TIME is a) a leader in India and among the top 3 players globally in industrial packaging and composite products, and b) a market leader and largest manufacturer of large size plastic drums globally, with an impressive 50-60% market share in India and high share in 10 countries present globally
Waaree Energies Ltd. is the largest manufacturer and exporter of solar PV modules in India. Subscribe to the IPO: SBI Securities
Waaree Energies Ltd. is the largest manufacturer and exporter of solar PV modules in India, with an aggregate installed capacity of 13.3 GW. The company operates 5 manufacturing facilities in India spread across 143+ acres of land. The solar PV modules manufactured by Waaree Energies are made using advanced technologies such as multicrystalline cell technology, monocrystalline cell technology and Tunnel Oxide Passivated Contact (TopCon), which helps to reduce energy loss and enhances overall efficiency
The fit between Sudarshan Chemical and Heubach is perfect. Buy Sudarshan Chemical for target price of ₹1161: HDFC Securities
Sudarshan Chemical Industries Limited (SCIL) has entered into a definitive agreement whereby its wholly owned subsidiary (WOS), Sudarshan Europe BV, shall acquire the global pigment business operations of the Heubach Group of Germany. Having a global scale is essential for success in the pigment business
Kaynes Technologies is scaling up the smart meter business amid growing market demand. Buy for target price of ₹6400 (27% upside): Motilal Oswal
Kaynes Technologies (KAYNES) is rapidly scaling up its smart meter business to tap the huge 250m (INR750b) smart meter market over the next few years. The company has recently inaugurated its electronics manufacturing facility in Hyderabad for the production of smart meters, and has acquired its client Iskraemeco
Oil India is a strong conviction BUY. Buy for target price of ₹720 (25% upside): Motilal Oswal
Amid weak crude oil prices, the share price of Oil India (OINL) has declined 22% in the last 5 weeks. However, we reiterate our BUY rating on the stock and highlight the following: 1) we estimate that the Standalone (SA) business (adjusted for investments and Numaligarh refinery stake) trades at 7x FY27E P/E, which we believe is inexpensive; 2) OINL’s strong production growth outlook (9% CAGR over FY24-FY27) hedges against the risk of lower oil/gas prices; and 3) the capacity expansion for Indradhanush gas grid and Numaligarh refinery, remains in line with the guided schedule, and will be instrumental in unlocking value in FY26 and beyond
Avalon Technologies stands out in the EMS landscape as the only player with a significant manufacturing presence in the US. Buy for TP ₹690 (26% upside): Motilal Oswal
Avalon Technologies (AVALON) stands out in the EMS landscape as the only player with a significant manufacturing presence in the US. While this has historically been a competitive advantage for the company, recent economic headwinds in the region have posed challenges. However, the company is successfully navigating these issues with a well-defined recovery plan for its US business, alongside continued growth in its domestic operations
JTL Industries Ltd’s Capex to stimulate growth; value-addition to aid margins. Buy for target price of ₹294 (37.6% upside): SMIFS
JTL Industries Ltd (JTL), a prominent player in the structural steel tubes and pipes sector, has ascended as the fastest-growing company propelled by robust sectoral dynamics, augmented production capacities, and a strong offtake facilitated by an extensive network of distributors, dealers, and clients (both within the nation and overseas). Further, its strategic decision to prioritize the value-added product segments and to set up facilities near raw material suppliers(in conjunction with backward integrated plants) has proven to be effective, yielding an industry-leading EBITDA/ton
TRIL’s margin outperformance continues. Buy for target price of ₹980 (45% upside): Nuvama
TRIL beat our Q2FY25E by a mile powered by strong execution (+80% YoY), lifting OPM to ~15%. New OI grew ~3x YoY to INR10bn, jacking up backlog to INR35bn (executable over 15–18 months) even as tender pipeline is strong at INR170bn+ (20% strike rate). Management maintained FY25E revenue guidance of INR20bn with EBITDA margin of 14%-plus, expanding to INR45bn and 17%, respectively, by FY27E
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