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Brokerage and depository servicesEquity research
Each research report assesses a company's business, its industry and its financial results. It then sets out a valuation, the risks to that valuation and the investment case.
Research reportsRecent research reports
Equity research published by Keynote Capitals. Each report opens as a PDF.
Research report · Initiating Coverage · 5 Oct 2026
Vesuvius India Limited
Vesuvius India Ltd. (VIL), part of the Vesuvius plc Group, is one of the leading players in the refractory industry. The Company provides flow control solutions, advanced refractories and comprehensive refractory management services to the steel, foundry, aluminium, cement and other high temperature industries, with a considerable contribution from the steel sector.
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Research report · Initiating Coverage · 28 Sept 2026
Sunflag Iron & Steel Company Ltd.
Sunflag Iron & Steel makes special and alloy steel at an integrated plant in Bhandara, Maharashtra. Steel for vehicle parts such as gears and drive shafts brings in 60–75% of revenue; defence, aerospace, railways and nuclear power take the rest. On top of the steel business sit 6 crore shares in iron ore miner Lloyds Metals and Energy, received in settlement of an arbitration award.
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Research report · Initiating Coverage · 8 Sept 2026
Kingfa Science & Technology (India) Ltd.
Customers such as Tata Motors, Mahindra and Volvo brought in about 74% of Kingfa's FY26 revenue. Its modified plastics, mostly polypropylene compounds, also go into home appliances, electrical goods and industrial products. Growth could come from lighter vehicles that use plastic in place of metal, and from a China-based parent that plans to use India as an export base.
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Research report · Initiating Coverage · 4 Aug 2026
Ahluwalia Contracts (India) Ltd.
At the end of Q4 FY26, Ahluwalia Contracts had 53 projects under way in 16 states: hospitals, airports, metro and railway stations, offices, hotels and housing. The report looks for growth from about ₹21,100 crore of unexecuted orders and more higher-margin private work. Being qualified for contracts above ₹2,500 crore also leaves it few rivals for the largest buildings.
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