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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).

Titagarh Rail Systems (NSE: TITAGARH) — Equity Research: A Multi-Segment Railway, Metro & Defence Engineering Powerhouse

Comprehensive equity research on Titagarh Rail Systems (NSE: TITAGARH) — a multi-segment railway rolling stock, metro coach, and defence naval engineering powerhouse. ACCUMULATE rating with 12M target of ₹1,050-1,100 (22-28% upside).

**Techno Electric & Engineering Company Limited (NSE: TECHNOE | BSE: 542141) — Re-rating, Reflation & Re-imagination: An Infosys-Style Forensic Equity Research Deep-Dive**

The Leela (NSE: THELEELA) - Schloss Bangalore: India's Crown Jewel of Luxury Hospitality; Initiate with BUY, Fair Value 55-65, Target Price 60 (24-30% Upside)

Initiating coverage on The Leela (NSE: THELEELA) - Schloss Bangalore - with a BUY rating, a base-case fair value range of Rs 55-65, and a target price of Rs 60 (24-30% upside). India's cleanest pure-play on the luxury and upper-upscale hotel segment, anchored by a 75.9% Brookfield-controlled promoter block, a globally-recognised single brand, irreplaceable trophy real estate in supply-constrained micro-markets, a multi-year asset-light management-contract growth engine, and a structural real-estate value floor.

Tejas Networks Limited (TEJASNET) — Equity Research Note — A Tata Group Optical & Wireless Networking Champion Caught in a Brutal Demand Air-Pocket

Comprehensive Infosys-style equity research on Tejas Networks (TEJASNET) — a Tata-Group-controlled optical + wireless networking OEM currently in a deep FY26 air-pocket (sales ₹1,103 Cr, net loss -₹909 Cr), but positioned for a multi-year recovery on BSNL Phase-IX, BharatNet Phase-III, and defence order pipeline. Includes 9 sections, 90+ tables, 1000+ bolded data points, SOTP valuation, peer comparison vs Sterlite/HFCL/ITI/Polycab, and Hold-with-Positive-Bias rating (12M target ₹700, 24M base ₹900).

Tenneco Clean Air India Limited (NSE: TENNIND) — Initiating Coverage: A Pure-Play Clean-Air Compounder Anchored to India's BS-VII/CAFE-3 Cycle

Tenneco Clean Air India (NSE: TENNIND) is a pure-play clean-air technology company with ROCE 60.8%, ROE 44.4%, and is the leading beneficiary of India's BS-VII, CAFE-3 and emission-tightening cycle. Initiate with BUY, base-case fair value Rs.695-720, 12-18 month horizon.

Tega Industries (NSE: TEGA) — Global Mining Consumables Leader; Initiate with BUY, Target Price Rs.2,150

Tega Industries (NSE: TEGA) is India's largest manufacturer of mill liners and screening media for the global mining industry. Initiate with BUY rating, target price Rs.2,150 (~22.4% upside). Mission-critical consumables, 70+ country footprint, EBITDA margin expansion from 25% to 27%+, order book ~Rs.1,600 Cr.

Tata Technologies (NSE: TATATECH) - Engineering R&D Compounder Riding the Auto SDV Wave; Initiate with BUY, Fair Value Rs.870, Target Price Rs.950

Initiate coverage on Tata Technologies (TATATECH) with BUY rating and 12-month fair value of Rs.870 (14.3% upside), bull case Rs.950 (24.9%). Pure-play engineering R&D services arm of the Tata Group riding the SDV capex cycle at TML and JLR, with 36.5% captive revenue share, 15.8% net cash, and EBIT margin recovery from 15.5% to 16.9% over FY26-28E.

Tata Steel: Asia's Largest Steel Cycle Recovery With India Compounding and UK Restructuring Tailwinds

Tata Steel is a Conviction Buy at CMP Rs 198 with DCF base case fair value of Rs 220-235 (+11-19% upside) and bull case of Rs 300+ (+52%). India cycle inflection with Kalinganagar Phase-II ramp, BSL synergies of Rs 2,500 Cr annually, Thyssenkrupp Steel Europe JV catalyst, and UK EAF transition removing the impairment overhang. 9-section, 550+ line equity research note with 90+ tables and 1,000+ bold markers. Sector: Metals and Mining / Steel. Net debt/EBITDA declining from 3.5x (FY24) to 2.0x (FY26).

Tech Mahindra (NSE: TECHM) — Pivot Complete, Re-Rating Pending: Equity Research Deep-Dive

Tech Mahindra has completed its three-year strategic pivot. With the FY26 EBIT margin hitting a 14-quarter high of 17.0% in Q3, an AI/GenAI book at $650 Mn on track for $1 Bn by FY27, and a sector-leading 3.57% dividend yield, we initiate HOLD with a base case 12M target of ₹1,560 (bull ₹1,820, bear ₹1,050).