New Research Reports

RBL continued with its clean-up drive in Q4 as it fully provides for the MFI NPA portfolio leading to historically lower NNPA at 0.3%. However, the bank utilized its contingent provision buffer of Rs2.7bn which along with nearly flat margins and strong card fees helped manage profitability, albeit negligible at Rs0.7bn.

SHFL’s Q4FY25 results were mixed – credit cost was elevated causing a PBT miss, which was offset by lower tax rate that led to in-line PAT.

DLPL reported a steady Q4, with EBITDA beating street/our estimates by 6% and adj PAT improving 34% on YoY basis. Strong performance in core markets (Delhi NCR), buoyed by network expansion, offset the persistent muted performance of Suburban (mid-single digit revenue growth).

Stock Market Volatility amid Geopolitical tensions

to opex drag since 24 branches and 939 employees were added in Q4FY25. AuM is guided to grow by 20% in FY26 (vs +18% in FY25). We are factoring an 18% CAGR in AuM over FY25-27E owing to likely increase in competition due to falling interest rates and a higher base. Company expects NIM to improve in FY26 (FY25 5.94%) led by lower competition from banks/HFCs and (2) focus on...

The revenue growth performance (+2.9% QoQ CC) exceeded our estimates (+2.5% QoQ CC). ~80% of its portfolio mix maintained a steady state, while the rest of its business mix (L&T and Others) reported a decline of 8% and 3% QoQ, respectively. The continued improvement in large deal wins (13 large deals in FY25) and meaningful conversion of those deals are supporting the growth within BFSI. Despite having booked record high deal TCV of USD390m (11% QoQ), the deal funnel still looks encouraging (26% QoQ and 86% YoY). Even...

the operating performance of the company at the fag end of the quarter. The impact was visible across verticals and geographies (ex-Europe). The management indicated that the softness should continue in the subsequent quarters, however the degree of impact would be lesser than that of Q4. We believe the combination of CYL's structural challenges along with the...

Nescafe, Milkmaid, Masala-Ae-Magic, Petcare reported double-digit growth while KitKat reported high-single digit growth NESTLE saw a decent quarter with margin beat as calibrated price hikes neutralized the impact of high inflation in coffee and cocoa. Although demand remains weak, there seems QoQ improvement across segments. Although we expect gradual pick up in volume growth, high input cost inflation in coffee &...

annually for DALBHARA (has 9.9mtpa cement capacity in TN). Dalmia Bharat (DALBHARA) reported a decent operating performance in Q4FY25, led by a sharp sequential volume recovery (28%) driven by government spending and pent-up demand post the festive season. Average NSR improved by just 1.1% QoQ, as the decline in prices in the Southern region price, which should aid H1FY26 earnings. Lower operating costs aided by...

Deal wins remain robust at USD 798 mn in Q4 The performance on the topline (-1.5% CC QoQ) was below our estimates (+0.3% CC QoQ), while the execution on margins was strong, exceeding our expectations by 30bps QoQ. The decline in revenue was led by unanticipated delays in renewals within Hi-Tech, which partly supported by strong momentum in BFSI (+2.5% QoQ). The management demonstrated one-year milestone of stabilizing growth and scaling profitability, while showcasing the additional efforts that need to be put in FY26 to achieve the FY27 goal. The...