Prestige Estates Projects Ltd. key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Property Development, Other Services, Project Management Fees, Sale of services and Other Operating Revenue for the year ending 31-Mar-2023.

APL Apollo Tubes Ltd. key Products/Revenue Segments include Pipes & Tubes Steel, Scrap, Export Incentives and Job Work for the year ending 31-Mar-2023.

Aether Industries Ltd. key Products/Revenue Segments include Chemicals and Sale of services for the year ending 31-Mar-2023.

Galaxy Surfactants Ltd. key Products/Revenue Segments include Other Operating Revenue and Scrap for the year ending 31-Mar-2023.

Neogen Chemicals Ltd. key Products/Revenue Segments include Organic/Inorganic Heavy Chemicals and Other Operating Revenue for the year ending 31-Mar-2023.

For the quarter ended 31-12-2023, the company reported a Consolidated Total Income of Rs 20141.33 Crore, up 9.23 % from last quarter Total Income of Rs 18439.35 Crore and up 10.06 % from last year same quarter Total Income of Rs 18299.95 Crore.

Dabur India Ltd. key Products/Revenue Segments include Personal Care, Other Operating Revenue and Scrap for the year ending 31-Mar-2023.

Marico Ltd. key Products/Revenue Segments include Edible Oil, Others, Personal Care, Export Incentives, Scrap for the year ending 31-Mar-2023.

Emami Ltd., incorporated in the year 1983, is a Mid Cap company (having a market cap of Rs 19199.45 Crore) operating in FMCG sector.

Dalmia Bharat Ltd. key Products/Revenue Segments include Income From Management Services for the year ending 31-Mar-2023.

Century Textiles & Industries Ltd., incorporated in the year 1897, is a Mid Cap company (having a market cap of Rs 18306.92 Crore) operating in Cement sector.

Crompton Greaves Consumer Electricals Ltd. key Products/Revenue Segments include Electrical Consumer Durables, Lighting Products, Scrap, Sale of services, Export Incentives and Royalty Income for the year ending 31-Mar-2023.

IIFL Securities Ltd. key Products/Revenue Segments include Fees & Commission Income and Interest for the year ending 31-Mar-2023.

ICICI Lombard General Insurance Company Ltd. key Products/Revenue Segments include Miscellaneous Insurance, Other Operating Revenue, Fire Insurance and Marine Insurance for the year ending 31-Mar-2023.

NMDC Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 59989.50 Crore) operating in Mining sector.

Kalpataru Projects International Ltd. key Products/Revenue Segments include Income from EPC,Contracts,& Others, Transmission Lines, Towers & Structures, Scrap, Others and Export Incentives for the year ending 31-Mar-2023.

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.