Ratings summary

Ratings key, used consistently across every company report in this document:

Every rating is anchored to a stated reference price and date, derived from a named multiple on a named forward year, cross-checked against named brokerage targets where they exist, and carries explicit upgrade/downgrade triggers. BUY/HOLD/SELL are an educational device for summarising public information — not a regulated recommendation.

Status of this rating series

All thirty-five companies carry a formal rating, each with the full valuation exhibit described in the company report template — target price, scenario range, and a named methodology.

8 BUY, 14 HOLD, 13 SELL across all thirty-five companies — an outcome driven by evidence quality and valuation discipline at each layer of the stack, not by which half of the original two research efforts a company came from. BUYs cluster at genuinely quantified pricing power (Voltamp, Siemens Energy India) and high-quality businesses with the AI/DC angle as a secondary tailwind (Dixon, Polycab, KEI Industries, Amara Raja, Techno Electric, Kalpataru). SELLs cluster at confirmed margin compression (server/EMS assembly, civil/EPC construction), valuation disconnected from fundamentals, and one data-integrity case (Sterlite Technologies) whose underlying demand story is real but whose earnings base this report will not vouch for. See each company's own report for the full distinction.