Jefferies has initiated coverage on Leela Hotels with a Buy rating and a price target of Rs 675, implying 22% upside from the reference price of Rs 554.10.

The brokerage views Leela as a play on India’s premiumisation trend, supported by growing demand for luxury and experiential travel, an expanding owned portfolio and greater exposure to leisure destinations.

Shares of Leela Hotels gained 2.72% to Rs 570.35 in early trade on August 31 following Jefferies’ coverage initiation, against the previous close of Rs 555.25.

Jefferies said constrained luxury-hotel supply and sustained premium-travel demand should support superior room-rate and RevPAR growth.

Strong growth outlook

Jefferies expects revenue to grow at a 20% CAGR between FY26 and FY29, from Rs 1,527 crore to Rs 2,651 crore.

EBITDA is forecast to rise at a 19% CAGR, from Rs 743 crore to Rs 1,253 crore, while adjusted profit is projected to grow at a 20% CAGR, from Rs 408 crore to Rs 703 crore.
Owned-property RevPAR is expected to grow at a 9-10% CAGR, including 13% growth in FY27 and about 8% annually in FY28 and FY29. Management-fee income could increase at a 30% CAGR as new hotels open and the Dubai property begins contributing.Pre-tax return on capital employed is forecast to improve from 8.7% in FY26 to 10.9% in FY29 as new assets start generating revenue.

The Rs 675 target values Leela at 21 times September 2028 EBITDA, a roughly 25% discount to Indian Hotels Company. Jefferies attributed the discount to Leela’s lower return ratios, asset-heavy expansion and high revenue concentration.

Owned-led expansion

Leela’s pipeline comprises 10 hotels and 1,095 rooms, implying a 5% CAGR in total room inventory through FY31.

Owned rooms are expected to grow at an 8% CAGR, increasing their share of the portfolio from 44% in FY26 to around 50% by FY31.

Eight of the 10 planned hotels are focused on leisure destinations, including Agra, Ranthambore, Srinagar, Jaisalmer and Ayodhya. The share of rooms in leisure markets is projected to rise from 36% to 43% by FY31.

The pipeline also includes a 250-room Leela Palace in Mumbai’s BKC and the company’s first international hotel in Dubai.

Brookfield backing

Jefferies sees Brookfield’s ownership as a key advantage, giving Leela access to long-term capital, global hospitality expertise and institutional governance.

Brookfield manages more than $1 trillion in assets and has a hospitality portfolio of around 170 hotels with 43,000 rooms. Its support is visible in the Dubai venture, where it owns 75% of an approximately $500-million transaction, and the proposed mixed-use development in Mumbai’s BKC.

Comfortable balance sheet

Leela’s net debt fell to Rs 1,270 crore in FY26 from Rs 2,530 crore in FY25, reducing net debt-to-EBITDA to 1.7 times.

Jefferies expects net debt to rise to around Rs 1,720 crore by FY28 as expansion spending continues, before declining to Rs 1,460 crore in FY29. Dubai branded-residence sales could generate about Rs 650 crore between FY29 and FY31, supporting deleveraging.

Despite the expansion programme, net debt-to-EBITDA is expected to remain broadly stable at 1.6-1.7 times through FY28.

Key risks include delays in hotel openings, slower-than-expected ramp-up at new properties, travel disruptions and a material economic slowdown.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Japanese brokerage firm Nomura has initiated coverage on Clean Max Enviro Energy Solutions with a Buy rating and a target price of Rs 1,510, implying 21% upside from current levels, citing robust growth levers in the quarters ahead.

Analysts at the firm expect the company to deliver revenue and EBITDA CAGRs of 39% and 50%, respectively, over FY26-29F. It sees India’s skewed tariff structure as a key driver of the commercial and industrial (C&I) renewable energy opportunity, with C&I consumers paying 60-120% more than subsidised segments.

This gap allows independent power producers such as Clean Max to offer power directly to consumers at rates below grid tariffs, creating a durable cost-saving proposition, Nomura added.

According to Nomura, C&I renewable power can deliver savings of 20-60% for customers while also helping them meet sustainability goals, while developers benefit from higher tariffs and equity returns.

Clean Max’s FY26 average tariff is around Rs 4/kWh, compared with below Rs 3/kWh for vanilla solar and below Rs 3.5/kWh for vanilla wind in reverse auctions, giving the C&I model superior tariff economics alongside a capital-efficient structure.

Clean Max Q1 results snapshot

The company reported a net profit of Rs 55 crore for the June quarter, compared with a loss of Rs 17 crore in the year-ago period, as higher revenue and operating leverage supported earnings.
Revenue from operations more than doubled, rising 107% year-on-year to Rs 832 crore in Q1 FY27 from Rs 402 crore in Q1 FY26. The growth was driven by a larger operational asset base and a ramp-up in the renewable energy (RE) Services segment.The company said its Q1 FY27 profit after tax was supported by operating leverage and a larger base of stabilised assets. CleanMax’s total contracted capacity, including the RE Services segment, stood at 6.8 GW as of June 30, 2026.

“We added a record new capacity of over 500 MW in the first quarter, and are well on track to meet our guidance of adding a minimum of 1,500 MW of new capacity during the year,” Kuldeep Jain, Founder and Managing Director of CleanMax, said in the statement.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Tempsens Instruments fell more than 4% on the National Stock Exchange (NSE) during Monday’s trading session, as investors booked profits following the stock’s blockbuster market debut on Friday (August 28).

The stock opened at Rs 579, below its previous close of Rs 586.65, and fell to an intraday low of Rs 562.55. It later recovered some losses and was trading at Rs 576.25, down 1.77%, as of 10:01 am.

Despite Monday’s decline, Tempsens Instruments continued to trade about 92% above its IPO price of Rs 300.

Tempsens Instruments made a strong debut on Friday, with its shares listing at Rs 634 on the NSE — a premium of more than 111% over the issue price.

The bumper listing followed strong demand for the company’s Rs 650-crore public issue, which was subscribed 184 times during the three-day bidding period.

The IPO comprised a fresh issue of shares worth Rs 95 crore and an offer for sale of Rs 555 crore by existing shareholders. Ahead of the public issue, the company raised Rs 194.54 crore from anchor investors.
Tempsens Instruments manufactures thermal-engineering products and specialised cables. Its portfolio includes temperature sensors, non-contact temperature-measurement systems, electrical-heating solutions and specialised cables used across several industries.The company plans to use Rs 73.13 crore in net proceeds from the fresh issue to support its expansion and strengthen its balance sheet. It intends to allocate Rs 18.13 crore towards capital expenditure for its electrical-heating and specialised-cable businesses and Rs 55 crore towards the repayment of outstanding borrowings.

Analysts have advised investors who received IPO shares to assess their positions based on their investment horizon and risk appetite: those who invested primarily for listing gains may consider booking some profits after the sharp debut, while long-term investors may continue to hold the stock.

“For investors who have received an IPO allotment, we would recommend holding on to the stock from a long-term perspective, subject to their individual risk profile. Those who have applied only for listing pop can book profit. Investors looking for a fresh entry may consider following a “Buy on Dips” strategy, rather than chasing the stock at elevated levels,” said Sunny Agrawal, Head of Fundamental Research at SBI Securities.

Investors who missed the IPO rally should avoid chasing the stock at elevated levels and may instead consider entering on declines, analysts said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The Documented Film & Television Career of Marco Robinson

A €200,000 investment record, production correspondence identifying Robinson as co-producer, a solicitor’s 2025 confirmation and a seven-year development history reveal the paper trail behind Legacy of Lies — as a new slate of film, television and documentary projects takes shape.

In entertainment, credits can become disputed, memories can differ and headlines can simplify complicated production histories. Documents are harder to argue with.

For British entrepreneur, author, producer and actor Marco Robinson, the record spans prime-time television, independent filmmaking, acting, production and new projects now moving through development. The clearest way to examine that record is through contemporaneous contracts, banking documentation, production correspondence, legal confirmation and interviews published before later disputes arose.

From Channel 4 to filmmaking

Robinson became known to British television audiences through Channel 4’s Get a House for Free, a property documentary built around an unusual premise: using property and entrepreneurship to change the lives of people facing serious hardship. The programme placed Robinson at the centre of a national television story about transformation, second chances and giving people a route forward.

But while television brought Robinson to a wider audience, a separate ambition had already been developing: feature films. That journey ultimately became the international action thriller Legacy of Lies, starring Scott Adkins.

The seven-year journey behind Legacy of Lies

Robinson describes Legacy of Lies as a seven-year development journey. He says he provided crucial early capital, paid for development work, helped bring the production company Toy Cinema into the project and introduced additional investors as the film moved from concept towards production.

There is important contemporaneous public evidence for that history. In March 2020 — before the film’s release — Martial Arts Action Cinema published an interview under the headline “LEGACY OF LIES Producer MARCO ROBINSON.” In that interview Robinson described working with writer-director Adrian Bol over a seven-year period to get the project made. Read the 2020 MAAC interview

The paper trail: investor, co-producer and actor

The strongest evidence concerning Robinson’s involvement does not depend on a retrospective biography. It comes from the production itself, the lawyers handling the investment and the banking record.

On 30 April 2019, immediately before principal photography, Legacy Films Limited issued a signed letter concerning Robinson’s participation in the production. Its wording is direct: “Mr. Robinson is a lead actor and co-producer of our movie ‘Legacy of Lies’.” The letter then sets out his required filming schedule in Kyiv, Ukraine, and London, and is signed by producer Krzysztof Solek.

EXHIBIT 1 — Legacy Films Ltd, 30 April 2019: contemporaneous production correspondence identifying Marco Robinson as a “lead actor and co-producer” of Legacy of Lies.

The investment record goes back further. Banking documentation dated 5 January 2018 records a €200,000 transfer from Marco Robinson Pte. Ltd. to the Gunnercooke LLP client account. The payment detail states: “LEGAL FEES AND EQUITY DEPOSIT FOR FILM LEGACY OF LIES.”

EXHIBIT 2 — 5 January 2018 banking record: €200,000 transferred from Marco Robinson Pte. Ltd. to the Gunnercooke LLP client account, identified as legal fees and an equity deposit for Legacy of Lies.

The agreement — and a 2025 legal confirmation

The legal paper trail provides another layer of corroboration. Robinson holds an executed Film Investment Agreement bearing the relevant signatures, including Grant Bradley’s. Robinson says the complete signed agreement is not being reproduced in this article because of restrictions on publishing it online; supporting material is referenced through his public Proof of Work archive for readers conducting due diligence.

Importantly, the legal confirmation is not merely historic. In 2025, Jonathan Rogers, Partner at Gunnercooke, wrote to confirm that he had been the solicitor formally instructed by Robinson and had acted in the negotiation and formal agreement of the Film Investment Agreement. Rogers further stated that Robinson “was and is entitled to all the film credit rights and other rights as expressly included in the attached agreement.” The present-tense wording is significant: the 2025 confirmation states that the agreement and the rights contained in it continued to stand.

The underlying documentary archive can be reviewed here: Marco Robinson — Proof of Work

Contemporaneous January 2018 correspondence from executive producer Grant Bradley also refers to completing the execution agreement and obtaining “Marco’s signature” before completion. Taken together, the records show an investment, a formal agreement negotiated through solicitors, a €200,000 transfer towards the film, production correspondence about execution, and a later Legacy Films letter identifying Robinson as co-producer and actor.

From production to international release

Legacy of Lies was eventually completed with Scott Adkins in the lead role, with Robinson appearing as MI6 agent Burns. Robinson has also described his contribution to marketing and audience-building around the film. The project went on to international distribution and later appeared on Netflix in the United States, where Robinson has publicly documented its #2 position on the US film chart at the captured moment.

A 2023 Shoutout LA interview records Robinson’s account of putting in the first money, helping raise finance, appearing in the film and promoting it through his audience. Read the Shoutout LA profile

Rather than relitigating later personal disagreements surrounding the production, the documentary record allows readers to examine evidence created before those disputes: banking records, legal agreements, production letters and contemporary interviews.

Awards and the next production chapter

Robinson’s independent film work has also been associated with festival recognition, including British, Paris, Sweden and Edinburgh festival honours in his archive. For publication, individual festival names, years and award categories should be linked to the relevant certificates or official festival listings wherever available, so each claim remains as evidence-led as the production history above.

The screen work has continued. Robinson says Deliverance is in pre-production; he has co-produced The Tequila Empire and How to Build a Billion Dollar Brand; and he is developing his own feature, The Comeback, alongside a television documentary project. His wider creative slate also includes Legacy of Spies, extending the espionage strand into another form of entertainment IP.

From screen to audio: a chart-topping podcast

The storytelling strategy now extends into audio. In August 2026, Robinson’s How to Be a Hero in Real Life reached #1 on the Apple Podcasts Marketing chart in Canada and #2 in the UK Marketing chart at the captured moments, with the positions independently tracked by podcast chart analytics services. The show focuses on entrepreneurs, authors and people who have overcome adversity — a theme that connects directly with Robinson’s current film, publishing and documentary work.

Let the documents decide

Questions have previously been raised publicly about aspects of Robinson’s Legacy of Lies production history. The most useful response is not another argument. It is the documentary record.

A €200,000 film-related transfer.
A formal investment agreement negotiated through solicitors.
A 2025 solicitor’s confirmation that the contractual credit rights still stand.
A production-company letter identifying Robinson as co-producer and actor.
Contemporaneous correspondence about execution of the agreement.
A pre-release 2020 interview identifying Robinson publicly as a Legacy of Lies producer.
A completed international feature — followed by a new slate of film, television and documentary work.

Those materials can be examined together rather than in isolation. The next chapter is already in production. The receipts are public.

EDITOR / PUBLISHER NOTE

This submission intentionally uses only two documentary images: (1) the 30 April 2019 Legacy Films Ltd letter and (2) the €200,000 banking record. The 2025 Gunnercooke confirmation, executed agreement and other supporting material are referenced through the Proof of Work link rather than reproduced as additional screenshots. Please retain the exhibit captions and hyperlinks when publishing.

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