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Minerva Capital Research Solutions’ Jewellery Sector note describes an Indian market expected to grow at 16% CAGR from FY24E to FY28E, alongside a gradual shift towards organized retail. The note identifies Sky Gold, Thangamayil and P N Gadgil as positioned for market-cap expansion, while emphasizing working-capital management and cash generation as key monitorables. The companies profiled are unrated, with no target prices provided.
Minerva Capital Research Solutions’ Water Sector note reviews water and wastewater treatment, desalination and related Indian companies. It identifies policy programmes and expanding water-treatment needs as sector drivers, while presenting individual company profiles as Unrated, with no target prices or potential upsides stated.
PCBL Chemical is a carbon black manufacturer that has expanded into specialty chemicals through its Aquapharm acquisition and is developing battery chemicals with Kindia. Minerva Capital Research Solutions recommends Buy, with a target price of INR 462/- and potential upside of 27%, citing expected capacity growth and improving margins across its businesses.
India’s semiconductor market is presented as shifting from import dependence toward domestic manufacturing, supported by government policies. The note highlights growth potential and activity across design, assembly, testing and packaging, while flagging weak R&D, high intellectual-property costs and company-specific execution and governance concerns. It does not give a sector recommendation or target price.
Dhabriya Polywood manufactures PVC profiles, uPVC windows and doors, and modular furniture. Minerva Capital Research Solutions recommends Buy, with a target price of INR 520/- and potential upside of 32%, citing the company’s established customer and dealer base, product range and available capacity for growth.
Vilas Transcore Ltd manufactures CRGO transformer cores and related products at facilities near Vadodara, Gujarat. Minerva Capital Research Solutions has a Hold recommendation, with a fair value of INR 496/- and potential upside of 2%. Growth depends on commissioning expanded capacity after a delay, while the company’s existing capacity is already highly utilized.
