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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

Tube Investments of India (NSE: TIINDIA) — A Murugappa Multi-Bagger; Initiating with BUY, SOTP Target ₹4,950

SOTP-based BUY on Tube Investments of India (NSE: TIINDIA). Initiating with 24-month target of ₹4,950 (25% upside), anchored on standalone engineering (28x EV/EBITDA), TI Cycles (22x), Montra EV (8x sales), and the 58% CG Power stake (~₹49,300 Cr). SOTP cross-checked with DCF. Catalysts: D2C run-rate, EV ramp, FY27 buyback. Risk-reward 2.0:1.

Thermax Limited (NSE: THERMAX) — Capital Goods Compounder Riding the Clean-Energy and Energy-Efficiency Tailwind

Initiating coverage on Thermax Limited (NSE: THERMAX) — a 58-year-old, Aga family-promoted, Pune-based industrial equipment, clean energy, and environmental solutions company with consolidated revenue of ₹9,668 Cr, market cap of ₹56,306 Cr, ROCE of 14.9%, ROE of 12.9%, and a net-cash balance sheet of ~₹2,800 Cr. The investment thesis rests on three structural capex waves (refining-petchem-steel, industrial decarbonisation, distributed generation), a diversified ₹11,500+ Cr order book, and disciplined capital allocation. BUY on dips with a 12-month target of ₹5,200–₹5,500 and a 3–5Y fair value of ₹6,000–₹7,000.

Timken India (NSE: TIMKEN) — The Bearings Powerhouse: Premium Compounder, Initiate with STRONG BUY, Target Price Rs.4,200

Timken India (NSE: TIMKEN) — India's #1 bearings franchise with best-in-class margins (27.7% OPM, 16.8% ROCE), zero debt, and structural tailwinds from wind energy, railway modernization, and defence indigenization. Initiate with STRONG BUY, 12-month target Rs.4,200 (19% upside).