Research notes

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.

The report lists Adani Ports as a focus investment idea with a Buy rating and 28% upside target.

The report lists SPR Auto Technologies as a focus investment idea with a Buy rating and 29% upside target.

The report gives a BUY call on Pearl Global citing commissioning of a Bangladesh facility adding capacity, improving export demand, and a bullish technical breakout setup.

The report states a USFDA inspection of Zydus's pharmacovigilance systems concluded with nil observations and highlights the company's industry-outperforming growth and FY27 guidance of double-digit revenue growth with ~24% EBITDA margin.

The report reiterates a BUY rating on NMDC citing commissioning of its 2 MTPA pellet plant at Nagarnar and a strong capex pipeline aimed at reaching ~100mt capacity by FY30.

The report notes a block deal where Augment India Holdings sold 7.25% equity at a floor price of Rs 1,250 against CMP of Rs 1,393.

The report says Aequs's board approved a preferential issue of up to 2.8 crore warrants to a promoter group member, aggregating to approximately Rs 650 crore.

The report states Signature Global acquired a ~194-acre land parcel in Farrukhnagar, Gurugram, adding ~6.77 million sq ft of developable area with an estimated GDV of Rs 5,500-6,000 crore.

The report notes that Prestige Hospitality Ventures withdrew its DRHP for a proposed IPO citing strategic considerations and uncertain market conditions.

The report notes Jubilant Ingrevia announced a 40% acquisition of Zettaone Technologies for Rs 189.2 crore, a company with FY26 revenue of Rs 98 crore, to anchor its electronics/semiconductor business through high-speed PCB design expertise.

The note says investors can buy in the Rs 653-667 band and add on declines to Rs 597-607, projecting 14% revenue CAGR, 220bps margin improvement and 25% PAT CAGR over FY26-29E, supported by the company's position as the world's only scaled non-Chinese pyridine producer, a Rs 1,700 crore completed capex cycle, CDMO ramp-up and management's FY27 EBITDA guidance of Rs 750-800 crore.

The note says HDFC Securities maintains BUY with a DCF-based target of INR140/share (up from INR135, implying ~44x Sep-28 EPS), modelling ~16%/19%/25% revenue/EBITDA/PAT CAGR and ~80bps pre-Ind AS EBITDA margin expansion to 10.6% over FY26-29E, while noting management's 18-20% revenue growth guidance, ~100 large-format store additions annually, a four-hub supply chain transition, and risks from the ~40% Kedaara/Partners Group stake overhang and eventual succession of 65-year-old MD & CEO Gunender Kapur.