Porinju Veliyath & Dolly Khanna Forum

 360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26. This was driven by a 36% YoY growth in ARR income to INR5.1b (7% beat), offset by a 32% YoY decline in TBR income to INR1.5b (8% miss).

 ARR AUM rose 30% YoY to INR2.9t (10% beat), while ...

LTIMindtree posted decent Q1FY26 results, in line with our estimates. Revenue came in at USD1,153mn, +0.8% CC QoQ (+4.4% YoY), in line with our estimate. EBIT margin expanded 50bp QoQ to 14.3%, in line with our estimate. TCV rose +1.9% QoQ/+16.4% YoY to USD1.63bn.

Over the last two years, LTIM has ...

We initiate coverage of Cera Sanitaryware Ltd. with a BUY recommendation and a target price of Rs 8,500/share, implying a potential upside of 31% from the CMP.We expect Revenue/EBITDA/PAT CAGR of 10%/9%/9% from FY24-FY27E.Cera is engaged in the business of manufacturing, selling, and trading various ...

Vishal Mega Mart (VMM) is one of India’s largest offline-first value retailers, catering to a population of ~1b across the middle- and low-income segments. VMM is a unique Indian retailer with: 1) a strong presence in tier 2+ cities (696 stores in 458 cities); 2) well-diversified exposure to key ...

Kalyan Jewellers was founded by T S Kalyanaraman – who has over 45 years of retail experience with 25 years in the jewellery industry – in 1993 with one showroom in Thrissur. By FY25, it had 278 stores in India. It entered the Middle East in 2014 and operates 36 showrooms in the region (Mar-27), and ...

 Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field.

 Over the past two decades, the company has established an extensive Business-toBusiness-to-Consumer (B2B2C ...

TCS reported revenue decline in 1Q, primarily due to the ramp-down in BSNL deal. Barring India, the company posted a disappointing 0.5% QoQ revenue decline. The weakness is attributable to the cautious discretionary spending in international markets. Clients are taking longer to finalize decisions ...

Ascribing valuation in line with its peer GSK

▪ Novo’s oral semaglutide Rybelsus is growing at a robust 173% CAGR over a 3Y period to Rs 4bn, as on MAT MAY’25

▪ Abbott’s in-licensed Insulin sales as on MAT MAY’25 — Mixtard Rs 7.6bn, Ryzodeg Rs 6bn, Novomix Rs 3.6bn, Actrapid Rs 2.3bn

▪ Due to ...

We reiterate BUY on Anant Raj with an unchanged TP of Rs800. The company has announced the commissioning of its second Data Center (DC) facility at Panchkula, and is also expanding its existing capacity at Manesar, Haryana. We expect operations to start over the next two months, with annualized ...

We initiate coverage on Tips Music Ltd (Tips Music) with a BUY rating and a DCF-based Mar’26 TP of INR 800 (implied FY27E PER of 40x, PEG of 1.7x). It is one of the leading music labels in India (top 5) and delivered above-industry growth of 36% over FY21-25 by expanding its catalogue (hits from the ...