New Research Reports

We attended Nexus Select Trust REIT’s (Nexus) recently held Analyst Meet. The company has unveiled its “Nexus 2.0: Re-imagining the Future” strategy.

Post underperforming domestic peers in FY25, Apollo Tyres (APTY) is aiming to outgrow peers going ahead. This will be led by corrective measures undertaken in the last couple of quarters with respect to addressing product gaps (adding SKUs), hiring key personnel etc.

ASK Automotive’s (ASK) consolidated revenue at INR 8.5bn was up 9% YoY, in line with I-Sec estimate. EBITDA margin at 12.2% was also largely in line with I-Sec estimate of 12.1%. Margin improvement of +170bps YoY was led by operating leverage and cost optimisation initiatives.

Keeping up with its ‘industry-superior’ performance trend, Shree Cement (SRCM) reported a fabulous Q4FY25. Adjusted EBITDA/t stood at a whooping INR 1,459, surging 35% QoQ (reported being INR 1,404) being 7% ahead of our estimate.

Eicher Motors’ (EIM) Q4FY25 standalone EBITDAM came in at 24.7%, 130bps below I-Sec estimate. Elevated marketing / brand-building efforts and regular product interventions have been driving growth for RE in domestic market.

Bharti Airtel (Bharti) has outlined capital allocation pivot as it is on path to generate strong FCF while management retained flexibility.

Hitachi Energy’s 4QFY25 revenue came in below our estimates, whereas PAT beat our expectations on the back of better margins and higher other income. Order inflow was healthy for the quarter, while FY25 inflow was boosted by HVDC order wins.

Lupin (LPC) delivered slightly better-than-expected revenue, EBITDA, and PAT for the quarter (4% beat). LPC continues to track well in the US generics segment (40% of 4Q sales), clocking the highest quarterly run-rate of USD245m over the past 24 quarters.

APTY’s 4QFY25 earnings, although in line with our estimates, have been below par compared with peers. Consolidated PAT (adjusted for one-offs) declined 42% YoY to INR2.7b (in line) due to a 420bp decline in EBITDA margin to 13% (in line).

Piramal Pharma (PIRPHARM) delivered in-line sales/EBITDA in 4QFY25. However, its earnings were below our estimate due to impairment of certain intangible assets during the quarter.