We believe HDFCLIFE is well placed to achieve its APE growth outlook of 17-19% and VNB margin of 26-27% in FY26-FY28; aided by better product mix and strong growth momentum. Incremental focus on agency channel growth, along with increasing penetration in Tier-2 and 3 cities bode well. We maintain BUY on HDFCLIFE with TP to Rs 900 (from Rs 893), implying 2.6x in FY27E P/EV and continue to prefer HDFCLIFE as our top pick
We estimate Inox Wind’s (INXW) 4QFY25 consolidated revenue of Rs 12.9bn (+144% YoY, +41% QoQ), driven by improving deliveries of 3MW WTG sets. We estimate 4QFY25 execution of 251MW, projecting a growth of 94%/33% YoY/QoQ. Consolidated EBITDA (excluding other income) is expected to reach Rs 2.57bn during the quarter, up 152% YoY and 24% QoQ. With our 4Q estimates, we expect FY25 annual execution to reach 720MW (+91% YoY) compared to management’s guidance of 800MW
Gokaldas Exports (Gokex), incorporated in 1979, is one of India’s largest manufacturers and exporters of apparel, exporting it to 50+ countries. Its vertical integrated business model makes it a one stop destination for leading apparel brands
Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20-25) while its improved scale and assets under management should help improve margins and earnings growth ahead (expect IFRS PAT CAGR of 53% over FY25-27E). The relative high growth could continue driven by diversified channel which in turn creates positive flywheel on loss ratios, especially when players across industry including Niva have taken multiple price hikes
We upgrade INDIGO to BUY as we believe that benign Brent crude prices amid the ongoing geopolitical turmoil and favorable domestic demand bode well for the company. We assign a TP of INR6,550 premised on 10x FY27E EV/EBITDAR. The stock currently trades at a P/E of 20x FY26 EPS and 9.7x FY26E EV/EBITDA. We estimate a CAGR of 28%/38% in EBITDA/PAT during FY25-27E
The US Court of Appeals has vacated the preliminary injunction against Sun Pharma’s launch of Leqselvi which was granted by the US District Court of New Jersey in Nov-24. While the decision of the US Court of Appeals now technically clears the way for Sun to launch Leqselvi, we note that the litigation between Incyte and Sun is still under way and a launch prior to the expiry of Incyte’s ‘335 patent (Dec-26) will be an at-risk launch
Sobha Ltd (SDL) delivered a sharp sequential recovery in Q4FY25 with presales of INR 18.4bn (+24.4% QoQ, +18.1% YoY) c.50% from its new launches, supported by robust traction in Bengaluru (INR 14.1bn; ~77% of sales), alongside improved performance in Gurgaon, Hyderabad, Tamil Nadu, and Kerala. SDL’s average realization for FY25 stood at INR 13,412/sf (+22.8% YoY), aided by a rising share of own land projects (~79% of FY25 sales)
Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of 31st Mar’25, along with a promising prospect pipeline of INR6t, which is likely to be awarded over the next few years
Jana Small Finance Bank (JSFB), since inception has focused on financial inclusion by serving underserved and unbanked populations in India. It evolved from an NBFC to an NBFC-MFI, then to a small finance bank, and became a scheduled commercial bank in 2019
Vishal Mega Mart’s (VMM) private label strategy in FMCG (~27% of revenue) has been important for its success story, redefining value for consumers. Our primary research outcomes: 1) High presence of large-pack SKUs and 2) reputed manufacturers for its private label brands. Both these features imply its focus on consumers seeking true value in FMCG by purchasing large packs private label brands without compromising on quality
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