We reiterate our BUY rating on LTIM due to its superior offerings in data engineering and ERP modernization, positioning it well to capture pre-GenAI expenditures. We anticipate LTIM to outperform its large-cap peers and expect low double-digit CC growth for FY26. LTIM could have managed its top-level churn rate more effectively post-acquisition. Nonetheless, we believe the toplevel attrition rate might remain benign going forward.
The increasing share of equity in the overall AUM, driven by an anticipated higher CAGR of 30% in equity AUM vs. overall AUM CAGR of 24%, will help to mitigate the potential decline in yields. We expect scale benefits from new businesses (Alternates & Passives) to translate into higher profitability
Jindal Steel & Power (JSPL) is one of India’s leading steel producers. With crude steel capacity of 9.6 million tons per annum (MTPA) it has major plants located in Angul (Odisha, 6 MTPA capacity) & Raigarh (Chhattisgarh, 3.6 MTPA)
Shriram Finance (SHFL) offers a well-diversified product suite and has emerged as a strong player across all its product segments. It has demonstrated strong execution capabilities and asset quality resilience while navigating multiple credit and economic cycles
Kaynes Technologies (KAYNES) is one of the fastest-growing EMS companies in India, with diversified exposure to end-user industries across seven high-growth sectors. With ~62% revenue CAGR over FY21-24, the company is deepening its presence within existing sectors. Further, KAYNES continues to improve its margin profile (~15% in FY25E from ~9.7% in FY21) backed by a rising share of high-margin businesses
PAGE Industries (PAGE) is well-positioned to capitalize on India’s growing innerwear (9% of the apparel industry) and athleisure markets, aided by favorable macroeconomic trends such as rising incomes, urbanization, and a young population. The company holds a dominant position in the mid-premium innerwear segment, driven by its first-mover advantage, strong brand equity of Jockey, low-cost manufacturing, and a well-diversified product portfolio
Patel Engineering (PEC) founded in 1949, is into construction of complex civil infra work like hydro power plant, tunnelling, Urban Infra, irrigation and others. It has seen multiple capex cycle in India, and currently has an order book of Rs191bn (which is 4x TTM revenue)
DAM Capital has recommended 14 stocks which are likely to double in the next three years. The stocks are well known & have a huge margin of safety. They have more than 27% earnings CAGR for the next three years. Their PE will not derate or rerate too much
We expect market to remain range bound with lot of volatility due to domestic as well as global events. Additionally, India earnings growth expectations remains muted with ongoing challenges such as slowing macroeconomic environment, weak earnings cycle, limited room for further valuation expansion, and the possibility of continued selling by FPIs.
Latent View Analytics (Latent View) is a leading pure-play data analytics services company in India. It provides expertise on the entire value chain of data analytics from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions. It engages to provide services in technology, BFSI, Consumer Packaged Goods (CPG) & retail, industrials and other industries
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