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
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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.
The brokerage continues to remain positive on Shriram Finance, on the back of strong benefits translating from the MUFG deal, rating upgrades which would lower cost of funds going ahead.
Nirmal Bang expects Cipla to deliver a 10% revenue CAGR over FY26-FY28E, underpinned by a stronger US pipeline, resilient domestic franchise, and healthy international execution.
India's IT sector is likely to report a subdued start to FY27, with Nirmal Bang expecting revenue growth pressure across most large-cap technology companies even as deal activity remains healthy.
As confidence builds around the sustainability of returns and the durability of the transformed franchise,Nirmal Bang believes South Indian Bank is well positioned for a valuation rerating.
Jyoti CNC should outpace industry growth, supported by its leading domestic CNC manufacturing capabilities and a 21% domestic manufacturing market share, adds the brokerage.
Nirmal Bang remains constructive on Zota, supported by improving storelevel economics, increasing store maturity, and a faster-than-anticipated path to profitability.
Nirmal Bang continues to believe that Blue Star is well placed to ride the room AC industry tailwinds with its B2B businesses also showing strong growth momentum.
Nirmal Bang's revised target price implies an upside potential of around 25% from current levels, despite a slight downward revision due to a marginal change in ownership in its insurance subsidiary.
Nirmal Bang has turned cautious on the Indian IT sector, maintaining an underweight' stance for FY27 amid rising structural challenges driven by Gen AI-led pressures.
Agriculture and allied sector growth is expected to be healthy at 4.5% YoY in Q4 FY26 supported by a robust Rabi crop.
Strong order wins and the visible turnaround in StahlSchmidt Cable Systems, which turned Ebitda positive in Q4 FY26, along with diversification into EMA, electronics, and sensor segments under the beyond cables' strategy, position Suprajit well for medium-term growth.
While the JB Pharma acquisition strengthens Torrent's India franchise and medium-term growth visibility, current valuations largely factor in the near-term earnings and synergy benefits, says Nirmal Bang
Nirmal Bang remain positive on BEL, given its position as the key integrator across India's defence electronics ecosystem and its strong participation in multiple strategic defence platforms.