Over the past 10 years, GALSURF has demonstrated its ability to scale profitably while navigating cyclical and regional challenges. During FY15-25, the company doubled its total volumes, supported by deeper market penetration and category expansion, particularly in rinse-off personal care and home care products. During this same period, EBITDA tripled, driven by operational efficiencies, product mix enhancement, and innovation. PAT grew 5x, reflecting sharp execution and cost control
Senco Gold posted strong growth across Revenue/EBITDA/PAT of 21.1%/44.8%/94.1% YoY respectively led by healthy wedding sales
Ather Energy will remain one of the leading players through the EV transition. It provides a good EV pure play opportunity for investors to invest in the Indian EV transition story. We initiate coverage on Ather Energy with a BUY rating, valuing it at 3.5x EV/sales for a TP of Rs.409
We interacted with Repco Home Finance’s Management to understand the drivers of loan growth acceleration, factors which will influence portfolio spread/NIM, and actions taken to consistently reduce the overdue portfolio and NPLs. The management was quite confident about achieving the guided disbursements of Rs40bn in the current year and reaching 12% loan book growth, managing spread decline within 15-20 bps, and improving GNPL ratio to 2.5% by the year-end. Repco trades at an undemanding valuation of 6x P/E and 0.7x P/BV on FY27 estimates, and acceleration of loan growth and further improvement in asset quality should re-rate the stock. We have a BUY rating with a 12m PT of Rs560
We attended the analyst meet hosted by Juniper Hotels wherein the company highlighted its vision to double the room inventory to c. 4,000 keys by 2030. With the portfolio growing to ~2x of its current size, the management is targeting to grow revenue and EBITDA by 2x/3x in 3/5 years respectively driven by (i) ramp-up in existing portfolio, (ii) ROFO assets (iii) commissioning of new hotels at Bengaluru (Phase I and II), Kaziranga and Guwahati and (iv) planned acquisition of brownfield big box assets.
We initiate coverage on Time Technoplast (TIME) with a BUY rating and a target price of INR578 (41% upside potential), based on 22x FY27E P/E (close to sector average). Our positive stance is backed by the company’s strong growth prospects, improving return ratios and attractive valuation (~16x FY27E P/E)
Driven by re-staging ‘Smart and Handsome’ in Q3 FY25 and ‘Kesh King’ (planned) in Q2 FY26, and D2C brands (TMC, Brillare) growth returning post management transition, we expect a 7% volume CAGR for Emami over FY25-27 (5% in FY25). The focus on innovation with 25 launches in FY25 and likely inorganic growth (Rs7.5bn cash on the Balance Sheet) should further support the growth outlook. The recent fall in prices of crude oil should keep input cost favourable, expanding margins (110bps over FY25-27). This should drive a 14% EPS CAGR over FY25-27; hence, we find the present valuation of 24x FY27e P/E attractive (a 37% discount to peers). Our TP of Rs840 implies 35x FY27e EPS
Punjab National Bank (PNB), a leading Indian public sector bank, provides corporate and personal banking services. It has 10,189 branches and 11,822 ATMs
The strategic review and potential sale by BP Plc of its lubricant arm, Castrol Ltd, marks a major global corporate development in the otherwise quiet lubricant sector. Financial investors view the space cautiously, given potential long-term EV risks, though this deal could improve market sentiment. BP management has cited strong interest in Castrol, with recent media reports naming marquee players like Saudi Aramco and Reliance Industries (RIL), besides several PE and investment firms as interested parties, valuing Castrol at USD8-10bn.
We recently hosted the management of Gokaldas Exports for an investor roadshow, represented by Mr. Siva Ganapathi (Vice Chairman and MD) and Mr. Sathyamurthy (CFO). The management provided insights on the demand scenario and future outlook for the company in a situation of tariff uncertainty
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