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
POLYCAB remains market leader in the C&W industry, benefitted from continuous capacity expansion and a strong margin trajectory. Buy for target price of ₹7250 (23% upside): Motilal Oswal
POLYCAB has reported strong revenue growth across segments. EBITDA margin expansion was led by profits in the FMEG segment and improved margin in EPC business on the back of better execution. POLYCAB remains market leader in the C&W industry, benefitted from continuous capacity expansion and a strong margin trajectory
SBI has showcased strength in retail portfolio, best operating metrics in the PSU banking space. Buy for target price of ₹940 (20% upside): ICICI Direct
SBI is a public sector bank and also the largest bank in India with a balance sheet size of over ~ ₹66 lakh crore.
Voltamp Transformers would be a key beneficiary of India’s renewable capacity addition. Buy for target price of ₹11,350 (38.5% upside): Emkay
We believe VAMP would be a key beneficiary of India’s renewable capacity addition, private capex revival, and GoI’s PLI initiatives in the manufacturing space. VAMP’s current strong order-book (Rs9.8bn, +26% YoY), coupled with the enquiry base, robust balance sheet, and improved cyclical demand tailwinds, grants us a more constructive outlook on the stock
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