EMKAY on Avenue Supermart
Initiating Promote, TP Rs 3700
Inventory at 70x ahead P/E costs a enterprise DMART must grow to be, not what it’s.
QC gamers now solely 4-13% pricier than DMART on a month-to-month basket — hole gone after financial institution reductions.
Invoice cuts per sqft down 6% since FY20 whilst darkish retailer rely went from 421 to 2,000+ in two years.
Capex per retailer up 60%, RoIC sliding from 19% to an estimated 13.5% by FY28.
DMART nonetheless covers solely 50% of India’s retail TAM
At PEG of 4.2x vs Trent & Titan at 2.6x, market is paying for perfection on a enterprise that wants structural reform
Bear case goal Rs2200
MS on UPL
Resume EW, TP Rs 658
UPL is a play on revival in world crop chemical volumes, having delivered two years of strong quantity development
Whereas are constructive on agchem cycle bettering, near-term uncertainty attributable to provide dislocations, feedstock sourcing and potential demand dangers hold us cautious
UPL has outperformed world listed friends – delivering ~2-2.5x greater quantity development within the final eight quarters.
Suppose UPL, with its world footprint, is nicely positioned to leverage the restore cycle, ship at or above-industry quantity development (3-6%) and market share good points over F27-28.
JPM on HFCs
Provoke OW on PNB HF – TP Rs 1000
Provoke UW on Bajaj HF – TP Rs 70
Assume Impartial on LIC HF – TP Rs 580
System mortgage ought to develop at 8-10% over subsequent 3-5Y, which has come off to 9% in Feb-26 (vs. 11% in final 3Y)
Slowdown is in-line with declining residential gross sales (6.4% in Feb-26).
Lenders with sturdy legal responsibility franchise (PSBs) or distribution (choose HFCs) have been gaining market share, which ought to proceed.
Intense competitors in prime mortgages by PSBs suggests profitability is near peak, & is forcing HFCs to discover development in excessive yield segments (DF, LAP & reasonably priced)
Desire HFCs with sturdy underwriting, low price distribution and talent to ship market share good points
Bajaj HF stands out, nevertheless, its 233/225% PB/ PE premium to friends for related profitability appears unsustainable
PNBHF is in early years of its turnaround & gives development at an affordable value.
LICHF might proceed to lose market share and lacks quick catalysts, however low valuations restrict draw back
HSBC On India Renewables
Renewable Power Now 30–50% Cheaper Than Thermal, Driving Robust Adoption
Round 80% Of New Energy Capability Additions Coming From Renewables
Sector Progress Supported By Urbanisation, Industrialisation And Rising Electrical energy Demand
BESS Adoption Anticipated To Speed up Renewable Utilization By Discoms And C&I Clients
Execution Challenges (Land, Transmission, Design) Now Extra Essential Than Capital Availability
Power Storage (BESS) Enhancing Reliability And Fixing Night Energy Shortages
Growing Adoption By Distribution Corporations And Business & Industrial Clients
Two Fashions Exist: D2D (Discoms) And D2C (Direct Customers), Each Viable Due To Value Benefit And Coverage Help
Renewables At present Contribute ~17% To India’s Whole Energy Technology Combine
HSBC on Acme Photo voltaic
Provoke Purchase, TP Rs 350
One in every of India’s fastest-growing, vertically-integrated, unbiased energy producers of renewable vitality
c6GW contracted capability offers long-term earnings visibility; FDRE tasks and BESS to enhance returns
Forecast an EBITDA CAGR of 72% in FY26-28
HSBC on Clear Max
Provoke purchase, TP Rs 1150
CleanMax is India’s largest supplier of renewable vitality to C&I customers
Anticipate sturdy development as extra firms use inexperienced vitality, which is 30-45% cheaper than grid energy costs
Forecast an EBITDA CAGR of c60% over FY26-28
