Election results hold immense significance for Indian markets. We are not psephologists and do not claim to have any unique insights into how this cookie will crumble. Over the past four election (2004, 2009, 2014, 2019), the Nifty experienced considerable volatility, with fluctuations of 30%, 30%, 14%, and 8%, respectively in the election month period.
The company remains confident in its Bromine Derivatives project and the strategic acquisition of Oren, which is expected to contribute to the topline in FY25. Given its smaller size and large addressable market, ACIL is optimistic about achieving 60-70% utilization from the new derivative plants. The company also anticipates continued strong uptake from the Industrial Salt segment and a recovery in the SOP segment
With a healthy visibility on earnings growth and focus on strengthening balance sheet, NRB’s valuation at 18x P/E on FY26E looks extremely attractive in the bearings space (as other players quoting at 40x-52x P/E on FY26E). We believe that, company’s valuation discount to its peers (though factoring in the fact that NRB’s presence in only auto space) is unjustified to some extent. Thus, we recommend Buy on NRB Bearings with at target price of ₹ 400 (i.e. 22x FY26E P/E)
We are upbeat on DLFU’s growth prospects driven by strong sectoral tailwinds (record low inventory in its home market, industry-wide consolidation, and a greater preference for branded luxury inventory), an extensive launch pipeline, and expansion of its annuity portfolio. A strong Balance Sheet, with consistent cash flow, lends comfort. We upgrade our TP to INR1,081 (from INR1,021) to account for project additions and an expanded launch pipeline. Maintain ‘BUY’
Beta is one of the fastest growing scaled up companies in the Indian branded Oncology pharma market. It has shown a strong growth over the years with a bright future ahead. H2FY24 faced some pressure on the EBITDA margins due to higher raw material prices and a loss in the cosmeceutical division but the management expects a recovery in the margins in FY25
Amara Raja Energy & Mobility (AREM) is a part of the duopolistic organised Indian lead acid battery market with a strong presence across Automotive (OEM & aftermarket) and Industrial battery space (UPS, Telecom, etc.)
We maintain a BUY rating on the stock as we continue to remain positive on the company’s long-term prospects
TCI express is leading ground express player with the company claiming to have a market share of ~7%. In CY16, Transport Corporation of India (TCI) completed the de-merger of its express division and over FY17 to FY23, despite Covid TCIEXP reported revenue CAGR of 6.2% and earnings CAGR of 21.2% with high return ratios.
TCIE is best placed among peers in the times of lacklustre demand owing to its strong balance sheet, focus on other revenue streams and possibility of further cost efficiencies from Pune automatic sorting centre
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