New Research Reports

Q4 revenue declined ~11%/21% YoY/QoQ, as price pressure impacted realisations by 4% and profitability severely (down by 83% YoY)

Sales 3% higher vs consensus likely on strong cigarette volumes. EBITDA 5% above cons. on higher margins

Revenues rose ~15% YoY in Q4FY25 on the back of ~9% volume gains, though realisations stayed flat (-1% YoY)

Sales/EBITDA/APAT were lower than our estimates by 3.5%/9.6%/29.4%. ETR for 4QFY25 stood at 32.9% including 1x tax expense of Rs 3.7bn

VA Tech Wabag Limited (Va Tech) reported a strong performance during Q4FY2025 with sales growth of 23.8% y-o-y to Rs. 1,156 crore. This helped them meet the 15% revenue growth guidance for FY25.

GKEL’s Q4FY25 LFL performance was strong with revenue (including other income) growing by 17% y-o-y to Rs. 706 crore and EBITDA margin expanding by 76 bps y-o-y to 14.4%.

Retail Research

Retail Research

Sun Pharmaceutical Industries (SUNP) delivered 4%/9%/4% miss on revenue/EBITDA/PAT for 4QFY25. Lower-than-expected sales in global specialty and ROW led to a miss on 4QFY25 performance.

TRCL’s 4QFY25 EBITDA was below estimates due to volume miss and higherthan-estimated opex/t. EBITDA declined ~23% YoY to INR3.2b (~31% miss) and EBITDA/t declined ~20% YoY to INR607 (est. INR782).