New Research Reports

TCS’s Q4FY25 revenue (-1.1%) came below our estimates. Revenue grew to INR 644,790 Mn (+0.8% QoQ /+5.3% YoY), driven by strong performance across the Asia Pacific, India and MEA region, which was partly offset by weakness in North America.

End of Day Summary

Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of 31st Mar’25, along with a promising prospect pipeline of INR6t, which is likely to be awarded over the next few years.

TCS reported revenue of USD7.5b in 4QFY25, down 1.0% QoQ in USD terms vs. our estimated decline of 0.8%. FY25 revenue stood at USD30.2b, up 4.2% YoY in CC.

Retail Research

The RBI has cut the benchmark repo rate by 25 bps to 6.0%, marking the lowest level in the policy rate since Sep’22. The central bank also changed its stance from neutral to accommodative. This decision aligns with market expectations and shifting focus from inflation control to growth revival.

Tata Steel (TSL) has embarked on a major transformation plan at Tata Steel Netherlands (TSN) – built on a multi-pronged approach to maximise production efficiencies, lower fixed costs, optimise product mix and margins.

The anti-dumping duty (ADD) on Acetonitrile (ACN) imports from China, Russia, and Taiwan may offer Alkyl Amines Chemicals (AACL) a margin and market share upside from 2HFY26.

Tata Steel Nederland (TSN) has adopted a comprehensive transformation program to maximize production efficiencies, reduce fixed costs, and optimize product mix and margins.

Indian Hotels’ (IH) transformational journey over the past decade is marked by bold strategic moves—embracing an asset-light model, reimagining Ginger Hotels, and expanding into new segments.

Retail Research

Retail Research

In Q3FY25, volume growth remained a primary driver for the sector, however, price realisation has
been under strain due to sluggish global demand, increased competition, particularly from China,
and ongoing global uncertainties. In Q4FY25E, we anticipate that revenue growth for most companies will be driven primarily by higher volumes, with limited margin expansion owing to continued competitive pricing pressure.

Asian markets traded lower as US President Trump's country-specific tariffs are set to be implemented. The Nikkei, Hang Seng, and Shanghai were down by 2.50%, 1.12%, and 0.09%, respectively.

OUR TOP 9 TRADING BUYs Earnings Play: Shriram Finance, Max Healthcare, Varun Beverages, JK Cement, KEC International, Kirloskar Brothers, V-Mart, APL Apollo Tubes, and Skipper limited

OUR TOP POSITIVE PLAYS Prestige Estates; Signature Global

Q4FY25 Earnings Play : Auto OEMs: Ashok Leyland, TVS Motors. (M&M - Non-Coverage) Auto Ancillary: UNO Minda, Sansera Engineering Ltd, SSWL