PNB Housing Finance | It is India's third-largest housing finance company as of FY24, with an AUM of Rs 71,243 Cr and a loan book of Rs 65,358 Cr. It also holds Rs 17,783 crore in deposits. The company aims to grow its retail loan book to over Rs 1 lakh Cr by FY27, targeting a CAGR of 16% from FY24 to FY27. Affordable housing is expected to contribute 14-16%, while the emerging markets segment is projected to account for 22-25%. It plans to open 50 new branches annually, targeting a total of 400 branches by FY26. Analysts value the stock at a P/B multiple of 2.0x on the FY26E book value of Rs 666, resulting in a target upside of 37% of Rs 1,333.
Shriram Properties | The leading residential developer in South India remains committed to its growth trajectory, focusing on leveraging its strong operational platform for future profitability. The project pipeline is robust, and with targeted sales volume of 15 msf over the next three years will boost the overall earnings outlook, the company will be well positioned to reap the benefits of the positive industry outlook and attain leadership in the mid-segments, said analysts. • The realtor’s key operating metrics have been robust.
Jana Small Finance Bank | The fourth-largest Small Finance Bank in India is shifting its portfolio towards secured lending while reducing exposure to microlending. The loan book is projected to grow at a CAGR of 19.8% from FY24 to FY27, driven by a 38% increase in affordable housing loans. Deposits are expected to grow at a 20?GR. The secured loan portfolio has expanded from 40% in FY21 to 60% in FY24, with a target of 80% by FY27. Projected AUM growth is 19-20%, PAT growth 30-40%, with steady net interest margins and lower NNPA enhancing profit margins.
Paytm| The company's sale of its entertainment business to Zomato for Rs 2,000 Cr strengthens its focus on core payment and financial services. The all-cash deal, valued at 6.9x FY24 revenue, bolsters cash reserves, providing flexibility for future investments, including revamping rewards and cashback programs. With a vast merchant network, strong sound-box subscriber base, and minimal fees for users, Paytm maintains a solid market position and sustainable growth potential, despite regulatory challenges.
Protean eGov Technologies | The company holding a 64% market share in PAN issuance, benefits from favorable trends like workforce formalization and PAN requirements for financial aid. It also serves as the central recordkeeping agency for India's National Pension System and Atal Pension Yojana, with a 97% market share. With only 6% pension coverage for private sector workers, there is significant growth potential. Protean is expanding into multi-sector Open Digital Ecosystems, such as ONDC, and global markets in Africa and Southeast Asia. The company holds a zero-debt status and a strong cash balance of Rs 700 Cr.
GMR Airports Infrastructure Ltd | The firm operating two of India’s busiest airports (DIAL and GHIAL), reported strong passenger traffic growth of 13% and 19% in FY24 and is expanding into non-aeronautical revenue streams like Duty-Free Services at Delhi Airport. Its partnership with Groupe ADP has improved financial stability, while the merger of key subsidiaries strengthens governance. Ongoing airport expansion and modernization efforts offer significant potential for revenue and profit growth.
Lemon Tree Hotels | India’s leading mid-priced hotel chain, benefits from an asset-light model and prime business locations. The recovery in corporate travel and MICE activity, along with ambitious expansion plans, should boost occupancy and ARR. Management projects revenues to exceed Rs 1,250 Cr in FY25, with a long-term ROCE target above 20%. The company aims to be debt-free within four years using free cash flow.
NALCO | The low-cost integrated aluminum producer, is expanding both its alumina and smelter capacities. A non-binding MoU with NTPC ensures 1,200 MW of uninterrupted power for its Angul plant expansion. The 1 mtpa brownfield alumina expansion is on track for 2HFY26, with a full ramp-up in FY27. Additionally, NALCO secured a 32-year bauxite mining lease in Odisha, supporting future growth.
Zomato | The company has consistently gained market share over Swiggy from FY22 to 1QFY25, driven by its stronger execution. Based on the reported gross order value (GOV), Zomato’s market share increased from 54% in FY22 to 58% in 1QFY25. It aims to open 2,000 stores by March 2026, having already launched 113 stores. Management remains confident in maintaining high service quality to attract customers in new markets. Additionally, Blinkit has been steadily expanding its SKU offerings, which has played a key role in driving overall growth.
Jash Engineering | With over five decades of expertise, the company leads in sustainable water engineering solutions, aligning with global sustainability trends. As of August 1, 2024, its consolidated order book stands at Rs 939 Cr, with significant contributions from domestic and international markets. The company is expanding manufacturing capabilities and aims to double revenue to over Rs 1,000 Cr by FY28, reflecting strong growth prospects.
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