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October 21, 2025

Best Mahurat buy
Investors can expect decent return in following stocks in vikram samvat 2082 & can concentrate on Mahurat day 21-10-2025 Tuesday.
1) Alembic BSE code 506235 & NSE symbol alembicltd CMP Rs.101
2) Bright Brothers BSE code 526731 CMP Rs.332
3) Duroply Industries BSE code 516003 CMP Rs.184
4) KLRFM BSE code 507598 CMP Rs.118
5) Shri Bajrang Alliance BSE code 526981 CMP Rs.194
6) Somi Conveyor Beltings BSE code 533001 & NSE symbol somiconvey CMP Rs.148
7) TNPETRO BSE code 500777 & NSE symbol - TNPETRO CMP Rs.107
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By Azhar
DATA CENTER — India’s Digital Infrastructure Boom
A new-age sector that deserves attention is the Data Center industry. India’s data centers are expected to grow 5x by 2030 → reaching 8GW capacity, US$30bn capex, and US$8bn revenue opportunity.
India’s Data Centers to 5x by 2030 → 8GW Capacity, US$30bn Capex & US$8bn Revenue Opportunity
1/ India’s data center market is on a hypergrowth path → expected to grow 5x to 8GW by 2030 → driven by surging data traffic, AI adoption, data localization, and low latency needs.
2/ This growth will require ~US$30bn in capex → creating a massive downstream opportunity for the entire ecosystem.
3/ Leasing revenues for data centers are projected to rise 5x → from US$1.7bn today → to ~US$8bn by 2030.
4/ The data center value chain → Physical infrastructure, fiber connectivity, power supply, cooling systems → all essential for enterprise computing and cloud workloads.
5/ Enterprises typically have captive data centers → but cloud adoption is driving strong demand for leased colocation data centers.
6/ Data center operators provide infrastructure → fiber connectivity, power, and cooling → on rent to enterprises and cloud service providers (CSPs).
7/ Data center capacity is expected to grow 5x → reaching 8GW by 2030 → based on commitments from major players.
8/ Setting up 1MW of data center capacity costs ~US$4–5mn → implying US$30bn capex for 6.4GW incremental capacity by 2030.
9/ Downstream opportunities from this capex → Real Estate US$6bn, Electrical & Power Systems US$10bn, Racks/Fitouts US$7bn, Cooling US$4bn, Network Infrastructure US$1bn.
10/ Telcos are better placed to capture this opportunity → due to their experience in capex-heavy, long-term projects and enterprise relationships.
11/ Top players like Bharti, Reliance, and Adani may account for 35–40% of India’s total data center capacity by 2030 → dominating the market.
Our pick for this sector is Anant Raj
Anant Raj Data Centers are a division of the Indian real estate company Anant Raj Limited, operated under its subsidiary Anant Raj Cloud. The company is developing a large data center portfolio, with locations in Manesar, Panchkula, and Rai in Haryana. It offers colocation, managed hosting, and connectivity solutions, aiming to expand capacity to 307 MW by FY32 to support India’s digital growth.
India is a key market for cloud service providers, attracting several global and domestic players to enhance their operations in the region. To capitalize on this opportunity, Anant Raj Cloud partnered with Orange Business, a trusted collaborator, to expand its data center business and venture into cloud services. This partnership enables Anant Raj Cloud to strengthen its cloud offerings while ensuring compliance with local data privacy and security regulations. Orange Business is committed to supporting Anant Raj Cloud’s growth and helping build robust infrastructure that caters to the evolving needs of Indian enterprises. Together, they aim to provide innovative, homegrown cloud solutions that meet regulatory standards and enhance service quality and reliability across the country.
“The economic upturn in India underscores enterprises’ increasing reliance on digital infrastructure. Together with our trusted partner, Orange Business, we are addressing this critical demand for flexible, secure, and scalable cloud services and robust data center capabilities to process ever-growing amounts of data, driven by digital adoption and generative AI,” said Gagan Singh, Chief Business Officer, Anant Raj Cloud.
Data Center Locations and Capacity
Manesar: A 3 MW facility is operational, with plans for expansion.
Panchkula: Work has begun on a site expected to add 7 MW by the end of FY2024-25.
Rai: A third location is planned for development.
Total Target Capacity: 307 MW by FY32, with a substantial portion of this capacity being developed in Panchkula and Rai.
Financials
Shareholding Pattern (Equity Capital: Rs.69 crore)
A. Promoter Holding – 60.12%
B. FIIs – 10.72%
C. DIIs – 5.82%
D. Public Holding – 16.63%
E. Others – 6.7%
Revenue
Revenue growth over the last 5 years stands at 33.52%, Operating Profit grew 32.74%, and Net Profit grew 45%.
Cash Flow
Cash flow is positive – Rs.25 crore in FY25 vs -Rs.25 crore in FY24.
Operating Profit is Rs.96 crore in FY25.
Investing activities – Rs.72 crore in FY25 vs Rs.180 crore in FY24, showing ongoing investments to fuel future growth.
Ratios
Net Profit Margin – 20.46% vs 17.83% (FY24)
Operating Margin – 24.34% vs 23.81% (FY24)
Gross Profit Margin – 25.82% vs 25.02% (FY24)
Debtor Days – 22 vs 25
Cash Conversion Cycle – 22 vs 25
Working Capital – Rs.323 crore vs Rs.480 crore
ROCE – 11% vs 9%
All parameters appear strong, and the company is well-positioned for growth in both data center and real estate segments.
Buy around Rs.660 and on 10% dips if available. Target Rs.1000–1100 by next Diwali.
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Nomura on RIL
Buy, TP Rs 1700
2Q slight beat on strong Retail performance Raise FY26/27F EBITDA by 4%/12%
Reported net debt remained steady at INR1,185bn; capex increased to INR400bn
See three growth triggers for RIL in near term
(1) scale-up of the new energy business;
(2) tariff hikes for Jio, which directly flows into the bottomline;
(3) potential IPO/listing for Jio by the first half of 2026
Kotak Inst Eqt on RIL
Add, TP Rs 1600
RIL reported a decent 2QFY26, with consolidated EBITDA growing 18% yoy (4.9% ahead of KIE) and PBT growing 16% yoy (1.6% ahead).
Retail business EBITDA (+16% yoy, +6.8% qoq) was 1.4% ahead.
EBITDA for other key segments such as O2C (+21% yoy), digital (+17% yoy) and E&P (down 5.4%) was in line.
Capex significantly increased to Rs400 bn (Rs299 bn in 1Q, highest in 10 quarters), but reported net debt (Rs1.2 tn) was flat
Outlook remains sanguine for retail and telecom; however, there remain headwinds for O2C
JPM on RIL
OW, TP Rs 1695
2QFY26 - operationally better; growth should sustain near-term
Reliance’s EBITDA momentum should continue near-term, driven by
a) better refining margins, which seem sustainable into the winter,
b) a weaker rupee helping O2C earnings,
c) seasonal strength in retail
d) continued upside to telecom (higher Subs + ARPU + margins YoY).
An increase in tariffs ahead of the proposed Jio IPO could cement growth further out.
Valuations seem comfortable relative to peers/market
Macquarie on RIL
O-P, TP Rs 1650
2QFY26: Better earnings momentum
At a segment level, Retail was strong, Jio steady, and O2C much improved.
RIL's Sep-Q results indicate earnings growth turnaround driven by Retail, Jio, O2C as well as JioStar segments.
After a pause in group earnings growth, this print supports MQe/Consensus estimates of 15% EPSg for FY25-28e.
MS on RIL
OW, TP Rs 1701
RIL's earnings should get investor confidence back; re-rating is ahead as consumer retail is turning around and beat estimates.
Guidance was optimistic; the setup for the Dec-25 quarter looks very strong, notably retail and fuel refining.
New energy + AI are key for the next $50bn in value creation.
MOSL on RIL
BUY, TP Rs 1700
Operationally in-line 2Q; FCF generation picks up significantly in 1H
Reliance Retail – Broad-based growth recovery; QC up 42% QoQ
RJio – Largely in line; net debt declines as 1H FCF improves to INR63b
Standalone: In-line result; higher volumes, cracks drive QoQ recovery
DAM Cap on RIL
Buy, TP Rs 1515
RIL is pivoting towards building three new strategic segments – New Energy, Media & FMCG – as capex intensity in Jio begins to taper
On New Energy front, co has likely already deployed >40% of its committed capex (Rs 750 Bn), with visible progress on the ground.
Leveraging Jio’s position as the country’s largest distribution powerhouse, believe RIL has a strong right to win in the Media business.
Retail’s challenges seem to be behind with company reporting strong revenue growth during the quarter
Believe that mid-teens rev growth is achievable from hereon.
O2C continues to be a cash cow to fund the growth capex.
Expect PAT growth of 5.1% p.a. FY25-28E
CLSA on Dixon Tech
Downgrade to O-P, TP cut to Rs 18800
1Q revenue growth of 16% QoQ largely addressed investor concern around market share losses.
Smartphone volume should grow 40%+ in FY27CL, post-which it hinges on an uptick in exports.
PLI scheme discontinuation may pressure margins in early-FY27, ahead of backward integration.
Visibility on growth as domestic market share in smartphones saturates through new categories (IT hardware, telecom and exports) and progress on margin expansion projects are key to watch for.
Nomura on Dixon Tech
Buy, TP Rs 21152
Mobile on track; focus to drive new segments
2Q EBITDA ahead; diversification into components
B2B; exports to sustain healthy earnings momentum
Dixon’s initiatives to diversify customer base, target new growth avenues keeps growth visibility high
Cut FY26F/27F/28F revenue by 5%/2%/2%, but maintain our EBITDA margin estimate – improve from 3.8% in FY26F to 4.3%/4.8% in FY27/28F
Nuvama on Dixon Tech
Hold, TP Rs 16600
Reported a strong Q2FY26 with revenue/EBITDA/adjusted PAT up 29%/32%/15% YoY.
While Mobile & EMS revenue grew 41% YoY (+15%QoQ), Appliances fell 33% YoY.
EBITDA margin stayed healthy at 3.8–3.9%.
It indicated a modest cut in mobile volumes (40–42mn/55– 60mn in FY26/27E versus 43–44mn/60–65mn earlier) and did not rule out margin pressure in Mobile segment in a couple of quarters of FY27.
Medium to long-term growth plans stay intact and guides towards INR1tn revenue target in next 3–4 years with 4–4.5% EBITDA margin
HSBC on L&T Tech
Hold, TP Rs 4695
2Q growth was weak but as expected; 2H growth should be better, but meeting double-digit growth target appears difficult
Strong momentum in sustainability is likely to continue, Tech should improve now; Mobility could struggle in near term
LTTS has among the best ER&D capabilities, but weaker organic growth than peers in the near term keeps us at Hold
MS on L&T Tech
EW, TP Rs 4500
LTTS continues to do well on deal wins, which has increased order backlog, but investors would like to see its conversion into revenue going forward, in absence of which positive catalysts could be missing.
Nomura on L&T Tech
Reduce, TP Rs 3720
2QFY26– misses revenue forecasts
Deal wins strong, pipeline is robust
FY26E guidance of double-digit revenue growth is ambitious
EBIT margin to see steady recovery over FY26-28F
Stock currently trades at 30x FY27F EPS
Key upside risk is stronger-than expected revenue growth and margin improvement
MS on REC
OW, TP Rs 515
2QF26 PAT (+10% YoY, -1% QoQ) beat estimate by 5% & VA consensus by 9% thanks to higher fee income and lower operating costs and provisions.
NIM was 3.73% (+4bp YoY) vs. 3.77% estimate.
PPOP beat forecast by 3% thanks to lower operating costs (-10% YoY, -2% QoQ).
Credit cost of Rs1.35bn (9bp annualized) vs. Rs3.97bn estimate (20bp annualized) led the 5% PAT beat.
GS3 of 1.06% (+1bp QoQ) and S3 PCR of 77% were stable.
AUM growth of 7% YoY, flat QoQ was well below 10.7% estimate owing to faster repayments in the distribution and the infrastructure and logistics segments.
2Q disbursements were up 18% YoY (-6% QoQ), above our 12% YoY estimate, led by conventional generation (+33% YoY) and distribution (+41% YoY) segments.
CLSA on REC
High Conviction O-P, TP Rs 500
Q2 net profit of Rs44.2bn, 5% ahead of estimates driven by higher other income despite a slight miss on NII.
AUM growth at 7% was tepid, impacted by a one-off payment (c.2% of AUM) and high disbursements in RBPF loans rather than core capex-related loans.
Asset quality remained stable with GS3% at 1.1%, though spreads compressed by 10bps QoQ due to lower yields.
Operational challenges in the power sector have softened the growth outlook, prompting us to cut our PAT estimates 1-4% in FY26-28CL

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