Brief India: Quiddity Leaderboard BSE SENSEX Jun26: All For Nothing; Final Expectations and more
In this briefing: Quiddity Leaderboard BSE SENSEX Jun26: All For Nothing; Final Expectations Unicommerce ESolutions (UNIECOM): India's E-Commerce Plumbing Company Eternal (4QFY26 Results Review): FD Recovery Continues, Blinkit-Peers Gap Likely Rising. HSIE Results Daily: Maruti Suzuki, Phoenix Mills, Dalmia Bharat, Go Digit General Insurance Eternal Ltd (Zomato) - Growth Across Key Verticals; Competitive Intensity Remains 1. Quiddity Leaderboard BSE SENSEX Jun26: All For Nothing; Final Expectations BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE). We have presented our estimations for selection ranks for ADDs/DELs for the upcoming index rebal event. Since our last insight, there have been some sharp relative price moves among top-ranked index change candidates and our expectations have changed. Today is the base date for the June 2026 review and we have presented our final expectations in this insight. 2. Unicommerce ESolutions (UNIECOM): India's E-Commerce Plumbing Company Unicommerce processes ~25-30% of India's dropshipping volumes with 7,596 clients, 285+ integrations, and ARR of INR2,256 million, genuine infrastructure-layer positioning in a structurally growing market Revenue accelerating at 70.6% YoY in 9M FY26 with EBITDA margins expanding to 23.8%, the SaaS operating leverage thesis is playing out sequentially and consistently At 50x+ trailing earnings, the stock prices in continued flawless execution, the valuation debate centres on Shipway's sustainability and international expansion payback timelines. 3.
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Brief India: Unicommerce ESolutions (UNIECOM): India's E-Commerce Plumbing Company and more
In this briefing: Unicommerce ESolutions (UNIECOM): India's E-Commerce Plumbing Company Eternal (4QFY26 Results Review): FD Recovery Continues, Blinkit-Peers Gap Likely Rising. HSIE Results Daily: Maruti Suzuki, Phoenix Mills, Dalmia Bharat, Go Digit General Insurance Eternal Ltd (Zomato) - Growth Across Key Verticals; Competitive Intensity Remains Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY 1. Unicommerce ESolutions (UNIECOM): India's E-Commerce Plumbing Company Unicommerce processes ~25-30% of India's dropshipping volumes with 7,596 clients, 285+ integrations, and ARR of INR2,256 million, genuine infrastructure-layer positioning in a structurally growing market Revenue accelerating at 70.6% YoY in 9M FY26 with EBITDA margins expanding to 23.8%, the SaaS operating leverage thesis is playing out sequentially and consistently At 50x+ trailing earnings, the stock prices in continued flawless execution, the valuation debate centres on Shipway's sustainability and international expansion payback timelines. 2.
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Brief India: Eternal (4QFY26 Results Review): FD Recovery Continues, Blinkit-Peers Gap Likely Rising. and more
In this briefing: Eternal (4QFY26 Results Review): FD Recovery Continues, Blinkit-Peers Gap Likely Rising. HSIE Results Daily: Maruti Suzuki, Phoenix Mills, Dalmia Bharat, Go Digit General Insurance Eternal Ltd (Zomato) - Growth Across Key Verticals; Competitive Intensity Remains Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY Skipper Limited - Strong Q4; Overall Beat, Near-Term Export Headwinds Emerging 1. Eternal (4QFY26 Results Review): FD Recovery Continues, Blinkit-Peers Gap Likely Rising. Overall, B2C NoV grew ~54% YoY (4.5% QoQ) to INR 268.8bn in Q4FY26 (in-line) Eternal’s food delivery (FD) sustained its recovery momentum with NOV increasing 18.8% YoY to INR97.6bn (vs 16.6% in Q3, in-line), driven by strategic focus on improving affordability across select consumer cohorts FD adj EBITDAM (as % of NoV) remained largely stable QoQ at 5.5% (HSIE: 5.6%), as improving revenue per order and operating efficiencies offset the shift toward lower value orders Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.
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Brief Equities Bottom-Up: Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY and more
In this briefing: Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY Skipper Limited - Strong Q4; Overall Beat, Near-Term Export Headwinds Emerging Maruti Suzuki Ltd - Strong Domestic Recovery Drives Growth Bandhan Bank Ltd - Emerging Stability, Improving Profitability Trajectory Dalmia Bharat Limited - Inline Operating Performance 1. Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%). Domestic demand remained strong, supported by distribution reach, execution, and capacity investments. Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below. 2. Skipper Limited - Strong Q4; Overall Beat, Near-Term Export Headwinds Emerging Strong Order Book: Skipper secured new orders totalling Rs 1,029 Cr in Q4FY26, including a multi-million-dollar contract, which is the largest order to date in the North American market with a top-tier utility company.
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Brief India: Maruti Suzuki Ltd - Strong Domestic Recovery Drives Growth and more
In this briefing: Maruti Suzuki Ltd - Strong Domestic Recovery Drives Growth Bandhan Bank Ltd - Emerging Stability, Improving Profitability Trajectory Dalmia Bharat Limited - Inline Operating Performance UltraTech Cement Ltd - EBITDA Margin Above Expectations; Maintain BUY Embassy Office Parks REIT Ltd - Q4FY26: GCC Driven Momentum and Strong Capital Management 1. Maruti Suzuki Ltd - Strong Domestic Recovery Drives Growth Strong Domestic Momentum with Supply Constraints: Domestic demand remained strong in Q4FY26, supported by the GST reduction-led recovery in the second half, driving record total sales of 24,22,713 units (+8.4% YoY), with domestic volumes at 19,74,939 units (+3.9% YoY) and exports at 4,47,774 units (+34.6% YoY). Growth was led by improved traction in the small car segment and rising first-time buyer participation. However, volumes were partly constrained by production capacity limitations, reflected in a strong pending order book of 1,90,000 units (including 1,30,000 units in small cars), while dealer inventory remained lean at ~12 days, indicating healthy retail demand and tight supply conditions.
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Brief Growth Ideas: ETFs Monitor in 2Q26 and more
In this briefing: ETFs Monitor in 2Q26 Dalmia Bharat Limited - Inline Operating Performance Primer: VCredit Holdings Ltd (2003 HK) - Apr 2026 Bank BTPS Syariah (BTPS.IJ) 1Q26 Eanings: In Line; Improving Asset Quality Lowers CoC Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness 1. ETFs Monitor in 2Q26 The Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VNDiamond Index in the semi-annual review, as well as the updated weights for the VN30 and VNFin Lead Indexes, with the official effective date set for 04 May 2026. Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on April 29. As highlighted in our previous preview, KDH has officially been placed on the removal watchlist due to its failure to meet the minimum FOL requirement. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.
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Brief Growth Ideas: Dalmia Bharat Limited - Inline Operating Performance and more
In this briefing: Dalmia Bharat Limited - Inline Operating Performance Primer: VCredit Holdings Ltd (2003 HK) - Apr 2026 Bank BTPS Syariah (BTPS.IJ) 1Q26 Eanings: In Line; Improving Asset Quality Lowers CoC Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness WuXi AppTec (603259 CH) - 1Q26 results: small molecule D&M fuelling overall growth 1. Dalmia Bharat Limited - Inline Operating Performance Strategic Capacity Addition to Fuel Growth: The company had earlier announced a capacity expansion plan comprising a 6 MTPA cement unit and a ~3–3.5 MTPA clinker unit at Kadapa, along with a 3 MTPA bulk terminal in Chennai, with a total capex of Rs 3,287 Cr. These projects are expected to be commissioned by Q2FY28. In addition, its 6 MTPA expansion in the western region (3 MTPA each at Pune and Belgaum) is progressing well and is also slated for commissioning by Q2FY28. These expansions, coupled with a current utilisation of ~61% (offering strong operating leverage), are expected to drive growth, with the company projected to deliver ~6% volume CAGR over FY25–FY28E.
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Smartkarma | Dalmia Bharat Limited - Inline Operating Performance
» Smartkarma / by Axis Direct / Equity Bottom-Up Strategic Capacity Addition to Fuel Growth: The company had earlier announced a capacity expansion plan comprising a 6 MTPA cement unit and a ~3–3.5 MTPA clinker unit at Kadapa, along with a 3 MTPA bulk terminal in Chennai, with a total capex of Rs 3,287 Cr. These projects are expected to be commissioned by Q2FY28. In addition, its 6 MTPA expansion in the western region (3 MTPA each at Pune and Belgaum) is progressing well and is also slated for commissioning by Q2FY28. These expansions, coupled with a current utilisation of ~61% (offering strong operating leverage), are expected to drive growth, with the company projected to deliver ~6% volume CAGR over FY25–FY28E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below. » Get straight to the source on Smartkarma.
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Dalmia Cement to Source 8.1 MW of Wind Power from Ultra Mega Power
Dalmia Cement (Bharat), a wholly owned subsidiary of Dalmia Bharat, has entered into agreements with Ventora Energy, a special purpose vehicle (SPV) of Ultra Mega Power, to source up to 8.1 MW of captive wind power in Tamil Nadu. Dalmia Cement (Bharat) will acquire 4.42 million equity shares at ₹10 (~$0.11) each, totaling ₹44.2 million (~$471,066), for a 26.6% stake in Ventora Energy. The investment, to be made in one or more tranches, is intended to support the company’s renewable energy requirements.
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Brief India: The Indian Solar Fall: What’s Really Behind the 126% US Duty? and more
In this briefing: The Indian Solar Fall: What’s Really Behind the 126% US Duty? Global Active Fund Regional Positioning: US Underweight, EM Rotation, and Europe’s Structural Bias HSIE Results Daily: ABB India Mphasis: Navigating AI-Led Deflation Via Robust TCV. Maintain ADD Dalmia Bharat: Healthy Demand Outlook, Expansions on Track. Maintain BUY 1. The Indian Solar Fall: What’s Really Behind the 126% US Duty? The United States government imposed a new 126% preliminary countervailing duty on solar cell imports from India to penalise alleged unfair manufacturing subsidies Despite an initial stock market crash, the actual business impact remains minimal because major Indian manufacturers strategically utilise imported non-Indian cells for US exports The long-term sector outlook remains highly robust , driven by massive domestic solar demand, supportive government policies, and expanding local integrated manufacturing capacities 2. Global Active Fund Regional Positioning: US Underweight, EM Rotation, and Europe’s Structural Bias Global portfolios remain structurally underweight the US while maintaining a persistent overweight to developed Europe.
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