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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%.

UPL Limited (NSE: UPL) — Equity Research: ACCUMULATE | TP ₹720 | Deleveraging, Biosolutions & Crop Recovery Inflection

'UPL Limited (NSE: UPL, BSE: 512070) — Equity Research Note Sector: Chemicals / Agrochemicals / Crop Protection Solutions CMP: ₹645 (illustrative; verify on terminal) Market Cap: ~₹58,000 Cr Rating: ACCUMULATE Target Price: ₹720 (12-month) Risk-Reward: Asymmetric — Positive on Debt Deleveraging, Crop Recovery, and Sustainable Solutions --- 1. Executive Summary & Investment Thesis UPL Limited (formerly United Phosphorus Limited) stands as the largest Indian agrochemical c...'

**Triveni Engineering and Industries Limited** (NSE: **TRIVENI** | BSE: **532356**) — Comprehensive Equity Research

Triveni Engineering and Industries Ltd (NSE: TRIVENI | BSE: 532356) — Integrated sugar-ethanol-engineering conglomerate; Top-3 sugar manufacturer and #2 ethanol supplier in India; ACCUMULATE with target price ₹430 (+11.4% upside) on distillery capex tailwind, sugar cycle normalisation, and undervalued engineering vertical.

Travel Food Services Ltd (NSE: TRAVELFOOD) — Equity Research: India's Largest Listed Airport F&B & Lounge Compounder; BUY | PT ₹1,540-1,620 | +9% Upside

Travel Food Services (NSE: TRAVELFOOD) - BUY initiation. India's largest listed pure-play airport F&B and lounge operator (42 lounges, 340+ F&B outlets, 27 airports). Asset-light concession model with 10-15 yr contracts. Revenue CAGR 17% FY25-FY30E, EBITDA margin expansion 280 bps. PT Rs.1,540-1,620, +9% upside. Promoter K Hospitality (75%, zero pledge). Net cash by FY28E.

Trent Limited (NSE: TRENT) — The Tata Group's Lifestyle Retail Powerhouse Riding the Zudio Hyper-Growth Wave; Initiating Coverage with BUY, Fair Value ₹3,150

Initiating Trent (NSE: TRENT) with BUY and ₹3,150 fair value (+14%). Zudio category-killer, 25-30% profit CAGR visibility, net cash, 28%+ ROCE. Tata backing and new format optionality.

Torrent Power Limited (NSE: TORNTPOWER) — Equity Research Initiating Coverage — Integrated Private Power Utility Compounder

Initiating coverage on Torrent Power (NSE: TORNTPOWER) — largest private integrated power utility in India with ₹70,212 Cr market cap, ₹28,966 Cr revenue, ₹2,469 Cr profit, 51.1% promoter holding, AAA-eq credit rating, 4.1M distribution customers, 3.2 GW gas generation, 2.2 GW renewables (3.7 GW pipeline), 4,500 ckm transmission. BUY rating with 12-18M target of ₹1,750-1,850 (~15-22% upside).

Tata Motors Ltd (DVR) - SOTP Deep-Dive: CV Cyclical Upcycle + JLR Margin Repair + PV Scale-Up; BUY | FV Rs.475 | +28% Upside

Buy rating on TMCV DVR with SOTP fair value of Rs.475 (~28% upside). Three concurrent value drivers: domestic CV upcycle, JLR margin repair (1.4% to 8.7% EBIT margin), and TPV scale-up. De-merger is the call option. FCF yield 24.9% by FY28E.

Tribhuvandas Bhimji Zaveri (TBZ): Heritage Jewellery Compounder Re-Rated — FY26 Inflection Ignites a Re-Rating Opportunity

Coverage Initiation: BUY (Conviction: High) CMP: ₹184 Target Price: ₹245 Upside: ~33% Horizon: 18–24 months

Tata Motors Passenger Vehicles: A Pure-Play India PV Bet on Demerger and EV Leadership

Torrent Pharmaceuticals Limited** (NSE: **TORNTPHARM** | BSE: **500420**) — Comprehensive Equity Research