Steel Strips Wheels Ltd. key Products/Revenue Segments include Wheel Rims, Duty Drawback, Job Work for the year ending 31-Mar-2023.

We believe while near-term stock price is likely to be guided by outcome on CGFMU audit, stock remains attractively valued (1.0x FY26e P/BV) and given the change towards a more predictable growth and profitability profile offers favorable risk-reward. Maintain BUY with a revised target price of INR260.

Titan has reduced the gold premium compared to peers in a calibrated manner, which has been compensated with other initiatives to protect operating margin. The management believes that jewelry EBIT margin of 12-13% is sustainable despite rising competition. LGDs have seen success in many developed countries, yet TTAN is not sure it would participate in LGDs.

The current valuation of 2.2x FY26E P/BV is not expensive for a franchise that will continue to deliver healthy investor returns, aided by a strong underlying business model. We estimate a PAT CAGR of ~19% over FY24-FY26E, leading to RoA/RoE of 5.2%/22% in FY26.

Sagar Cements key Products/Revenue Segments include Cement, Power, Other Operating Revenue, Scrap for the year ending 31-Mar-2023.

Crompton Greaves Consumer Electricals, incorporated in the year 2015, is a Mid Cap company (having a market cap of Rs 16955.56 crore) operating in Consumer Durables sector.

VIP Industries key Products/Revenue Segments include Soft Luggage, Scrap and Export Incentives for the year ending 31-Mar-2023.

Titan has reduced the gold premium compared to peers in a calibrated manner, which has been compensated with other initiatives to protect operating margin. The management believes that jewelry EBIT margin of 12-13% is sustainable despite rising competition. LGDs have seen success in many developed countries, yet TTAN is not sure it would participate in LGDs.

InterGlobe Aviation, incorporated in the year 2004, is a Large Cap company (having a market cap of Rs 136107.41 crore) operating in Airlines sector.

Jindal Steel & Power key Products/Revenue Segments include Iron & Steel Items, Other Operating Revenue, Scrap and Export Incentives for the year ending 31-Mar-2023.

Promoters held 37.91 per cent stake in the company as of 31-Dec-2023, while FIIs owned 30.47 per cent, DIIs 19.46 per cent.

PG Electroplast, incorporated in the year 2003, is a Small Cap company (having a market cap of Rs 4070.77 crore) operating in Electric/Electronics sector.

Adani Ports & Special Economic Zone key Products/Revenue Segments include Income from Port Services, Infrastructure Leasing Income, Other Operating Revenue for the year ending 31-Mar-2022.

Shree Cements, incorporated in the year 1979, is a Large Cap company (having a market cap of Rs 93600.68 crore) operating in Cement sector.

Natco Pharma, incorporated in the year 1981, is a Mid Cap company (having a market cap of Rs 17460.53 crore) operating in pharmaceuticals sector.

Mahindra & Mahindra Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 233143.00 Crore) operating in Auto sector.

Ujjivan Small Finance Bank Ltd., incorporated in the year 2016, is a banking company (having a market cap of Rs 8990.31 Crore).

Happiest Minds Technologies Ltd. key Products/Revenue Segments include I T Enabled Services for the year ending 31-Mar-2023.

Cera Sanitaryware Ltd. key Products/Revenue Segments include Building Products, Other Operating Revenue, Sale of services and Export Incentives for the year ending 31-Mar-2023.

PNC Infratech Ltd. key Products/Revenue Segments include Contract Revenue, Material and Scrap for the year ending 31-Mar-2023.