New Research Reports

The combination of reduced government infrastructure spending, a slowdown in the real estate sector, and persistent price fluctuations in PVC led to destocking, adversely impacting overall volumes and profitability. EBITDA margins contracted by 256 bps YoY to 13.8%, largely attributable to an...

4Q25 volume growth ~6%; No further price hikes expected BRIT has sustained 6% volume growth in 4Q while EBIDTA margins are down 20bps as 140bps gain from lower RM costs have neutralized by higher manpower costs (Stock options writeback in 3Q25). FY26 outlook seems promising as an expected uptick in consumer demand and peaked out input costs will drive profitability. We remain positive on BRIT given 1) Sustained leadership in Biscuits and Bakery (volume growth of 8/6/6% in 2Q/3Q/4Q25)...

PIDI continues strong UVG at 9.8% in 4Q, and 160bps gross margin expansion given benign input costs. PIDI continues to focus on strong volume-led profitable growth led by its strategy of developing pioneer categories and entering newer segments. B2B continued its growth momentum driven by Industrial & Project verticals whereas B2C improved sequentially. IBD has witnessed a flattish sale while maintaining stable margins. PIDI is open to exploring tie ups and entry in segments like adhesives or specialty chemicals for EV/Semiconductor or electronic manufacturing, however it is long haul...

Dr. Reddy's (DRRD) Q4FY25 EBITDA was below our estimate. The base business margins and US sales ex of gRevlimid continued to remain weak. We have scale up base business margins from current level of 16% to +20% in FY27E. Our FY27E EPS stands cut by 4-5%. DRRD have been investing cash flow from gRevlimid to build pipeline across peptides, biosimilars and GLP products; benefits of that may take some time. Further thin US pipeline in near term and...

Q4FY25 revenue was flat sequentially and up 19% y-o-y at Rs.602.3 crore, nearly in line with our estimates of Rs.600.7 crore driven by strong momentum in CPCU revenues. CPCU revenues stood at Rs 600.7 crore, up 0.6% q-o-q/19.2% y-o-y.

Trent’s Q4FY25 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to mid-single digits versus high-single digits in Q3FY25.

Consolidated revenues grew 18% y-o-y to Rs. 538 crore, led by strong growth of 27% y-o-y in export sales to Rs. 280 crore. Products segment reported revenues of Rs. 393 crore (up 25% y-o-y) and the aftermarket segment of Rs. 144 crore flat y-o-y.

Jyothy Laboratories (JYL) reported 1% YoY sales growth (below our est.) in 4QFY25. Volume growth was 4% (est. 7%, 8% in 3QFY25). The gap between volume and value growth was due to higher grammage and promotional price subs in select categories.

Britannia Industries (BRIT) posted total consolidated revenue growth of 9% YoY in 4QFY25 (in line) and volume growth of ~3% (est. 4.5%).

Alkyl Amines Chemicals (AACL)’s 4QFY25 revenue increased 8% YoY to INR3.9b. The growth was mainly volume-driven, though the company continues to face pricing pressure.