New Research Reports

LICHF’s 4QFY25 PAT grew ~25% YoY to ~INR13.7b (~7% beat). FY25 PAT grew ~14% YoY to INR54.3b. 4Q NII declined ~3% YoY to ~INR21.7b (~6% beat).

NOCIL's EBITDA/kg missed our estimate and stood at INR25.1 in 4QFY25, down 19% YoY. Sales volume declined 4% YoY to 13.4tmt. Realization was flat YoY at INR254.2/kg (INR255.1/kg in 4QFY24) amid persistent pricing pressure from Chinese, Korean and EU players.

IPRU continues to demonstrate a strong and sustainable growth trajectory, supported by a well-diversified product portfolio, consistent profitability and a customer-centric approach. The company's focus on customer-centricity, operational efficiency and prudent risk management strengthens its competitive edge. With a resilient balance sheet, strong solvency position and effective risk management, it is well - equipped...

The company reported robust revenue growth during the quarter on account of higher volume. However, margin and profitability were impacted by the higher cost of sales. Marico expects better outlook as its Food portfolio is expected to grow by 25% in FY26 owing to its scaling up of existing franchises and product innovations. Volume is expected to be better in FY26 as compared to FY25, indicating a favourable performance in the future. Its strong market share and new businesses...

Oberoi Realty demonstrated moderate financial performance but exhibits optimistic outlook, driven by its strong launch pipeline, which is expected to drive growth and revenue visibility over the next few quarters. The company's ready inventory *over or under performance to benchmark index provides strong cash flow visibility, reducing dependence on new launches and ensuring a stable financial performance. Further, the sustained performance of Three Sixty West, with consistent sales at premium prices, is a testament to the company's ability to deliver high-quality projects. With a robust development...

Phoenix Mills displayed negative growth in Q4FY25, but its core segments continued to perform well. The company has an ambitious expansion and densification strategy, supported by strong cash flows and a disciplined balance sheet. A strong pipeline of upcoming retail and mixed-use developments across key urban centres is expected to drive robust growth, providing clear visibility on future revenue. This reinforces Phoenix Mills' position as a leading player poised to benefit...

Vinati Organics (VO IN) reported revenue of Rs6.5bn in Q4FY25, marking a robust 17.8% YoY and 24% sequential increase. The management has reiterated its guidance of 20% revenue CAGR over the next 3 years, along with EBITDA margins in the range of 26%27%. ATBS, the company's key highmargin product, delivered strong growth during the quarter, driven by rising demand in the O&G sector, where it is used as a tertiary oil recovery agent. The antioxidants segment, which generated ~Rs2.2bn revenue in FY25, is expected to see robust growth ahead, supported by annual contracts the company plans to secure with domestic customers. New products like MEHQ and Guaiacol are...

Overall capacity utilization at ~65%; utilization varies across products reflecting 5% YoY decline but 7% QoQ increase. The topline was impacted by ~5% drop in sales volume YoY and marginal decline in the specialty product mix. Based on our estimates, average realizations stood flat YoY at Rs255/kg. Sales volume declined 5% YoY but grew 4% sequentially. However, EBITDA /kg fell 20% YoY, primarily due to higher operating leverage, resulting in a 240bps...

FY26 growth acceleration depends on repositioned Smart & Handsome, brightening cream response, Kesh King strategy and revival in Man company HMN delivered 6.5% revenue growth in FY25 led by healthy volume & pricing growth. Navratna, Dermicool, Boro Plus, and Healthcare drove robust performance while Male Grooming, Kesh King, and Strategic Subsidiaries dragged overall growth. The Man Company & Brillare will see some pick-up in FY26 led by increasing share on quick commerce platforms and 360-degree...

HRRL or Barmer refinery, in which HPCL has 74% stake, has witnessed cost escalation from Rs431bn projected in FY18 to Rs718bn currently. The project with 9mmtpa of refining capacity and 2.4mmtpa of petrochemicals is likely to throw poor ROCE of ~3% due to high depreciation and interest burden thereof. Additionally, Brent appears to be rising, which means gross marketing margins on auto fuels have peaked. Threat of further hike in excise duty on auto fuel also remains. Structurally, the high marketing leverage that HPCL used to enjoy...