Hi-Tech Pipes has strong growth prospects in the structural steel tubes space given its (a) Capacity expansion from 0.6 MTPA in FY23, 0.8 MTPA in FY24 to 1 MTPA in FY26E, (b) Transition from generic products to value-added products, (c) Product portfolio enhancement on back of Solar torque tubes, color coated roofing sheets and (d) Healthy demand for structural steel tube over medium and long term.
Aditya Birla Capital continues to deliver robust growth across lending, AMC, and insurance verticals, supported by stable asset quality and rising operating leverage. The lending business remains robust, with calibrated expansion in unsecured loans
Man Industries Ltd has stellar growth potential on the back of (a) Foray into high margin Stainless Steel Seamless Pipe segment with a 20,000 MTPA facility, (b) Strategic expansion in Saudi Arabia with a 3,00,000 MTPA HSAW Pipe plant; Total installed capacity to increase by 27.2% YoY to 14,95,000 MTPA in FY26E, (c) Healthy business relations with marquee clients across the public and private domain through API-certified operations and (d) Blended EBITDA/tonne to improve with change in product mix
The dividend yield is computed based on the closing price of 31st July 2025. We have considered companies that have consistently paid dividend in the last 3 years – i.e FY25/FY24, FY23, and FY22.
National Securities Depository Ltd (NSDL) is a SEBI-registered market infrastructure institution and a critical enabler of India’s capital markets, offering secure and efficient depository services to investors, issuers, and intermediaries. As of Mar’25, NSDL serviced 99.99% of foreign portfolio investor (FPI) assets in dematerialised form, reflecting its dominance in the institutional segment. With an 86.8% share of total demat value and a presence across 99.34% of India’s pin codes and 194 countries, NSDL demonstrates both depth and reach.
The dividend yield is computed based on the closing price of 30th June 2025. We have considered companies that have consistently paid dividend in the last 3 years – i.e FY24/CY23, FY23/CY22 and FY22/CY21.
HDB Financial Services Ltd (HDBFS) is categorized as an upper-layer NBFC by the Reserve Bank of India. It is the 4th largest diversified retail-focused NBFC (by Gross Loan Book size) as of Mar’25. It is a subsidiary of HDFC Bank, which is the largest private sector bank in India in terms of total assets as of Mar’25
Senco Gold posted strong growth across Revenue/EBITDA/PAT of 21.1%/44.8%/94.1% YoY respectively led by healthy wedding sales
We believe the valuation still looks attractive for long-term investors on back of (a) Expected expansion in EBITDA/t, post stabilization of Hydraulic tubes and CDW pipes capacity, (b) Commencement of commercial production at the new Defence & Aerospace facility by 2HFY26, (c) Healthy business relations with marquee clients across the public and private domain and (d) Positive demand outlook for solar torque tubes in the long run. At the CMP of Rs 900, the stock is trading at a P/E of 14.8x/11.3x of its FY26E/FY27E EPS of Rs 60.9/Rs 79.9 respectively. We assign the stock a P/E multiple of 15x on FY27E period EPS of Rs 79.9 to arrive at our TP of Rs 1,199, thus providing an upside potential of 33.2%
Healthy order book; The IPP revenue to pick up going ahead: The current book of the company as of Mar’25 stood at 2,958 MW comprising of 1,202 MW IPP and 1,756 MW CPP orders. The CPP orders are to be executed over the next 12-15 months while new IPP orders to be full executed by FY27. The company is targeting to execute 1.5 GW of IPP project by 1QFY27
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