Ratings summary

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

Every rating in this series 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. See the Notes section and each company's own report for full disclosure.

Status of this rating series

All fifteen companies now carry a formal rating, each with the full valuation exhibit described in Section 8 of the company report template — target price, scenario range, and a named methodology.

1 BUY, 7 HOLD, 7 SELL across all fifteen companies — an outcome shaped by two now-distinct axes rather than the original report's single one. The original assembly-vs-scarcity axis still drives the first eight ratings (most SELLs — Netweb, Kaynes, Syrma — reflect valuation stretch on genuinely improving businesses, not operational collapse; Cyient's SELL reflects a genuinely declining trend). The seven new companies split differently: three HOLDs (Bharti Airtel, Tata Communications, RailTel) and one more (Anant Raj) reflect real but non-dominant data-centre exposure sitting inside an otherwise fairly-valued or governance-clouded business, while three SELLs (Adani Enterprises, E2E Networks, ESDS) reflect either a serious, unrelated governance/legal overhang (Adani) or valuation built on earnings this report's own research found reasons to distrust (E2E, ESDS). See each company's own report for the distinction.