New Research Reports

The mainboard segment is seeing a pickup in activity, with two new IPOs set to launch after a quiet couple of weeks. The SME segment remains active with two IPOs opening for subscription, two ready to list, and one having listed on May 19.

Techno-Derivative Outlook

The company achieved an order book of Rs1.89trn in FY25. We revise our FY26/27E EPS estimates upward by 14.5%/9.5%, accounting for the deliveries of LCA Mk1A and improved operating efficiencies. Hindustan Aeronautics (HAL) reported a 7.2% YoY decline in revenue, with EBITDA margin contracting 131bps YoY to 38.6%. During the quarter, HAL received the first GE F-404 engine, with 11 more expected by December 2025, enabling the long awaited LCA Mk1A deliveries to the IAF. Management remains confident in...

NCC reported a revenue of INR 193bn, flat YoY despite having a book-to-bill ratio of 3.7x. EBITDA and PAT for the year were down 5% YoY each, at INR 175bn and INR 8bn, respectively.

INOX reported single digit growth in profit in 9MFY25 owing to trade headwinds. However, it finished the year on a strong note. It recovered lost ground with revenue growth of 34% YoY to INR3.7bn and profit growth of 49% YoY to INR 655m in Q4.

GR Infra continues to tread water on order inflow front, with total OI of INR 140bn in FY25 & FY24 combined - matching FY23’s tally as the ordering in roads remained subdued.

BHEL is the poster child of the Indian thermal power industry. India has recognised the need for building new base load plants despite energy transition.

Tube Investments’ (TIINDIA) 4QFY25 performance was in line with our estimates, with PAT growth of 5% YoY to INR2.6b. Growth drivers from hereon include the ramp-up of a new facility in Nashik for the Engineering division and the INR10b new order win from Railways.

HAL reported a better-than-expected FY25 performance, driven by improved margins on the back of lower provisions. The company ended the year with a robust order book of INR1.8t, clocking inflows of INR1t.