Research notes

The derivative outlook section states a positive setup is seen in Zydus Life.

The derivative outlook section states a positive setup is seen in Bluestar.

The derivative outlook section states a positive setup is seen in Dr Reddy.

The derivative outlook section states a positive setup is seen in Dixon.

The report states NSE approved Augmont Enterprises as a partner for promotion of Electronic Gold Receipts.

The report states Paras Defense won a defense order worth Rs 26.59 crore.

The report states Man Infraconstruction entered an agreement with Godrej Properties to develop a residential project in Marine Lines, Mumbai, with revenue potential of Rs 6,000 crore.

The report states Kalpataru Projects secured a Rs 4,000 crore-plus international order from UAE in its oil and gas segment.

The report states Morepen Laboratories submitted an ANDA to the US FDA for Sitagliptin Tablets, its first such filing in the US.

The report states Dilip Buildcon emerged as the lowest bidder for an NHAI tender in Maharashtra worth Rs 1,151 crore.

The report states the company launched a Hybrid Solar Inverter and Micro Grid Inverter for export to SAARC countries and the Middle East.

The report states the company has entered the AI segment with a unified AI platform for data science and ERP solutions.

The report states Sun Pharma signed an exclusive licensing agreement with LIB Therapeutics for lerodalcibep, excluding the US and China markets.

The report states Aequs' board approved a Rs 650 crore equity infusion to expand capacity in aerospace and consumer business and support its borrowing programme.

The note states Radico Khaitan has become the first Indian spirits firm to enter duty-free shops at four major UK airports (Heathrow, Gatwick, Manchester, Birmingham).

The note says it retains REDUCE with a revised TP of INR 280 (from INR 273), citing the shift from secured long-term contracts to volatile tolling business, subdued return ratios from ~INR 300bn of capex (RoIC falling to ~13.4% by FY30E, balance sheet turning to net debt of INR 41.6bn in FY30E from net cash of INR 72.9bn in FY26, negative FCF of INR 56.3bn over FY27-30E), and near-term volume growth challenges at Dahej (global LNG price surge, QatarEnergy force majeure) and Kochi (lack of pipeline connectivity), while noting the 750-KTPA Dahej petrochemical complex is ~42% complete and on track for mid-FY29E commissioning and the QatarEnergy 7.5 MMTPA SPA has been extended to CY2048 on a DES basis.

The note says it maintains BUY with a revised TP of INR 445/share (9x Sep'28E consolidated EBITDA) versus INR 410 earlier, estimating ~7% YoY Q2FY27 volume growth but unit EBITDA falling to ~INR 760/MT on a ~INR 250/MT opex rise from fuel, packing and logistics costs, with consolidated volume/EBITDA CAGRs of 9%/9% over FY26-29E as the Kutch clinker unit starts in Q3FY27 and capacity rises to 34.5mn MT by FY29.

The note maintains a REDUCE rating with the target price raised from INR 911 to INR 1,028 (CMP INR 1,219), saying the recent Clariant Muttenz asset acquisition and VP4 Frankfurt divestment represent disciplined post-Heubach portfolio rationalisation that should aid balance sheet deleveraging, with net debt/EBITDA seen improving from 0.85 in FY27 to 0.20 in FY30 and revenue/EBITDA/APAT CAGR of 6/14/40% over FY27-FY30E, while the stock trades at 54.5/27.8/23.4x FY28/29/30E EPS.

The report maintains BUY with a revised target price of INR 2,110/share (12x Sep'28E consolidated EBITDA), while lowering FY27/28E EBITDA estimates by 4.5/4.8%, estimating Q2FY27E volume growth of ~6% YoY and unit EBITDA of ~INR 750/MT, cumulative FY27-29E capex of INR 135bn, net debt/EBITDA peaking at 2.5x in FY27E, and volume/EBITDA CAGR of 12/11% over FY26-29E, with central assets, Belgaum, Pune SGU, Kadapa IU and the Chennai bulk terminal taking consolidated capacity to 67mn MT by FY28-end plus the BJCL acquisition pending NCLT approval.

The note maintains ADD with a Sep-27 SoTP-based target price of INR 300 (cigarettes valued at INR 137/share at 11x P/E, Other FMCG at INR 98/share at 4x sales), says the bulk of required cigarette price hikes are now in place and per-stick profitability should recover by around Q4FY27, while factoring in a 6% cigarette volume decline in FY27 and 3% in FY28, flagging rising illicit trade as the key risk and trimming FY27E/FY28E EPS by 0.5%/0.6%.

The report flags Lloyds Engg Works as a technical stock on radar, noting it is on the verge of a range breakout with robust volumes.

The report flags Welspun Corp as a technical stock on radar, citing continuation of uptrend, bounce from 20DEMA, and volume surge.

The report lists Syrma SGS Technology as a focus investment idea with a Buy rating and 15% upside target.

The report lists Emcure Pharma as a focus investment idea with a Buy rating and 17% upside target.

The report lists Eternal as a focus investment idea with a Buy rating and 19% upside target.