CFHL has been best in class HFC player with a robust business model & underwriting practices, which resulted in healthy earnings growth with GNPA <1% across cycles. Strategy adopted by new management to strengthen processes & IT infrastructure to further aid business growth and RoA.

Government initiatives like signing of FTAs with multiple countries & stability in export incentive policy to provide robust opportunities for Indian exporters. ICIL through its sizeable capacity is well poised to capture the export opportunity in global home textile trade

Sagar Cement is trading at attractive valuations (US$ 50/t vs. replacement cost of US$ 110/t). We believe Sagar Cement is an attractive regional play in the southern cement markets and has demonstrated the ability to be one of the lowest cost producers. Hence, we ascribe BUY rating on the stock.

PSP is well placed for healthy growth at decent margins to be driven by strong executable order book position. Healthy order inflows secured at FY23 and Q1FY24 coupled with robust bidding pipeline brightens company’s prospects. At the CMP, the company is trading at a valuation of ~12x FY25E P/E

Ajanta Pharma is a focused player in branded generics, which constitutes ~72% of overall sales, spread across geographies including India.

Valuing the merged entity on SOTP basis assigning 2.5x FY25E ABV for lending business (merged basis) and ₹ 144 for subsidiaries arriving at a target of ₹ 2050 per share. Maintain BUY rating on the stock

Delhivery has shown strong growth and built a recognisable brand in a segment marred by intense competition and low barriers to entry.

Rolling over our valuations, we retain our Nifty target at 21,500 valuing it at 20x PE on FY25 Nifty EPS of | 1,080. Corresponding target for the Sensex is at 71,600. These are our rolling 12 months’ index target

Garden Reach Shipbuilders & Engineers (GRSE), one of India’s leading defence public sector undertaking shipyards, primarily caters to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard

After many years of stagnant performance, growth prospects are looking bright across all parameters. Revenue CAGR of 20% in FY2224E coupled with margins hitting 10.8% in FY24E will enable TRIL to post its best ever profitability performance.