LTIM is now in a unique position, wherein it is trading below the expensive high-growth tier-2 Indian IT companies, and above the relatively inexpensive low-growth tier-1 IT companies. It represents growth at reasonable valuation, with a favourable risk-reward profile. We continue to like the company, its strong delivery capabilities and clientele, and strong positioning in key verticals. Maintain ‘BUY’
VRLL is focusing on maximising profitability, and has indicated normalised capex on vehicles while it continues to scout for more investments in warehouses. We are raising FY26E/27E EPS by 6%/10% to reflect higher margins, offsetting lower volume assumptions. Maintain ‘BUY’ with a Mar-26E TP of INR740 (earlier INR670)
Jubilant Pharmova (JPL) posted a strong showing in Q4FY25 with inline revenue, but beating our EBITDA/PAT estimates. EBITDA margins expanded 247bp YoY/213bp QoQ aided by a better product mix.
Jana Small Finance Bank (JSFB), since inception has focused on financial inclusion by serving underserved and unbanked populations in India. It evolved from an NBFC to an NBFC-MFI, then to a small finance bank, and became a scheduled commercial bank in 2019
The USD2.6bn visa outsourcing industry has high entry barriers and is dominated by three players, with VFS Global commanding a market share of 50–55%. BLSIN and TLS Contact each control 10–15%. Despite being less than two decades old, only 40% of the visa market is outsourced, up from 22% in 2010, thus offering significant growth potential
Owing to: i) a robust project lineup, ii) leadership in redevelopment projects in South Central Mumbai, iii) strong cost advantage and a proven track record in redeveloping 33(7) projects, iv) a huge addressable market, and v) a healthy Balance Sheet with predictable cash flows, we are optimistic about SURAJEST’s growth story. We maintain ‘BUY’ but revise our TP of INR661, valuing the stock at 1x FY26E NAV
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