India research
Deep-dive research on Indian companies, plus the policy and regulatory decisions that move them.
148 articles, newest first · page 2 of 17
Policy Pulse - Modi / India Govt - 12 Oct 2026
PM Modi opened over Rs 13,000 crore of Tamil Nadu projects on October 11, including a Rs 1,620-crore lube base-stock unit at CPCL, the only listed company named in the release, alongside a Rs 4,900-crore Chennai Metro Phase II stretch and about Rs 3,700 crore of highways that map to LT, IRCON and RVNL. The PM Dhan-Dhaanya Krishi Yojana also marked its first year with a 100-district scorecard.
Syrma SGS Technology — Deep Dive Analysis
Revised deep dive: Syrma is up 22.6% to Rs 1,720 since our 4 August note, the trailing P/E has expanded to 89.3x, and average delivery has fallen to 28.2% from 37.3%. Q2 FY27 is not yet reported. Clarifies the two Rs 1,000 Cr QIPs and adds the Exchange Filings section. Verdict: CAUTION — priced for perfection.
Azad Engineering — Deep Dive Analysis
Revised deep dive: the stock is up 44% to Rs 2,910 since our 27 June note while TTM profit sits below FY26, FIIs and DIIs both cut holdings, and the working capital cycle widened to 344 days. Includes the full 25-point technical checklist and updated levels.
Policy Pulse - Ministries & Regulators - 09 Oct 2026
The RBI raised daily CRR maintenance to 99% and lined up Rs 25,000 crore of bond sales, negative for rate-sensitive NBFCs and bond-funded lenders; SEBI mandated a colour-coded credit risk-o-meter, positive for CRISIL and ICRA; and a 30% cap on cancer-drug trade margins lifted Apollo Hospitals and Fortis while TCS led a 3% Nifty IT rally.
Policy Pulse - Modi / India Govt - 09 Oct 2026
The Assam Cabinet adopted 75 resolutions marking PM Modi's 25 years, restating a Rs 27,000-crore Tata semiconductor plant at Jagiroad and a Rs 28,000-crore Numaligarh Refinery expansion, positive for BPCL and OIL and for the listed electronics names; the PM closed the Women and Child Development summit, and UP renamed Noida airport after him.
Policy Pulse - Ministries & Regulators - 08 Oct 2026
The 57th GST Council left rates untouched but recommended removing GST officers' arrest powers, raising the prosecution threshold to Rs 5 crore, cutting the general penalty to Rs 10,000 and automating refunds and ITC, positive for SUNPHARMA, DRREDDY and CIPLA and for TCS and INFY on services-export facilitation; the reported deferral of the UPI merchant fee to January 2027 took 5.2 percent off PAYTM and 4.5 percent off MOBIKWIK, while TCS opened Q2 FY27 with profit up 15 percent to Rs 13,884 crore and a further Rs 12 dividend.
Policy Pulse - Modi / India Govt - 08 Oct 2026
PM Modi opened India Mobile Congress 2026 with a stated target of one billion 5G users by 2030, a call for a global anti-cyber-fraud framework and USD 15 billion of BharatNet middle-mile connectivity, positive for BHARTIARTL and INDUSTOWER on the demand commitment and for DIXON and KAYNES on a mobile phone industry now worth USD 63 billion with USD 29 billion of exports. The PM separately amplified a space self-reliance piece by Digantara's founders, and Indian equities closed at their lowest level since April 2025 with ITC and JSW Steel among the worst hit.
Yatharth Hospital & Trauma Care Services — Deep Dive Analysis
Revenue up 52% but net profit flat for five straight quarters as depreciation and interest consume the growth. Advent International is buying 24.87% at Rs 985 - diluting EPS by up to 25% versus the published consensus. The market price sits above both the average analyst target and Advent's own entry price. Rating: CAUTION - wait for dips.
Balaji Amines — Deep Dive Analysis
Q1 FY27 PAT up 111% with margins at 26%, but volumes fell 22% YoY - the recovery is price-led, not demand-led. The stock is up 66% in a year, trades above the average analyst price target, and carries a September 2026 SEBI warning for non-disclosure of a DGFT blacklisting and an FDA warning. Rating: CAUTION - fully valued.