
We expect VBL to maintain its growth momentum, aided by: 1) strengthening its foothold in Africa, 2) expanding into snacks to diversify its revenue stream, 3) investing in new greenfield facilities, and 4) focusing on new product launches.
We believe, HAL’s OB is likely to get a leg-up with further order of 97 (nos.) Tejas Mk 1A and 156 (nos.) LCH Prachand. IAF Chief Air Chief Marshal A. P. Singh recently emphasised on the urgency to add 35–40 fighter jets annually to address existing shortages. Besides, HAL aims to complete the assembly of first Tejas Mk-II aircraft by Oct’25 and achieve its maiden flight by end-Mar’26 (HAL Nears Completion of First Tejas MkII Aircraft as Assembly Progresses Swiftly – Indian Defence Research Wing)
Delayed recovery on sustained demand pressure We recently met with the management of Go Fashion, which highlighted that the recent impact on overall revenue growth was due to demand slowdown and not due to concerns relating to product portfolio/ASP, and that the company continued to outperform its peers. The recent slowdown has impacted new customer […]
ZFCV has maintained its leadership position in domestic M&HCV space, supported by its wide product portfolio, deep OEM relationships, and increasing aftermarket penetration. With long run way of content increase and healthy cash positive B/S, we have a positive view on the company and assign a BUY rating valuing ZFCV at ₹ 16,300 i.e. 50x PE on FY27E
PEPL has a well-diversified model with strong mix of annuity and residential asset class and Pan India presence. PEPL moat lies in acquiring land at low cost and this helps to re-calibrate or offer better pricing to achieve sales velocity and better IRR’s. We remain constructive with BUY rating and SOTP based TP of INR 1,914/sh
Allied Blenders & Distillers (ABDL), incorporated in 1988, is third largest IMFL company in terms of sales volumes between FY14-22. It has 17 IMFL brands in the portfolio; 4 out of it are Millionaire brands. Premiumisation is core of the long-term growth strategy. Prestige & Above (P&A) brands contribution increased to 37.2% in FY24 vs. 25% in FY18.
Highlights from our interaction with management of Kalyan Jewellers (Kalyan) include: 1) Despite an increase in the gold price (up 15% QoQ) and higher competitive intensity, growth momentum remains strong in Q4 driven by a robust wedding season and consumer engagement. 2) Capital efficient / asset-light store addition pipeline remains strong for next two years with a target to add ~90 stores p.a.
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