Research notes

The report says it listed flat after 1.65x subscription.

The note says the week's largest listing at Rs 2,600.04 crore gained only 0.42% after 1.52x subscription, a relatively subdued debut.

The report states it gained 9.97% on debut after receiving 105.81x subscription.

The note says it listed with an 11.08% gain after 2.80x subscription.

The report records a 15.63% listing gain after 32.98x subscription on a Rs 550 crore issue.

The note states it gained 31.84% on listing after 66.63x subscription, raising Rs 1,700 crore.

The report says it was the week's strongest listing, gaining 111.33% after 184.22x subscription on a Rs 650 crore issue.

The note states a buying range of 46.85-47.70 with CMP 46.85, add on dip at 45.40, closing-basis stoploss of 44.50 and targets of 49.50 and 50.60 over up to 60 days, citing a breakout above a falling channel and higher tops and bottoms.

The note states a buying range of 17.93-18.30 with CMP 17.93, add on dip at 17.30, closing-basis stoploss of 16.95 and targets of 19.10 and 19.50 over up to 60 days, citing a trendline breakout and positive weekly MACD.

The note states a buying range of 179.82-183 with CMP 179.82, add on dip at 174, closing-basis stoploss of 171 and targets of 189.50 and 194 over up to 60 days, citing a trendline breakout now in a throwback fall and a bullish weekly MACD.

The note says the ETF has broken out from a horizontal trendline multi-top resistance with bullish weekly RSI and MACD, suggesting a buying range of 73.39-73.50, add on dip at 71.25, closing-basis stop loss of 69.50 and targets of 78 and 80.5 over up to 60 days.

The note says Jindal Saw can be bought in the Rs 213.5-217 range (CMP 213.99, add on dip at 201) with a stop loss of 196 and targets of 235 and 246 over a horizon of up to two months, citing a weekly trend line breakout, rising volumes, bullish RSI above 50 and MACD above the equilibrium line.

The note says Fortis delivered strong 2QFY26 results with revenue/EBITDA/PAT up 17%/28%/82% YoY and EBITDA margin of 23.9% (up 199bps YoY), and that margins should improve as more assets mature and EBITDA per occupied bed rises from INR 5mn in FY25 to INR 7mn in FY28, but after valuation multiples expanded to 28x FY27 EV/EBITDA versus a 5-year average of 21x, the analysts downgrade to ADD with an SOTP-based target of INR 1,090 (12.4% upside from INR 969) versus a previous target of INR 1,029.

The note says consolidated 2QFY26 revenue rose 16.5% YoY to INR 5.4bn (LFL 22.5%, UVG 16.7%) with EBITDA margin at 8.9% and PAT of INR 392mn ahead of its estimate, and that it raises FY26-28E earnings by 2-5% and upgrades the stock to BUY with a DCF-based target of INR 330 on improving outlook and recent price correction.

The note says CREDAG reported 1QFY26 PAT of INR 602mn (+27% QoQ, -85% YoY) with credit cost easing to 9.4% from 9.8% QoQ and GNPA at 4.70%, and that JM Financial upgraded the stock to BUY with a revised target of INR 1,475 valuing it at 2.6x FY27E BVPS, expecting ~15% AUM CAGR over FY25-27E and average RoE of ~15% over FY26-27E.

The note says IndiGo's operational proposition is compelling and its 2030 fleet and passenger vision remains on track, but that the stock remains fairly valued at ~22x/18x P/E for FY26E/FY27E, with 4QFY25 RASK moderation likely to pan out better than expected due to Mahakumbh and an extended wedding season.

The note reports NRL's 1QFY25 GRM before excise duty benefit was USD 6.4/bbl versus JMFe of USD 9/bbl, with throughput of 764mmt and EBITDA of INR 7.3bn and PAT of INR 4.3bn, all below estimates; NRL is valued at 7.0x forward PE contributing INR 242/share to Oil India's target.

The note says JM Financial maintains BUY and raises its target price to INR 700 from INR 555 (14.3% upside from CMP of INR 613), citing reasonable risk-reward, expected 15-17% earnings CAGR over 3-5 years from 20-30% output growth aided by the Indradhanush gas pipeline and NRL's expansion from 3mmtpa to 9mmtpa, with the stock trading at 6.9x FY27E EPS and 1.3x FY27E BV.

The note says 1QFY25 was an in-line quarter with EBITDA margin at 20.2% (+130bps YoY) aided by favourable mix, cost reduction and PLI incentive, and it maintains BUY with a raised target of INR 11,000 (from INR 10,850), estimating revenue/EPS CAGR of 15%/17% over FY24-27E while flagging delayed export recovery as a key risk.

The note says JM Financial maintains BUY on NHPC with an SOTP-based target price raised to INR 103 from INR 100, citing in-line 1QFY26 results, improved visibility on commissioning three units of the 8x250MW Subansiri Lower project during Aug-Sep'25 (project 96% complete), and regulated equity growing from INR 142bn in FY25 to INR 292bn by FY28, describing NHPC as the sole large utility with a 100% green energy portfolio.