New Research Reports

Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25. The growth was driven mainly by Ethnic and TMRW (to be part of demerged ABFRL), whereas growth remained muted in Lifestyle Brands (robust LTL offset by weak wholesale) and Pantaloons (shift in Pujo dates).

We maintain our BUY rating on the stock

Landmark Cars’ (LMC) EBITDAM at 5.6%, was down 20bps QoQ, led by weaker gross margins as service revenues at new outlets is in ramp-up phase.

With a 2% downside from the CMP, we maintain our HOLD rating on the stock

Campus Activewear (Campus) delivered a decent 9% YoY revenue growth, driven by 10% YoY volume growth. However, the gross margin (GM) contracted 45bp YoY on account of RM inflation and non-BIS inventory liquidation.

Continually good offline margins, lower Limeroad losses and efficiency measures pushed up V-Mart’s Q3 EBITDA margin to 16.7%, considerably above ARe.

With a 35% upside potential from the CMP, we maintain our BUY rating on the stock.

Trent Ltd (TRENT) delivered yet another robust quarter, albeit slightly weaker than our high expectations.

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.