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.

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.