In FY24, high single-digit domestic growth is anticipated. Furthermore, the US market is poised for robust growth, supported by the normalization of prices in the base business and the ongoing ramp-up of gRevlimid, along with new product launches such as gSpiriva and gPrezista
Our preferred sectors are industrial and real estate, metal, power, insurance, cement & building materials, market infrastructure, pharma and gas. We remain underweight on consumer staples, NBFC, chemicals and small banks. We have added weights in steel, media, staffing and cash/InVIT while weights have been reduced in BFSI, industrial/real estate and energy
Park Hotels operates 30 hotels (seven owned, three leased, 20 under Management contract) with 2,298 rooms (~1,280/~1018 owned & leased/MC) in luxury categories: boutique upscale (The Park, The Park Collection), upper midscale (Zone by the Park, Zone Connect by the Park), at prime business destinations
GPT Healthcare Ltd (GPTHL) is a key regional corporate healthcare company in Eastern India in terms of hospitals and number of beds. The company operates a chain of mid-sized full-service hospitals and provides integrated healthcare services with a focus on secondary and tertiary care
Company Overview: Juniper Hotels Limited is the largest owner of Hyatt-affiliated hotels in India, operating 7 hotels and serviced apartments with 1,836 rooms as of 1HFY24. The Saraf Group, a prominent hotel developer in India has a long standing partnership with the Hyatt Hotels Corporation. The company owns 19.6% of the Hyatt group-affiliated hotel rooms […]
Yatharth has one of the best return ratios amongst its peers in the range of 20%-22%. Going ahead, these return ratios will be maintained as major capex is through brownfield only which means growth will be achieved without diluting the ROE
BDL is strongly placed to benefit from increasing capital outlay for indigenised defence platforms like missiles, torpedoes & Counter measure dispensing systems. We estimate revenue, EBITDA and PAT to grow at 29.4%, 41.4% and 46.9% CAGR respectively over FY23-26
We recommend BUY on the back of 1) Sustained focus on margin accretive Specialty pigments (2/3rd of the portfolio and improving) for which the company has incurred significant capex, 2) resilient domestic growth story for pigments with 10-12% trending growth rate, 3) Visible green shoots in the exports market especially the US and opportunities brewing from global consolidations and exits of larger players, 4) Recovery expected in the ROCE on the back of improved profitability and Asset Turnover
OINL remains a strong conviction with a 1.2x FY25E P/B (standalone) valuation. It is a unique play to benefit from the strong multi-year upcycle in both upstream and refining. The stock currently trades at a P/E multiple of 7.2x FY25E EPS and 5.5x FY25E EV/EBITDA. We value the stock at 7x Dec’25E standalone
adj. EPS and add investments to arrive at our TP of INR650. Maintain BUY
We see ROHL as one of the key beneficiaries of the sectoral tailwinds. We expect a revenue /EBITDA/PAT CAGR of 21%/16%/20% over FY23–26. We roll over our valuation to FY26E and revise our TP to INR535 (earlier INR498, 11x FY26E EV/EBITDA). Maintain ‘BUY’
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