New Research Reports

In 4QFY25, BHFC (standalone) posted a 9% YoY decline in PAT to INR3.6b (in line). The key highlight of 4Q was that the US subsidiary achieved EBITDA break-even for the first time in many quarters.

Escorts Kubota’s (ESCORTS) Q4 results were ahead of our estimates, with better-than-expected margins in the tractor segment. Both MM and tractors reported a healthy margin revival QoQ in a seasonally weak quarter.

United Breweries (UBBL) delivered revenue growth of 9% YoY (est. 10%) in 4QFY25. Volume growth was 5% YoY (est. 8%). The Premium portfolio continued to deliver strong performance, posting 24% YoY growth in 4Q (32% in FY25).

Asian Paints (APNT) posted a weak 4QFY25, with consolidated/standalone revenue declining 4%/5% YoY (lower than est). Domestic volume grew 1.8% YoY.

Canara Bank posted a 20% beat on earnings at Rs50bn/1.3% RoA, mainly aided by treasury gains/recovery from written-off loans and provision reversal on SR investments. Credit growth outpaced expectations at 12.6% YoY/2.5% QoQ, while deposit growth was strong at 11% YoY/6.4% QoQ.

With 6% volume growth (4% in India business) and 21.1% EBITDA margin (Street’s estimate at 20.4%), Godrej Consumer posted broadly in-line Q4 results.

Retail Research

Retail Research

Q4FY25 consolidated revenue of Rs. 37,825 crore was up 1.1% y-o-y. Volume and realization growth were both tepid and almost flat y-o-y. The volume growth has been slow overall due to increase in captive consumption of coal.

We retain REDUCE on Dabur India and keep our Mar-26E TP unchanged at Rs450, on 37x P/E, as we see weak business execution. The management, in consultation with McKinsey, has refreshed the company’s vision, with focus now on seven structural initiatives.