Category: Corporate

The Tata Group's hospitality business is making a big bet on India's growing travel market, announcing Monday evening that it will spend ₹204 crore to buy controlling stakes in the companies behind the Clarks Hotels chain.

Indian Hotels Company Limited (IHCL), which runs the iconic Taj Hotels brand, is acquiring 51% of two firms that operate 135 hotels across India under the Clarks banner. The deal marks IHCL's latest push to capture more of the country's booming midscale hotel segment, where business travelers and middle-class families are driving demand.

IHCL Managing Director and CEO Puneet Chhatwal said most of the newly acquired Clarks properties will be rebranded as Ginger hotels, expanding the brand’s portfolio to around 250. He said the move aims to position Ginger as India’s leading mid-market brand, catering to 500 million emerging consumers over the next three to five years. With Taj already recognised globally, Chhatwal noted this deal puts Ginger in the spotlight as the next major brand in the segment.

Deal Breakdown: Asset-Light Expansion

The deal involves two separate purchases. IHCL will pay ₹110 crore for its stake in ANK Hotels Private Limited, which runs 111 properties under brands like Clarks Inn and Clarks Inn Suites, even though only 67 are currently operating. ANK generated revenues of ₹14.32 crore last fiscal year.

The remaining ₹94 crore goes toward Pride Hospitality Private Limited, which manages 24 hotels under names like Clarks Safari and Clarks Resort. Thirteen of Pride's properties are operational, and the company posted ₹18.94 crore in turnover for FY25.

IHCL has also signed a strategic marketing partnership deal with Brij Hospitality, bringing 19 boutique hotels under its distribution network. The move comes as India's hotel industry rebounds strongly from the pandemic, with domestic travel surging and new destinations emerging across the country. This collaboration further deepens IHCL’s footprint across India, particularly in the experiential and heritage travel segments. 

The acquisition supports IHCL’s asset-light growth strategy, allowing it to scale without significant capital investment in new construction. The move strengthens its position against both global hotel chains and domestic competitors amid India’s ongoing travel boom.

IHCL shares rose 2.15% to ₹748.65 on the BSE ahead of the announcement, valuing the company at approximately ₹1.06 trillion. This makes it the country’s most valuable hospitality firm.

The company, in a post-market regulatory filing on Monday, said it sees strong potential in India’s diverse hospitality market. The deal is expected to close by November 2025.
 

New Delhi: Adani Enterprises has taken a major leap in expanding its aviation services by acquiring Indamer Technics Private Limited (ITPL), a prominent aircraft maintenance, repair, and overhaul (MRO) company based in Nagpur.

The acquisition was made through Horizon Aero Solutions Ltd, a joint venture between Adani Defence Systems and Technologies Ltd and Prime Aero Services LLP. Horizon now owns 100% of ITPL, and Prime Aero is owned by Prajay Patel, who also serves as director of Indamer Technics.

Building India's MRO Backbone

With this move, Adani reinforces its presence in the MRO sector, following its earlier acquisition of Air Works. Together, the two companies position Adani as India’s largest private player in the aircraft maintenance space, a sector that’s expected to see immense growth in the years to come.

ITPL’s 30-acre facility in Nagpur’s MIHAN Special Economic Zone includes 10 hangars and 15 aircraft bays. The facility is certified by aviation regulators, including India’s DGCA and the US FAA. It is well-equipped to handle everything from heavy maintenance checks and structural repairs to aircraft painting and lease return inspections, catering to both domestic and international operators.

A Strategic Bet on Aviation Growth

With the vision of making India a premier global MRO destination, here’s what industry leaders said about this major acquisition. 

Jeet Adani, Director at Adani Airports, said the deal reflects the group’s long-term vision. “We’re building an integrated aviation platform anchored in global standards and customer satisfaction,” he said, noting that India is on the cusp of a major aviation expansion, with over 1,500 aircraft expected to join domestic fleets in the coming years.

Ashish Rajvanshi, CEO of Adani Defence & Aerospace, added that the acquisition strengthens Adani’s MRO capabilities and supports its goal of a self-reliant aerospace ecosystem. “Nagpur’s location adds strategic value, and Indamer’s legacy combined with our scale enables us to deliver world-class service,” he said.

Prajay Patel, Director of Indamer Technics and Prime Aero, called the partnership a major step forward. “Blending our engineering strengths with Adani’s capital and infrastructure will drive greater value for both customers and the industry,” he said.

Wings of Change for India 

India is now the world’s third-largest aviation market by passenger traffic, and with airlines placing record aircraft orders, the demand for reliable, local MRO services is rising sharply. Nagpur’s central location adds further value, making it a strategic choice for nationwide maintenance operations.

With the combined strength of Indamer and Air Works, Adani Enterprises is positioning itself to serve both commercial and defense aviation needs, just as India’s skies get busier than ever.

State Bank of India (SBI) has stopped processing trade and foreign currency transactions for Nayara Energy, citing concerns over potential sanctions in the wake of recent U.S. tariff hikes and European Union restrictions.

According to sources quoted by The Economic Times, the decision was taken in recent days as part of SBI’s internal compliance strategy to avoid possible U.S. and EU curbs. The move was not prompted by any government directive but stemmed from the bank’s own assessment of risks following tightening sanctions. SBI, which has significant overseas operations, is required to align with global regulatory norms.

Nayara Energy, which operates a 20-million-tonne-per-annum refinery in Vadinar, Gujarat, is partly owned by Russian oil major Rosneft, holding a 49.13% stake. In August 2017, Rosneft led a consortium to acquire Essar Oil and rebrand it as Nayara Energy. The company commands about 8% of India’s refining capacity and runs over 6,750 fuel stations nationwide.

Mounting Sanctions Pressure

Nayara’s challenges have intensified since July, when the EU’s 18th sanctions package against Russia came into effect. The measures not only tightened restrictions on Russian fuel imports but also introduced a $47.6 per barrel price cap on Russian crude. For Nayara, which imports crude oil from international suppliers including Russia, these sanctions complicated its ability to process and export fuel, particularly to Europe.

The sanctions have also put pressure on global banks involved in clearing transactions linked to the company. SBI’s move mirrors a broader trend among financial institutions to exercise caution when dealing with entities exposed to geopolitical sanctions risk.

The latest setback comes after the U.S. imposed higher tariffs last month, adding another layer of compliance complexity for companies and banks with cross-border dealings. The combined effect of EU sanctions and U.S. tariffs has significantly restricted the processing of Nayara’s trade and foreign exchange transactions.

Nayara Pushes Back

Responding to the EU action, Nayara Energy issued a strongly worded statement on Monday, calling the sanctions “unilateral” and based on “baseless assertions.” The company argued that the EU’s measures amounted to an “undue extension of authority” that ignored both international law and India’s sovereignty.

“Nayara Energy operates in full compliance with the laws and regulations of India,” the statement read. “While many European countries continue to import Russian energy through various sources, they chastise and sanction an Indian asset for processing Russian crude largely used domestically by 1.4 billion Indians and businesses.”

The company said it is exploring all legal avenues to challenge the restrictions, framing the EU’s move as discriminatory.

For now, SBI’s suspension of trade and FX transactions adds to the operational headwinds for Nayara, underscoring how geopolitical tensions are increasingly reshaping the commercial and financial environment for Indian energy companies with Russian links.

New Delhi: Highway Infrastructure is geared up to list its shares on August 12, 2025 on both the BSE and NSE. In the run-up to its debut, the IPO’s grey market premium (GMP) indicates a bullish sentiment centred around high subscription response. 

Highway Infrastructure Ltd.  had attracted an extraordinary subscription of over 300 times during its IPO between August 5 and 7, and completed its share allotment process on August 8, 2025. Investors who applied can now check their allotment status through the registrar Bigshare Services Pvt. Ltd., the BSE, or the NSE portals by entering their application details and PAN. Refunds and share credits to Demat accounts were scheduled for August 11, ahead of the company’s market debut on August 12.

The IPO’s grey market premium (GMP) had earlier surged to ₹36–₹40 per share, hinting at a potential 51% gain over the ₹70 issue price. However, ahead of listing, it has eased to about ₹24, suggesting a likely entry at around ₹94.

Despite the near-term volatility in GMP, market observers are positive about the company’s long-term prospects. As on August 8, Highway Infra shares were trading at a GMP of ₹36, indicating a potential 51% listing gain, as per Investorgain. Bajaj Broking secured the IPO’s valuation at a P/E of 22.44 (FY25 annualised) and 23.41 (FY24), recommending a long-term subscribe. 

Bhavik Joshi, Business Head, INVasset PMS said, ‘Highway Infrastructure Ltd.’s IPO arrives at a time when India’s infrastructure push is being actively translated into on-ground execution, particularly in roads, tollways, and urban development.’

Brokerage house Anand Rathi has recommended a “subscribe” rating for long-term investors, highlighting Highway Infrastructure’s competitive advantage in ANPR-based toll collection systems and its diversified revenue streams from toll operations and EPC projects.

The company’s order book of ₹666 crore, largely in EPC contracts, provides visibility for medium-term revenue growth. Based on FY24 and FY25 earnings, the IPO was priced at a P/E of about 23x, which analysts view as reasonable given its sector positioning. However, experts advise that investors keep an eye on the scale-up of toll operations and maintain realistic expectations for listing gains amid fluctuating grey market trends.

The ₹130-crore Highway Infrastructure IPO is being launched through the book-building route, comprising a fresh issue worth ₹97.52 crore and an offer for sale (OFS) of ₹32.48 crore. The price band has been fixed at ₹65–₹70 per share. Pantomath Capital Advisors Pvt Ltd is acting as the book-running lead manager, with Bigshare Services Pvt Ltd serving as the issue’s registrar.

With the listing scheduled for tomorrow, August 12, 2025, investors are keen to see if Highway Infrastructure can turn its stellar subscription response into an equally impressive debut in the stock market.

JSW Cement’s ₹3,600-crore initial public offering (IPO) closed on Monday, August 11, drawing an enthusiastic response from investors across categories, particularly institutional players. The share sale, which opened on August 7, comprised a fresh issue of ₹1,600 crore and an offer for sale (OFS) worth ₹2,000 crore.

Data from the exchanges showed that the IPO received bids for 1,40,91,39,588 shares against the 18,12,94,964 shares on offer, translating into a subscription level of 7.77 times. The qualified institutional buyers (QIBs) segment led the charge, oversubscribed by 15.80 times, while non-institutional investors (NIIs) followed with a subscription of 10.97 times. The retail investor portion was subscribed 1.81 times.

Market analysts attributed the strong demand to the company’s growth trajectory, operational efficiencies, and leadership position in the Ground Granulated Blast Furnace Slag (GGBS) segment, where it commands an 84% market share as of FY25.

With the subscription phase now closed, investor attention turns to the allotment process, which is scheduled to be finalised on Tuesday, August 12. JSW Cement’s shares are set to debut on both the BSE and NSE, with a tentative listing date of August 14.

Meanwhile, the IPO’s grey market premium (GMP) has remained subdued in the run-up to the listing. On Monday, the GMP stood at ₹5.5, suggesting that the stock could list around ₹152.25 per share, a modest 3.74% premium over the upper end of the ₹139–₹147 price band.

For retail participants, the minimum application size was fixed at 102 shares, requiring an investment of ₹14,718 at the upper price band. Proceeds from the fresh issue will be utilised to set up a new integrated cement facility in Nagaur, Rajasthan, repay certain borrowings, and meet general corporate expenses.

JSW Cement is one of the fastest-growing cement producers in India, with FY25 sales of 7.09 million tonnes of cement and 5.2 million tonnes of GGBS. Its operations have benefited from renewable energy adoption, waste heat recovery systems, and freight cost optimisation, resulting in grinding capacity utilisation of 63% and clinker utilisation of 84%.

Brokerages such as Lakshmishree Investment, Canara Bank Securities, and Ventura had issued a “subscribe” recommendation ahead of the IPO, citing strong fundamentals, expansion plans, and the company’s positioning in a competitive industry.

Air India has announced that it will suspend its Delhi–Washington service starting September 1, citing a combination of operational factors, including a planned shortfall in its widebody fleet and continued airspace restrictions over Pakistan.

The airline said the decision is directly linked to an extensive retrofit programme for 26 of its Boeing 787-8 aircraft, which began last month. The large-scale cabin upgrade, aimed at significantly enhancing passenger comfort and onboard amenities, will keep multiple aircraft grounded at any given time until the end of 2026.

“This extensive retrofit programme, aimed at elevating the customer experience, requires the prolonged grounding of several aircraft,” Air India stated in a press release. “The planned fleet shortfall, coupled with the continued closure of Pakistani airspace, impacts our long-haul schedules and adds operational complexity.”

The suspension of the Washington route is among the most visible impacts of these constraints. The airline did not detail whether other routes would also be affected but acknowledged that long-haul international services are particularly vulnerable to the combined pressures.

The closure of Pakistani airspace, in place since early 2024, forces carriers to operate longer flight paths on some routes to Europe and North America. This results in extended travel times, increased fuel burn, and more complex crew rotations.

Industry observers say the twin challenges of reduced aircraft availability and circuitous routing leave the airline with limited flexibility in network planning. “When you’re down on aircraft and your flights are longer due to detours, the operational strain is substantial,” said an aviation analyst. “Airlines in such situations often have to prioritise high-yield or strategically critical routes.”

The retrofit project is part of Air India’s broader modernisation strategy under the Tata Group, which regained control of the carrier in 2022. Alongside the Boeing 787-8 upgrades, the airline is refurbishing other widebody jets and has placed orders for 470 new aircraft from Boeing and Airbus.

Air India said it will assist passengers booked on the Delhi–Washington route in rebooking onto alternative flights or partner airlines. The carrier stressed that while the temporary suspension is disruptive, the retrofit programme will deliver a substantially improved long-haul product.

“With the retrofitted aircraft entering service from late 2026, customers can expect a significantly upgraded travel experience,” the airline said. “These short-term measures are essential to achieving that long-term goal.”

New Delhi: Kalyan Jewellers' stock recently experienced a 9.4% drop to ₹534.95, despite reporting a 31% year-on-year revenue growth in Q1 FY26. This decline is because of a 60 basis point contraction in gross margins, as the share of franchised stores in its business model have been increasing.

"We have started off the ongoing quarter well despite continuing volatility in gold prices and a higher base," said Kalyan Jewellers India Executive Director Ramesh Kalyanaraman. He further said, "We are upbeat about the upcoming festive season across the country and are gearing up for the launch of fresh collections and campaigns."
 

Reasons for the Kalyan Jewellers’ Stock Dip?

JM Financial noted that while demand remained robust until late June, a high base effect caused a year-on-year growth slowdown. Growth is expected to recover in Q2 with the

festive season.

Kalyan Jewellers’ Q1 results surpassed estimates, with a leaner credit policy likely to enhance profitability and RoCE (Return on Capital Employed). However, the regional expansion strategy may increase capital employed in the business, the brokerage added. 

However, several brokerages maintain a positive outlook on the company. Motilal Oswal has reiterated its 'Buy' rating with a target price of ₹700, projecting a 21% revenue, 17% EBITDA, and 21% PAT compound annual growth rate over FY26–28 . Similarly, Citi has maintained a 'Buy' rating and raised its target price to ₹700, citing strong revenue and profit growth . ICICI Securities also suggests an 'Add' rating with a target price of ₹670. 

The company's aggressive expansion plans, including the addition of 170 stores in FY26, with a focus on the FOCO (Franchise Owned, Company Operated) model, are expected to drive growth. This strategy is anticipated to improve profitability by reducing interest costs and enhancing cash flow generation.
 

Kalyan Jewellers’ June quarter revenue grew 31%, in line with expectations, driven by nine new Kalyan and eight Candere stores and an 18% rise in same-store sales. Management noted no pent-up demand from recent gold price moderation, as weddings remained on schedule. The studded jewellery segment held steady at 30.2% of revenue, with a 30% year-on-year increase in studded revenue, highlighting strong demand for higher-margin products.

Despite near-term margin challenges, Kalyan Jewellers’ long-term growth outlook remains positive. Investors with a long-term perspective might consider accumulating the stock, particularly if it trades around the ₹530–₹540 range. However, careful monitoring of the company’s expansion execution and margin trends is recommended.

Engineering giant Larsen & Toubro (L&T) announced on Monday that it has secured an “ultra-mega” contract from Adani Power Ltd. to build eight thermal power units, each with a capacity of 800 MW, adding up to a total of 6,400 MW of new generation capacity.

L&T categorises contracts worth over ₹15,000 crore as “ultra-mega.” The project will be handled by L&T Energy – CarbonLite Solutions (LTECLS), the group’s business arm focused on advanced power and low-carbon technologies.

The order covers the complete design, engineering, manufacturing, supply, and commissioning of boiler-turbine-generator (BTG) packages, along with auxiliaries and related mechanical, electrical, and control & instrumentation systems.

“In the evolving energy sector, where India’s need for dependable and affordable electricity keeps rising, this order from the Adani Group reaffirms our position as a trusted partner in building the country’s vital energy infrastructure,” said Subramanian Sarma, L&T’s deputy managing director and president.

The win comes on the back of a strong June quarter for L&T, which posted a 29.9% jump in net profit to ₹3,617 crore compared to ₹2,786 crore a year earlier. Revenue rose 15.5% to ₹63,678 crore from ₹55,119 crore, while EBITDA increased 12.5% to ₹6,316 crore. The EBITDA margin, however, edged down to 9.9% from 10.2% in the same quarter last year.

The company has retained its full-year outlook for revenue growth, margins, and order inflows.

At 1:10 pm on Monday, L&T shares were trading 1.53% higher at ₹3,662.50 apiece. The stock has climbed 3.2% over the past month.

Building on past partnerships

Larsen & Toubro (L&T) and the Adani Group have crossed paths on several occasions, though formal partnerships have been sporadic.

One notable instance dates back to 2015, when Adani Ports & SEZ acquired operations of the Kattupalli Port from L&T Shipbuilding, a L&T subsidiary, in what began as a memorandum of understanding and later took shape as a strategic sale. 

Another key connection involves Dhamra Port, established as a 50:50 joint venture between L&T’s subsidiary (L&T IDPL) and Tata Steel. This entity formerly co-owned and operated the port before Adani Ports took over in 2014, acquiring the port entirely. 

Beyond port infrastructure, L&T also executed large-scale projects for IndianOil Adani Ventures, signaling a collaboration in the energy sector. The hydrocarbon vertical of L&T secured an onshore EPC project involving tankages and associated facilities under IOCL’s expansion program.

Despite a sharp 63 per cent fall in consolidated net profit for the first quarter of FY26 on account of weaker sales volumes across segments and a significant decline in Jaguar Land Rover (JLR) earnings, Tata Motors’s shares climbed around 3% as of 1 pm on August 11 to ₹652.2 at the time of filing this report. 

According to a report by Business Standard, for the quarter ended June 2025, the home-grown auto major posted a consolidated net profit of ₹4,003 crore, compared to ₹10,587 crore in the same period last year. Consecutively, profit plunged over 50 per cent from ₹8,556 crore stated in Q4 FY25.

The consolidated revenue fell 2.45% year-on-year to ₹1.03 trillion and declined 12.72% quarter-on-quarter, mainly due to US trade tariffs causing volume drops and weaker demand, along with lower earnings at JLR.

JLR Performance Hit by US Tariffs

Jaguar Land Rover, the UK-based luxury arm, delivered its 11th consecutive profitable quarter despite “challenging global economic conditions.” Revenue stood at £6.6 billion, down 9.2 per cent year-on-year, impacted by US tariffs and the planned phase-out of legacy Jaguar models. EBITDA margin fell 650 basis points to 9.3 per cent, while EBIT margin stood at 4.0 per cent, within its FY26 guidance range of 5–7 per cent. JLR’s profit before tax (PBT) declined 49.4 per cent year-on-year to £351 million, also hurt by foreign exchange headwinds. The automaker reported negative free cash flow of £758 million for the quarter, ending with a cash balance of £3.3 billion.

Management Outlook

PB Balaji, Group Chief Financial Officer of Tata Motors, acknowledged the difficult quarter but maintained optimism for the rest of the year. He said, “Despite stiff macro headwinds, the business delivered a profitable quarter, supported by strong fundamentals. As tariff clarity emerges and festive demand picks up, we are aiming to accelerate performance and rebuild momentum across the portfolio. Against the backdrop of the upcoming demerger in October 2025, our focus remains firmly on delivering a strong second-half performance.”

The recent sell-off was sparked by a 35% year-on-year drop in Q1 EBITDA to ₹97.2 billion, driven by a sharp 46% decline in Jaguar Land Rover’s (JLR) earnings. Nuvama Institutional Equities cut its target price to ₹610 (from ₹670) and maintained a Reduce rating, citing weak volumes, US tariffs, forex losses, and a 36% drop in India passenger vehicle EBITDA due to lower sales, higher discounts, and a model transition. The brokerage now forecasts only 4% EBITDA CAGR over FY25–28E, flagging headwinds such as JLR model discontinuations, market share losses in China, tariff uncertainty, and competition in commercial vehicles.

Motilal Oswal has kept a Neutral stance with a target price of ₹631, highlighting risks from tariff-led demand pressures for JLR in the US, soft European and Chinese sales, and cost inflation from warranties and emissions compliance. It noted that Tata Motors has withheld FY26 guidance amid these uncertainties. Domestic CV growth is expected in low single digits for Q2, with the festive season key to any PV recovery.

Nomura also remains Neutral, trimming its target to ₹704 from ₹799. It lowered valuation multiples for CV, PV, and JLR businesses, citing weaker margins and cash outflows for the Iveco acquisition. While calling the stock’s 4.6x FY27F EV/EBITDA multiple “undemanding but fair,” it pointed to tariff risks and muted sentiment as downside triggers, with potential upside from a JLR demand rebound and successful PV launches like the Sierra.

With global macro headwinds weighing on JLR and domestic demand yet to pick up meaningfully, brokerages appear aligned in seeing limited near-term catalysts for a sustained Tata Motors rally.

Manappuram Finance’s shares tumbled nearly 3% on August 11, after the NBFC reported a steep 75% year-on-year decline in its Q1 FY26 net profit to ₹138 crore from ₹555 crore a year earlier. Revenue from operations dropped 9% to ₹2,262 crore, as microfinance continues to weigh heavily on its performance. 

Segmental Performance: Gold Strong, Microfinance Falters

The gold loan segment boosted revenue 10% YoY to ₹1,904 crore, benefitting from elevated bullion prices—a bright spot in an otherwise dismal quarter (Economic Times, Reuters). However, the microfinance business recorded a drastic 53–54% sales collapse to around ₹361 crore, signaling deeper stress in that portfolio.

Provisions in the microfinance unit nearly tripled to ₹483 crore—forming the bulk of total provisions of ₹559 crore—reflecting heightened loan defaults and asset-quality stress in the unsecured microfinance segment. 

Consequently, net interest income shrank sharply by 14.2% to ₹1,407 crore, and assets under management dipped 1.4% to ₹44,304 crore. This downturn disproportionately impacted the company’s bottom line.

Brokerage Commentary: Cautious Optimism, Eyes Turnaround by Q4

Brokerages maintained a cautious stance following the results.

• Jefferies held a “Hold” rating while raising its target to ₹275. The firm noted that although Q1 PAT aligned with expectations, weaker net interest income was offset by lower provisioning, particularly in microfinance. Jefferies cautioned that subdued NIMs, unwinding of non-gold loans, and elevated MFI provisions remain near-term headwinds. Clarity on the turnaround under new leadership will be essential for any re-rating.
• CLSA retained its “Outperform” stance with a target of ₹260. The broker pointed out that both pre-provision operating profit and net profit missed estimates by around 9%, due to unexpected yield and spread contraction. Management’s strategy includes lowering lending rates on high-ticket loans to around 18% over the next 4-6 quarters. Loan growth stood at 13% QoQ, driven by higher ticket sizes but offset by a sharp 23% sequential decline in the Asirvad MFI book. CLSA echoed management’s belief that the worst could now be behind the company, with profitability expected to return by Q4 FY26.

Leadership Changes & Strategic Outlook

Adding to the narrative, Manappuram announced leadership changes: Managing Director V. P. Nandakumar will assume the role of Chairman from August 28, succeeding retiring Independent Director Shailesh Jayantilal Mehta, effective August 27.

Last quarter’s Q4 FY25 results already hinted at stress in the microfinance operations of subsidiary Asirvad Finance, which reported cumulative losses and required fresh leadership focus. The board’s decision on corporate governance and operational overhaul, especially as Bain Capital’s investment nears closure, will be a key catalyst for recovery.

Market Mood & Forward Look

As of August 11, Manappuram’s stock was under pressure amid broader market caution and weak Q1 earnings across sectors.

Looking ahead, analysts believe the company must accomplish two things to regain investor confidence: stabilize asset quality (particularly in microfinance) and deliver visible gains from its strong gold loan business. With management forecasting a return to profitability by Q4 FY26, much will depend on execution of rate cuts, provisioning discipline, and broader lending growth.

If successful, Manappuram could leverage its gold-loan leadership and restructuring momentum to stage a recovery—potentially unlocking upside in investor sentiment over the coming quarters.