Smart Disha Research & Algo
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Dr. Subhransu Sekhar Jena, SEBI Reg RA INH000026600 This group is made for education purpose to support students & our broking clients. So, all posts are based on Training syllabus linked with Live practical. We provide ALGO Trading Software.
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*Sharekhan Stock Update- 3R Recommendation*
*Mahanagar Gas Ltd*
Rising costs dampen Q2 show
*Rating:BUY*
(CMP: Rs. 1,123, Upside Potential: Rs. 1,320)
*Key Investment Arguments*
• Sales volumes rose, though EBITDA/scm declined, as gas costs soared.
• Profitability plummeted, on higher gas procurement costs despite increased revenue and growth in CNG and PNG businesses.
• An exceptional impairment loss of Rs. 17.33 crore was incurred on investment in 3EV Industries. Excluding this, adjusted PAT was Rs. 154.36 crore, down 20.2% y-o-y and 20.3% q-o-q.
• At CMP, MGL trades at 13.4x/11x multiple on FY27E/FY28E EPS, we will upgrade our rating to Buy with revised PT of Rs. 1320.
*Sharekhan Stock Update- 3R Recommendation*
*Bharti Airtel Ltd*
Strong quarter, Africa growth continues
*Rating:BUY*
(CMP: Rs. 2,065, Upside Potential: Rs. 2,350)
*Key Investment Arguments*
Total Revenue stood at Rs 60,878 crore, up 4.0% q-o-q, led by steady growth in India business and strong growth in Africa business. India mobile business revenue grew to Rs 30,943 crore, up 3.4% q-o-q, driven by higher realisation and expanding customer base. Africa business revenue grew 7.1% q-o-q to Rs 18,817 crore, supported by growth in mobile data and mobile
money business.
• We model Revenue and EBITDA CAGR of 12.8%/13.5% over FY26-29, driven by postpaid
premiumisation and ARPU expansion in India, sustained data and mobile money-led growth
in Africa, fiber-led scaling, and a ramp-up of new growth engines in data centres, cloud and
financial services.
• Core capex is stabilising as radio spending moderates, which supports strong free cash flow,
while incremental investment is directed towards high-return growth areas. The balance
sheet is robust, with consolidated net debt to EBITDA at 0.70x, and value is being unlocked
through the Airtel Money listing.
• We maintain our BUY rating with price target of Rs 2,350, based on SOTP valuation rolled
forward to Sep’28, offering ~22% upside from current levels.
🌸🪔 *નૂતન વર્ષાભિનંદન | નવા વર્ષની હાર્દિક શુભકામનાઓ*🪔🌸
🎉 *Happy New Year!* 🎉
🙏 *श्रीमद्भगवद्गीता — अध्याय 2, श्लोक 47*
कर्मण्येवाधिकारस्ते मा फलेषु कदाचन।
मा कर्मफलहेतुर्भूर्मा ते सङ्गोऽस्त्वकर्मणि॥
🌼 *Meaning:*
*"You have the right to perform your duties, but not to the fruits of your actions. Never let the results be your sole motivation, nor become attached to inaction."*
🌟 *A New Year, A New Beginning, A New Commitment!*
As we welcome this auspicious New Year, let us embrace the timeless wisdom of Lord Krishna.
✨ *Work with dedication, act with integrity, learn with humility, and move forward with unwavering faith.*
May this New Year inspire us to focus on sincere efforts rather than worrying about outcomes, to transform challenges into opportunities, and to pursue our dreams with discipline, patience, and wisdom.
📈 *Invest in Knowledge, Grow with Confidence, and Prosper with Wisdom!*
🙏 May Lord Krishna bless you and your family with *good health, happiness, peace, prosperity, wisdom, and success* throughout the New Year.
🌺 *નૂતન વર્ષની હાર્દિક શુભકામનાઓ!* 🌺
🙏 *જય શ્રી કૃષ્ણ! નવવર્ષ મંગલમય હો!* 🙏
*Warm Regards,*
*Dr. Subhransu Sekhar Jena*
Founder & Director
*Smart Disha Academy | NIFM Ahmedabad*
SEBI Registered Research Analyst
Reg. No. INH000026600
✨ *Let's Learn and Earn!* ✨
*Sharekhan View Points - 3R Recommendation*
*Carysil Ltd*
Growth runway’s long enough
*Rating: POSITIVE*
(CMP: Rs. 941, Price Target: Rs. 1,373)
*Key Investment Arguments*
• Revenue rose 14.6% y-o-y to Rs. 276 crore. EBITDA rose 12.3% y-o-y to Rs. 51.8 crore, but margins fell 38 bps y-o-y to 18.8% as other expenses rose 23.5%. Management also cited higher raw material and sea freight costs. PAT rose 4.3% y-o-y to Rs. 28.4 crore.
• FY27 guidance of 15% revenue growth and an 18–20% EBITDA margin is retained, aiming for the upper end. It sees a revenue upside if large deals under discussion in Europe and the US close.
• Management expects stronger US orders post the polls there, with customers due to visit the factory next week.
• Stock trades at 22.7/17.1 FY27/FY28 EPS. We remain positive with a revised target price to Rs. 1,373 given some near-term cost pressures, however company outlook remains strong.
*Sharekhan Stock Update - 3R Recommendation*
*Century Plyboards (India) Ltd*
Healthy Q2 led by plywood; FY2027 guidance in focus
*Rating: BUY*
(CMP: Rs. 644, Price Target: Rs. 850)
*Key Investment Arguments*
• Revenue rose 28.5% y-o-y and EBITDA grew 31.6%, led by plywood, laminates, particle board and logistics.
• The company commissioned its 60,000 CBM greenfield plywood plant at Hoshiarpur.
• For FY2027, management guided revenue growth of 25%+/20%+/16-18% for plywood/laminates/MDF, with EBITDA margins of 14-15%/10-12%/double digit by year-end.
• We retain our Buy rating with a revised PT of Rs. 850, on strong multi-year earnings visibility.
