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ICICI BANK

* ICICI Bank presents a strong long-term opportunity, driven by consistent execution, solid core performance, and a focus on superior risk-adjusted returns through its “One Bank One RoE” & “Customer-360” strategies.

* ICICI posted 15.5% YoY PAT growth in 1QFY26, aided by stable NIMs at 4.34%, strong treasury gains (Rs.12.4b), & controlled opex. This reflects its consistent earnings delivery despite sector-wide NIM pressure and rising credit costs.

* We estimate RoA/RoE to improve to 2.3%/17.3% by FY27, driven by Continued tech investments, confident PL/CC outlook, stable NPA’s and strong contingency buffer.

HDFC BANK

* HDFC Bank is well-positioned for a strong rebound, with FY25 marking a transition phase focused on regulatory compliance and consolidation.

* With loan growth guided to match the system in FY26 and exceed it in FY27, we estimate 10.7%/12.5% growth in FY26/FY27. Asset quality remains robust (GNPA/NNPA at 1.4%/0.5%), supported by a strong provisioning buffer (Rs.214b floating, Rs.152b contingency).

* It reported a 1QFY26 profit of Rs.181.6b (up 12% YoY), aided by tax reversals & significant gain from its HDB Financial stake sale. The bank also declared a 1:1 bonus issue & Rs.5/share special dividend.

* We project FY27E RoA/RoE at 1.9%/14.9%, supported by strong provision buffers & improving oper. leverage.

SHRIRAM FINANCE

* Shriram Finance reported 1QFY26 PAT of Rs.21.6b, up 9% YoY, with NII growing 10% YoY. Despite a 15bps QoQ contraction in NIM to 8.1% due to elevated surplus liquidity (~Rs.280b). AUM grew 16.6% YoY, supported by healthy rural demand, especially in used CVs and MSME segments

* A strategic shift to higher-yielding non-auto products (PL, MSME, gold loans) strengthens diversification & supports blended yield improvement. Its expanded rural footprint (750+ branches) will aid disbursement growth and deepen customer penetration over the next 12–18 months.

* We estimate ~17% PAT CAGR over FY25–27E and RoA/RoE of 3.2%/16% by FY27, driven by expansion in MSME coverage & leveraging cross-selling opportunities maintaining strong growth prospects.

PAYTM

* Merchant subscriptions hit a record 13 million in Q1FY26, supported by quality devices & services, with over 1 million POS machines deployed, including new chipenabled sound boxes enhancing customer retention.

* Paytm delivered a robust 1QFY26, reporting a net profit of Rs.1.2b (ahead of estimates) driven by lower DLG, collections, and ESOP-related expenses

* PAYTM focuses on AI-driven solutions to boost processes & customer engagement, seeing a vast opportunity as 40-50% of 100 million potential merchants may need subs. services for business mgmt.

* With improving monetization in financial services and a cash buffer of Rs.161b, Paytm is poised to turn EBITDA positive by FY26.

NIVA BUPA

* Niva Bupa, the third-largest insurer in retail health space with a 10% market share in FY25, is one of the fastest-growing players, achieving a CAGR of ~34% (FY22-25).

* GWP reported 28% YoY growth (ex-1/n impact) in 1QFY26, with retail health growing 32%. IFRS PAT rose to Rs.700m (Rs.360m in 1QFY25), and the combined ratio improved to 103.2% due to better expense control.

* Niva has a strong position to harness the growth opportunity, with a strategic global partner, a growing customer base, a diversified channel mix, & innovative product offerings. We estimate a 25% GWP and 32% PAT CAGR over FY25–28, driven by scale & operating leverage.

M&M

* M&M is well-positioned for long term growth, supported by a robust product pipeline planned by 2030 & strong volume CAGRs across key segments.

* M&M posted strong SUV growth, with 22% YoY volume increase to 152k units and gains in auto and LCV market share in Q1. SUV revenue market share expanded 210bps YoY to 22.5%, consolidating its top position.

* E-SUV penetration rose to 7.8% (vs. 5.6% industry), with MM’s E-SUV market share at 31.8%, and leadership maintained in 3W EVs at 38.7%.

* MM is expanding in key export markets with positive reception for XUV 3XO. We estimate MM to post a CAGR of ~15%/14%/18% in revenue/ EBITDA/PAT over FY25-27, with EPS growth of 15–20% & RoE at 18%.

DIVI’S LAB

* Divi’s long runway of growth is intact, led by tirzepatide, other peptides, and contrast media. It would invest Rs.650 -Rs.700 crore in capacity expansion, eyeing a significant revenue boost.

* In FY25, Divi’s revenue/EBITDA/PAT rose 19%/33.5%/35% YoY to Rs.94b/ Rs.30b/Rs.21b.The company recently signed a supply agreement for advanced intermediaries with a global pharma firm, expecting meaningful revenue contribution.

* We raise FY26/27 EPS and model 25% earnings CAGR over FY25–27, on superior execution in generics segment & strong capabilities in peptides space.

MAX HEALTHCARE

* MAXH is well-positioned as a leading multi-specialty hospital chain, with plans to add 3,600+ beds over 3–4 years through brownfield expansion and strategic acquisitions.

* The Jaypee Hospital acquisition boosts its North India presence, while rising insurance coverage, PPPs, and medical infra investments support long-term growth.

* For FY25, revenue/EBITDA/PAT grew 27%/22%/10% to Rs.86.2b/Rs.22.85/Rs.14.7b, aided by volume expansion & 42% YoY growth in Max Labs. Ramp-up of Lucknow, Nagpur, Jaypee units to enhance profitability & reach. We expect a 17%/24% revenue/PAT CAGR over FY25-27.

HINDUSTAN AERONATICS

* HAL is strategically positioned for sustained long-term growth, supported by a record FY25 order book of Rs.1.89t, nearly double prior year, & strong future pipeline valued at ~Rs.1t to materialize over 1-2 years.

* Key growth drivers include manufacturing scaleup, sustained ROH orders (~Rs.200b annually), new programs like Tejas Mk1A, Su-30 avionics upgrade, LCH Prachand deliveries, and upcoming Tejas Mk2 production.

* We estimate HAL’s revenue/PAT to grow at a 21%/14% CAGR over FY25-27, with EBITDA margins stable near 29%, supported by indigenization and operational efficiency

KAYNES TECH

* KAYNES delivered robust 1QFY26 results, with revenue/ EBITDA up 34%/69% YoY, driven by sharp margin expansion & favorable business mix in high-margin sectors like Aerospace, Industrials, & Automotive.

* EBITDA margin improved to 16.8%, & strong order inflow of Rs.14.8b pushed the order book to Rs.74b (+47% YoY). Management reiterated FY26 revenue guidance of Rs.45b and expects margins to remain elevated.

* Recent acquisitions have enhanced its global presence, with future focus on high-margin ODMs. We estimate a revenue/adj. PAT CAGR of 58%/74% over FY25–27, on back of improving operating leverage, a favorable order mix, & continued investments in hightech verticals.

J K CEMENT

* JKCE plans to double its grey cement capacity by FY30 through greenfield and brownfield projects across India. This expansion will strengthen its market position and enhance its pan-India presence.

* JK reported a strong performance in Q1FY26 with EBITDA surging 41% YoY to Rs.6.9b, driven by robust volume growth in grey/white cement (+17%/+9% YoY).

* Strong demand in Central and South India and ontrack capacity expansion reinforce growth visibility.

* We estimate JKCE's revenue/PAT CAGR at 15%/31% over FY25-27, driven cost efficiency, regional strength, and sustained execution. We believe JKCE is wellpositioned among mid-sized cement firms

POLYCAB

* The Cables & Wires (C&W) business saw healthy demand and margin gains, while the FMEG segment turned profitable, aided by richer mix and better cost absorption.

* POLYCAB reported strong 1QFY26 earnings, with EBITDA up ~47% YoY to INR8.6b (~16% beat) and PAT up ~50% YoY to INR5.9b (~17% beat), driven by better-thanexpected volume growth and margin performance in both C&W and FMEG segments.

* We estimate FY25–28E revenue/EBITDA/PAT CAGR of 18%/21%/20% as we remains positive on domestic C&W demand, supported by infrastructure push, private capex, and real estate recovery.

*  Favorable global tariffs/policies give Indian players an edge over Chinese peers.

COFORGE

* COFORGE has reiterated its target of reaching USD2b revenue by FY27, driven by strong organic momentum and cross-selling opportunities from Cigniti.

* Q1FY26 delivered strong 8.0% QoQ revenue growth in CC terms, beating estimates, driven by robust growth in the TTH vertical (+31.2% QoQ), Healthcare & Retail.

* It reported a significant order intake of USD 507 million (+61% YoY) with five large deals, boosting its 12-month executable order book to USD 1.55 billion (+47% YoY).

* COFORGE remains our top mid-tier IT pick for its scalability and profitability outlook. We expect revenue/EBIT/adj. PAT to grow by 33%/54%/62% YoY in 2QFY26.

RADICO KHAITAN

* Radico Khaitan is well poised for long-term growth through aggressive expansion in the premium & luxury spirits segment, leveraging strong brand with leading products like 8PM, Magic Moments, & Rampur Single Malt.

* It commands an 8% mkt. share in Prestige & Above (P&A) segment, with rising consumer premiumization.

* It reported a robust 1QFY26 standalone net sales increase of 32% YoY to Rs.15.1b (above estimates). Total volume rose 38%, driven by 41%/52% growth in premium & above/regular volumes to 3.8/5.4 million cases.

* We estimate revenue/EBITDA/APAT CAGR of 16%/22%/30% over FY25-FY28, supported by margin expansion due to premiumization & operating leverage.

ETERNAL

* Eternal delivered a strong 1QFY26, with revenue of Rs.72b (up 70% YoY, above estimates), powered by Blinkit’s 140% YoY GOV growth & resilient food delivery.

* Quick commerce losses appear to have bottomed out, with Blinkit’s EBITDA margin improving to -1.8% (from -2.4% in 4QFY25), despite aggressive expansion.

*  Mgmt. anticipates steady margin improvement as more dark stores mature and as Blinkit transitions to an inventory-led model.

* We see Eternal as a generational play on retail and food delivery disruption & project over 15% NOV growth in FY26, supported by the long-term potential of Blinkit as a generational opportunity in retail, grocery, and ecommerce disruption.

BHARTI AIRTEL

* Bharti Airtel is well-positioned for long-term value creation, supported by its strong premiumization strategy, Airtel Africa’s digital & financial services growth and margin expansions.

* With capex intensity expected to decline in FY26 (following lower FY25 India capex of ~Rs.300b), Bharti is likely to generate robust free cash flows of ~Rs.1t over FY26-27E, enabling balance sheet strength and improved shareholder returns.

* We model a 14%/17% CAGR in Bharti's consolidated revenue/EBITDA (FY25–28E) driven by an expected ~15% India wireless tariff hike (Dec'25), faster home broadband growth, & continued strong double-digit growth in Africa.

VISHAL MEGA MART

* Vishal Mega Mart is one of India’s largest offline-first value retailers, operating 696 stores across 458 cities, with ~72% in Tier 2+ India. VMM aims to add 100+ stores per year across 1,250+ Tier 2+ towns & untapped Tier 1 cities, supported by robust store-level economics.

* VMM’s mix—Apparel (44%), FMCG & GM (~28% each)— with 73% revenue from private brands, drives footfall, wallet share, and TAM expansion. With 50% RoCE, & double-digit SSSG, VMM enjoys strong store-level profitability & self-funded expansion through disciplined, asset-light operations.

* We expect revenue/PAT CAGR of 19%/24% over FY25–28, driven by steady store additions & margin gains. Forecast cumulative OCF/FCF of Rs.32b/Rs.23b ensures ample internal funding, while private label scale & operating leverage further enhance profitability.

PRESTIGE ESTATES

* Prestige is a leading real estate developer with a strong base in South India and expanding presence in Mumbai and NCR, backed by a robust pre-sales track record.

* Prestige started FY26 with its strongest quarter ever, achieving record sales of Rs.121.3b in Q1 FY26, a 300% increase YoY. Robust customer demand & disciplined collections drove this growth, with collections reaching Rs.45b, up 55% YoY—the highest to date.

* The company maintains financial discipline with net debt at Rs.67b, Net D/E at 0.42x, and a lower borrowing cost of 10.3%. With growth in residential, commercial, and hospitality segments, the stock is poised for further re-rating.

TIME TECHNOPLAST

* TIME is the world’s largest manufacturer of large-size plastic drums, holding a 55%+ mkt share in India & strong presence in 10 countries. It pioneered intermediate bulk containers in India, now ranks 3rd globally & is 2nd largest maker of Type-IV composite LPG/CNG cylinders.

* We are optimistic about TIME’s value-added composite products, its stable industrial packaging business & strong financial discipline. With estimated annual FCF of Rs.4B+, the company aims to achieve net cash status by FY27E, supported by robust OCF/EBITDA (~60%).

* We estimate a CAGR of 15%/16%/23% over FY25–28E, driven by robust growth in the value-added products (VAP) segment and strong cash flows..

SRF

*  SRF delivered a strong 1QFY26 with EBITDA margin expanding 360bp YoY to 21.5% (vs. est. 20%), led by robust growth in chemicals & packaging films despite a weak summer and global uncertainties.

* For FY26, SRF plans a capex of ~Rs.22–23b, which may rise during the year. Over the past 18 months, it achieved a 30% capacity increase through debottlenecking.

* The chemicals segment is set to sustain momentum, supported by new plant ramp-ups, a strong order book, stable refrigerant demand, and rising PTFE sales. Packaging margins should improve, backed by valueadded products. We model a revenue/EBITDA/Adj. PAT CAGR of 16%/30%/42% over FY25–27E.

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