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
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
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