Hi-Tech pipes has strong growth prospects in the structural steel tubes space given its (a) Capacity expansion from 0.6 MTPA in FY23, 0.8 MTPA in FY24 to 1 MTPA in FY26E, (b) Transition from generic products to value added products, (c) Product portfolio enhancement on back of Solar torque tubes, color coated roofing sheets and (d) Healthy demand for structural steel tube over medium and long term
Lumax Auto Tech Ltd (LATL) reported a stellar quarterly performance with Revenue/EBITDA/PAT growing 50%/70%/32% YoY. The EBITDA margin improved 170 bps YoY to 13.8% led by improvement in product mix and higher contribution from subsidiaries IAC India and Greenfuel Energy
The dividend yield is computed based on the closing price of 30th May 2025. We have considered companies that have consistently paid dividend in the last 3 years – i.e FY24/CY23, FY23/CY22 and FY22/CY21.
The Axis Top Picks Basket delivered a return of 15.3% in the last three months against the 11.9% return posted by the Nifty 50, outperforming the Nifty 50 by a notable margin of 3.4%. Moreover, over the last one month, the basket has gained 2.6%. We are happy to share that our Top Picks Basket has delivered an impressive return of 321% since its inception (May’20), which stands well above the 167% return delivered by the NIFTY 50 index over the same period
Juniper is well positioned to embark on its next phase of growth and plans to add c. 2,000 rooms over the next 3-4 years primarily through ROFO assets, organic expansion and new acquisitions. We estimate revenue CAGR of c.14% and EBITDA CAGR of c.22% over FY25-28E, with EBITDA margin expected to reach 43% by FY28E. We maintain a BUY rating with a TP of INR 410, valuing the company at 18x Mar’27E EBITDA
Geographic expansion bodes well for future growth, BUY with a TP of Rs214: ASPHL has a strong operating track record of high occupancy, competitive average room rates compared to mid-sized organized peers. With acquisition of properties in Mumbai and Kerala, the company has further strengthened its portfolio. Though there would be near term challenges on increased debt, we believe inventory addition is poised to pay off in near future. BUY with a TP of Rs21
We believe the valuation still looks attractive for long-term investors on back of (a) Expected expansion in EBITDA/t, post stabilization of Hydraulic tubes and CDW pipes capacity, (b) Commencement of commercial production at the new Defence & Aerospace facility by 2HFY26, (c) Healthy business relations with marquee clients across the public and private domain and (d) Positive demand outlook for solar torque tubes in the long run. At the CMP of Rs 900, the stock is trading at a P/E of 14.8x/11.3x of its FY26E/FY27E EPS of Rs 60.9/Rs 79.9 respectively. We assign the stock a P/E multiple of 15x on FY27E period EPS of Rs 79.9 to arrive at our TP of Rs 1,199, thus providing an upside potential of 33.2%
The company is on a robust growth trajectory and remains confident in its ability to drive sustainable growth going forward, supported by its strong R&D capabilities. The ‘Metering & Systems’ segment is expected to be the key growth driver, with strong traction and an efficient execution cycle. Leveraging its competitive strengths, the company is well-positioned to capitalize on emerging opportunities in the smart meter space. We maintain our BUY rating on the stock with an unchanged target price of ₹710 per share
BlackBuck reported a strong quarter with an even stronger margin expansion. As discussed in our IC note, the company continues to demonstrate the advantages of a recurring revenue led business model with cross-sell driving rampant operating leverage. BlackBuck reported INR 1.22bn revenue (+31% YoY / 7% QoQ) with strong growth in its Core business (+28% YoY) further amplified by 50% YoY growth in Growth businesses. Company also delivered strong operating metrics such as 17%+ YoY growth in monthly transacting truck operators (0.77mn as of 4QFY25) and 26% growth in truckers using 2 or more services
Radico Khaitan is one of the oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL) with net revenue of INR48b and volume of 31m cases in FY25 (P&A was ~15mn cases). The company, formerly known as Rampur Distillery Company, commenced operations in 1943 as a major bulk spirits supplier. Radico is known for its brands: 8PM, Magic Moments, Royal Ranthambore, Rampur Single Malt, After Dark, Morpheus, Contessa and Jaisalmer
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