP-based TP of INR4,300/sh (incl. 60x adj P/E for the standalone operations)
We interacted with Power Finance Corporation (PFC) to understand the company’s revised growth outlook, evolving sector dynamics and asset quality trends. Here are the key takeaways
We recently hosted in Mumbai the Indraprastha Medical management for an NDR. Key takeaways: a) discussion with the Delhi government for a stake sale in progress; timelines not defined, b) capacity increase with 350 beds at existing location likely to commence by mid-CY28, c) plans for further capacity expansions in place; awaiting board approvals, d) next SC hearing on scrutiny regarding EWS slated for 30th Jul’25. The stock is our top Buy in the space with a Rs590 TP (16x FY27e EBITDA) as we believe the (part or entire) stake likely to be sold by the Delhi government in the medium term, which should result in a re-rating for the name-opening avenues for further growth at old and new locations
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