Tale of the Tape 

Hola Amigos!

Nifty (-0.4%) and Sensex (-0.5%) ended in the red as investors digested mostly weak Q1 earnings so far. Midcaps (-0.2%) and Smallcaps (-0.1%) saw smaller cuts. The advance-decline ratio was evenly split.

It was a mixed-bag kinda day for sectors. Real Estate (+1.2%) and Metals (+0.7%) saw the most buying. IT (-1.4%) and PSU Banks (-0.8%) witnessed selling pressure.

Dolat Capital sees a whopping +47% upside to this booze stock. Read our top story below to find out more.

Ixigo (+20%) soared after a blockbuster Q1 show. Meanwhile Polycab (-1%) had a great Q1 too but was hit by profit-booking. More details below.

Sona BLW, AWL Agri and Thermax saw big moves today. Check out their charts below to find out why.

Waaree Energies was down -3% after it called off a Rs 293 cr acquisition of Kamath Transformers.

DLF was in focus after officially re-entering the Mumbai market with its West Park project in Andheri.

Patanjali Foods (+2%) board approved a 2:1 bonus share issue.

Max Financial Services (-2%) was down after reports said an IRDAI panel was against its merger with Axis Max Life.

Results reaction. HDFC AMC (+3%) gained after its Q1 PAT jumped +24% YoY. Newgen Software cracked -6% on a disappointing Q1 show.

Smartworks Coworking had a decent market debut. The stock ended at Rs 446 p/sh; +10% from its IPO price.

Stock
In High Spirits

Globus Spirits has been KILLING it! The stock is up +23% YTD, easily beating the majority of its booze rivals. Here’s all you need to know:

For the unaware: the company is a leading country liquor player in Rajasthan, where it gets 65%-75% of its revenues. Over the last couple years it’s also launched premium IMFL brands across whisky, rum & vodka segments. 

So what’s popping? Analysts say there’s three big triggers at play:

1) Margin boost: Over FY23-25, Globus saw an INSANE jump in raw material costs due to broken rice supply issues. The company tried to cut down on costs, but its EBITDA still hit a five-year-low in FY25. With input costs now normalising -- broken rice prices have dropped -10% since February 2025 -- experts predict that its EBITDA could skyrocket over the next few years. 

2) Geographical expansion: Uttar Pradesh is India's largest country liquor market. If Globus wants to grow, it has to succeed here. FYI - the company launched operations at the end of Q4FY25 in the state. If you assume it gains 7%-8% market share over the next four years, this could translate to a HUGE revenue boost. 

3) Up the value chain: The company has flirted with its IMFL operations for a while and they’ve started paying off. Its UP and Delhi operations have broken even and another state will become profitable in FY26. It’s also lined up a foray in two more states in FY26, with one being in South India. 

TL;DR: The company had a rough FY25, but is setting up for a great FY26-28. This is on the back of an insane margin jump, new markets and a richer product mix. Dolat Capital has a target price of Rs 1,600 p/sh; a whopping +47% upside from current levels.

Specials
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