Targeted Delhi NCR Expansion to Fuel Growth YATHARTH’s targetedexpansion in the underserved Delhi NCR region, coupled with its high end superspecialty offerings, is driving higher ARPOB and stable margins, furtherstrengthening its leadership in advanced tertiary careView and Valuation We introduce FY 28 E estimates and projectrevenue/EBITDA/PAT to grow at a CAGR of 33 3 33 5 39 over FY 25FY 28 E Upgrading our valuation multiple to 17 x EV/EBITDA (from 14 x) on theaverage of FY 27 E and FY 28 E, we revise our target price to INR 850 (earlier INR640 and maintain our BUY rating This implies a PE multiple of 25 8 x/ 18 6 x onFY 27 E/FY 28 E EPS and an implied PEG ratio of 0 7 x/ 0 5 x for FY 27 E/FY 28 E Weexpect growth to be driven by higher ARPOB, improved occupancy levels (aimingfor 70 across existing facilities), strategic acquisitions, and a sustained revenuegrowth trajectory of 30 Additionally, an increasing share of super specialtyservices is anticipated to enhance their contribution to YATHARTH’s overallrevenues

Amalgamation is a Positive Trigger We upgrade our rating to BUY from ADD on JK Lakshmi Cement Ltd (JKLC) with an increased TP of INR 1,175 (from INR 970 earlier). The amalgamation of Udaipur Cement Works Ltd. (UCWL) & other subsidiaries into JKLC clears the overhang of a complicated corporate structure. Now that the overhang is behind us, our focus is back on JKLC’s amalgamated entity business merits like: 1) Capacity addition of 4.4 MTPA by FY28E, 2) Volume growth of 6.0%/5.0%/10.0% in FY26E/27E/28E driven by asset sweating, 3) Cost saving of INR 150/t phased out over a period of the next 3 years. We adopt a robust EV to CE (Enterprise Value to Capital Employed) based valuation framework, which allows us a rational basis to assign a valuation multiple that captures the fundamentals (ROCE expansion over FY25-28E).We forecast JKLC’s EBITDA to grow at a CAGR of 23.4% over FY25-28E, supported by our assumptions of volume growth at 6.0/5.0/10.0% and realization growth of 1.5/1.0/1.0% in FY26E/FY27E/FY28E, respectively.We value JKLC on our EV/CE framework, where we assign an EV/CE multiple of 1.9x/ 1.9x for FY27E/28E. This valuation framework gives us the flexibility to assign a commensurate valuation multiple basis an objective assessment of the quantifiable forecast financial performance of the company. We do a sanity check of our EV/CE TP using implied EV/EBITDA, and P/E multiples. On our TP of INR 1,175, implied EV/EBITDA / PE multiples translate to 10.1x/14.5x, which are reasonable in our view.

Q1 margin beat; Strategic depth supports long-term viewWe believe APOLLO has delivered a steady quarter, broadly in line with its guidance and continues to demonstrate operational consistency. What stands out is APOLLO’s strong presence across almost all key missile programs under India’s defence modernisation drive. We assume this depth of engagement gives the company a long-term strategic edge, especially as many of these programs move from development to production in the next 1–2 years.We view APOLLO’s dual-growth engine, i.e. organic innovation and inorganic expansion, as a solid foundation for scalable growth. The IDL Explosives acquisition and RF capability build-out reflect deeper value chain integration, which we believe can enhance profitability and positioning. Looking ahead, with Unit-3 adding capacity and system-level deliveries ramping up from FY27E, APOLLO is well-placed to capitalise on strong order momentum. Backed by a INR 735 Cr order book, robust pipeline and rising export visibility, we see it as a compelling long-term play on India’s defence indigenisation.