By Trendlyne AnalysisThisjewellery retailer surged 22.4% over the past week after announcing itsQ3 results. This jump was primarily driven by a 40% YoY growth in revenue, which surpassedForecaster estimates by 1.3%. However, net profit growth fell short of projections by 6%, mainly due to the introduction of corporate tax in the UAE.
The proposed customs duty cut on jewellery and platinum parts in the FY26Budget is expected to make platinum jewellery more affordable. The duty on platinum parts has been significantly reduced from 25% to 5%, and the duty on jewellery has been lowered to 20%. Suvankar Sen, CEO of Senco Gold, expects these measures to boost jewellery demand as the government aims to improve middle-class consumption.
KJIL’s Indiabusiness, which contributes the majority of its revenue, recorded a 42% YoY growth. The remaining comes from the UAE, which saw a revenue growth of 23%, although net profit remained flat compared to the previous year. Losses in its e-commerce division, Candere, expanded to Rs 7 crore, with revenue of Rs 15 crore. Executive Director Ramesh Kalyanaramansaid, “We will focus on making the store (Candere) EBITDA positive in FY26.” He projected an ambitious revenue target of Rs 1,000 crore for Candere in “the next two-three years”.
During Q3, KJIL opened 45 showrooms in India and launched its first showroom in the US, taking the total showroom count to 349. In FY26, the firm plans to expand its showroom count by over 40% and has already signed letters of intent for showrooms to be opened during H1FY26. KJIL owns approximately 60% of its stores, while the remainder operates under a franchise-owned, company-operated (FOCO) model.
The company is using about 50% of its profits to pay down its debt, which exceeds Rs 2,000 crore. The FOCO model and debt repayments are expected to result in an EBITDA margin contraction of around 100 bps. However, as the debt is paid and the company starts to add more stores of its own starting 2027, margins are expected to expand.
This packaged foods company rose 4.3% on January 31 after announcing its Q3FY25 results, but has declined 3.8% since then. Nestle reported a 4% YoY revenue growth to Rs 4,780 crore, driven mainly by price hikes across three of its four product groups. Volume growth stood at ~1% YoY. The company’s e-commerce segment grew 38%, boosted by festive promotions and premiumization, with Kitkat, NESCAFÉ and Maggi playing key roles.
Nestle's net profit increased 5% YoY during the quarter, but missed Forecaster estimates by 8.2% due to lower volumes, impacted by coffee and cocoa price inflation. The company’s management stated that if coffee prices stay high, it may introduce further price hikes.
Nestle's packaged food penetration has grown in tier-2 and rural markets, with higher growth in ‘Rurban’ areas as the company focuses on premiumization. The company is expanding into previously untapped categories, adding cereals, flavored yogurts, cat food and premium coffees to its portfolio. However, it continues to offer mass-market products like Rs 10 noodles, which remain essential for rural and budget-conscious consumers.
Chairman and Managing Director Suresh Narayanan said, “The premiumization trend is no longer limited to urban consumers—rural consumers also have a taste for premium products. We see a Rs 7,500 crore opportunity in this space across our categories.” He also said the Rurban strategy has helped Nestle reach more consumers. Over the past year, this strategy has expanded distribution reach by 5%.
Speaking on the capex, Narayanan mentioned that the commissioning of its third confectionery unit at the Sanand factory for Kitkat will boost manufacturing capacity, supporting the Rs 5,800 crore capex goal from 2020 to 2025.
Motilal Oswal has a ‘Neutral’ rating for Nestle. The brokerage notes that Nestlé's portfolio faces limited competition from local players, reducing the need for high overhead costs to protect market share. However, with the ongoing inflation, maintaining margins remains crucial. They estimate EBITDA margins of 24% for FY25-26.
This internet & catalogue retail company has plunged over 9% in the last two days after its Q3FY25 results showed losses outpacing revenue growth. Swiggy’s net loss widened 39.1% YoY to Rs 799.1 crore due to higher finance costs, employee benefits, advertising, and delivery expenses. The company’s revenue grew 31% YoY to Rs 3,993.1 crore during the quarter due to improvements in the food delivery, out-of-home consumption, and supply chain & distribution segments.
During the quarter, gross order value (GOV) grew 38% YoY, while the average MTU (monthly transacting users) increased 25.3%, driven by innovations like Bolt (10-minute food delivery) and better execution. Bolt constitutes 9% of the overall food deliveries. The food delivery business’ GOV was up 19.2% YoY. Rohit Kapoor, CEO, Food Marketplace, said, “The October-December quarter is usually slightly softer than others, but we are growing at 19.2%, which is within the range of what we've guided (18 to 22% growth)".
Swiggy’s management is optimistic that the income tax cut announced in the Union Budget 2025-26 will increase disposable income, driving higher discretionary spending and boosting the food delivery business. It expects its GOV to grow by 18-20% YoY in FY26.
The company’s quick commerce unit Swiggy Instamart added 96 dark stores on a net basis in Q3FY25, taking the total store count to 705. However, analysts highlighted that Instamart’s GOV (up 88% YoY) lagged in comparison to Zomato’s Blinkit, which surged ~1.2X YoY. Swiggy’s management noted that competition in quick commerce remains intense in Q4 and is unlikely to ease soon. Competitors like Zepto are also expected to stay aggressive in acquiring customers ahead of their public listing. It has reiterated its guidance of doubling its dark stores and raising the store size by the end of FY25.
Kotak Institutional Equities initiated coverage on the company with a 'Buy' call, and set a target price of Rs 500. The brokerage highlights Swiggy’s unified platform approach, integrating multiple services within a single app, which enhances customer acquisition and cross-selling opportunities. However, it remains cautious due to potential challenges, including increasing competition from Zomato in food delivery along with Blinkit and Zepto in quick commerce.
Thiselectrical equipment company surged 20% on January 30 following the announcement of itsQ3FY25 results. During the quarter, the company’s net profit soared five-fold YoY to Rs 137.4 crore in Q3FY25, driven by inventory destocking and higher order backlog. Revenue grew 27.2% YoY to Rs 1,620.3 crore due to improved order execution.
Hitachi Energy India’s Q3 order intakesurged eight-fold YoY, reaching a record high of Rs 11,594.3 crore, supported by higher number of orders from data centers and the renewables segment. As a result of this growth, the companyachieved debt-free status in the quarter. The company’s order backlog grew 1.5X YoY to Rs 18,994.4 crore. MD & CEO of Hitachi Energy India, N Venu,said, "Quarter-on-quarter, order inflow growth will depend on market conditions and we are looking at high single-digit to high double-digit growth.”
A key contributor in the order backlog growth was an ordersecured in partnership withBharat Heavy Electricals. The company won an HVDC (High Voltage Direct Current) order fromPower Grid Corporation to build a high-voltage power line that will transport renewable energy from Khavda (Gujarat) to Nagpur (Maharashtra), covering 1,200 km.
On January 18, the company’s board approved aproposal to raise funds up to Rs 4,200 crore. These funds will be utilized for capacity expansion at its transformer factory, upgrading testing facilities, and increasing capacity for traction transformers and network control solutions. N Venuadded, ”We plan to invest Rs 2,000 crore in India over the next four to five years for expansions, capacity building, and talent attraction.”
Post results, Geojit BNP Paribasupgraded its rating to ‘Buy’, highlighting the strong order backlog, and ongoing capacity expansion. The brokerage sets a target price of Rs 13,825, expecting a CAGR of 26.3% in revenue, 60% in EBITDA, and 73% in net profit over FY25-27.
This oil marketing and distribution company declined by over 5% in the past month. It announced its Q3FY25 results on January 28th. During the quarter, its net profit declined by 76.6% YoY to Rs 2,115.3 crore. Revenue was down 3.1% YoY, primarily due to a 4% decline in revenue of the petroleum products segment. However, the company’s revenue beat forecaster estimates by 18.3%, thanks to an 8% QoQ recovery in refining volumes to 18.1 million metric tonnes (MMT). It appears in a screener for stocks which have given consistent high returns over 5 years in Nifty 500.
The Russia-Ukraine conflict, weakness in the Chinese economy, and a weakening rupee have significantly impacted the company’s performance in FY25. However, according to the latest estimates from the Petroleum Planning and Analysis Cell (PPAC) published in January 2025, India's petroleum product demand is expected to reach an all-time high of 252.9 MMT in FY26, reflecting a 4.65% YoY growth. To meet this demand, the company has outlined capital expenditure plans totaling Rs 72,000 crore.
Regarding capex guidance, Anuj Jain, Director Finance of Indian Oil, said, "Indian Oil is investing Rs 72,000 crore to increase its refining capacity by 25%, reaching a total of 88 MMTPA. This includes Rs 38,000 crore for the expansion of Panipat refinery, Rs 19,000 crore for the expansion of Gujarat refinery (both expected to be completed in FY26) and Rs 14,800 crore for the expansion of Barauni refinery, which is anticipated to be finished in 1-2 years."
Speaking on Russian crude imports to India, Mr. Jain said, “We source crude from various markets, including Russia, based on the lowest price. IOCL doesn't have a term contract for Russian crude in FY25. The intake in FY26 will depend on available discounts and freight costs, as Russian crude comes in smaller tankers compared to Middle East crude which comes in Very Large Crude Carriers (VLCCs).”
Goldman Sachs has upgraded IOCL to a ‘Neutral’ rating, noting a 25% drop in Indian OMCs stock prices since early 2024, driven by reduced crude discounts and LPG under-recovery. The brokerage however, believes these concerns are already reflected in OMC stock prices. It forecasts an improved outlook for OMCs in FY26-27, driven by capped crude prices and potentially higher discounts on Russian crude. It also expects Brent crude to drop to $70 per barrel by the end of the year and anticipates a recovery in free cash flow for OMCs in FY26.
Post results, Motilal Oswal has maintained a ‘Buy’ rating on IOCL. The brokerage highlights that IOCL’s major refinery expansions are slated for commissioning in H2FY26. However, considering the sequentially weak refining performance and expected medium-term weakness in the segment, it has reduced its target price to Rs 145.
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