1. Cummins India:
This engine manufacturer surged 6.8% over the past week after announcing its Q4 and FY25 results. Revenue growth was 7.4% in FY25, slightly belowForecaster estimates due to weaker-than-expected performance in the power generation (powergen) segment. Net profit declined marginally on a high base from FY24, but still came ahead of estimates. The company appears in a screener of stocks that have delivered consistently high returns over the past five years.
Cummins India gets 38% of its revenue from the powergen segment, 26% from the distribution segment, and around 16% from the industrial segment. The rest comes from exports and other segments. Powergens saw 14% growth in FY25, but declined 8% YoY in Q4 due to decline in volumes. Analysts expect recovery this year as competitive intensity is stabilising, and demand is also rebounding in the residential, commercial, and infrastructure sectors.
Revenue from industrials outperformed other segments with annual growth of 29%, thanks to resilient construction activity and momentum in rail orders. Exports grew 6% in FY25, with 39% YoY growth in Q4. Latin America and Europe were the strongest-performing export markets.
Going forward, MD Shveta Arya says, “We anticipate double-digit revenue growth in FY26, while remaining cautiously optimistic, given the uncertainty from changes in global tax and trade policies, along with the geopolitical issues.” She highlights demand from emerging segments like quick commerce and data centres, adding to revenue growth.
Prabhudas Lilladher maintains a ‘Buy’ rating on Cummins India, citing robust domestic demand in the powergen segment, particularly for CPCB IV+ (new emission standard) products, which are seeing strong market traction. The brokerage expects the company to maintain its margin profile and sees significant growth potential in the distribution business. Key risks include higher commodity prices, increased competitive intensity and lower-than-expected demand from core segments.
2. United Spirits:
This breweries & distilleries company rose 5.1% over the past week and is trading near its 52-week high of Rs 1,700. The firm reported a 7.4% growth in revenue with net profit growth of 12.4% in FY25. It marginally missed Forecaster operating revenue estimate by 1.5% due to decline in sports drinks segment revenue. The company appears in a screener of stocks with strong momentum.
During the year, the company witnessed policy gains in several states. Uttar Pradesh (UP) introduced a key reform in its 2025-26 excise policy. Praveen Someshwar, MD & CEO of USL, discussed the regulatory changes, “Liquor shops in UP that earlier sold only beer or spirits will now operate as composite outlets, doubling spirits retail points from 6,500 to around 12,500. This year, we resumed business in Andhra Pradesh after five years, supported by progressive policy changes, with our trademarks quickly regaining near-national market share.”
In the recent India-UK free trade agreement, the duty on scotch has been halved from 150% to 75%. The company is set to benefit from this and the management believes that this step will lead to a high single-digit reduction in consumer prices. Mr. Someshwar, added, “As the clear leader in scotch and Indian Made Foreign Liquor (IMFL) in India, with a portfolio spanning the full consumer spectrum from Rs 120 to Rs 25,000 per bottle, we see a significant opportunity to drive the next phase of growth.”
JP Morgan has raised its rating on United Spirits to 'Overweight' and raised its target price to Rs 1,760. This upgrade is primarily due to several favorable regulatory changes including the reopening of the market in Andhra Pradesh, expanded retail presence in Uttar Pradesh, an improved excise policy in Madhya Pradesh, and the privatization of retail alcohol sales in Jharkhand. The brokerage also noted the significant growth prospects within United Spirits' 'Prestige and above' (luxury) segment, leading to an increase in its FY26 and FY27 EBITDA estimates by 3% and 7%, respectively.
3. Bata India:
This footwear maker has fallen by 3.2% over the past week after announcing its Q4 and FY25 results on May 29. Bata’s net profit declined 27.9% YoY to Rs 45.9 crore in Q4FY25 due to lower sales and higher employee benefit and depreciation & amortisation expenses. The company appears in a screener of stocks underperforming their industry price change in the quarter.
While revenue decreased 1.2% YoY to Rs 788.2 crore on account of a weak demand environment, Bata’s overall quarterly volumes were up 8% driven by the e-commerce and franchise channels, store expansion, improved inventory management and merchandising.
The company has been focusing on value-driven offerings to boost volumes amid subdued demand. The management noted volume-led growth in the sub Rs 1,000 product range and the Floatz portfolio. The Floatz category surpassed Rs 100 crore in revenue in FY25. Gunjan Shah, the MD and CEO, said, “This year, my sense is if this momentum continues, we should be in the range of about Rs 200 crore.” The more premium Hush Puppies and Power brands also witnessed strong growth.
For FY25, Bata’s revenue fell marginally by 1.2% to Rs 665.3 crore. EBITDA margins stood at 21.1%. The company continued its retail expansion, bringing the total number of company-owned company-operated (COCO) and franchise stores to 1,962, with a focus on scaling the franchise model. Currently, Bata maintains an 80:20 split between franchise and COCO models. Its franchise network grew to 624 stores.
Over the past year, Bata’s share price has declined by 14.4%. Bata may be a household name when it comes to footwear, but it’s being squeezed by strong competition from both the premium and affordable players in the market – global brands like Nike, Adidas, and Puma, as well as local, affordable brands like Relaxo and Campus Activewear. To stay competitive, Bata has been focusing on a brand refresh and launching new product lines, including sneakers. Analysts believe that Bata’s focus on premiumisation, casualisation, and a simplified product portfolio, combined with franchise-led expansion in Tier 3 and 5 towns, should deliver positive results over time. But intense competition will persist.
Motilal Oswal has maintained its ‘Neutral’ rating with a lower target price of Rs 1,200. The brokerage believes that Bata is seeing early traction in the value segment. It adds that a strategic inventory cleanup, curated product refreshes, and franchise-led expansion will help the company improve efficiency and drive margin recovery, despite near-term pressures.
4. Genus Power Infrastructures:
Thiselectrical equipment company has risen 2.2% in the past week after announcing itsQ4FY25 results. It reported a 119.7% YoY revenue increase to Rs 957.5 crore, thanks to its fast-growing smart-metering project order book. Higher capacity utilization and improved operational efficiency drove net profit up 406.4% to Rs 123.3 crore.
Genus Power manufactures smart electricity meters and executes power distribution projects. It holds an order book of Rs 30,110 crore as of FY25, and has outperformed theconsumer durables sector by 15.3% over the past year.
In FY25, Genus Power’s revenue was up 96.5% at Rs 2,524 crore, and net profit rose 259.2% to Rs 311.3 crore, driven by cost control on raw materials and favourable product mix. The company’s backwardintegration into software solutions such as meter data management (MDM) and head-end systems (HES) enhanced efficiency and boosted the EBITDA margin by 7.9 percentage points in FY25.
The company revised its revenue guidance by 10% for FY26, targeting 60% growth to Rs 4,000 crore. It expects tenders from states like Kerala and West Bengal, and plans to install 70-80 lakh meters during FY26. Jitendra Kumar Agarwal, Joint Managing Director,said, “We have increased our capacity from 1 crore meters at the end of last year to 1.5 crore now. This capacity ramp-up will support growing demand, and we expect installation numbers to rise steadily through FY26.”
Genus Power holds a 27% market share in the electricity metering solutions industry. Under the National Smart Grid Mission, the governmentplans to install 25 crore smart meters by the end of FY26, of which 12% have already been installed. Management anticipates significant long-term opportunities to increase market share in this segment from upcoming tenders.
Following the company’s earnings announcement, Axis Securitiesmaintains a ‘Buy’ rating on the stock. The brokerage believes Genus Power can achieve a production capacity of 10 lakh smart meters per month based on sectoral demand, and they expect revenue and margins to improve over the long term as production capacity ramps up.
5. NMDC:
This mining company has risen 9.9% over the past month but gave up some gains recently after announcing a price cut in June. It reduced iron ore lump prices by Rs 140 per tonne and iron ore fines by Rs 150 per tonne. The company is now shifting to formula-based pricing, which it sees as a potential 'game changer'. Formula-based pricing links domestic ore prices to international benchmarks and market conditions.
NMDC’s iron ore prices are currently about 30% lower than international rates, which averaged $100 per tonne in May, down from around $108 per tonne in January. Global prices have come under pressure due to a sharp slowdown in China’s manufacturing activity, which is at its lowest level in over two years. Analysts caution that with weak demand and rising trade concerns, prices may fall further, possibly returning to the $90 per tonne levels last seen in 2019.
NMDC expects to maintain EBITDA margin at 42% in FY26, despite ongoing pricing pressures. Amitava Mukherjee, the Chairman & MD, said, “Price pressure will obviously be there throughout the year, but we are counting on the volumes to manage the margins.” The company had reported a 42% EBITDA margin in FY25 as well.
In Q4FY25, the company’s revenue increased 8% YoY to Rs 7,000 crore from higher volumes and improved realisation. Volume growth picked up in Q4 after a slow start to the year. NMDC also implemented regular price hikes in FY25, which helped offset the impact of lower volumes earlier in the year.
For FY25, NMDC’s revenue grew 12% and net profit rose 13%. However, both missed Forecaster estimates by 0.8% and 8.2%, respectively. Iron ore production stood at 44 million tonnes (MT), down 2%, while sales volume was flat at 44.6 MT.
NMDC is targeting a production volume of 55 MT for FY26, up from the current level of 53 MT. It plans to scale this up to 82 MT over the next 12 to 18 months. Mukherjee said, “For FY26, we are guiding a capex of Rs 4,000-4,200 crore. A significant ramp-up is expected in FY27-28, potentially exceeding Rs 10,000 crore annually as projects move into execution.”
Motilal Oswal maintains its ‘Buy’ rating on NMDC, expecting healthy volume growth and stable realisations to support strong performance. The brokerage also noted that NMDC’s planned capex will help improve its product mix and raise production capacity to around 100 MT by FY29–30.
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