
Here are the top 15 companies from the NSE 500 basket that provide higher dividend yields.
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 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
We recently visited SJS’s manufacturing facilities in Bengaluru. The company has built end-toend capabilities, spanning from product ideation to final output. It covers all key technologies and is the only player among its peers in India to operate a 2K injection molding process. The company showcased its full range of new-age products (in-mold labelling (IML), in-mold design (IMD), in-mold electronics (IME), chrome plating, cover glass, etc.), highlighting how these offerings are expected to increase content per vehicle by 4x–6x compared to legacy products
Delhivery has outperformed the market since announcing the acquisition of Ecom Express, we believe the uptick only reflects the benefits of consolidation. We expect significant re-rating considering the subdued headwinds over the coming year – 1) plateauing of Meesho’s insourcing at c.65%, and 2) rise in e-commerce shipments. Furthermore, we expect FY26 to see the peak impact of channel shift towards Quick Commerce and the impact would start tapering FY27 onwards
The Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earnings.
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