Fund House Views

Antique on DOMS Entering next growth phase. Greenfield capex eases capacity limits. Strong room for distribution expansion. EBITDA/returns expected to stay within guidance. Emkay on IPCA Labs Domestic strength driven by strong portfolio strategy. Europe, branded generics, and US re-entry to aid exports. Further benefits from Unichem integration expected. BofA on PB Fintech GST impact minimal on health & term insurance; some effect on savings products. Company working to address this over 3–6 months. Jefferies on Chalet Hotels Strong metro presence; solid institutional partnerships. Focus on big-city hotels, leisure assets, and selective commercial projects. Balanced brand tie-ups with measured ATHIVA rollout. Jefferies on Cement Sector Cement prices down 0.5% MoM in Nov; QTD soft ~1.5–2% QoQ. Pricing capped temporarily due to GST transition. Expect improvement in Q4 with better demand. BofA on Consumer Sector Premiumization and wallet-shift are key themes. Jewellery, premium alcobevs, and luxury hospitality remain strong. Staples sharpening focus on premium categories. Macquarie on Tata Communications Deepening customer experience suite. Commotion + Kaleyra to strengthen CIS portfolio. CIS remains key drag but improving. JPMorgan on Hotel Sector October shows seasonality benefits; strong Q3 expected. Healthy rate growth in business & leisure destinations. Domestic trends offset international softness. Investec on SBFC Finance Strong niche in secured MSME financing. Diversified network cushions state-level volatility. Targeting cost-to-income below 30% in 3–4 years. JPMorgan on AC Industry Demand lagging due to weather and soft festive season. High dealer inventory pressuring working capital. Pre-season stocking in Q3–Q4 key monitorable. Jefferies on Pharma/CDMOs Indian CDMOs adding meaningful new pipeline projects. Sai leads new wins; followed by Piramal, Divi’s. Sai & Divi’s have strong visibility toward FY28.