ETHOS will continue to register healthy growth in coming years, which should be driven by better volumes coupled with improvement in ASP led by annual price hikes from brands and increase in contribution from luxury & high luxury segment
Dollar Industries’ growth pillars are in place driven by project Lakshya. Buy for target price of ₹524 (30% upside): SMIFS
DIL’s strong brand recall coupled with deeper penetration and consumers shifting towards affordable branded quality products are strong macro tailwinds for the company. Currently the innerwear industry is witnessing a structural shift from unorganised to the organised sector. We expect DIL to benefit from this trend.
Blue Jet Healthcare is ascending the value chain. Buy for target price of ₹865 (26% upside): Motilal Oswal
Greek philosopher Aristotle once said, “The secret to business is to know something that nobody else knows.” Blue Jet Healthcare (BLUEJET) is on the path to building a legacy business in line with this philosophy. With its niche product offerings in Contrast Media and Pharmaceutical Intermediaries & API, BLUEJET has been changing the way the healthcare industry caters to the therapeutic needs of patients around the globe
Piramal Pharma’s long term prospects are intact. Buy for target price of ₹290 (38% upside): ICICI Direct
Piramal Pharma Limited (PPL) is part of the Piramal group of companies. The company operates in 3 major segments.
Raymond Lifestyle’s valuation appears attractive at ~21x FY26E PE or 1.3x FY26 EV/sales. Buy for target price of ₹1500 (49% upside): Motilal Oswal
Raymond Lifestyle’s (RLL) reported tepid performance as the weak consumer sentiment was further exacerbated by a ransomware attack impacting revenue/EBITDA by ~INR2.5b/INR 0.7b. Although the overall demand environment remains challenging, there are signs of improvement, with stronger secondary sales and a 12-13% increase in autumn booking
Impact on Pharma & Healthcare Cos of Trump’s Executive Order to bring the prices for prescription (Rx) drugs in line with other developed nations: HDFC Securities
In our view, the generic companies are unlikely to have any impact. Moreover, Sun Pharma with its specialty business (15-18% of sales) in the US may see some impact of MFN price ceiling for a few of its products like Ilumya, Winlevi, Odomzo, Cequa, which are marketed in other developed markets, whereas Sun’s other products like Levulan, Absorica, Bromsite, Xelpros, Yonsa, Sezaby, Sprinkle portfolio, and the recently-approved Leqselvi (Deuruxolitinib) are marketed only in the US.
Mayur Uniquoters has healthy growth prospects, healthy margin & RoIC profile (20%+) & Cash positive B/S. Buy for target price of ₹665 (25% upside): ICICI Direct
Mayur Uniquoters (MUL) is a leading player in technical textile domain, manufacturing synthetic leather (PVC, PU) for auto, footwear & apparels.
Somany Ceramics’ growth trajectory expected to be back by FY26. Buy for target price of ₹570 (32% upside): ICICI Direct
Somany Ceramics is the second largest tiles manufacturer in the domestic tiles market having ~80 MSM capacity along with bath fittings and sanitaryware capacity of 1.3 mn pieces and 0.78 mn pieces, respectively. Riding on real estate strong cycle, the company has guided for high single/ low double digit tiles volumes ahead in FY26
S.J.S. Enterprises Ltd has strong growth potential ahead, Maintain BUY for target price of ₹1327 (29% upside): SMIFS
The company has already repaid its full long-term debt and benefitted on the interest cost during the quarter. Interest cost reduced from ~Rs22mn in Q4FY24 to Rs7mn in Q4FY25. Exotech has commenced capacity expansion, with a new plant targeting commissioning by H1FY26
HUDCO has strong growth visibility underscored by efficient capital deployment. Buy for target price of ₹361 (71% upside): Elara Capital
Despite minor discrepancies in Q4 PAT due to capacity addition and forex losses, HUDCO’S (HUDCO IN) FY25 earnings showcased robust business growth and superior asset quality. Sustained business growth, coupled with consistent asset resolution and NIM expansion, is anticipated to prop HUDCO’s RoE and RoA to 16% and 2.4%, respectively, in FY26E-FY27E, solidifying its position as a top-tier NBFC. Maintain BUY
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