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Waaree Energies: India''s Solar Module Champion Riding Hyper-Growth and Policy Tailwinds

STRONG BUY on Waaree Energies (NSE: WAAREEENER) — India''s largest non-Chinese solar module manufacturer with 12 GW capacity, 5Y sales CAGR 69%, ROCE 38.8%, ROE 32.8%. 12M PT ₹3,950 (30% upside) on India 500 GW non-fossil target, ALMM protection, and US IRA-driven exports.

Vardhman Textiles Limited (NSE: VTL) — Equity Research Report: India's Largest Integrated Cotton-Blend Yarn Manufacturer — A Cash-Rich, Asset-Heavy, Cyclically De-Rated Textile Compounder

Initiating coverage on Vardhman Textiles (NSE: VTL) with ACCUMULATE rating and 12-month target of ₹820 (upside ~30%). 1.7mn spindles, 250mn garments, 45mn made-ups, vertically integrated. BCD cut tailwind, China+1 beneficiary. FY27E EPS ₹37.7, EBITDA margin recovery to 13.5%.

Vedanta Limited (NSE: VEDL) — Initiating Coverage: SOTP Unlocks Value; Diversified Mining Cash Cow with Demerger Optionality

Vedanta Limited (NSE: VEDL) — initiating coverage with BUY at ₹525 target (18–22% upside) on SOTP unlock, de-merger catalyst, and diversified mining cash flow. HZL 64.9% stake alone worth ~₹205/share; aluminium, Cairn, steel provide balance. Demerger into 6 listed entities in FY26 will close 25–35% holdco discount.

Vishal Mega Mart (NSE: VMM) — Equity Research Report: India's Value-Fashion Compounder With a 12-City Dominance, 60,000+ SKU Engine, and a Path to 12-15% Pre-Tax ROCE by FY28

Initiating coverage on Vishal Mega Mart (NSE: VMM) with a BUY recommendation and 24-month price target of Rs.170 (~42% upside). The only listed pure-play Tier-2+ value-fashion + general-merchandise platform at scale, with 645+ stores, 60,000+ SKUs, 12.5 mn sq. ft. of retail, 25%+ revenue CAGR, 200-bps EBITDA margin expansion roadmap, and a clean founder-led capital allocation track record.

Vedant Fashions (NSE: MANYAVAR) — The Undisputed King of Indian Wedding Wear: Initiating Coverage with ACCUMULATE, Target Price Rs 480 (Upside ~18%)

Comprehensive equity research coverage of Vedant Fashions (MANYAVAR) — India's #1 men's Indian wedding and celebration wear brand. 5-pillar investment thesis, multi-year P&L analysis, peer comparison, DCF + relative valuation triangulating to Rs 480 target. Recommendation: ACCUMULATE on dips. Upside ~18% from CMP Rs 407. 48% OPM, 26.7% ROE, 1.96% dividend yield, net cash balance sheet. Risks include discretionary spending slowdown, rising competition (ABFRL/Tasva), and channel credit stress (debtor days 151).

United Spirits: Premiumisation Tailwind Meets Cyclical Volume Pause - Reiterate BUY on FY27 EPS Recovery

Vinati Organics: Global Monopoly in ATBS, Sole Supplier in IBB, 30% Drawdown = Asymmetric Entry

Vinati Organics (NSE: VINATIORGA) — global #1 in ATBS (~65-70% share), sole supplier of IBB to Albemarle, 19.8% ROCE, net-cash balance sheet. Trading at ~30.5x P/E vs 5Y average of ~38x after a 30%+ correction. BUY with FV Rs 2,150-2,350 (34% upside).

UNO Minda (NSE: UNOMINDA): The Indian Auto-Components Powerhouse — Premiumisation, EV Adoption & Content-Per-Vehicle Expansion; Initiating Coverage with BUY (Fair Value Rs 1,180)

UNO Minda Limited (NSE: UNOMINDA | BSE: 532539) — The Indian Auto-Components Powerhouse Riding Premiumisation, EV Adoption & Content-Per-Vehicle Expansion: Initiating Coverage with BUY, Fair Value Rs 1,180 (Implied Upside ~25%) > Sector: Automobile & Auto Components | Sub-sector: Auto Ancillaries / Components | Market Cap: Rs 61,050 Cr | Current Price: Rs 1,058 | 52-Week Range: Rs 720 – Rs 1,382 | Fair Value: Rs 1,180 | Rating: BUY | Time Horizon: 18-24 months 1. Investment T

UCO Bank: Mid-Cap PSU Bank Turnaround Story — Asset Quality Steady, NIM Expansion & Capital Raise on the Anvil

UCO Bank is one of India smallest listed PSU banks but punches above its weight on turnaround optionality — having just clocked its second consecutive year of Rs.1000+ Cr net profit after a decade of losses between FY13 and FY22. With GNPA at ~3.5% (lowest since FY12), NNPA at ~0.8%, NIM expanding to ~3.27%, CRAR at ~17% (well above the regulatory 11.5%), and a 95.39% GoI promoter holding, UCO is in the second derivative of recovery phase. We initiate with HOLD with positive bias and 12M target of Rs.30-32.

Urban Company (URBANCO): India's Foremost On-Demand Home Services Platform - Full-Stack Equity Research with ACCUMULATE Rating

Urban Company (URBANCO) - ACCUMULATE rating with 18-24M horizon. India's largest full-stack home services marketplace. TAM $50-60B by 2030, market cap ~Rs 19,514 Cr, take rate expansion 17-19% to 21-23% target, Tier-2/Tier-3 expansion, native brands, UC Plus subscriptions drive growth. Blended fair value Rs 350-400 per share. Multiple growth vectors, strong moat, profitable, asset-light, founder-led.

Triveni Turbine (NSE: TRITURBINE) - The Demerged Steam Turbine Champion: A Compounder at the Crossroads of Energy Transition, Aftermarket Cash Cow & Capital-Efficient Manufacturing

Infosys-style forensic equity research deep-dive on Triveni Turbine (NSE: TRITURBINE). CMP Rs671, Market Cap Rs21,334 Cr, ROCE 35.9%, ROE 27.1%, almost debt-free, 5Y profit CAGR 27%. Buy on Dips; fair value Rs780-840 (+16-25% upside).

**UltraTech Cement Limited** (NSE: **ULTRACEMCO** | BSE: **532538**) — The Cement Titan: Pricing Power, Capacity Supremacy, and the Path to Rs 15,000 — Initiating Coverage with BUY, Fair Value Rs 14,800 (+33% Upside)

UltraTech Cement (NSE: ULTRACEMCO) is the largest cement company in India with ~179 MTPA capacity. Aditya Birla Group flagship, pan-India footprint, 2,80,000+ retail outlets. BUY rating, 18-month target Rs 14,800, ~33% upside. CMP Rs 11,117, Market Cap Rs 3,27,478 Cr, P/E 39.6x, ROE 11.2%, ROCE 12.8%.