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Digitide Solutions Ltd released its Q2 FY27 investor presentation, highlighting key financial and operational updates. ๐
๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ (๐ค2 ๐๐ฌ27):
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: โน759.6 Cr (down 2.0% QoQ & 0.6% YoY). The company noted a disciplined approach to deal selection & renegotiation of low-margin contracts.
- ๐๐๐๐ง๐๐: โน78.8 Cr, with a margin of 10.4% (up 45 bps QoQ). YoY decline attributed to wage revisions & provisions.
- ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐๐ฒ๐ฑ ๐ฃ๐๐ง: โน8.9 Cr, a significant increase of over 2x QoQ (up 223.8% YoY).
๐๐ฟ๐ผ๐๐๐ต ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐:
- ๐ก๐ฒ๐ ๐ฆ๐ฎ๐น๐ฒ๐ (๐ง๐๐ฉ): Surged 95% QoQ to โน400 Cr.
- ๐๐-๐น๐ฒ๐ฑ ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: More than doubled QoQ, up 103% to โน30.5 Cr.
- ๐ง๐ฒ๐ฐ๐ต & ๐๐ถ๐ด๐ถ๐๐ฎ๐น ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: Increased 6.6% YoY to โน243.6 Cr.
- ๐๐ป๐๐ฒ๐ฟ๐ป๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: Grew 13.5% YoY to โน323 Cr.
๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐๐ผ๐ฐ๐๐:
- ๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ป๐ด ๐ ๐ผ๐ฑ๐ฒ๐น: Live with 5 business units & 2 markets, focusing on AI at the core.
- ๐๐ ๐๐ป๐๐ฒ๐ด๐ฟ๐ฎ๐๐ถ๐ผ๐ป: AI is embedded across BPM services, platforms, & Data & Cloud professional services.
- ๐๐ผ๐๐ ๐ ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐: Focus on right-sizing costs & portfolio for sustained margin expansion.
- ๐๐ง๐ ๐๐ฐ๐ฐ๐ฒ๐น๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป: Scaling Go-To-Market strategies with new leadership.
๐๐ฒ๐ ๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐ ๐ฒ๐๐ฟ๐ถ๐ฐ๐:
- ๐๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฒ ๐๐ผ๐๐ป๐: Reduced to ~50K.
- ๐๐ฎ๐๐ ๐ฆ๐ฎ๐น๐ฒ๐ ๐ข๐๐๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด (๐๐ฆ๐ข): Increased to 84 days.
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐ ๐ถ๐
: Tech & Digital now represents 32.1% of revenue, & International business accounts for 42.5%.
๐ DIGITIDE SOLUTIONS LTD | ๐ท๏ธ Investor Presentation
๐ Details: wegro.app/ME8KCE
โก๏ธInstant stock alerts on WhatsApp - Try FREE ๐ wegro.app/go
๐๐ฎ๐ฝ๐ฝ๐ถ๐ฒ๐๐ ๐ ๐ถ๐ป๐ฑ๐ ๐ง๐ฒ๐ฐ๐ต๐ป๐ผ๐น๐ผ๐ด๐ถ๐ฒ๐ ๐๐๐ฑ. - ๐ค2 ๐๐ฌ27 ๐๐ป๐๐ฒ๐๐๐ผ๐ฟ ๐ฃ๐ฟ๐ฒ๐๐ฒ๐ป๐๐ฎ๐๐ถ๐ผ๐ป ๐ฆ๐๐บ๐บ๐ฎ๐ฟ๐ ๐:
Happiest Minds Technologies announced its Q2 FY27 financial results, showcasing a positive performance with significant year-on-year growth. The company is actively progressing with its proposed merger with ITC Infotech.
๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ (๐ค2 ๐๐ฌ27):
- ๐ง๐ผ๐๐ฎ๐น ๐๐ป๐ฐ๐ผ๐บ๐ฒ: Increased by 11.9% YoY to โน66,599 Lakhs.
- ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐๐ณ๐๐ฒ๐ฟ ๐ง๐ฎ๐
(๐ฃ๐๐ง): Grew by 15.1% YoY to โน6,219 Lakhs.
- ๐๐ฑ๐ท๐๐๐๐ฒ๐ฑ ๐ฃ๐๐ง: Showed a robust growth of 20.7% YoY, reaching โน7,911 Lakhs.
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐ฟ๐ผ๐๐๐ต: Total revenue saw a 12.5% YoY increase to โน64,543 Lakhs.
๐๐๐๐ถ๐ป๐ฒ๐๐ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ & ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐:
- ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐ ๐๐ฟ๐ผ๐๐๐ต: The company highlighted strong performance and growth in its Generative AI Business Services (GBS) and Product & Digital Engineering Services (PDES) segments. ๐ค
- ๐๐น๐ถ๐ฒ๐ป๐ ๐๐ฐ๐พ๐๐ถ๐๐ถ๐๐ถ๐ผ๐ป: Secured new partnerships and engagements across various industries, including a global electronics distributor for Azure cloud engineering and a US healthcare TPA for data & analytics.
- ๐ ๐ฒ๐ฟ๐ด๐ฒ๐ฟ ๐ฃ๐ฟ๐ผ๐ด๐ฟ๐ฒ๐๐: The proposed merger with ITC Infotech is advancing, with several key approvals received and others under process, including stock exchange and SEBI review, and filing with NCLT.
๐๐ฒ๐ ๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐ ๐ฒ๐๐ฟ๐ถ๐ฐ๐:
- ๐๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฒ ๐ฆ๐๐ฟ๐ฒ๐ป๐ด๐๐ต: Total employees stood at 6,466.
- ๐จ๐๐ถ๐น๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ฅ๐ฎ๐๐ฒ: Employee utilization was strong at 81.8%.
- ๐๐๐๐ฟ๐ถ๐๐ถ๐ผ๐ป: Voluntary attrition rate was reported at 14.3%.
The company continues to focus on AI-first strategies and digital engineering, positioning itself for future growth in the evolving tech landscape. The merger with ITC Infotech is expected to create a larger, more competitive entity targeting significant revenue milestones. ๐ค
๐ HAPPIEST MINDS TECHNOLOGIES LTD | ๐ท๏ธ Investor Presentation
๐ Details: wegro.app/KEhlpb
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๐๐ถ๐ป๐ฒ๐น๐ถ๐ป๐ฒ ๐๐ป๐ฑ๐ถ๐ฎ ๐๐๐ฑ: ๐ค2 & ๐1 ๐๐ฌ27 ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น & ๐๐๐๐ถ๐ป๐ฒ๐๐ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ ๐ฌ:
Cineline India Limited announced its unaudited financial results for Q2 & H1 FY27, showcasing a strong performance driven by increased revenue and EBITDA.
๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐:
- ๐ค2 ๐๐ฌ27 ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ:
โธ Total Revenue: โน7,170 lakh, a 12% YoY increase.
โธ EBIDTA: โน1,160 lakh, up 11% YoY.
โธ EBITDA Margin: 16.2% (a slight decrease of 10 bps YoY).
โธ PAT: โน463 lakh, a 17% YoY decrease.
โธ Cash PAT: โน915 lakh, down 3% YoY.
- ๐1 ๐๐ฌ27 ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ:
โธ Total Revenue: โน13,173 lakh, a 19% YoY increase.
โธ EBIDTA: โน1,765 lakh, up 32% YoY.
โธ EBITDA Margin: 13.4% (an increase of 130 bps YoY).
โธ PAT: โน497 lakh, a 7% YoY decrease.
โธ Cash PAT: โน1,392 lakh, up 7% YoY.
๐๐ฒ๐ ๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ป๐ด ๐ ๐ฒ๐๐ฟ๐ถ๐ฐ๐:
- ๐ค2 ๐๐ฌ27:
โธ ATP (Average Ticket Price): โน257 (+12% YoY)
โธ SPH (Spend Per Head): โน109 (+15% YoY)
โธ Admits (Lakhs): 20.1 (+1% YoY)
โธ Net Box Office Collections: โน4,478 lakh (+12% YoY)
โธ Net F&B Collections: โน2,094 lakh (+16% YoY)
- ๐1 ๐๐ฌ27:
โธ ATP: โน247 (+7% YoY)
โธ SPH: โน109 (+9% YoY)
โธ Admits (Lakhs): 38.1 (+13% YoY)
โธ Net Box Office Collections: โน8,093 lakh (+20% YoY)
โธ Net F&B Collections: โน3,950 lakh (+22% YoY)
๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐ฆ๐ป๐ฎ๐ฝ๐๐ต๐ผ๐:
- Operational Cinemas: 22
- Operational Screens: 86
- Cities Present In: 14
๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐๐ฟ๐ผ๐๐๐ต ๐ฃ๐ฟ๐ถ๐ผ๐ฟ๐ถ๐๐ถ๐ฒ๐: ๐
1. ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป ๐ถ๐ป ๐ฆ๐ผ๐๐๐ต๐ฒ๐ฟ๐ป ๐ฅ๐ฒ๐ด๐ถ๐ผ๐ป: Aiming to build a diversified national footprint by entering high-potential southern cities.
2. ๐๐ผ๐บ๐ฝ๐ฒ๐น๐น๐ถ๐ป๐ด ๐๐ถ๐ป๐ฒ๐บ๐ฎ ๐ค๐๐ฒ๐๐ฒ: Expecting a broader slate of Hindi, Hollywood, and regional releases to sustain audience engagement.
3. ๐๐๐๐ฒ๐-๐๐ถ๐ด๐ต๐ ๐ข&๐ ๐ ๐ผ๐ฑ๐ฒ๐น: Accelerating growth through partnerships with developers for multiplex launches without significant capital investment.
๐ก๐ฒ๐ ๐๐ฒ๐๐ฒ๐น๐ผ๐ฝ๐บ๐ฒ๐ป๐๐:
- Launched MovieMax Multiplex at Metro World Mall, Gurugram, strengthening presence in the Delhi NCR region.
- Planned addition of 25 screens during FY27, with 16 screens across 4 cinemas expected to become operational.
Mr. Ashish Kanakia, CEO, highlighted the strong performance driven by popular movie releases and increased footfalls, expressing confidence in continued growth supported by a positive industry trajectory and strategic expansion plans. ๐
๐ CINELINE INDIA LTD | ๐ท๏ธ Press Release / Media Release
๐ Details: wegro.app/dq1RlP
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Ganesh Consumer Products Ltd announced its Q2 FY27 financial results, highlighting a significant improvement in profitability despite a YoY decline in total income. ๐
๐๐ฒ๐ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ (๐ค2 ๐๐ฌ27):
- ๐ง๐ผ๐๐ฎ๐น ๐๐ป๐ฐ๐ผ๐บ๐ฒ: โน228.5 Cr, a decrease of 4.8% YoY, but a 20.0% sequential increase from Q1 FY27.
- ๐๐๐๐ง๐๐: โน29.5 Cr, up 23.6% YoY.
- ๐๐๐๐ง๐๐ ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป: Improved by 302 bps YoY to 13.0% (vs 10.0% in Q2 FY26).
- ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐๐ณ๐๐ฒ๐ฟ ๐ง๐ฎ๐
(๐ฃ๐๐ง): โน18.8 Cr, a substantial increase of 68.7% YoY.
- ๐ฃ๐๐ง ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป: Rose to 8.2% from 4.6% in Q2 FY26.
- ๐๐ฎ๐๐ถ๐ฐ/๐๐ถ๐น๐๐๐ฒ๐ฑ ๐๐ฃ๐ฆ: โน4.70, up 55.0% YoY from โน3.04.
๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐ & ๐๐ผ๐บ๐บ๐ฒ๐ป๐๐ฎ๐ฟ๐:
- The YoY income decline was primarily due to a 2.5% drop in B2C revenue, concentrated in the Atta category, affected by state government policy changes impacting local millers. Packaged Atta category in West Bengal saw a 6.3% YoY decline as per NielsenIQ.
- Excluding Atta, B2C revenue grew 4.9% YoY & 26.0% sequentially. B2B revenue declined 13.8% YoY.
- The value-added portfolio, including Sattu & spices, demonstrated strong growth, supported by targeted marketing campaigns. Spices revenue saw significant margin improvement.
- Profitability was boosted by a better product mix, optimized advertising spend, and lower finance costs due to deleveraging.
๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐ ๐ผ๐๐ฒ๐ & ๐ข๐๐๐น๐ผ๐ผ๐ธ:
- ๐๐ป๐๐ฒ๐ฟ๐ถ๐บ ๐๐ถ๐๐ถ๐ฑ๐ฒ๐ป๐ฑ: The Board declared an interim dividend of โน3.7 per share. ๐ฐ
- ๐ ๐ฎ๐ป๐๐ณ๐ฎ๐ฐ๐๐๐ฟ๐ถ๐ป๐ด ๐๐ผ๐ผ๐๐ฝ๐ฟ๐ถ๐ป๐: The Hyderabad plant has been sold, with proceeds to be reinvested in eastern India. New plants are planned in other eastern states to enhance supply chain efficiencies.
- ๐ฃ๐ฟ๐ถ๐ผ๐ฟ๐ถ๐๐ถ๐ฒ๐: Strengthening core categories, scaling value-added products, and deepening presence in eastern India profitably remain key focus areas.
๐๐ฎ๐น๐ณ-๐ฌ๐ฒ๐ฎ๐ฟ๐น๐ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ (๐1 ๐๐ฌ27):
- Total Income: โน418.8 Cr (down 5.7% YoY).
- EBITDA: โน50.6 Cr (up 11.9% YoY).
- PAT: โน31.3 Cr (up 51.5% YoY).
- EPS: โน7.84 (up 38.6% YoY).
๐๐ฐ๐ต๐ฆ: ๐๐๐๐๐๐ ๐ช๐ด ๐ค๐ข๐ญ๐ค๐ถ๐ญ๐ข๐ต๐ฆ๐ฅ ๐ข๐ด ๐ฑ๐ณ๐ฐ๐ง๐ช๐ต ๐ฃ๐ฆ๐ง๐ฐ๐ณ๐ฆ ๐ต๐ข๐น, ๐ฅ๐ฆ๐ฑ๐ณ๐ฆ๐ค๐ช๐ข๐ต๐ช๐ฐ๐ฏ, ๐ข๐ฎ๐ฐ๐ณ๐ต๐ช๐ป๐ข๐ต๐ช๐ฐ๐ฏ, ๐ข๐ฏ๐ฅ ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ฆ ๐ค๐ฐ๐ด๐ต, ๐ญ๐ฆ๐ด๐ด ๐ฐ๐ต๐ฉ๐ฆ๐ณ ๐ช๐ฏ๐ค๐ฐ๐ฎ๐ฆ.
๐ GANESH CONSUMER PRODUCTS LTD | ๐ท๏ธ Press Release / Media Release
๐ Details: wegro.app/kUaRv3
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๐ ๐๐น๐ผ๐ฏ๐ฎ๐น ๐๐ผ๐บ๐บ๐ผ๐ฑ๐ถ๐๐ถ๐ฒ๐ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ
๐พ ๐๐ด๐ฟ๐ถ๐ฐ๐๐น๐๐๐ฟ๐ฎ๐น
Commodities in focus: Soybeans, Sugar, Cheese, Oat, Palm Oil
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๐ Vinati Organics Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐๐ช๐ฏ๐ข๐ต๐ช ๐๐ณ๐จ๐ข๐ฏ๐ช๐ค๐ด; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 1270: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
Motilal Oswal reiterates its 'BUY' rating on Vinati Organics Ltd, setting a target price (TP) of โน1,270, implying a 28% upside from the current market price.
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐:
- 2๐ค๐๐ฌ27 ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ: The company reported a weak operating performance in 2QFY27, with EBITDA declining 25% YoY to โน1.2b and EBITDA margin contracting to 18.5% from 30.4% in 2QFY26. This was primarily attributed to volatility in raw material prices. ๐
- ๐ก๐ฒ๐ฎ๐ฟ-๐ง๐ฒ๐ฟ๐บ ๐ข๐๐๐น๐ผ๐ผ๐ธ: Margins are expected to remain under pressure in the near term due to ongoing raw material price volatility.
- ๐๐ฟ๐ผ๐๐๐ต ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐: Revenue growth is anticipated to be driven by the ATBS segment, supported by the ramp-up of Phase I capacity and the commissioning of Phase II expansion. Additionally, the BP (Butyl Phenol) and IBB (Isobutyl Benzene) segments are expected to see a gradual improvement in demand. ๐
- ๐๐ฎ๐ฟ๐ป๐ถ๐ป๐ด๐ ๐ฅ๐ฒ๐๐ถ๐๐ถ๐ผ๐ป: Consequently, Motilal Oswal has cut its FY27 and FY28 earnings estimates by 14% and 7%, respectively.
- ๐ฉ๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป: The TP of โน1,270 is derived by valuing Vinati Organics at 25x its FY28E EPS.
๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฆ๐ป๐ฎ๐ฝ๐๐ต๐ผ๐:
- ๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ๐ฎ๐ด๐ฒ ๐๐ถ๐ฟ๐บ: Motilal Oswal
- ๐ฅ๐ฒ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป: BUY
- ๐ง๐ฎ๐ฟ๐ด๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ: โน1,270 (+28% upside)
- ๐ฅ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น๐ฒ: Despite near-term margin pressure from raw material volatility, growth is expected from ATBS capacity expansion and recovery in BP/IBB segments. Earnings estimates revised downwards for FY27/FY28.
- **Key Metrics (Estimates):
โธ FY28 Revenue:** โน31.1b
โธ FY28 EBITDA:** โน8.1b
โธ FY28 PAT:** โน5.3b
โธ FY28 EPS:** โน50.9
๐ ๐๐ฆ๐ข๐ฅ ๐๐ถ๐ญ๐ญ ๐๐ฆ๐ฑ๐ฐ๐ณ๐ต: wegro.app/xMIxV5
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๐บ The Stack Raises โน21.5 Cr, Sachin Tendulkar Backs Hitwicket, MobiKwik Posts Record Q2 Profit In startup and business news, The Stack has raised โน21.5 crore to expand its supplements portfolio. Cricket legend Sachin ...
๐ ONE MOBIKWIK SYSTEMS LTD | ๐ท๏ธ Video feed
๐น WATCH VIDEO: youtube.com/watch?v=n7XXheYdโฆ
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๐ MTAR Technologies Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐๐๐๐ ๐๐ฆ๐ค๐ฉ๐ฏ๐ฐ๐ญ๐ฐ๐จ๐ช๐ฆ๐ด; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 9000: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
๐ ๐ง๐๐ฅ ๐ง๐ฒ๐ฐ๐ต๐ป๐ผ๐น๐ผ๐ด๐ถ๐ฒ๐ ๐๐๐ฑ. - ๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฆ๐๐บ๐บ๐ฎ๐ฟ๐ ๐ :
๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ๐ฎ๐ด๐ฒ ๐๐ถ๐ฟ๐บ: Motilal Oswal
๐ฅ๐ฒ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป: BUY
๐ง๐ฎ๐ฟ๐ด๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ (๐ง๐ฃ): โน9,000 (+32% upside from CMP)
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐:
- ๐ฅ๐ผ๐ฏ๐๐๐ 2๐ค๐๐ฌ27 ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ: MTAR Technologies delivered a strong 2QFY27 with revenue surging 2.9x YoY to โน4.1b and EBITDA growing 5.8x YoY to โน992m. This was primarily driven by significant growth in the fuel cell segment (2.4x YoY, 57% of revenue) and Aerospace & Defense (A&D) segment (2.2x YoY, 11% of revenue).
- ๐ฆ๐๐ฟ๐ผ๐ป๐ด ๐ข๐ฟ๐ฑ๐ฒ๐ฟ ๐๐ผ๐ผ๐ธ ๐๐ฟ๐ผ๐๐๐ต: The company's order book expanded by 4.6x YoY to โน59.8b, with substantial inflows of ~โน12.4b during the quarter. This healthy pipeline provides strong revenue visibility.
- ๐๐ฎ๐ฟ๐ป๐ถ๐ป๐ด๐ ๐จ๐ฝ๐ด๐ฟ๐ฎ๐ฑ๐ฒ: Factoring in the strong 1HFY27 results, Motilal Oswal has raised its FY27 and FY28 earnings estimates by 8% and 9% respectively.
- ๐๐ฟ๐ผ๐๐๐ต ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐: The brokerage firm is optimistic about MTAR Technologies' growth prospects, citing strong order book expansion across segments, ongoing fuel-cell capacity expansion, robust nuclear opportunities, expected doubling of aerospace revenue in FY27E, and growing contribution from Product Solutions & Data Center Infrastructure.
๐ฅ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น๐ฒ & ๐ข๐๐๐น๐ผ๐ผ๐ธ:
- ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐๐ฎ๐น ๐ฆ๐๐ฟ๐ฒ๐ป๐ด๐๐ต: The company is well-positioned for growth across all its segments. The nuclear business is entering a strong growth phase, and the A&D segment is transitioning to volume-led growth. The fuel cell segment is seeing significant demand, supported by capacity expansions.
- ๐๐ฎ๐ฝ๐ฎ๐ฐ๐ถ๐๐ ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป: MTAR Technologies is undertaking significant capacity additions, with Fuel Cell Phase-2 expansion expected by Nov'26 and Phase-3 by Mar'27. These expansions are crucial to meet the growing demand and execute the large order book.
- ๐ฉ๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป: The TP of โน9,000 is based on 55x FY28E EPS, translating into a ~0.4x PEG ratio on the FY26-28E EPS CAGR, indicating attractive valuation for the projected growth.
๐๐ฒ๐ ๐ ๐ฒ๐๐ฟ๐ถ๐ฐ๐:
- ๐๐ฌ27๐ ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐๐๐ถ๐บ๐ฎ๐๐ฒ: โน17.3b
- ๐๐ฌ28๐ ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐๐๐ถ๐บ๐ฎ๐๐ฒ: โน30.1b
- ๐๐ฌ27๐ ๐๐ฑ๐ท. ๐ฃ๐๐ง ๐๐๐๐ถ๐บ๐ฎ๐๐ฒ: โน2.7b
- ๐๐ฌ28๐ ๐๐ฑ๐ท. ๐ฃ๐๐ง ๐๐๐๐ถ๐บ๐ฎ๐๐ฒ: โน5.0b
- ๐ข๐ฟ๐ฑ๐ฒ๐ฟ ๐๐ผ๐ผ๐ธ (๐ฆ๐ฒ๐ฝ'26): โน59.8b
Motilal Oswal reiterates its BUY rating, expecting sustained growth and margin expansion driven by new product commercialization, client onboarding, and expansion into high-growth sectors. ๐
๐ ๐๐ฆ๐ข๐ฅ ๐๐ถ๐ญ๐ญ ๐๐ฆ๐ฑ๐ฐ๐ณ๐ต: wegro.app/SN6YUB
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๐๐ถ๐ป๐ฒ๐น๐ถ๐ป๐ฒ ๐๐ป๐ฑ๐ถ๐ฎ ๐๐๐ฑ: ๐ค2 ๐๐ฌ27 ๐๐ป๐๐ฒ๐๐๐ผ๐ฟ ๐ฃ๐ฟ๐ฒ๐๐ฒ๐ป๐๐ฎ๐๐ถ๐ผ๐ป ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐:
Cineline India Limited has released its investor presentation for Q2 FY27, detailing significant operational & financial performance, alongside strategic expansion plans.
๐๐ฒ๐ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ (๐ค2 ๐๐ฌ27 ๐๐. ๐ค2 ๐๐ฌ26):
- ๐ง๐ผ๐๐ฎ๐น ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: โน7,170 lakh, a 12% YoY increase.
- ๐ก๐ฒ๐ ๐๐ผ๐
๐ข๐ณ๐ณ๐ถ๐ฐ๐ฒ ๐๐ผ๐น๐น๐ฒ๐ฐ๐๐ถ๐ผ๐ป (๐ก๐๐ข๐): โน4,478 lakh, marking the highest-ever Q2 performance.
- ๐ก๐ฒ๐ ๐&๐ ๐๐ผ๐น๐น๐ฒ๐ฐ๐๐ถ๐ผ๐ป: โน2,094 lakh, up 16% YoY.
- ๐๐๐๐ง๐๐: โน1,160 lakh, a substantial 36% YoY growth.
- ๐ฃ๐๐ง (๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐๐ณ๐๐ฒ๐ฟ ๐ง๐ฎ๐
): โน463 lakh, a 79% YoY increase.
- ๐๐ง๐ฃ (๐๐๐ฒ๐ฟ๐ฎ๐ด๐ฒ ๐ง๐ถ๐ฐ๐ธ๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ): โน257, up 12% YoY.
- ๐ฆ๐ฃ๐ (๐ฆ๐ฝ๐ฒ๐ป๐ฑ ๐ฃ๐ฒ๐ฟ ๐๐ฒ๐ฎ๐ฑ): โน109, up 15% YoY.
๐๐ฒ๐ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ (๐1 ๐๐ฌ27 ๐๐. ๐1 ๐๐ฌ26):
- ๐ง๐ผ๐๐ฎ๐น ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: โน13,173 lakh, a 22% YoY increase.
- ๐๐๐๐ง๐๐: โน1,765 lakh, a 48% YoY growth.
- ๐ฃ๐๐ง (๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐๐ณ๐๐ฒ๐ฟ ๐ง๐ฎ๐
): โน497 lakh, a 204% YoY increase.
๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ฐ๐ต๐ถ๐ฒ๐๐ฒ๐บ๐ฒ๐ป๐๐ & ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป:
- ๐ก๐ฒ๐ ๐๐ถ๐ป๐ฒ๐บ๐ฎ ๐๐ฎ๐๐ป๐ฐ๐ต: Opened a 3-screen multiplex at Metro World Mall, Gurugram (Delhi NCR).
- ๐ฆ๐ฐ๐ฟ๐ฒ๐ฒ๐ป ๐ฃ๐ถ๐ฝ๐ฒ๐น๐ถ๐ป๐ฒ: 35 screens are in the committed pipeline across various locations like Agra, Belgaum, Bangalore, Hyderabad, Noida, & Chennai.
- ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐ฃ๐ฎ๐ฟ๐๐ป๐ฒ๐ฟ๐๐ต๐ถ๐ฝ: Signed a 3-year tie-up with BookMyShow & Paytm, receiving advance payments to support cash flow.
- ๐๐ถ๐ป๐ฒ๐บ๐ฎ ๐๐ผ๐ผ๐๐ฝ๐ฟ๐ถ๐ป๐: Currently operates 86 screens across 22 cinemas in 14 cities, spanning 6 states & 1 Union Territory.
- ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป ๐๐ผ๐ฐ๐๐: Accelerating expansion in Southern markets & deepening presence in North India.
๐๐ป๐ฑ๐๐๐๐ฟ๐ ๐๐ผ๐ป๐๐ฒ๐
๐:
- ๐๐ป๐ฑ๐ถ๐ฎ ๐๐ผ๐
๐ข๐ณ๐ณ๐ถ๐ฐ๐ฒ: Q2 FY27 saw โน4,494 Cr in collections, with August being the best month of 2026. Jan-Sep 2026 reached โน11,000 Cr, 17% higher YoY.
- ๐๐ถ๐น๐บ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ: "Spider-Man: Brand New Day" was a major contributor, grossing โน1,016 lakh for Cineline in Q2 & H1 FY27.
Cineline India Ltd is demonstrating strong growth driven by robust box office performance, effective F&B sales, & strategic expansion of its cinema network. ๐
๐ CINELINE INDIA LTD | ๐ท๏ธ Investor Presentation
๐ Details: wegro.app/regFQW
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๐ Jio Platforms Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐๐ช๐ฐ ๐๐ญ๐ข๐ต๐ง๐ฐ๐ณ๐ฎ๐ด; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 1515: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
๐๐ถ๐ผ ๐ฃ๐น๐ฎ๐๐ณ๐ผ๐ฟ๐บ๐ ๐๐๐ฑ. (๐๐ฃ๐) - ๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฆ๐๐บ๐บ๐ฎ๐ฟ๐ ๐ :
๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ๐ฎ๐ด๐ฒ ๐๐ถ๐ฟ๐บ: Motilal Oswal
๐ฅ๐ฒ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป: BUY
๐ง๐ฎ๐ฟ๐ด๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ: โน1,515 (+6% upside)
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ (2๐ค๐๐ฌ27):
- ๐๐ป-๐น๐ถ๐ป๐ฒ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ: JPL reported 2QFY27 revenue growth of ~3% QoQ & ~11% YoY, driven by a ~1.5% QoQ ARPU uptick & ~9m subscriber net adds. Digital services also saw robust growth (+4% QoQ, +16% YoY).
- ๐ฆ๐๐ฟ๐ผ๐ป๐ด ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป ๐๐ฒ๐น๐ถ๐๐ฒ๐ฟ๐: EBITDA grew ~5% QoQ (+15.5% YoY), surpassing estimates due to exceptional incremental margins of ~88% in RJio (vs. est. ~57-72%). Digital services EBITDA also surged (+8% QoQ, +48% YoY).
- ๐๐๐ ๐๐ป๐ณ๐น๐ฒ๐ฐ๐๐ถ๐ผ๐ป & ๐๐ฒ๐น๐ฒ๐๐ฒ๐ฟ๐ฎ๐ด๐ถ๐ป๐ด: Consolidated cash capex significantly moderated in 1HFY27, leading to a sharp inflection in Free Cash Flow (FCF) generation to โน189b (vs. โน61b YoY). This resulted in a decline in effective net debt by ~โน207b YoY to โน1.38t.
- ๐ฅ๐ฒ๐๐ถ๐๐ฒ๐ฑ ๐๐๐๐ถ๐บ๐ฎ๐๐ฒ๐: Motilal Oswal raised FY27-29E reported EBITDA by 2-5% for RJio standalone & 3-5% for JPL consolidated, driven by higher incremental margins. PAT estimates were also increased by ~7-11%.
- ๐๐๐๐๐ฟ๐ฒ ๐ข๐๐๐น๐ผ๐ผ๐ธ: The firm expects RJio's capex to remain range-bound, enabling JPL to generate cumulative FCF of โน1.68t over FY27-29 & achieve net cash status by FY29. ๐
๐ฅ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น๐ฒ ๐ณ๐ผ๐ฟ ๐๐จ๐ฌ & ๐ง๐ฃ:
- The BUY rating is reiterated with a revised TP of โน1,515, based on DCF-backed ~12.2x FY29 reported EBITDA.
- Key drivers include higher incremental EBITDA margins & a faster-than-expected inflection in FCF.
- Structurally positive on the Indian telecom sector, anticipating a ~15% smartphone tariff hike soon.
- JPL is well-positioned to extend market leadership in Wireless & Home Broadband, with significant growth potential from its digital offerings & potential international partnerships. ๐
๐ก๐ฒ๐ฎ๐ฟ-๐๐ฒ๐ฟ๐บ ๐ฉ๐ผ๐น๐ฎ๐๐ถ๐น๐ถ๐๐: Acknowledged potential near-term stock price volatility due to limited free float (<3%).
๐๐ฒ๐ ๐ ๐ฒ๐๐ฟ๐ถ๐ฐ๐ (๐ฅ๐๐ถ๐ผ ๐ฆ๐๐ฎ๐ป๐ฑ๐ฎ๐น๐ผ๐ป๐ฒ):
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: โน353b (+3.2% QoQ, +10.8% YoY)
- ๐๐ฅ๐ฃ๐จ: โน219 (+1.5% QoQ)
- ๐๐๐๐ง๐๐: โน197b (+5% QoQ, +14% YoY)
- ๐๐ป๐ฐ๐ฟ๐ฒ๐บ๐ฒ๐ป๐๐ฎ๐น ๐๐๐๐ง๐๐ ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป: ~88%
- ๐ฆ๐๐ฏ๐๐ฐ๐ฟ๐ถ๐ฏ๐ฒ๐ฟ๐: 542.4m (+9.1m net adds QoQ)
- 5๐ ๐จ๐๐ฒ๐ฟ๐: ~300m
- ๐๐ผ๐บ๐ฒ ๐๐ฟ๐ผ๐ฎ๐ฑ๐ฏ๐ฎ๐ป๐ฑ: ~30m subscribers (Jio AirFiber ~15.1m)
๐๐ฒ๐ ๐ ๐ฒ๐๐ฟ๐ถ๐ฐ๐ (๐๐ฃ๐ ๐๐ผ๐ป๐๐ผ๐น๐ถ๐ฑ๐ฎ๐๐ฒ๐ฑ ๐๐
-๐ฅ๐๐๐):
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: โน405b (+3.3% QoQ, +11.4% YoY)
- ๐๐๐๐ง๐๐: โน209b (+5% QoQ, +15.5% YoY)
- ๐ก๐ผ๐ป-๐บ๐ผ๐ฏ๐ถ๐น๐ถ๐๐ ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ: โน52b (+4% QoQ, +16% YoY)
- ๐ก๐ผ๐ป-๐บ๐ผ๐ฏ๐ถ๐น๐ถ๐๐ ๐๐๐๐ง๐๐: โน12.3b (+8% QoQ, +48% YoY)
๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น๐:
- 1๐๐๐ฌ27 ๐๐ฎ๐๐ต ๐๐ฎ๐ฝ๐ฒ๐
: โน106b (vs. โน207b YoY)
- 1๐๐๐ฌ27 ๐๐๐: โน189b (vs. โน61b YoY)
- ๐๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐๐ฒ ๐ก๐ฒ๐ ๐๐ฒ๐ฏ๐: โน1.38t (down โน207b YoY)
๐๐ฟ๐ผ๐๐๐ต ๐ฃ๐ถ๐น๐น๐ฎ๐ฟ๐:
- Proprietary Technology ๐ ๏ธ
- Gateway to Digital India ๐ฒ
- Enterprise Solutions ๐ข
- International Opportunities ๐
๐ ๐๐ฆ๐ข๐ฅ ๐๐ถ๐ญ๐ญ ๐๐ฆ๐ฑ๐ฐ๐ณ๐ต: wegro.app/QbCcGc
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๐ Shaily Engineering Plastics Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐๐ฉ๐ข๐ช๐ญ๐บ ๐๐ฏ๐จ๐ช๐ฏ๐ฆ๐ฆ๐ณ๐ช๐ฏ๐จ; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 4074: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
๐ฆ๐ต๐ฎ๐ถ๐น๐ ๐๐ป๐ด๐ถ๐ป๐ฒ๐ฒ๐ฟ๐ถ๐ป๐ด: ๐๐จ๐ฌ ๐ฅ๐ฒ๐ถ๐๐ฒ๐ฟ๐ฎ๐๐ฒ๐ฑ ๐๐ถ๐๐ต โน4,074 ๐ง๐ฎ๐ฟ๐ด๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐
Motilal Oswal has reiterated its ๐๐จ๐ฌ rating on Shaily Engineering Plastics Ltd, setting a target price of โน4,074, indicating a potential upside of 29%. The brokerage highlights a robust outlook driven primarily by the company's healthcare segment.
๐๐ฒ๐ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ & ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ (2๐ค๐๐ฌ27):
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐ฟ๐ผ๐๐๐ต: Overall revenue grew 24% YoY. The star performer was the ๐๐ฒ๐ฎ๐น๐๐ต๐ฐ๐ฎ๐ฟ๐ฒ ๐๐ฒ๐ด๐บ๐ฒ๐ป๐, which surged 78% ๐ฌ๐ผ๐ฌ, contributing 55% to the total revenue mix. This growth is attributed to increasing traction in GLP-1 pen volumes following patent expiries.
- ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ:
โธ Healthcare: Revenue up 78% YoY, driven by GLP-1 pen volume.
โธ Consumer: Revenue declined 14% YoY due to weak consumer sentiment in the US & Europe.
โธ Industrial: Revenue grew 23% YoY.
- ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐๐ฎ๐ฏ๐ถ๐น๐ถ๐๐: EBITDA margins expanded by 81 basis points YoY to 30.4%, driven by a higher revenue mix from the high-margin healthcare segment. Adjusted PAT grew 37.5% YoY.
- ๐๐ผ๐บ๐ฒ๐๐๐ถ๐ฐ ๐๐ฟ๐ผ๐๐๐ต: Domestic revenue surged 33% YoY, boosted by expanding GLP-1 pen volume supply.
๐ ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐ ๐๐ผ๐บ๐บ๐ฒ๐ป๐๐ฎ๐ฟ๐ & ๐๐๐๐๐ฟ๐ฒ ๐ข๐๐๐น๐ผ๐ผ๐ธ:
- ๐๐ฒ๐ฎ๐น๐๐ต๐ฐ๐ฎ๐ฟ๐ฒ ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป: Shaily Engineering is on track to surpass its FY27 guidance of 36 million pens, with ~20 million pens already sold in 1HFY27. The company aims to replicate its 100% share in the Canadian GLP-1 market in Turkey and Brazil. New pen capacity of 25 million units will be operational from Dec'26. They have also signed new contracts for IP-led platforms for Semaglutide pens and launched the Shaily AI Toby auto-injector pen. ๐๏ธ
- ๐ก๐ฒ๐ ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐๐: Consumer electronics and semiconductor segments are expected to contribute from 4QFY27 onwards with better margins than consumer and industrial segments.
- ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฃ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐๐ถ๐ผ๐ป๐: Motilal Oswal expects a CAGR of 33%/44%/48% in revenue/EBITDA/PAT over FY26-28, with EBITDA margins projected to remain above 32% in FY28. Robust RoE (~29%) and RoCE (~39%) are anticipated.
๐ฅ๐ฒ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป:
The brokerage reiterates its ๐๐จ๐ฌ rating, confident in the company's ability to capitalize on the growing GLP-1 pen market and expand its offerings across various segments. The target price of โน4,074 is based on 50x FY28E EPS.
๐ ๐๐ฆ๐ข๐ฅ ๐๐ถ๐ญ๐ญ ๐๐ฆ๐ฑ๐ฐ๐ณ๐ต: wegro.app/69nFAA
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๐ ๐๐น๐ผ๐ฏ๐ฎ๐น ๐๐ผ๐บ๐บ๐ผ๐ฑ๐ถ๐๐ถ๐ฒ๐ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ
๐ข๏ธ ๐๐ป๐ฒ๐ฟ๐ด๐
Commodities in focus: German Gas, Heating Oil, Coking Coal, LNG JKM, Urals Oil
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๐บ Festive Season เคธเฅ เคชเคนเคฒเฅ UPI เคเคพ เคงเคฎเคพเคเคพ! October เคฎเฅเค Digital Payments เคจเฅ เคฌเคจเคพเคฏเคพ เคจเคฏเคพ Record เคคเฅเคฏเฅเคนเคพเคฐเฅ เคธเฅเคเคจ เคธเฅ เคชเคนเคฒเฅ เคเคฎเคเคฐ UPI UPI เคชเฅเคฎเฅเคเคเฅเคธ เคจเฅ เคคเฅเคกเคผเฅ เคธเคพเคฐเฅ เคฐเคฟเคเฅเคฐเฅเคก ...
๐ LUPIN LTD | ๐ท๏ธ Video feed
๐น WATCH VIDEO: youtube.com/watch?v=qHdqQismโฆ
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๐ Indostar Capital Finance Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐๐ฏ๐ฅ๐ฐ๐ด๐ต๐ข๐ณ ๐๐ข๐ฑ๐ช๐ต๐ข๐ญ ๐๐ช๐ฏ๐ข๐ฏ๐ค๐ฆ; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 240: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
๐๐ป๐ฑ๐ผ๐๐๐ฎ๐ฟ ๐๐ฎ๐ฝ๐ถ๐๐ฎ๐น ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ฒ: ๐ ๐ผ๐๐ถ๐น๐ฎ๐น ๐ข๐๐๐ฎ๐น ๐ฅ๐ฒ๐ถ๐๐ฒ๐ฟ๐ฎ๐๐ฒ๐ ๐๐จ๐ฌ ๐๐ถ๐๐ต โน240 ๐ง๐ฃ ๐:
Motilal Oswal has reiterated its ๐๐จ๐ฌ recommendation for Indostar Capital Finance, setting a ๐ง๐ฎ๐ฟ๐ด๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ (๐ง๐ฃ) ๐ผ๐ณ โน240, implying a significant ๐๐ฝ๐๐ถ๐ฑ๐ฒ ๐ผ๐ณ 32%. The brokerage firm believes the company is entering a growth phase, anticipating a gradual improvement in its profitability.
๐๐ฒ๐ ๐๐ฟ๐ผ๐๐๐ต ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐ & ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ข๐๐๐น๐ผ๐ผ๐ธ:
- ๐๐ฒ๐ด๐ฎ๐ฐ๐ ๐๐ผ๐ผ๐ธ ๐ฅ๐๐ป-๐ฑ๐ผ๐๐ป: The gradual winding down of the legacy portfolio is expected to drive credit cost improvements.
- ๐๐ถ๐๐ฏ๐๐ฟ๐๐ฒ๐บ๐ฒ๐ป๐ ๐๐ฟ๐ผ๐๐๐ต: Indostar Capital Finance is targeting approximately 35% ๐ฑ๐ถ๐๐ฏ๐๐ฟ๐๐ฒ๐บ๐ฒ๐ป๐ ๐ด๐ฟ๐ผ๐๐๐ต over the next three years, fueled by deeper market penetration, geographic expansion, and a strengthened distribution network.
- ๐ ๐ถ๐ฐ๐ฟ๐ผ-๐๐๐ฃ ๐ง๐ฟ๐ฎ๐ฐ๐๐ถ๐ผ๐ป: The Micro-LAP segment is showing strong momentum, expected to contribute 10-15% ๐๐ผ ๐ผ๐๐ฒ๐ฟ๐ฎ๐น๐น ๐๐จ๐ in the next three years, aiding portfolio diversification.
- ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐๐ฎ๐ฏ๐ถ๐น๐ถ๐๐ ๐๐บ๐ฝ๐ฟ๐ผ๐๐ฒ๐บ๐ฒ๐ป๐: Management targets ~2% ๐ฅ๐ผ๐ ๐ฏ๐ 2๐๐๐ฌ28 and a PAT of โน4.5-5b in FY29.
- ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป: Maturing debt being refinanced with lower-cost borrowings is expected to support margin expansion. NIMs are projected at 10% for FY27E and 9.6% for FY28E.
๐๐๐๐ฒ๐ ๐ค๐๐ฎ๐น๐ถ๐๐ & ๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ณ๐ณ๐ถ๐ฐ๐ถ๐ฒ๐ป๐ฐ๐:
- ๐๐บ๐ฝ๐ฟ๐ผ๐๐ถ๐ป๐ด ๐๐๐๐ฒ๐ ๐ค๐๐ฎ๐น๐ถ๐๐: Gross Stage 3 (GS3) assets have declined to approximately 4.5%, down from previous periods.
- ๐๐๐๐๐ผ๐บ๐ฒ๐ฟ ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐น๐ฒ: Prime customers (CIBIL score of 725+) now constitute about 85% of the portfolio, up from 62% in FY24, indicating a stronger customer mix.
- ๐๐ผ๐๐-๐๐ผ-๐๐ป๐ฐ๐ผ๐บ๐ฒ ๐ฅ๐ฎ๐๐ถ๐ผ: The C/I ratio has improved sequentially to ~54.9% in 2QFY27.
๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น๐ฒ:
The 'BUY' rating is supported by healthy disbursement momentum, improving asset quality, and sequential NIM expansion. The ongoing run-down of the legacy book and declining funding costs are expected to normalize credit costs and stabilize margins. A strengthened distribution franchise and an improving customer profile provide a solid foundation for sustained growth and enhanced profitability. The TP of โน240 is premised on 0.9x Sepโ28E BVPS.
๐ ๐๐ฆ๐ข๐ฅ ๐๐ถ๐ญ๐ญ ๐๐ฆ๐ฑ๐ฐ๐ณ๐ต: wegro.app/elrOkZ
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Happiest Minds Technologies announced its Q2 FY27 unaudited financial results & declared an interim dividend of โน3.05 per equity share (face value โน2). The record date for the dividend is Nov 06, 2026, with payment on/after Nov 17, 2026. The Board meeting concluded on Nov 02, 2026.
๐ HAPPIEST MINDS TECHNOLOGIES LTD | ๐ท๏ธ Financial Results
๐ Details: wegro.app/wWlhSQ
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๐ Welspun Living Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐๐ฆ๐ญ๐ด๐ฑ๐ถ๐ฏ ๐๐ช๐ท๐ช๐ฏ๐จ; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 260: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
๐ช๐ฒ๐น๐๐ฝ๐๐ป ๐๐ถ๐๐ถ๐ป๐ด ๐๐๐ฑ. - ๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฆ๐๐บ๐บ๐ฎ๐ฟ๐ ๐:
Motilal Oswal Financial Services has reiterated its ๐๐จ๐ฌ rating on Welspun Living Ltd. with a target price (TP) of โน260, indicating a potential upside of 19% from the current market price.
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐:
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐ฟ๐ผ๐๐๐ต: The brokerage anticipates sustained double-digit revenue growth, primarily fueled by the Home Textile and Flooring segments.
- ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป: EBITDA margins are projected to improve, reaching 13.2% by FY28. This is expected due to a better business mix within home textiles and stable margins in the flooring business.
- ๐จ๐ฆ ๐ฃ๐ถ๐น๐น๐ผ๐ ๐๐๐๐ถ๐ป๐ฒ๐๐: The US pillow segment is a significant growth driver, with both manufacturing facilities operational. At peak utilization, these facilities are expected to generate USD 80-100 million in revenue by FY29. ๐ฐ
- ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ผ๐ฐ๐๐: Growth is expected to be driven by expansion in key markets like the US and UK. The UK market, in particular, is seen as a significant opportunity with strong traction.
- ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฃ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐๐ถ๐ผ๐ป๐: Welspun Living is expected to achieve a CAGR of 16% in revenue, 45% in EBITDA, and 104% in PAT over FY26-28.
๐ฉ๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป: The TP of โน260 is based on 15x FY28E EV/EBITDA.
๐ฅ๐ถ๐๐ธ๐: Key risks identified include customer and geographical concentrations, and commodity price fluctuations. โ ๏ธ
๐ ๐๐ฆ๐ข๐ฅ ๐๐ถ๐ญ๐ญ ๐๐ฆ๐ฑ๐ฐ๐ณ๐ต: wegro.app/r1v6yw
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๐ Motherson Sumi Wiring India Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐๐ฐ๐ต๐ฉ๐ฆ๐ณ๐ด๐ฐ๐ฏ ๐๐ช๐ณ๐ช๐ฏ๐จ; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 45: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
Motilal Oswal has reiterated its ๐๐จ๐ฌ rating on Motherson Sumi Wiring India Ltd (MSUMI) with a ๐ง๐ฎ๐ฟ๐ด๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ (๐ง๐ฃ) ๐ผ๐ณ โน45, indicating a potential upside of 30% ๐.
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐ณ๐ฟ๐ผ๐บ ๐๐ต๐ฒ ๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐:
- ๐๐ฎ๐ฟ๐ป๐ถ๐ป๐ด๐ ๐๐ฒ๐ฎ๐ & ๐จ๐ฝ๐ด๐ฟ๐ฎ๐ฑ๐ฒ๐: MSUMI's 2Q PAT exceeded estimates, driven by robust revenue growth and margin expansion. Consequently, earnings estimates for FY27 and FY28 have been revised upwards by 31% and 17%, respectively.
- ๐ฆ๐๐ฟ๐ผ๐ป๐ด ๐๐ฟ๐ผ๐๐๐ต ๐ข๐๐๐น๐ผ๐ผ๐ธ: The company is projected to achieve a Compound Annual Growth Rate (CAGR) of 21% in revenue, EBITDA, and PAT between FY26 and FY28. This growth is expected to be fueled by optimal capacity utilization across its greenfield plants and sustained demand momentum.
- ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ: Despite rising copper prices (up 6% QoQ), MSUMI managed a 160bp QoQ margin expansion to 9.2% due to higher customer volumes and ramp-up of new projects. EV revenue share has increased to 10% in 2Q.
- ๐ฉ๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป ๐๐๐๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: The current premium valuations (29x FY27E EPS, 25.4x FY28E EPS) are considered justified given MSUMI's strong competitive positioning, top-decile capital efficiency, and its strategic benefits from the ongoing mega-trends in the automotive sector, particularly electrification (EVs) ๐โก.
๐๐ฟ๐ผ๐ธ๐ฒ๐ฟ๐ฎ๐ด๐ฒ ๐๐ถ๐ฟ๐บ: Motilal Oswal
๐ฅ๐ฒ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป: BUY
๐ง๐ฎ๐ฟ๐ด๐ฒ๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ: โน45 (+30% upside)
๐ฅ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น๐ฒ: Strong 2Q performance, raised earnings estimates, positive growth outlook driven by capacity utilization & demand, and justified premium valuations due to competitive edge & EV exposure.
๐๐ฒ๐ ๐ ๐ฒ๐๐ฟ๐ถ๐ฐ๐:
- FY27E/FY28E EPS: โน1.2/โน1.4
- Projected Revenue/EBITDA/PAT CAGR (FY26-28): 21%
- 2Q PAT: โน2.2b (+35% YoY)
- 2Q EBITDA Margin: 9.2% (+160bp QoQ)
๐ ๐๐ฆ๐ข๐ฅ ๐๐ถ๐ญ๐ญ ๐๐ฆ๐ฑ๐ฐ๐ณ๐ต: wegro.app/N264Ws
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ESDS Software Solution Ltd has submitted the audio recording of its Investor / Earnings Conference Call held on Nov 02, 2026. The call discussed the company's performance for the quarter & half year ended Sep 30, 2026, followed by a Q&A session. The recording is available on the company's website.
๐ ESDS SOFTWARE SOLUTION LTD | ๐ท๏ธ General
๐ Details: wegro.app/LMu33z
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๐ ๐๐น๐ผ๐ฏ๐ฎ๐น ๐๐ผ๐บ๐บ๐ผ๐ฑ๐ถ๐๐ถ๐ฒ๐ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ
๐ญ ๐๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐น
Commodities in focus: Magnesium, Tellurium, Synthetic Rubber
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๐ P N Gadgil Jewellers Ltd | Broker Report | ๐๐๐ ๐๐ข๐ญ๐ญ ๐ข
๐ข ๐๐ถ๐บ ๐ ๐ ๐๐ข๐ฅ๐จ๐ช๐ญ ๐๐ฆ๐ธ๐ฆ๐ญ๐ญ๐ฆ๐ณ๐ด; ๐ต๐ข๐ณ๐จ๐ฆ๐ต ๐ฐ๐ง ๐๐ด 700: ๐๐ฐ๐ต๐ช๐ญ๐ข๐ญ ๐๐ด๐ธ๐ข๐ญ
๐ ๐๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ: BUY
๐๏ธ ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ: Motilal Oswal
๐ฃ ๐ก ๐๐ฎ๐ฑ๐ด๐ถ๐น ๐๐ฒ๐๐ฒ๐น๐น๐ฒ๐ฟ๐ ๐๐๐ฑ: ๐ ๐ผ๐๐ถ๐น๐ฎ๐น ๐ข๐๐๐ฎ๐น ๐ฅ๐ฒ๐ถ๐๐ฒ๐ฟ๐ฎ๐๐ฒ๐ ๐๐จ๐ฌ ๐๐ถ๐๐ต โน700 ๐ง๐ฃ ๐ฏ:
Motilal Oswal has reiterated its ๐๐จ๐ฌ recommendation for P N Gadgil Jewellers Ltd, setting a target price of โน700, implying a 25% potential upside. The brokerage highlights strong performance and expansion plans.
๐๐ฒ๐ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ (2๐ค๐๐ฌ27):
- ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐ฟ๐ผ๐๐๐ต: Consolidated revenue grew 22% ๐ฌ๐ผ๐ฌ to โน26.7 billion, largely in line with estimates. This was driven by a significant 31% ๐ฌ๐ผ๐ฌ ๐ถ๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ ๐ถ๐ป ๐ฟ๐ฒ๐๐ฎ๐ถ๐น ๐ฟ๐ฒ๐๐ฒ๐ป๐๐ฒ, supported by a 25.5% ๐ฆ๐ฎ๐บ๐ฒ-๐ฆ๐๐ผ๐ฟ๐ฒ ๐ฆ๐ฎ๐น๐ฒ๐ ๐๐ฟ๐ผ๐๐๐ต (๐ฆ๐ฆ๐ฆ๐).
- ๐๐๐๐ง๐๐ ๐ฆ๐๐ฟ๐ด๐ฒ: EBITDA doubled YoY to โน2 billion, beating estimates, primarily due to effective cost control measures, which led to a 300 basis point expansion in EBITDA margin to 7.6%.
- ๐ฅ๐ฒ๐๐ฎ๐ถ๐น ๐ ๐ถ๐
๐๐บ๐ฝ๐ฟ๐ผ๐๐ฒ๐บ๐ฒ๐ป๐: The retail studded mix improved to 11.9% from 9.0% in the previous year, indicating a shift towards higher-value products.
๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป & ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐:
- ๐ฆ๐๐ผ๐ฟ๐ฒ ๐ก๐ฒ๐๐๐ผ๐ฟ๐ธ: PNG added 2 stores in 2Q, bringing the total to 80. The company plans to expand its network to 103 ๐๐๐ผ๐ฟ๐ฒ๐ ๐ฏ๐ ๐๐ฌ27 and aims for 30-35 ๐ฎ๐ป๐ป๐๐ฎ๐น ๐๐๐ผ๐ฟ๐ฒ ๐ฎ๐ฑ๐ฑ๐ถ๐๐ถ๐ผ๐ป๐ from FY28 onwards, with a balanced mix of company-owned and franchise outlets.
- ๐ก๐ฒ๐ ๐๐ฒ๐ผ๐ด๐ฟ๐ฎ๐ฝ๐ต๐ถ๐ฒ๐: PNG targets 30-35% revenue contribution from new geographies by FY30, up from approximately 9% currently. Early traction in Uttar Pradesh is noted as encouraging.
- ๐๐ฒ๐ฑ๐ด๐ถ๐ป๐ด: Hedge coverage increased to ~80% from ~70%, reducing earnings sensitivity to gold price fluctuations.
๐ข๐๐๐น๐ผ๐ผ๐ธ & ๐๐ผ๐ป๐ฐ๐ฒ๐ฟ๐ป๐:
- The brokerage models revenue, EBITDA, and APAT CAGRs of 19%, 24%, and 17% respectively, over FY26-29E.
- While positive on the long-term opportunity, Motilal Oswal remains cautious on the ๐๐๐๐๐ฎ๐ถ๐ป๐ฎ๐ฏ๐ถ๐น๐ถ๐๐ ๐ผ๐ณ ๐ป๐ฒ๐ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ฐ๐ฎ๐น๐ถ๐ป๐ด and the ๐ฐ๐ผ๐ป๐๐ถ๐๐๐ฒ๐ป๐ฐ๐ ๐ผ๐ณ ๐ฐ๐ผ๐๐ ๐ฒ๐ณ๐ณ๐ถ๐ฐ๐ถ๐ฒ๐ป๐ฐ๐ถ๐ฒ๐.
Motilal Oswal reiterates its BUY rating based on 17x Sepโ28E earnings, seeing significant long-term potential despite execution monitorables. ๐
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