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When you hear the word “Transformer,” you might picture a humming grey box behind your building. This electrical device is the backbone of energy systems that keep your lights on and appliances running.

Technologies like IoT, automation, and data analytics has fueled a bull run in the power sector. Power companies adopted these tools to increase efficiency and lower costs, leading to strong growth in electricity generation, transmission, and distribution businesses.

In the shadows of the tech boom and green revolution, transformer shares have become investors' darlings in the last five years. In this edition of Chart of the Week, we examine the five-year returns of transformer stocks and analyse the key factors driving their strong growth.

The ongoing upgradation of power lines in India and North America has created a stable growth phase for transformer makers. Visweswara Reddy, chairman of Indo Tech Transformers, said, “Unlike earlier cycles where demand peaked for 3–4 years and then dipped, the current phase is more stable and should last 12–15 years, supported by transformer replacements in India and North America.”

Due to rising energy demand, transformers are facing a similar shortage to that of Nvidia’s GPU chips. 

Ashish Agarwal, Head of Solar and Storage at BluePine Energy, said, “Rapid growth in railways, transmission upgrades, and renewable projects has raised transformer demand and pricing. Indian engineering, procurement, and construction (EPC) contractors executing overseas projects are boosting exports by leveraging the local supply chain.”

The global transformer market reached $76.4 billion in FY24 and is projected to reach $101.4 billion by FY29 due to increased demand from industries, data centers, and households. The Nifty Energy index has gained 193% in the past five years.

This growth in power consumption has increased demand for transmission infrastructure projects and boosted the earnings of transformer manufacturers like Transformers & Rectifiers, Voltamp Transformers, and Shilchar Technologies.

Government initiatives such as the Export Promotion Mission, National Manufacturing Mission, and Production Linked Incentive (PLI) encouraged domestic manufacturing and increased transformer exports.

Transformer makers power up capacity amid surge in orders

Rising power demand and steady government capital expenditure have pushed transformer makers to expand capacity, with large orders from industrial and utility segments driving growth. 

Transformers and Rectifiers, a heavy electrical equipment industry player, leads specialty transformer manufacturing with a 25% market share. Its share price has risen 14,468% in five years, driven by an order book that grew at a CAGR of 35.8% and increasing government projects.

As of March FY25, the order book stood at Rs 5,132 crore. Foreign institutional investors (FII) raised their stake by 6.8% YoY in Q4FY25.

The company plans to increase operational efficiency through backward integration to reduce risks from price volatility and supply disruptions. 

Management aims to achieve Rs 8,200 crore in revenue by FY28. Satyen Mamtora, MD of Transformers & Rectifiers, notes, “We are improving margins through operational efficiency and enhancing production capacity by reducing supply chain risks through backward integration. We expect FY26 revenue of Rs 3,500 crore with 15–16% profit margins.”

Voltamp Transformersholds a 15% share in the organized industrial application transformer market. Since FY20, its share price has risen 833%, and revenue has grown at a CAGR of 18.2% to Rs 2,018.9 crore in FY25, driven by diversification across data centers, oil & gas, infrastructure, and renewable energy sectors.

The company improved its net profit margin from 10% in FY20 to 16.8% in FY25, helped by higher sales of industrial transformers rated above 5 MVA and better pricing. It plans to invest Rs 200 crore to expand its manufacturing facility to produce up to 250 MVA transformers.

CG Power and Industrial Solutions derives 36% of its revenue from the power system business vertical, including the transformer business. The company increased transformer sales by implementing IoT-enabled transformers to improve efficiency, and introduced high-voltage current transformers above 800 kV. These features attracted orders from private and public companies, growing the order book at a CAGR of 42.8% in the past five years to Rs 9,909 crore.

The company plans to invest Rs 712 crore to expand transformer manufacturing capacity by 45,000 MVA, increasing total capacity to 85,000 MVA by FY28 for extra-high voltage applications. Major customers include Power Grid, Tata Power, NTPC, Larsen & Toubro, Sterling Wilson, and SPML Infra.

Ajay Jain, vice president of CG Power and Industrial Solutions, said, “We expect double-digit growth in the distribution transformer market in the next few years. We are focusing on the industrial segment, so we are investing in that segment for capacity expansion.”

Export growth lifts transformer makers' earnings

Indian transformer manufacturers are shifting their focus to international markets to increase margins and reduce dependency on local demand. Indian companies remain unaffected by tariff impacts, as most supply transformers to the Middle East and Europe.

Additionally, with support from the government’s National Manufacturing Mission, companies like Shilchar Technologies and Hitachi Energy are expanding exports of medium and high-voltage transformers to Southeast Asia, Africa, and Latin America.

Shilchar Technologies has been a standout performer, with its shares rising from the FY20 low of Rs 48 to an FY25 high of Rs 14,380, gaining 14,958%. The company shifted its product mix toward customizing transformers for renewable energy projects. This strategy improved pricing and boosted sales.

Export contribution doubled from 23% in FY20 to 50% in FY25 by entering new markets, including North America, Europe, and several countries in the South Asian market, and improved profitability driven by price gains.

On the export outlook and tariff risks, Alay J. Shah, MD of Shilchar Technologies, said, “North America accounts for about 20% of our exports, with the remaining primarily from the Middle East and North Africa. We remain confident that potential US tariffs will have minimal impact. We will monitor the situation closely as the 90-day tariff pause ends and adjust our strategy if needed.”

Apar Industries leads the power transformer oil segment with a 60% market share. Its shares have risen 2,547% in the past five years, driven by an order book that grew at a CAGR of 29% to Rs 7,163 crore.

The company ranks as the world’s third-largest transformer oil manufacturer. It exports transformer oils to 95 countries. Higher realizations from global markets have raised their international revenue share from 37% in FY20 to 44% in FY25.

Hitachi Energy manufactures 315 MVA transformers, and its shares have risen 1,805% over the past five years. The company reduced reliance on the domestic market by expanding exports of high-margin ultra-high-voltage transformers, with export contribution to order inflows rising from 18% in FY20 to 40% in FY25,  leading to the net profit margin improvement from 2.9% to 6%. 

The company’s order book grew at a CAGR of 43%, reaching Rs 19,245 crore, driven by rising orders from industries, transportation, and data centers. Strong traction drove domestic institutional investors (DII) to increase their stake by 3.3% year-on-year in Q4FY25. 

To capitalize on the growing demand, Hitachi Energy plans to invest around Rs 2,000 crore over the next 4-5 years to expand manufacturing of large power transformers, focusing on customized units for renewable projects and government work orders.

N Venu, CEO of Hitachi Energy India, notes, “Hitachi Energy India's primary focus continues to be the domestic market, supported by a strong pipeline across renewables, transmission, energy storage, and data centers. The company aims to maintain double-digit EBITDA margins in FY26.”

Financial markets have a way of surprising you. Just when everyone was talking about the Nifty 50 being stuck in a correction, the index pulled a fast one, breaking through the psychological 25,000 mark on May 15 and now hovering around 5% of its all-time highs.

A sharp 14% rebound from April lows is a reminder of how fast momentum can flip.

Not everyone is celebrating yet. As Q4 earnings come in and global trade concerns grow, especially with renewed talks about US tariffs, many CEOs are showing more caution than confidence. Volatility remains high, and most CEOs seem to be in a “wait-and-watch” mode as they look ahead to FY26.

It’s a bit like getting stuck in Bangalore traffic after a downpour—you know you’ll start moving at some point, but for now, all you can do is sit tight and hope the road clears soon.

In this Week’s Analyticks,

• Cautious but not quiet: What CEOs are betting on for FY26
• Screener: Stocks gaining momentum after net profit and operating profit margin improvements in Q4FY25

Uncertain times, cautious optimism: What CEOs are saying about FY26

Caution has been the dominant tone in Q4FY25 earnings calls, as global uncertainties—especially US tariff developments—cast a shadow over an otherwise strong financial performance by Indian companies. 

Despite good Q4 results, management commentary was quite guarded, even when analysts pushed management to stick their necks out. CEOs across sectors signaled the need for more “clarity” in economic developments.

We used Trendlyne’s ‘Discover’ tool to track the key concerns CEOs raised in these earnings calls.

Many leaders have pinned hopes on a sharp turnaround in the second half of FY26. Bajaj Finserv’s President, S. Sreenivasan, put it plainly, “We believe the geopolitical and external environment will be volatile in the first half of FY26, but we are very cautiously optimistic about H2 of the coming year when we should come back to growth”. 

Uncertainty and caution lead earnings call themes in Q4

Optimism hasn’t entirely vanished. CEOs highlighted strong demand trends—especially in FMCG, paints, and chemicals—as reasons for confidence. Domestic demand is proving resilient.

Most FMCG companies are upbeat about demand in FY26, thanks to softer food inflation, tax and interest rate cuts, and expectations of a good monsoon.

When asked about the outlook, Dabur CEO Mohit Malhotra said, “We are seeing green shoots in the business. So, I think food inflation is moderating. Going forward, sequential improvement is what we expect”. 

While firms like JBM Auto, L&T, and Happiest Minds raised their FY26 guidance on strong Q4 results, tech majors Infosys, HCL Tech, and Wipro cut their growth forecasts, citing global uncertainty and weak client demand. 

Tariff fog hangs over Q4 earnings calls

Top CEO talking points: Trump and tariffs

CEOs were on edge the previous quarter, but expected clarity on US tariffs by April 1st. But that clarity never came. As Q4 unfolded, Trump’s shifting stance on trade has kept the outlook murky.

Many CEOs pointed to tariffs and delays in trade agreements as a drag on decision-making, with order bookings either delayed or paused altogether. Companies like Jindal Stainless and UltraTech Cement have responded by shifting focus to domestic markets.

While explaining the dip in EBITDA per tonne, Jindal Stainless’s MD pointed to rising trade tensions as a factor. “Trade uncertainty picked up with Mr. Trump taking over. Many of our export bookings came under pressure or were put on hold, so we had to divert more volumes into the domestic market.”

CEOs are concerned about macro issues

Tech CEOs echoed these challenges. TCS CEO K. Krithivasan highlighted the inflationary impact of tariffs and the toll on IT spending: “Client IT budgets have remained flat.” CEOs are also raising slowdown and recessionary fears.

FY26: CEOs are hopeful about lower inflation and a capex push

Some CEOs sounded upbeat about FY26, pointing to easing inflation in India and early signs of a rebound in manufacturing and services. Management teams aren’t just talking up the outlook – they are backing it with spending.

FY26 key priorities: what CEOs are focusing on

Tata Steel, for instance, has announced a massive Rs 15,000 crore capital expenditure plan for FY26, which aims to drive expansion and launch new projects.

Companies like Polycab are looking at exports to fuel the next growth phase. After a slowdown in the US, Polycab is actively targeting Europe, the Middle East and Australia, with plans to ramp up revenue from these regions in the coming year.

CEOs highlighted growth pockets—especially in government contracts and pharma. For example, public sector demand has rebounded, benefiting firms like Blue Star and Netweb Technologies, after a Q3 slowdown due to elections. Blue Star’s CFO noted, “While the Industrial and BFSI sectors remained muted, government orders showed signs of revival during this quarter.”

Industry opportunities: what are CEOs bullish about?

In pharma, the spotlight was on new product launches. Cipla and Dr. Reddy’s focus on complex generics, while Alembic Pharma and Aarti Drugs are gaining momentum in API.

Meanwhile, Trump’s May 12 executive order to make US prescription drug prices the lowest globally has sparked concern. But Indian generic drug makers aren’t too worried. 

Morepen Lab’s CEO, Sushil Suri, said, “Thankfully, we’re in the generics space. These rules mainly target patented drugs, not us.” He added, “Even if President Trump wants to shake things up, the US has no alternative. They simply don’t have domestic manufacturing for generics—they rely on India.”

One thread runs through commentary by CEOs across major companies: until there’s clarity on trade policy, management teams will delay some big decisions.

Screener: Stocks gaining momentum after improvements in net profit and operating profit margin in Q4FY25

Capital markets stocks’ operating margins rise in Q4

As the Q4FY25 results season comes to a close, we look at stocks where profitability has improved YoY. This screener shows stocks with rising Trendlyne momentum scores MoM after YoY growth in net profit and operating profit margins in Q4FY25.

The screener is dominated by stocks from the finance, healthcare services, capital markets, electric utilities, and electrical equipment/products. Major stocks that show up in the screener are BSE, Reliance Power, 360 One Wam, Premier Energies, IDBI Bank, Inventurus Knowledge Solutions, and IndiaMART InterMESH.

BSE’s net profit surged 361.9% YoY during Q4FY25, with its operating profit margin expanding 32.5 percentage points to 60.5%. This capital markets company’s Trendlyne momentum score jumped MoM to 73.2. According to analysts at HDFC Securities, a 44.5% YoY reduction in regulatory fees and a Rs 109.4 crore return from provisions for the Settlement Guarantee Fund (SGF) helped improve profitability. 

Reliance Power also shows up in the screener after its net profit grew 131.5% YoY in Q4FY25, with operating profit margin expanding 20 percentage points. This electric utilities company’s Trendlyne momentum score increased MoM to 63.7 post results. Its net profit and operating margin improved due to lower fuel consumption, finance, depreciation & amortisation, and generation & administration expenses. 

You can find some popular screeners here.

Signing off this week,

The Trendlyne Team

1. Tata Steel:

ICICI Securities maintains its ‘Buy’ rating on this steel company and raises the target price to Rs 190, indicating an upside of 19%. Tata Steel’s EBITDA/tonne increased by Rs 1,000 QoQ in Q4FY25, up from Rs 600, due to higher selling prices and lower fixed costs.

In Q4FY25, sales volume grew 3.3% YoY to 5.6 million tonnes, driven by higher production at the Odisha facility. Tata Steel Netherlands (TSN) reported a profit of Rs 120 crore in Q4FY25, compared to a loss in the same quarter last year.

Analysts Amit Dixit and Mohit Lohia expect Tata Steel’s overall EBITDA to grow 47% to Rs 37,100 crore in FY26, driven by improvements in the UK business. They also expect profits to rise in Q1FY26 due to higher selling prices of Rs 3,000 per tonne in India and a reduction of fixed costs by Rs 1,800-2,000 per tonne.

The management aims to reduce fixed costs by Rs 11,500 crore by FY27 across India, UK, and Netherlands operations. It expects cost reductions to help its Netherlands and the UK businesses break even by Q2FY26. The company plans to invest Rs 15,000 crore in capital expenditure in FY26 and reduce debt by Rs 3,000 crore.

2. V-Guard Industries:

Anand Rathi retains its ‘Buy’ rating on this electrical appliance company with a target price of Rs 475, indicating an upside potential of 25.1%. The company’s Q4FY25 revenue rose 14.5% YoY to Rs 1,538.1 crore, driven by strong growth in the electrical and electronics segments. Net profit grew 19.6% to Rs 91.1 crore due to lower interest costs.

Analyst Prasheel Gandhi expects the company’s electronics vertical to maintain strong momentum, led by stabilizers, inverter batteries, and the solar rooftop segment. He anticipates the solar rooftop business will contribute significant revenue over the next 4–5 years.

V-Guard Industries’ battery business revenue grew in double digits YoY in FY25. The management aims to increase battery capacity with an investment of Rs 50 crore and expects a revenue potential of Rs 300–400 crore in 2.5 years. The analysts project the company’s revenue and net profit to grow at a CAGR of 14.2% and 28.8%, respectively, over FY26–27.

3. Bank of Baroda:

Sharekhan maintains a ‘Buy’ rating on this bank with a target price of Rs 260, indicating an upside of 10%. In Q4FY25, Bank of Baroda’s net profit rose 3.3% YoY to Rs 5,048 crore. Treasury gains more than doubled to Rs 1,559 crore, supporting overall profitability and pushing return on assets (RoA) to around 1.2%. The analysts said, “We believe the bank is likely to sustain RoAs at ~1.0% in FY26 led by recoveries and higher treasury gains.”

Net interest income (NII) declined 7% YoY in Q4FY25, while net interest margin (NIM) fell by 33 basis points due to lower loan yields and higher cost of funds. The analysts believe the pressure on NIMs and asset quality volatility can be managed through recoveries, treasury gains, and a better mix of loans and deposits. They also highlighted the bank’s focus on growing current account savings account (CASA) and retail term deposits, while cutting back on bulk deposits to support long-term growth.

The bank’s gross non-performing assets (NPA) fell 10 bps YoY to 2.3% in the quarter. Analysts expect NII and net profit to grow by 8.5% and 2.8% over FY26–27, aided by stable asset quality.

4. Vijaya Diagnostic Center:

Emkay reiterates its ‘Buy’ rating on this healthcare services provider chain with a target price of Rs 1,150, indicating an upside of 24.6%. Analysts Anshul Agrawal and Abin Benny believe the next 2–3 years look promising, supported by the timely commissioning of new labs in non-core geographies (such as Pune, Kolkata) and management’s guidance of over 15% sales CAGR during FY26–28, despite the asset-heavy model.

In Q4FY25, Vijaya Diagnostic’s revenue rose 12% YoY to Rs 173 crore, led by a 20% growth in the wellness segment, which contributed 15% of total revenue. However, the EBITDA margin declined by 90 bps YoY to 39.8% due to expansion-related costs. Agrawal and Benny expect margins to improve to 40.5% by FY28, backed by the management’s target to achieve breakeven within 12 months for each new lab.

The company has commissioned two new labs in Q1FY26 and plans to add three more in the next 3–4 months. Analysts believe growth will also be supported by the management’s plan to increase prices by 1–2% across various test categories during FY26.

5. Blue Jet Healthcare:

Motilal Oswal reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 965, implying an upside of 21%. In Q4FY25, the company’s revenue grew 85.1% YoY to Rs 3,404 crore, driven by higher sales in pharmaceutical intermediates. Net profit rose 177% to Rs 1,101 crore, helped by new capacity additions and improved plant efficiency.

Blue Jet's capex for FY25 stood at Rs 300 crore on research and development (R&D) and expansion of production capacity. Analysts Aman Chowdhary and Sumant Kumar expect strong revenue visibility in FY26, driven by rising demand for pharma intermediates and active pharmaceutical ingredients (APIs). They project the revenue share from the pharma intermediates to rise to 25% by FY27, up from 17% in FY25, aided by expansion into new markets such as Canada, the US, and Europe.

Analysts expect strong revenue growth from the API segment in FY26, driven by new product launches and increased production capacity. They project Blue Jet’s revenue and net profit to grow at a CAGR of 27% and 25%, respectively, over FY26–27.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The portfolio changes of superstar investors like RARE Enterprises, Ashish Kacholia, Sunil Singhania, and Vijay Kedia offer valuable insights into the market, especially during periods of volatility. Their buys and sells help investors identify potentially profitable sectors and stocks. Let’s take a look at the sells made by these superstar investors in Q4FY25.

The chart below shows changes in superstar investors' current portfolio net worth (note that net worth reflects share price changes in current holdings and new buys and sells).

Most superstars see a fall in their net worth in Q4FY25

Previously, we focused on the key superstar buys in Q4FY25. Now, let's analyse their sells. The last quarter of FY25 turned volatile - most superstar investors remained cautious and increased stake sales, continuing the trend from the previous quarter. The chart below highlights their biggest sells during this period.

Biggest sells by superstars in Q4FY25

RARE Enterprises cuts a 2.1% stake in an edible oils maker

Rakesh Jhunjhunwala’s portfolio, currently managed by Rekha Jhunjhunwala and investment firm RARE Enterprises, reduced holdings in three companies during Q4. The portfolio’s net worth has risen by 24.4% to Rs 62,580 crore as of May 19, primarily due to the infusion from Inventurus Knowledge Solutions. It disclosed a 49.3% stake in the company when its IPO was listed on December 19.

RARE Enterprises trims stake in three firms

In the January-March quarter, the late big bull’s portfolio reduced its stake in Sundrop Brands by 2.1%. The portfolio held a 7% stake in the firm for two consecutive quarters. This edible oils maker has gained 13.3% in the past year, but underperformed its industry by 5.8% points.

During the latest quarter, RARE reduced its stake by 0.3% in the department stores chain Baazar Style Retail, taking its holding to 3.4%. The company has declined by 26.7% over the past year, underperforming its industry by 38.5%. It also has an expensive valuation, scoring only 20.8 as per Trendlyne’s Valuation score.

RARE Enterprises also cut its stake in Nazara Technologies by 0.2%, and now holds 7.1% in the internet software & services company. The portfolio has reduced its stake in the company for the past six quarters. Nazara has surged 102.9% in the past year. Trendlyne’s DVM score classifies it as an Expensive Rocket as it trades in the PE Sell Zone.

Ashish Kacholia adjusts holdings in key sectors

Ashish Kacholia’s net worth declined by 14.9% to Rs 2,670 crore as of May 19 as he dialled back on multiple stocks.

Ashish Kacholia pares stakes in multiple companies in Q4

During the latest quarter, Kacholia cut a 1.4% stake in Awfis Space Solutions, a special consumer services company. The company has weak financials and features in a screener of stocks with low Piotroski scores. The company is trading at an expensive valuation, suggested by Trendlyne’s valuation score of below 30, and is displaying a neutral momentum with Trendlyne’s momentum score of 39.

The marquee investor reduced his stake in industrial machinery maker Walchandnagar Industries by 0.6%, taking his holding to 2.6%. Trendlyne classifies the company as an Expensive Performer. The company posted a loss of Rs 41.8 crore in FY24 and Rs 29.8 crore during 9MFY25. It has been reporting losses since FY13, except in FY23.

High valuations, sustained FII selling, and weak market sentiment in mid- and small-cap stocks likely prompted Kacholia’s portfolio trimming in Q4.

Kacholia cut a 0.2% stake in specialty chemical firm Yasho Industries during the quarter, and now holds 3.9%. The company’s share price has declined by 8% over the past year, underperforming its industry by 20.9% points. It has a low Durability score of 35 and an expensive valuation, scoring 10.3.

During Q4, Kacholia offloaded 0.1% each in Vasa Denticity and Ami Organics. He held 3.8% and 1.8% stakes in the healthcare supplies and pharma companies in Q3FY25. Both companies feature in a screener of stocks with high PE (PE > 40).

The ace investor also sold 0.1% each in Universal Autofoundry and Sanjivani paranteral. The auto parts & equipment maker and pharma stock feature in a screener of bearish stocks. Universal Autofoundry has underperformed its industry by 59.6% points in the past year. Sanjivani is currently trading in the Strong Sell Zone, indicating it is trading above its historical PE. 

Sunil Singhania’s Abakkus Fund cuts stakes in two firms to below 1%

Sunil Singhania’s Abakkus Fundsaw its net worth fall by 14.9% to Rs 2,535.2 crore. The fund cut its holdings in two companies to below 1% and trimmed minor stakes in four others during Q4FY25.

Singhania reduces holdings in BirlaNu, Uniparts and others

Singhania’s fund reduced its holdings to below 1% each in cement & cement products maker BirlaNu and heavy electrical equipment firm Uniparts India. BirlaNu features in a screener of profit-to-loss companies (companies that moved from profit to loss QoQ). It has declined by 10.4% in the past year, underperforming its industry by 23.5% points. Uniparts ranks medium in Trendlyne’s checklist. It is currently trading in the Sell Zone.

During Q4, Abakkkus Fund lowered its stake in Sarda Energy & Minerals by 0.3% and now holds 1.5% in the steel products maker. The company is a Mid-range Performer and also features in a screener of stocks where mutual funds decreased their holdings last quarter. 

Singhania’s fund cut 0.1% each inauto parts makerShriram Pistons,specialty retail firmEthos,industrial machinery companyAnup Engineering, andIT consulting playerMastek in the March quarter. He now holds a 1% stake each in Shriram Pistons and Ethos, 3.6% in Anup Engineering and a 2.8% stake in Mastek. All four companies have declining net cash flows. Ethos and Anup Engineering have expensive valuation scores, while Shriram Pistons and Mastek have technically neutral momentum scores. 

Vijay Kedia makes minor stake sales during Q4

Vijay Kedia’s net worth decreased by 24.1% to Rs 1,440.2 crore as of May 19. During the quarter, he reduced his stake in auto parts maker Precision Camshafts from 3.2% in Q3 to 2.1%. Over the past year, the company’s share price fell 10.8%, underperforming its industry by 15.8% points.

Kedia cuts his stake in Precision Camshafts, Tejas Networks and others

During the quarter, Kedia also cut a 0.3% stake in telecom equipment maker Tejas Networks. He held a 1.9% stake for five consecutive quarters before reducing it to 1.3% in Q3FY25. The company’s share price declined by 38.4% over the past year and is classified as a Slowing Down Stock by Trendlyne.

The ace investor further reduced his stakes in Global Vectra Helicorp and Sudarshan Chemical Industries by 0.3% and 0.2%, respectively, bringing his holdings to 4.9% and 1.3%. Global Vectra posted a loss of Rs 13.3 crore in 9MFY25 and a marginal profit of Rs 1.2 crore in FY24, while Sudarshan Chemicals is considered overvalued based on its current PE.

Kedia also sold a minor stake in Elecon Engineering, now holding 1.1% in the industrial machinery manufacturer.

Dolly Khanna cuts stakes in multiple companies

Dolly Khanna reduced her holdings in eight companies during Q4FY25, including four where her stake fell below 1%. Despite the reductions, her net worth rose by 22.5% to Rs 557 crore as of May 19, supported by new additions and stake increases. She added two new companies, Polyplex Corp and GHCL, and increased her stake in seven others during the quarter.

She lowered her stake in steel products maker Indian Metals & Ferro Alloys and oil exploration company Selan Exploration from 1.2% to below 1%. Over the past year, Indian Metals’ share price declined by 11.5%, while Selan Exploration dropped by 12.1%.

Dolly Khanna cuts stakes in four companies to below 1%

Khanna also reduced her stake in Nile and POCL Enterprises to below 1%. Both companies are currently in the PE Sell zone and appear in a screener of stocks with declining net cash flow.

During the quarter, she trimmed her stake in Zuari Industries by 1.3%, bringing it down to 1.6%. Trendlyne classifies this sugar company as a Mid-range Performer due to its medium financial strength, valuation, and a neutral Momentum score.

She also cut her stake in packaging firm Rajshree Polypack by 0.1%, now holding 1.1%. The company’s share price has fallen 27.5% over the past year, underperforming its industry by 74.5% points.

Khanna made a minor reduction in Rajshree Sugars & Chemicals as well during the quarter.

Porinju Veliyath reduces stake in an IT consulting firm to below 1%

Porinju V Veliyath’s net worth fell 33.7% to Rs 196.2 crore as of May 19. During the quarter, he reduced his stake in IT consulting firm RPSG Ventures to below 1%, down from 1.4% in Q3. The company’s share price has fallen 6.1% over the last six months but is up 32.2% over the past year.

Porinju pares stake in RPSG Ventures to below 1%; reduces holding in Kaya

He also cut his stake in Kaya, a skincare clinic chain, to 1.3% after consistently holding 2.9% for the past three quarters. Kaya holds a medium rank on the Trendlyne Checklist and has a neutral momentum score of 47.8. Its share price has underperformed its industry by 48% points over the past year.

Additionally, during the quarter, Veliyath marginally reduced his stake in Max India, a holding company.

1. Titan:

This gems and jewellery major has seen a 7.8% increase in its share price over the past week. The rise is due to its Q4FY25 results, in which it reported an 18.8% YoY growth in revenue to Rs 15,032 crore, helped by higher sales across segments. Net profit grew 13% YoY to Rs 871 crore, driven by inventory destocking. 

For the full year, Titan’s revenue was up 18.4% YoY at Rs 60,456 crore, beating Trendlyne’s Forecaster estimates by 3.4%. However, net profit declined 4.6% to Rs 3,337 crore, due to higher raw material, employee benefits, depreciation, and advertising expenses.

In Q4, the jewellery segment (which contributes over 88% to the total revenue) rose 25% YoY, driven by growth in ticket size. Meanwhile, Titan’s watches and wearables segment grew 20%, led by improved domestic analogue watch sales and strong growth in the Helios retail channel.

Gold prices have surged around 35% YoY in FY25, prompting consumers to rethink jewellery purchases. Commenting on this, Ajoy Chawla, the CEO of the jewellery division, said, “Sentiment has weakened, especially in the sub-Rs 50,000 range, as more products move above that mark. I think more and more customers are going to be open to lower caratage as they adjust to higher prices.”

Amid surging gold prices, consumers are opting for lightweight and lower carat jewellery (14K, 18K), with CaratLane launching 9K (9 carat gold is 37.5% pure gold, combined with metals like silver, copper, and zinc) pieces to attract value-focused buyers. Titan expects strong growth in its jewellery division, targeting 15–20% revenue growth in FY26. Tailwinds like more wedding dates and income-tax cuts are also expected to support demand.

The company added 72 stores on a net basis during the quarter, taking its retail store count to 3,312. Titan holds an 8% market share in the Indian jewellery market and has been working on expanding its retail footprint. 

JM Financial hasupgraded its rating on Titan to ‘Buy’ and set a higher target price of Rs 3,725. The brokerage believes the rise in gold prices has shifted consumer preference toward lower carat, lightweight jewellery with relatively lower making charges. A correction in gold prices could revive demand and support margin improvement.

2. Berger Paints:

This paints company has risen 7% in the past week after announcing its Q4FY25 results. Its revenue grew 7.3% YoY to Rs 2,720 crore, driven by strong performance in the decorative segment. It outperformed key rivals in revenue growth, with Asian Paints reporting a 4.3% decline and Kansai Nerolac posting just 2.7% growth. The company saw a 7.4% increase in sales volume and a 190 bps YoY rise in EBITDA margin, as strong demand for premium paints and lower raw material costs helped offset the impact of last year’s price cuts.

For the full year, Berger Paints' revenue grew 3.1%, and net profit rose 1.1%, surpassing Forecaster estimates. The company gained market share, increasing from 19.5% in FY24 to 20.3% in FY25. MD & CEO Abhijit Roy highlighted that the fading impact of past price cuts is expected to narrow the gap between volume and value growth, supporting stronger value growth going forward.

Speaking on expansion plans, Roy said, “We have a capex plan of around Rs 850 crore over the next two years. About Rs 400 crore will go towards commissioning our Hindupuram plant and phase-1 of the Panagar operations (new paint manufacturing facility) in FY26. Another Rs 250 to 350 crore is expected to be spent in FY27.”

The company appears in a screener of stocks that benefit from lower crude oil prices. It rose 1.9% on May 5 after crude prices dropped nearly 4% on oversupply concerns following OPEC+’s production hike. Despite falling oil prices, the management isn’t in favour of price cuts, as rutile prices (a mineral used in paint pigments) are expected to rise due to the government’s new anti-dumping duty.

Over the past year, Berger Paints' stock has risen 18.8%, outperforming its industry and the Nifty 50 index. The company's 5-year average P/E and forward P/E suggest the stock is undervalued. Its current price-to-earnings (PE) ratio of 56.5 is well below its 5-year average of 75.4. Based on analyst estimates, its forward PE is 58, suggesting potential for further upside.

Post results, Dolat Capital assigned an ‘Accumulate’ rating with a target price of Rs 616. The brokerage expects Berger’s revenue to grow 11.4% over FY26–27, supported by a rebound in demand. This recovery will likely be driven by higher disposable incomes, easing inflation, and an above-average monsoon.

3. Coromandel International:

This fertilizers company surged 7.6% over the past week after its subsidiary, Coromandel Chemicals, entered into a joint venture with Sakarni Plaster to manufacture and market green building materials using phospho gypsum. The stock has been hitting new highs following its inclusion in MSCI’s Global Standard Index as part of the May 2025 review. Due to this inclusion, IIFL Alternate Research and JM Financial estimate passive inflows of over Rs 1,800 crore.

In FY25, Coromandel reported a 10% YoY increase in revenue and 26% net profit growth, surpassing Forecaster estimates. This performance was aided by 15% volume growth and a decline in raw material costs. The company gets around 5% of its revenue from exports, mainly in the crop protection segment.