DHOOT TRANSMISSION Q1 : GUIDES FOR 25-30% FY27 REVENUE GROWTH; 15-16% EBITDA MARGIN 🚗📈
• Management expects FY27 revenue growth of 25-30%, driven by electrification, new customer additions and expansion of the product portfolio.
• Reiterated FY27 EBITDA margin guidance of 15-16%, with margin recovery expected as raw-material cost increases are passed through.
• EV revenue contributes ~27% of total revenue currently; management expects this to exceed 32% over the next 2-3 years if EV penetration continues to rise.
• Management expects Multilink to deliver ~25-30% growth after full integration, with margins broadly in line with Dhoot Transmission.
• IPO proceeds are being deployed towards capacity expansion and growth initiatives; utilization details to be disclosed in the next reporting period.
• Management expects FY27 revenue growth of 25-30%, driven by electrification, new customer additions and expansion of the product portfolio.
• Reiterated FY27 EBITDA margin guidance of 15-16%, with margin recovery expected as raw-material cost increases are passed through.
• EV revenue contributes ~27% of total revenue currently; management expects this to exceed 32% over the next 2-3 years if EV penetration continues to rise.
• Management expects Multilink to deliver ~25-30% growth after full integration, with margins broadly in line with Dhoot Transmission.
• IPO proceeds are being deployed towards capacity expansion and growth initiatives; utilization details to be disclosed in the next reporting period.
❤1
TATA MOTORS PV
Jaguar Land Rover may cut 4,000 jobs as Tata-owned carmaker targets £1.7bn savings and 300,000-vehicle break-even point a year after cyber attack, piling pressure on Andy Burnham's 'reindustrialise' Britain pledge : Reports
Jaguar Land Rover may cut 4,000 jobs as Tata-owned carmaker targets £1.7bn savings and 300,000-vehicle break-even point a year after cyber attack, piling pressure on Andy Burnham's 'reindustrialise' Britain pledge : Reports
TATA MOTORS PV
Minister says no bailout for Jaguar Land Rover amid job cut reports
Minister says no bailout for Jaguar Land Rover amid job cut reports
GS on TBO Tek
Buy, TP Rs 1800
Management meet Key takeaways
(i) TBO aspires to grow gross profit at 20%+ over the medium term, with a faster EBITDA growth;
(ii) Co views its moat in aggregating travel demand from a long tail of travel agents, which is different vs some of its competitors
(iii) TBO helps customers book complex and high value itineraries, and consumers here lean towards supported travel (less susceptible to disruption).
Buy, TP Rs 1800
Management meet Key takeaways
(i) TBO aspires to grow gross profit at 20%+ over the medium term, with a faster EBITDA growth;
(ii) Co views its moat in aggregating travel demand from a long tail of travel agents, which is different vs some of its competitors
(iii) TBO helps customers book complex and high value itineraries, and consumers here lean towards supported travel (less susceptible to disruption).
ETERNAL, SAREGAMA | BOOKMYSHOW : LIVE-EVENTS BUSINESS SURGES 📈
• BookMyShow parent Big Tree Entertainment’s live-events revenue more than tripled to ₹756 Cr in FY25 from ₹237.5 Cr in FY23.
• FY25 live-events revenue was close to online-ticketing revenue of ₹828 Cr.
• India’s organised live-events industry expected to grow from ₹14,500 Cr in 2025 to ₹19,600 Cr by 2028.
• BookMyShow expanding into concert infrastructure, staging, venues and event properties.
• FY25 total income stood at ₹1,869 Cr, with net profit of ₹192 Cr.
• Company is developing large-format venues and plug-and-play concert infrastructure to tap growing demand.
• BookMyShow parent Big Tree Entertainment’s live-events revenue more than tripled to ₹756 Cr in FY25 from ₹237.5 Cr in FY23.
• FY25 live-events revenue was close to online-ticketing revenue of ₹828 Cr.
• India’s organised live-events industry expected to grow from ₹14,500 Cr in 2025 to ₹19,600 Cr by 2028.
• BookMyShow expanding into concert infrastructure, staging, venues and event properties.
• FY25 total income stood at ₹1,869 Cr, with net profit of ₹192 Cr.
• Company is developing large-format venues and plug-and-play concert infrastructure to tap growing demand.
NTPC
PGCIL test triggers electrical fault, halts NTPC Korba operations : reports
The 2,600 MW NTPC Korba power plant was forced to halt operations after an electrical fault during a PGCIL test disrupted power supply.
PGCIL test triggers electrical fault, halts NTPC Korba operations : reports
The 2,600 MW NTPC Korba power plant was forced to halt operations after an electrical fault during a PGCIL test disrupted power supply.
Death toll in the Satya Niketan building collapse in South-West Delhi rises to 6, with three injured admitted for treatment at AIIMS and one patient undergoing limb surgery
China is preparing a $54 billion (around ₹4.5 lakh crore) capital boost for banks and insurers as authorities step up efforts to support the financial system amid slowing economic growth. The funding will go to several state-backed financial institutions, helping strengthen their balance sheets and lending capacity at a time when confidence in the economy remains under pressure.
The move is one of Beijing's biggest recent interventions in the financial sector and comes as policymakers look to revive growth, support credit flow and shore up market sentiment in the world's second-largest economy.
The move is one of Beijing's biggest recent interventions in the financial sector and comes as policymakers look to revive growth, support credit flow and shore up market sentiment in the world's second-largest economy.
GOLDMAN SACHS ON HINDUSTAN UNILEVER
BUY; target price at ₹2,450
First Capital Markets Day under CEO Priya Nair offers sharper strategic clarity
Foods and Beauty & Wellbeing to drive accelerated innovation and adjacencies
Horlicks repositioned towards lifestyle nutrition, with yeast-based protein launch
Minimalist revenue doubled to ~Rs 9 billion ARR in two years
Margin guidance widened to 22-24% from 22.5
Capex to increase to 3% of revenue from 2%
Near-term industry growth remains resilient; no explicit growth guidance
BUY; target price at ₹2,450
First Capital Markets Day under CEO Priya Nair offers sharper strategic clarity
Foods and Beauty & Wellbeing to drive accelerated innovation and adjacencies
Horlicks repositioned towards lifestyle nutrition, with yeast-based protein launch
Minimalist revenue doubled to ~Rs 9 billion ARR in two years
Margin guidance widened to 22-24% from 22.5
Capex to increase to 3% of revenue from 2%
Near-term industry growth remains resilient; no explicit growth guidance
NUVAMA ON HUL
BUY; target price at Rs 2,820
Growth strategy focused on consumption, premiumisation, market making and new growth spaces
Medium-term EBITDA margin guidance raised to 22-24% from 22.5-23.5%
Targets 500 bps savings through premiumisation, operating leverage, Future Savings Lab and Al
Capex to rise to 3% of sales, with over 85% focused on growth and savings
Underpenetrated categories like liquid detergents, bodywash and skincare offer significant growth opportunities
Expects FY27 to outperform FY26, with revenue growth estimated at 10%
BUY; target price at Rs 2,820
Growth strategy focused on consumption, premiumisation, market making and new growth spaces
Medium-term EBITDA margin guidance raised to 22-24% from 22.5-23.5%
Targets 500 bps savings through premiumisation, operating leverage, Future Savings Lab and Al
Capex to rise to 3% of sales, with over 85% focused on growth and savings
Underpenetrated categories like liquid detergents, bodywash and skincare offer significant growth opportunities
Expects FY27 to outperform FY26, with revenue growth estimated at 10%
GOLDMAN SACHS ON
WIPRO Target ₹172
Recommendation Sell
KEY TAKEAWAYS
Near-term growth outlook remains subdued, client-specific issues persisting
Demand environment stable, but discretionary spending remains muted
Recently ramped-up deals should aid revenue growth
BFSI remains resilient with strong pipeline; Healthcare facing pressure from policy changes
WIPRO Target ₹172
Recommendation Sell
KEY TAKEAWAYS
Near-term growth outlook remains subdued, client-specific issues persisting
Demand environment stable, but discretionary spending remains muted
Recently ramped-up deals should aid revenue growth
BFSI remains resilient with strong pipeline; Healthcare facing pressure from policy changes
GOLDMAN SACHS ON INFO EDGE
Target ₹1,410
Recommendation Buy
KEY TAKEAWAYS
Recruitment billings growth driven by premium hiring and new products
Recruitment business remains well diversified
Premium hiring growing 25-30% YoY
JobHai launched in May'26; aims to double revenue in FY27 vs FY26
Target ₹1,410
Recommendation Buy
KEY TAKEAWAYS
Recruitment billings growth driven by premium hiring and new products
Recruitment business remains well diversified
Premium hiring growing 25-30% YoY
JobHai launched in May'26; aims to double revenue in FY27 vs FY26
CITI ON GAS COMPANIES
Revised HP/HT Gas Allocation Mechanism Positive For Larger CGDs
Allocation To Now Be Linked To Absolute Gas Requirement Based On CNG + Domestic PNG Shortfall
New Formula Better Aligns HP/HT Allocation With Actual Consumption Needs
Larger CGDs Like IGL & MGL Should Gain Better Access To Cheaper Gas
Previous Equal Allocation Methodology Benefited Smaller CGDs Disproportionately
Recent Retail Price Hikes Should Support CGD Margin
Sector Outlook Positive From A Medium-term Perspective
Pecking Order: MGL, IGL, GAIL, Gujarat Energy, Petronet LNG
Revised HP/HT Gas Allocation Mechanism Positive For Larger CGDs
Allocation To Now Be Linked To Absolute Gas Requirement Based On CNG + Domestic PNG Shortfall
New Formula Better Aligns HP/HT Allocation With Actual Consumption Needs
Larger CGDs Like IGL & MGL Should Gain Better Access To Cheaper Gas
Previous Equal Allocation Methodology Benefited Smaller CGDs Disproportionately
Recent Retail Price Hikes Should Support CGD Margin
Sector Outlook Positive From A Medium-term Perspective
Pecking Order: MGL, IGL, GAIL, Gujarat Energy, Petronet LNG
📋 ORDER WINS | WEEKEND HIGHLIGHTS
RVNL 🚆
₹903.01 Cr railway siding project in Bihar
MARINE ⚡
₹80.77 Cr power distribution system orders
NLCINDIA 🔋
275 MW battery energy storage project
MAZDOCK 🛡️
₹117.99 Cr AI-based Infrasecure Project
ANURAS 🧪
6-year chemical supply contract with global major
DHRUV 🏗️
Highway amenities project secured
BCPL 🚆
₹37.36 Cr Eastern Railway infrastructure order
KALIND ⛏️
₹50 Cr Ghana mining equipment rental contract
REFEXRENEW 🌬️
80 MW wind power project for 25 years
BRGIL 🛣️
₹108.68 Cr NHAI work order
SBC 📦
US$2.3 Mn + ₹7.5 Cr export orders
ACCORDTS ⚡
Two transformer orders worth ₹1 Cr+
GRERENEW ☀️
₹24.88 Cr multiple solar EPC orders
AIRFLOA 🚆
₹31.08 Cr railway interior furnishing order
ARTSON 🚢
₹7.17 Cr order for 24 vessels from L&T
TEXRAIL 🏭
₹131.36 Cr two industrial equipment orders
JHACC ☀️
Solar power plant order secured
COMSYN 💰
₹9.2 Cr promoter warrant issue proposed
BORANA 💰
₹5 Cr loan agreement signed with Win Star Industries
RVNL 🚆
₹903.01 Cr railway siding project in Bihar
MARINE ⚡
₹80.77 Cr power distribution system orders
NLCINDIA 🔋
275 MW battery energy storage project
MAZDOCK 🛡️
₹117.99 Cr AI-based Infrasecure Project
ANURAS 🧪
6-year chemical supply contract with global major
DHRUV 🏗️
Highway amenities project secured
BCPL 🚆
₹37.36 Cr Eastern Railway infrastructure order
KALIND ⛏️
₹50 Cr Ghana mining equipment rental contract
REFEXRENEW 🌬️
80 MW wind power project for 25 years
BRGIL 🛣️
₹108.68 Cr NHAI work order
SBC 📦
US$2.3 Mn + ₹7.5 Cr export orders
ACCORDTS ⚡
Two transformer orders worth ₹1 Cr+
GRERENEW ☀️
₹24.88 Cr multiple solar EPC orders
AIRFLOA 🚆
₹31.08 Cr railway interior furnishing order
ARTSON 🚢
₹7.17 Cr order for 24 vessels from L&T
TEXRAIL 🏭
₹131.36 Cr two industrial equipment orders
JHACC ☀️
Solar power plant order secured
COMSYN 💰
₹9.2 Cr promoter warrant issue proposed
BORANA 💰
₹5 Cr loan agreement signed with Win Star Industries
TCS : HYPERVAULT TO INVEST UP TO ₹70,000 CR IN 1 GW AI DATA CENTRE CAMPUS IN TELANGANA 🚀
• TCS subsidiary HyperVault and partners plan to invest up to ₹70,000 Cr in a 1 GW AI data centre campus in Telangana.
• Proposed facility to be spread across 250+ acres in Future City.
• Project described as the largest single investment in Telangana’s AI and data-centre infrastructure sector.
• Development expected to create around 7,000 direct and indirect jobs.
• Telangana government and the company have signed an MoU for development of the campus.
• Project targeted for inauguration on June 2, 2028, coinciding with Telangana Formation Day.
• TCS subsidiary HyperVault and partners plan to invest up to ₹70,000 Cr in a 1 GW AI data centre campus in Telangana.
• Proposed facility to be spread across 250+ acres in Future City.
• Project described as the largest single investment in Telangana’s AI and data-centre infrastructure sector.
• Development expected to create around 7,000 direct and indirect jobs.
• Telangana government and the company have signed an MoU for development of the campus.
• Project targeted for inauguration on June 2, 2028, coinciding with Telangana Formation Day.
Where's The Alpha?
GIC, India Assurance, IFCI-SEBI nod for NSE IPO
Kabra Extrusions Technik-Rs 750cr investment for battery manufacturing expansion.
Molbio Diagnostics, Dhoot Transmission-Strong Q1
TATA Tech-Carnelian buys 3.2lk shares
Godavari Biorefineries -European Patent Office grants patent application for 'A Biofiller for Rubber Reinforcement'
Natco Pharma-Board To Meet on Sept 9 To consider raising funds
AXISCADES Technologies - Board approved raising up to Rs 200 cr
SEAMEC-Vessel on-hired
Shankesh Jewellers: CRISIL upgrades outlook
SBC Exports, NLC India Renewables -Order wins
ASK Automotive-Control Cables JV commences production
RHETAN TMT-Positive strategic update
Anupam Rasayan-Chemical supply contract win
Cantabil Retail - ICRA upgraded long-term bank facility
Data Patterns, Tejas Networks, Avantel , HFCL- To acquire 2,500 Software Defined Radios (SDR) (DAC Meet Today)
GIC, India Assurance, IFCI-SEBI nod for NSE IPO
Kabra Extrusions Technik-Rs 750cr investment for battery manufacturing expansion.
Molbio Diagnostics, Dhoot Transmission-Strong Q1
TATA Tech-Carnelian buys 3.2lk shares
Godavari Biorefineries -European Patent Office grants patent application for 'A Biofiller for Rubber Reinforcement'
Natco Pharma-Board To Meet on Sept 9 To consider raising funds
AXISCADES Technologies - Board approved raising up to Rs 200 cr
SEAMEC-Vessel on-hired
Shankesh Jewellers: CRISIL upgrades outlook
SBC Exports, NLC India Renewables -Order wins
ASK Automotive-Control Cables JV commences production
RHETAN TMT-Positive strategic update
Anupam Rasayan-Chemical supply contract win
Cantabil Retail - ICRA upgraded long-term bank facility
Data Patterns, Tejas Networks, Avantel , HFCL- To acquire 2,500 Software Defined Radios (SDR) (DAC Meet Today)
Tea Stocks🚀🚀🚀🚀
Govt considering FDI liberalisation in plantation sector-100 per cent FDI under automatic route is permitted in the tea sector, including tea plantations, coffee, rubber, cardamom, palm and olive oil tree plantations.
Govt considering FDI liberalisation in plantation sector-100 per cent FDI under automatic route is permitted in the tea sector, including tea plantations, coffee, rubber, cardamom, palm and olive oil tree plantations.
Key Trends +Commentaries
Goyal calls for pharma sector to attract more investment in clinical trials, R&D
CBIC eases documentation norms under Eligible Manufacturer Importer scheme
CEA proposes mandatory energy storage for future renewable projects
Mamaearth parent Honasa Consumer targets Rs 5,500 cr revenue by FY31
CBI registers FIR against Subhash Chandra over alleged Rs.1,322 Cr fraud+ CBI Case Against Subhash Chandra Over ₹980 Crore Loan from LIC Housing Finance
HUL aims 22-24 pc EBITDA margin in medium term; to hike capex to 3 pc: Nair
Difficult time for microfinance business behind us, Q2 to see growth, says IndusInd Bank MD
SAIL output grows 8 pc in Aug; sales up 13 pc
Auto component suppliers sit on Rs 98,000 cr inventory, says report
Novartis India to pursue therapy-aligned acquisitions; eyes expansion in Tier 2 and Tier 3 markets
BEML, UMPESL forge partnership to drive next-generation mining fleet productivity
Chalet Hotels targets 5,500 keys by FY30, bets on hybrid model
RPG Life Sciences to deploy Rs 500 cr in next 12 months to bolster manufacturing, API capabilities
Hyundai Motor India expects 30 pc sales to come from rural markets in 3-4 years: MD & CEO
NMDC to start commercial coal production next quarter; eyes 1 MT dry fuel sale in FY27: Chairman
Paint makers expect healthy FY27 demand amid price hikes; competition intensity remains high
DP Abhushan targets 51 stores, Rs 15,000 cr revenue by FY30
ISRO staff bodies seek clarification on trajectory of privatisation
Govt considering FDI liberalisation in plantation sector-100 per cent FDI under automatic route is permitted in the tea sector, including tea plantations, coffee, rubber, cardamom, palm and olive oil tree plantations.
SBI to hire 12,000 personnel, add 250 branches during FY27: Chairman Setty
Dixon Technologies eyes foray into aerospace, defence, medical electronics
Goyal calls for pharma sector to attract more investment in clinical trials, R&D
CBIC eases documentation norms under Eligible Manufacturer Importer scheme
CEA proposes mandatory energy storage for future renewable projects
Mamaearth parent Honasa Consumer targets Rs 5,500 cr revenue by FY31
CBI registers FIR against Subhash Chandra over alleged Rs.1,322 Cr fraud+ CBI Case Against Subhash Chandra Over ₹980 Crore Loan from LIC Housing Finance
HUL aims 22-24 pc EBITDA margin in medium term; to hike capex to 3 pc: Nair
Difficult time for microfinance business behind us, Q2 to see growth, says IndusInd Bank MD
SAIL output grows 8 pc in Aug; sales up 13 pc
Auto component suppliers sit on Rs 98,000 cr inventory, says report
Novartis India to pursue therapy-aligned acquisitions; eyes expansion in Tier 2 and Tier 3 markets
BEML, UMPESL forge partnership to drive next-generation mining fleet productivity
Chalet Hotels targets 5,500 keys by FY30, bets on hybrid model
RPG Life Sciences to deploy Rs 500 cr in next 12 months to bolster manufacturing, API capabilities
Hyundai Motor India expects 30 pc sales to come from rural markets in 3-4 years: MD & CEO
NMDC to start commercial coal production next quarter; eyes 1 MT dry fuel sale in FY27: Chairman
Paint makers expect healthy FY27 demand amid price hikes; competition intensity remains high
DP Abhushan targets 51 stores, Rs 15,000 cr revenue by FY30
ISRO staff bodies seek clarification on trajectory of privatisation
Govt considering FDI liberalisation in plantation sector-100 per cent FDI under automatic route is permitted in the tea sector, including tea plantations, coffee, rubber, cardamom, palm and olive oil tree plantations.
SBI to hire 12,000 personnel, add 250 branches during FY27: Chairman Setty
Dixon Technologies eyes foray into aerospace, defence, medical electronics
❤2
China is facing a serious youth jobs crisis. A record 12.7 million young graduates are looking for work, while AI is increasingly replacing or reducing entry-level jobs. This means graduates are now competing not only with millions of other young people, but also with AI.
GOLDMAN SACHS ON LTIMINDTREE
NEUTRAL; target price maintained at ₹3,870
Revenue growth this year seen similar to last year, with 3Q expected to be stronger than 2Q
BFSI vertical improving month-on-month; tech vertical issues now behind
Some Al-led demand pressure flagged, while other growth areas remain supportive
EBIT margins expected to improve in FY27
NEUTRAL; target price maintained at ₹3,870
Revenue growth this year seen similar to last year, with 3Q expected to be stronger than 2Q
BFSI vertical improving month-on-month; tech vertical issues now behind
Some Al-led demand pressure flagged, while other growth areas remain supportive
EBIT margins expected to improve in FY27
NOMURA ON STEEL
Maintain Buy on Tata Steel - TP Rs 240
Maintain Buy on JSW Steel – TP Rs 1400
Maintain Buy on Jindal Steel – TP Rs 1300
Maintain Buy on Tata Steel - TP Rs 240
Maintain Buy on JSW Steel – TP Rs 1400
Maintain Buy on Jindal Steel – TP Rs 1300