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Welspun Living Limited (NSE: WELSPUNLIV | BSE: 514162) — Equity Research Report: The World's Largest Home Textiles Champion Faces Its Toughest Tariff Year Since 2010; Initiating Coverage With HOLD, Fair Value Rs 148 (Upside ~6%)

Welspun Living equity research initiation covering company background, business segments, industry analysis, financial performance, valuation, and investment thesis.

Welspun Corp Limited (NSE: WELCORP) — Equity Research Initiating Coverage

Welspun Corp BUY rating with 12M target Rs.1,050 (+23.5%) and 24M target Rs.1,200 (+41.2%). Multi-decade tailwinds from JJM, CGD, oil & gas pipeline capex. Best-in-class HSAW + DI pipe platform.

Whirlpool of India Limited (NSE: WHIRLPOOL) — Initiating Coverage: A Turnaround Story at a Premium Price? Defensive Franchise, Slow Growth, Rich Valuation; HOLD with Target Price Rs 1,520

Whirlpool of India (NSE: WHIRLPOOL) — Initiating Coverage with HOLD rating. Quality consumer durables franchise with ~Rs 8,034 Cr FY25 revenue, Whirlpool Corp USA (51% promoter), dominant position in refrigerators and washing machines, AC market share tripling. However, 6% revenue CAGR, 240 bps EBITDA margin compression, and a P/E of 67x leave little margin of safety. 12-month target price Rs 1,520 (modest downside). Base case implied return: -3% (including dividend -2.4%). Probability-weighted scenarios: Bull Rs 2,200 (40% upside, 20% prob), Base Rs 1,520 (60%), Bear Rs 900 (43% downside, 15%), Stress Rs 650 (59% downside, 5%).

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.