New Research Reports

with LFL growth of 12.1% (12.5% in 3Q) 2) Lower discounting amidst robust extended version of Rs 99( 4-course meal lunch) at higher price for delivery customers. We increase our FY26/FY27 standalone EPS estimates by 10.4/12.1% as 250 dominos store opening guidance and stromg LFL growth will...

Rs264bn, BBGe: Rs268bn). Adj PAT came in at Rs111.6bn (+146.6% YoY; +54.3% Previous quarter, there was an exceptional gain of Rs75.5bn primarily due to consolidation of Indus Towers and lower tax rate due to recognition of deferred tax asset on unrecognized losses. This quarter, tere was a loss of Rs1.4bnon...

GAIL reported in-line results with EBITDA of Rs32bn (-10% YoY, +13% QoQ, Ple Rs31.2bn, consensus Rs30.5bn) PAT came in at Rs20.5bn (-6% YoY, Ple Rs19.6bn, consensus Rs20.3bn) Previous quarter had an exceptional gain of Rs24bn. For the year, adj PAT stood at Rs88.7bn, flat YoY. We expect steady growth in transmission volume from 127mmscmd in FY25 to 139mmscmd in FY26 and to 149mmscmd in FY27. However, trading segment's EBIT is expected to normalize to Rs51bn from Rs74.5bn in FY25. Tariff hike of integrated network...

CHALET reported better than expected performance with EBITDA margin of 46.3% (PLe 44.9%) aided by 21.4% growth in RevPAR and strong traction in leasing income. Apart from continuing momentum in RevPAR, near term growth in the hospitality business is likely to be driven by addition of ~450 keys at Khandala and Delhi over the next 2 years. Pipe-line for long term is stronger with plans to add new hotels in Goa, Airoli and Kerala which will take the total key count to ~4,500+ in next 4-5 years. Even the annuity business has started gaining traction with an expectation of reaching an occupancy of ~90% in next...

TSUK breakeven by Jul'25, ongoing TSN restructuring and planned cost transformation at all Indian units to drive savings of Rs115bn in FY26. Tata Steel (TATA) delivered strong sequential cons operating performance aided by inline standalone and improved other subsidiaries. TSI EBITDA declined 13% YoY on sharp 9% YoY decline in NSR and muted 3.3% YoY volume growth. European subs continued to make EBITDA losses led by UK. Domestic prices have inched up post February in anticipation of safeguard duty and...

The impact of provisioning and lower volume in VAW along with reversal of deferred tax asset in AWUKO impacted the quarterly performance. We revise our FY26/27E EPS estimates by -21.0%/-22.7% factoring in VAW's loss of export business, Chinese dumping and expected impact of Rs1.0bn on FY26 PAT; and change our rating from Accumulate' to Hold'. Carborundum Universal (CU) reported a 1.3% YoY increase in consolidated sales, while EBITDA margin declined by 542 bps YoY to 12.0%, impacted by weaker...

Siemens (SIEM) reported modest YoY revenue growth of 2.6%, while the EBITDA margin declined by 289bps to 12.4%. Revenue remained flat during the quarter, impacted by demand normalization in Digital Industries amid subdued private capex. However, order inflows rose sharply by 43.5%, supported by sustained public capex in the Mobility and Smart Infrastructure segments. A recovery in private capex, both locally and globally, is expected to drive growth in Siemens' automation and digitalization offerings. Continued investment in rail and metro infrastructure, including signaling, will support the Mobility...

YoY, adj for one offs; was in line with our estimates. Our FY26E/FY27E EBITDA broadly remain unchanged. The company is on track to commercialize greenfield expansions across Thane and Bengaluru markets by H1FY26. New leadership team hiring across Karnataka and Kerala provides comfort for faster ramp-up in these clusters. Given its lean cost structure and partnership...

CIPLA's Q4FY25 EBITDA (Rs15.4bn; 22.8% OPM) was in line with our estimates. While Q4 is seasonally weak quarter; margins at 23% were above our estimate. Despite delay in new launches and supply issues of gLanreotide; Cipla managed to deliver strong profitability/margins in H2FY25. We expect Cipla to maintain its existing US sales run-rate. This will be aided by several high value niche launches in the US like gAbraxane, Nilotininb, gAdvair. Further, Cipla's...

In FY25, 25+ products were added in funnel for CDMO business across agrochem, pharma and semi-con sector. Jubilant Ingrevia reported a slight decline in topline during the quarter, primarily due to a 14%YoY drop in revenue from the Chemical Intermediates segment. However, the Specialty chemicals and Nutrition & Health solutions segments posted YoY revenue growth of 2% and 15%, respectively, contributing to a 90bps improvement in overall EBITDAM. Agrochemical sales improved during the quarter, while the pharmaceutical segment saw stable...