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Mangalore Refinery & Petrochemicals (MRPL) had a partial shutdown in the quarter due to which, throughput declined from 4.6mmt in Q4FY25 to 3.5mmt. Decline in oil prices resulted in inventory loss of USD2/bbl, worsening the reported GRM from USD6.23/bbl in Q4FY25 to USD3.9/bbl. Higher shutdown related costs further worsened EBITDA to Rs1.8bn (Ple Rs11.8bn, BBGe Rs10.9bn, -70% YoY, -84% QoQ). Poor EBITDA resulted in PAT loss of Rs2.7bn...
Sunteck Reality (SRIN) reported strong pre-sales (31% YoY) and steady collections (up 3% YoY) in Q1. SRIN's proven ability to market ultra-luxury projects, aggressive and multi-pronged land acquisition capabilities in various micro markets across Mumbai Metropolitan Region (MMR) is an interesting play on Mumbai's high value real estate market. We expect the company's presales to grow to +20% CAGR over FY25-27E, aided by ongoing projects and strong new launches pipeline including the Dubai JV project. Further given likely strong cash flow generation, we see SRIN to step up new project additions which will be a key catalyst for stock performance. Our FY26E and...
ICICI Bank reported slowdown in credit growth to 12% YoY vs 13% YoY (Q4FY25); further deposit growth also declined to 13% YoY (vs ~14% YoY Q4FY25). We expect 13% CAGR (FY25-27E) loan growth. NIMs declined by 5bps QoQ; lower than its peers as well as market estimates. However, need to watch out for impact of rate cut on NIMs during Q2FY26. Asset quality remain stable led by higher write offs. Bank reported strong profitability growth at 16% YoY led by lower operating expenses. PPoP grew by 17% YoY led by higher non-interest income (up 22% YoY). Higher credit costs led by higher write offs resulted in return...
HDFC Bank reported improvement in credit growth to 7% YoY (5% YoY Q4 FY25) while deposit growth stood at 16% YoY (2% QoQ) led by focus on lowering of CD ratio; at 95.1% vs 96.5% QoQ. Management maintained guidance for improvement in credit growth similar to industry average during FY26 and higher than industry during FY27. NIMs declined to 3.35% vs 3.46% led by rate cut impact; however, we need to watch out for further impact of rate cut on NIMs as ~70% loan book is linked to EBLR. Asset quality slightly deteriorated as GNPA stood at 1.4% vs 1.33% QoQ due to seasonality. NII grew by 5% YoY led by...
JSW Steel's Q1FY26 performance was broadly in line with our expectations. Revenue declined 4% QoQ due to 11% QoQ decline in volumes, driven by planned shutdown and seasonality. NSR increased 7% QoQ, led by higher steel prices. EBITDA increased by (19%/37%) QoQ/YoY to Rs75bn, while EBITDA per tonne rose by (33%/26%) QoQ/YoY to Rs 11,324/t, driven by higher steel prices and lower input costs, despite a drag of Rs3.43bn on account of MTM forex loss on euro currency loans. Management expects a recovery in volumes and EBITDA in Q2, backed by higher capacity utilizations, improved demand, and absence of...
Iron Ore Odisha: Iron ore prices increased by 1.4% WoW to Rs 7,250/tonne, as strong demand was registered in the OMC auction for lumps owing to the material shortage due to heavy rainfall in the region....
