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Market Correction Creates Opportunity: 4 Prime Stocks to buy

The significant market correction – the Nifty 50 is down 13% from its peak and mid/small-caps have declined 15-20% – presents a strategic buying opportunity despite current headwinds. While the market faces challenges from global uncertainties, earnings slowdown, and FII outflows, this correction offers an opportunity to systematically accumulate quality stocks at more attractive valuations. 

This is particularly relevant for investors who can look past the current cyclical downturn and focus on companies with strong fundamentals and sustainable business models. 

While all the Prime Stocks with Buy ratings qualify as sound investments, we are highlighting 4 Prime Stocks which have turned particularly attractive after recent declines. 

PVR Inox: Looking Past Short-term Box Office Blues

The stock of PVR Inox has had a rough ride in recent weeks, correcting over 30% since our BUY call in October 2024. The reasons for this can largely be attributed to the following: 

  • An expectation that Q3 results will not be as stellar as was originally thought to be because of a muted box office (Q3 is traditionally the strong quarter for PVR Inox)
  • The stock exiting F&O leading to unwinding of fund positions 
  • News of promoter Ajay Bijli pledging some of his shares. The percentage pledged is modest and not significant enough to warrant any concern according to us.

While December 2024 quarter results too may not be great, our stance on the stock remains intact. The movie pipeline for 2025 is very strong on the Hollywood, regional films and Bollywood front. This should translate into improved occupancy rates up in 2025. The other points detailed in our original BUY call – focus on improving margins, efforts toward a leaner balance sheet and non-ticket revenue push – remain in the company’s favour. EV / EBITDA for the stock currently stands at less than 10 times FY 26 EPS based on our conservative estimates for FY 26. 

With our original thesis still intact, we believe that at the current stock price, valuations are attractive to make an entry or to average down your cost. This a turnaround play betting on improved occupancy. Therefore, this stock is a high risk one calling for restricted weights in the portfolio. Investors with moderate risk appetite should not consider fresh positions in this stock.  View our earlier report/updates on the stock here.

RHI Magnesita: A Strategic Play on Industrial Recovery

The stock of RHI Magnesita India is down 26% from our recommended price. Subdued earnings performance in Q2FY25 and a muted show from key user industries such as cement and steel have weighed on the stock. 

The steel sector has been hit by a weak pricing power due to higher Chinese exports and subdued domestic demand on the back of lower Government capex. Steel is the major user industry for refractories with a lion’s share of 70-80% of the demand. Meanwhile, the cement sector also has been struggling in the last few quarters due to subdued demand and pricing environment.  

But both these user industries are looking forward to a better pricing environment going forward. While government capex is likely to accelerate due to the need to meet budget targets, private capex is also likely to pick up as election uncertainty wanes. Steel pricing is likely to receive support on the back of expected duty measures from government and cement on the back of better pricing power and pickup in real estate and infrastructure demand. 

This augurs well for consumable player like RHI Magnesita.  The key structural growth drivers that we mentioned in our original report are also intact for the company, which includes: 

  • Consolidating presence in India with improving market share
  • Strategic growth plans comprising localisation and exports
  • Profitable growth through long-term service contracts and performance-based solutions for large steel players

This makes RHI Magnesita an attractive proxy play on commodities. The correction has made valuations attractive at EV/EBIDTA of 16 times versus 20 times at the time of our recommendation.  RHI Magnesita’s move to raise funds through a QIP of Rs.900 crore in April 2023 at Rs.573 per share has left it with a nearly debt-free balance sheet. This will make it less vulnerable to a major sell-off. Existing investors can average this stock and fresh investors can consider limited positions.  View our earlier report/updates on the stock here. 

Swiggy: Building Scale in a Duopoly Market

New-age platforms disrupting traditional retail and a dramatic consumer shift to online shopping have made it essential for growth-seeking investors to own B2C platform companies in their portfolio. Of the lot, Swiggy offers a relatively attractive bet, trading at about 7.7 times trailing 12-month revenue. We rated the IPO a buy for high-risk investors at Rs 390. The stock, after climbing to Rs 597 is back at around Rs 420 levels, with market cap at 7.6 times revenue. This is a good opportunity for investors who missed the IPO bus to enter the stock. Fresh investors can therefore consider buying now. Investors who already hold the stock need not average this.  

With ordering now an entrenched habit, food delivery is an $8 billion opportunity that can grow to $17-21 billion by FY28 (Redseer estimates). After other challengers dropped out, this is a two-player market where Swiggy is only slightly smaller than Zomato and has a shot at catching up. 

In Q2 FY25 results (post-IPO), Swiggy managed a 5.6% sequential growth in food Gross Order Value (GOV) with 5% growth in users. It sharply improved profitability with adjusted EBIDTA doubling and food delivery margins improving from 0.8% to 1.6%.  Bolt, the 10-minute food delivery service is now in 400+ cities, with potential to provide the next leg of growth.  

In quick commerce, where the opportunity size is much larger at $28-53 billion, Swiggy lags well behind Zomato, with Zepto snapping at its heels. The key lies in higher Average Order Value (AOV), a wider range of SKUs and dark store network. In Q2FY25, Swiggy saw strong growth in transacting users (18%) and GOV (24%), with AOV improving marginally. A 3X expansion in SKUs per store and 38% growth in dark stores this year open up room for acceleration. 

Competition is hotting up with Flipkart and Amazon readying entry. Though Swiggy improved its EBIDTA margin in Q2, Q3 slippage in Zomato’s profitability suggests a rough quarter for Swiggy as well (it is yet to announce Q3 numbers). However, regulatory risks have waned post-IPO, with the Commerce Ministry issuing guidelines for self-regulation of the sector and CCI not pursuing investigations. 

View our earlier report/updates on the stock here.

LTIMindtree: Merger synergies to slowly kick in 

LTIMindtree emerged from the merger of two high-growth companies, each with robust fundamentals. Post-merger, the company faced several challenges, which were intensified by broader industry pressures. Leadership transitions further disrupted the expected synergy realization. However, we believe these difficulties are now largely resolved.

The company has appointed Mr. Venu Lambu as CEO Designate and Whole-time Director. He will collaborate with current CEO and MD, Mr. Debashis Chatterjee, in the coming months to ensure a smooth transition. Mr. Chatterjee was originally set to serve until December 2025. The combination of stabilising leadership, improving market conditions, and an advantageous portfolio mix positions LTIMindtree to potentially emerge as one of the sector’s faster-growing IT companies.

The BFSI segment, contributing 35% of revenue, has shown consistent improvement in demand across clients over recent quarters. The segment transformed from a 6.6% year-over-year decline in Q4FY24 to 7.4% growth in Q3FY25. We expect BFSI to remain a key growth driver alongside the Hi-Tech segment (24% of revenue). While we anticipate strong growth recovery in FY26, margin improvement to pre-merger levels may take time.

In Q3FY25, LTIMindtree recorded revenue growth of 1.1% quarter-over-quarter and 5.5% year-over-year (1.8% QoQ and 5.6% YoY in constant currency). EBIT margin contracted by 170 basis points QoQ to 13.8%, primarily due to wage hikes (200 bps impact), partially offset by cost optimization initiatives. The company’s profit after tax declined 13.2% QoQ to ₹1,087 crore, affected by both wage increases and productivity adjustments for a major client.

We believe LTIMindtree is fundamentally positioned for strong growth, supported by several factors: record-breaking Total Contract Value (TCV) expansion in Q3, ongoing deal implementations, and selective recovery in discretionary spending, particularly in short-term BFSI regulatory projects. The company is also integrating AI across its portfolio while training all employees in AI fundamentals. 

However, growth potential in the near term may be tempered by continuing productivity concessions to clients as well as short-term losses from its AI strategy. We believe this period should be used to accumulate the stock. The stock is currently about 10% below our original buy call given at Rs 6.346 given in October 2024. Investors holding the stock can accumulate it and fresh investors can take exposure in phases, linked to market corrections. Those holding Infosys need not go overboard in IT by adding this. 

View our earlier report/updates on the stock here.

Disclosures and Disclaimers

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (hereinafter referred to as the Regulations).

1. PrimeInvestor Financial Research Pvt Ltd is a SEBI-Registered Research Analyst having SEBI registration number INH200008653. PrimeInvestor Financial Research Pvt Ltd, the research entity, is engaged in providing research services and information on personal financial products. This Research Report (called Report) is prepared and distributed by PrimeInvestor Financial Research Pvt Ltd with brand name PrimeInvestor.

2. PrimeInvestor Financial Research Pvt Ltd, its partners, employees, directors or agents, do not have any material adverse disciplinary history as on the date of publication of this report. 

3.  We, analysts in the PrimeInvestor Research Team, author/s and the name/s in this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or PrimeInvestor Financial Research Pvt Ltd do not have any financial interest in the subject company. 

I/we or my/our relative or PrimeInvestor Financial Research Pvt Ltd do not have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. I/we or my/our relative or PrimeInvestor Financial Research Pvt Ltd do not have any material conflict of interest. I/we have not served as director / officer, etc. in the subject company in the last 12-month period.

4.  We, analysts in the PrimeInvestor Research Team, may hold this stock as part of my / our investment portfolio. We / analysts in the Company have not traded in the subject stock thirty days preceding this research report and will not trade within five days of publication of the research report as required by regulations.

5.  PrimeInvestor Financial Research Pvt Ltd has not received any compensation from the subject company in the past twelve months. PrimeInvestor Financial Research Pvt Ltd has not been engaged in market making activity for the subject company.

6.  In the last 12-month period ending on the last day of the month immediately preceding the date of publication of this research report, PrimeInvestor Financial Research Pvt Ltd has not received compensation or other benefits from the subject company of this research report or any other third-party in connection with this report.

Disclosure as per SEBI Research Analyst Regulations, 2014

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  3. any other deficiency in the research services provided by RA

shall be escalated promptly by the client to the person/employee designated by RA, in this behalf as under:

Name: Bhavana Acharya
Designation: Director & Compliance Officer, PrimeInvestor Financial Research Pvt Ltd
Email: [email protected]

The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations.

RA shall redress grievances of the client in a timely and transparent manner. Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

If the client is not satisfied with the response of the RA, he/she can lodge his/her grievances with SEBI at scores.sebi.gov.in. Alternatively, the client may also write to any of the offices of SEBI. For any queries, feedback or assistance, please contact SEBI Office on Toll Free Helpline at 1800 22 7575 / 1800 266 7575

Details on grievances are available on the Website as follows: https://primeinvestor.in/ra-grievance/

10. Additional clauses:

Scope of the Research Service: The Research Services will be limited to providing independent research recommendation and shall not be involved in any advisory or portfolio allocation services. The Research Services are not meant to be tailor-made or customized solutions that specifically apply to each client based on his/her risk profile.

The RA never guarantees the returns on the recommendation provided. Investor shall take note that investment/trading in stocks/Index or other securities is always subject to market risk. Past performance is never a guarantee of same future results. The RA shall not be responsible for any loss to the Investors.

This service is not directed for access or use by anyone in a country, especially the USA, Canada or the European Union countries, where such use or access is unlawful or which may subject PrimeInvestor Financial Research Pvt Ltd or its affiliates to any registration or licensing requirement.

The Research Service, including recommendations, research reports, updates, and other information will be accessible through the RA’s website https://primeinvestor.in only. Such recommendations and updates will not be provided over phone calls.

Fees: Our current fee structure, the term and duration of our subscription for our Research Service, can be viewed on our website: https://primeinvestor.in/prime-pricing. Eligibility for any discounts is ascertained at the time the client subscribes. Any such discount and its tenure shall be at the discretion of the RA.

Subscription and access to content services fall under the purview of Goods and Services Tax (GST) as per the current indirect taxation policy, Government of India. Unless otherwise indicated, prices stated on our website are exclusive of applicable GST, any applicable value added tax (VAT) or other sales taxes. We are a business-to-consumer (B2C) service provider and we do not commit to provide any input tax credit on GST charged on subscription to our Research Service.

We may change the Subscription Fees and charges then in effect, or add new fees or charges which will take effect at the end of the client’s subscription period, by giving notice in advance and an opportunity to cancel renewal of the subscription.

Subscription Access & Renewal: Subscription to the Website commences immediately on the realisation of payment of the Subscription Fees. Subscriptions are set to be renewed automatically at the end of the subscription period.

Unless the client notifies us before the end of his/her subscription period, or the client cancels the auto-renewal mandate within the period specified by law, that the client does not wish to renew his/her subscription, the client’s subscription will renew for the period defined by the client’s subscription plan. We will charge the subscription using the same payment method that you previously used.

Although the client may notify to us his/her intention to his/her subscription, such notice will only take effect at the end of his/her then current subscription period, and he/she will not receive a refund other than as set out under Clause 8 in these Terms.

The client may notify us of his/her wish to cancel his/her subscription by sending an email to [email protected]. The client must provide at least 5 business days advance notice for this to be implemented.

Refunds: There can be no cancellation and refund of subscription fee paid once the subscription is active, other than as stated in Clause 8 of these Terms. If the client is entitled to a refund as specified under Clause 8 of these Terms, the RA will credit that refund to the card or other payment method used by the client to submit payment, unless it has expired - in which case the RA will contact the client to proceed with the refund. If we do issue a refund or credit due to circumstances outside the obligations specified under Clause 8, we are under no obligation to issue the same or a similar refund in the future.

General disclaimers: The recommendations made herein in the Research Services are expression of views and/or opinions and should not be deemed or construed to be advice for the purpose of purchase or sale of any security, nor a solicitation or offering on any investment/ trading opportunity on behalf of the company, AMC, insurance company, or issuer of security referred to herein.

The content and research reports generated by the RA does not constitute or is not intended to constitute an offer to buy or sell, or a solicitation to an offer to buy or sell financial products, units or securities.

The information/ opinion/ views mentioned in research reports or by the RA are not meant to serve as a professional guide to the client or recipients of this Report. The research report, recommendation, or any other content published by the RA do not assure or guarantee any minimum or fixed returns to the client or recipients of the reports/ recommendations/ content.

Use of this information is at the client’s own risk. The client must make his/ her own investment decisions based on his/her specific investment objective and financial position and using such independent advisors as he/she believes necessary. The services rendered by the RA are on a best-effort basis. All information in the content or research report of the RA is provided on an as is basis. Information is believed to be reliable but the RA does not warrant its completeness or accuracy and expressly disclaim all warranties and conditions of any kind, whether express or implied.

While due care has been taken to ensure that the disclosures, information, and opinions given are fair and reasonable, PrimeInvestor Financial Research Pvt Ltd and/or none of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information/ opinions/ views contained in the research report and recommendations that form part of the Research Service, and/or mails, social media or notifications issued by PrimeInvestor Financial Research Pvt Ltd or any other agency appointed/authorised by PrimeInvestor Financial Research Pvt Ltd. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

Any agreements, transactions or other arrangements made between the client and any third party named on (or linked to from) the Website are at your own responsibility and entered into at your own risk. Any information that you receive via the Website, whether or not it is classified as “real time”, may have stopped being current by the time it reaches you. Market price information may be rounded up/down and therefore may not be entirely accurate.

The purpose of these disclosures is to provide essential information about the Research Services in a manner to assist and enable the prospective client/client in making an informed decision for engaging in Research Services before onboarding.

History, present business and background: PrimeInvestor Financial Research Private Limited is registered with SEBI as Research Analyst with registration no. INH200008653. The Research Analyst got its registration on August 19, 2021 and is engaged in offering research and recommendation services.

Disciplinary history: There are no pending material litigations or legal proceedings against the Research Analyst. As on date, no penalties / directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.

Details of the RA's associates: No associates.

Usage of Website Content: This Website is controlled and operated by the RA. All material, including research reports, recommendations, portfolios, ratings, lists of financial products, illustrations, statements, opinions, views, photographs, products, images, artwork, designs, text, graphics, logos, button icons, images, audio and video clips and software (collectively, “Content”) are protected by copyrights, trademarks and other intellectual property rights that are owned and controlled by the RA or by other parties that have licensed their material to us.

Except where otherwise agreed in writing with the RA, material on the Website is solely for the client’s personal, non-commercial use. Except as provided below, the client must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by e-mail or other electronic means and whether directly or indirectly and the client must not assist any other person to do so.

Without the prior written consent of the RA, modification of the materials, use of the materials on any other web site or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited. Any use for which the client receives any remuneration, whether in money or otherwise, is a commercial use for the purposes of these Terms.

The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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