Nirmal Bang Institutional Research

NSE IPO is one of India's biggest public issues, with a total size of Rs 22,562 crore at the upper price band. It is a 100% Offer for Sale (OFS).

In Q2, mid cap IT services did better than their large cap peers, in line with expectations, with a smaller market share to defend, highlights Nirmal Bang.

Nirmal Bang's medium-term outlook on Suprajit Engineering remains positive, supported by a favorable shift toward international markets, with global revenue contribution targeted at more than 60% and increasing adoption of higher-value, EV-agnostic products.

AWFIS will see growth in the coming quarters from second half and expects occupancy-led operating leverage and a richer portfolio mix to support stronger earnings growth from FY28, says Nirmal Bang

Nirmal Bang remains constructive on the FY27 auto outlook, supported by GST-led affordability, rural recovery, premiumisation, capacity ramp-ups, exports, and rising EV penetration.

Nirmal Bang bets on two housing finance stocks as growth outlook stays strong.

Nirmal Bang has identified a bunch of specialty chemicals stocks as buying opportunities even as the sector continues to navigate weak global demand, Chinese competition and pressure on returns.

The brokerage highlights that global slowdown in the automotive sector has impacted KPIT's performance in the recent past and believes that revenue and margin pressure will continue, with any material recovery only in FY28.

Resilient margins, healthy loan growth, benign credit costs, positive operating jaws, and a gradual recovery in fee income should support South India Bank's sustainable RoA of 1.2%, believes the brokerage.

At current market price, the stock is trading at seven times FY28E EV/Ebitda, which is a 39% discount to its four year average EV/Ebitda of 11x, adds the brokerage.

Blue Star is well placed to ride room AC industry tailwinds and estimates 18% volume compound annual growth rate over the next five years, with its B2B businesses also showing strong growth momentum, believes Nirmal Bang.

The brokerage's positive view is driven by Ashok Leyland's successful diversification, with nearly 45-50% of revenues now coming from higher margin, less cyclical non-truck businesses such as defence, aftermarket, power solutions, and financial services.

Brokerage sees electronics, PCB and mobile manufacturing businesses driving a sharp earnings rerating over the next few years.

GST rationalisation three quarters ago has helped ease the drag at the lower end, though Bata continues to see stronger growth from premium categories, adds Nirmal Bang

Nirmal Bang stays positive on EIH's overall luxury category on account of structural demand-supply mismatch and FTA 'hope story'.

Backed by strong solar demand and ALMM-led policy support, the brokerage expects Insolation Energy to outpace industry growth via capacity expansion and higher utilisation, while its 4.5 GW captive TOPCon facility lowers costs, expands margins and aids deleveraging.

While near-term headwinds from West Asia-related freight and commodity inflation persist, the brokerage believes these are outweighed by Maruti Suzuki's strong structural drivers, including its leadership in the domestic PV market, an expected recovery in the entry segment following GST rationalization, and a robust SUV launch pipeline.

Dixon Tech remains well positioned for strong growth, supported by a robust order pipeline, strategic JVs, and deeper backward integration, says the brokerage.

Ambuja Cement began Q1 FY27 on a strong footing, delivering meaningful cost savings despite industry-wide inflation in energy, diesel, and packaging costs driven by geopolitical disruptions, adds Nirmal Bang.

Nirmal Bang remains structurally positive on HUL's long-term growth prospects, supported by premiumisation, portfolio transformation, and continued execution improvements.