New Research Reports

Relaxo Footwears’ (RLXF) revenue declined 5% YoY as the 6% YoY ASP increase was offset by a 10% YoY volume decline on subdued demand and higher competition from lower-priced unorganized players.

Campus Activewear (Campus) delivered 29% YoY revenue growth (8% beat) on a lower base, driven by 36% YoY volume growth.

We maintain our BUY rating on the stock

With a 3% downside from the CMP, we maintain our HOLD rating on the stock.

With a 1% upside potential from the CMP, we maintain our HOLD rating.

Bata India (BATA) delivered a modest growth recovery with 2% YoY revenue growth. The 10% miss on EBITDA was primarily driven by lower gross margin (-140bp YoY) on account of a shift in the channel mix.

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.

Ethos’s Q2 EBITDA was ~13% lower than estimate, led by a 250bps margin miss on account of INR depreciation and growth investments (higher store addition).

Aditya Birla Fashion & Retail Limited’s (ABFRL’s) Q2FY2025 numbers were muted with revenues rising 13% y-o-y (LFL growth of key brands remained muted), while EBITDA margin stood flat y-o-y at 9.9% and adjusted loss widened y-o-y to Rs. 230 crore.