SJS is one of the leading players in the Indian decorative aesthetics industry. They are a “design-to-delivery” aesthetics solutions provider with the capability to design, develop, and manufacture a diverse product portfolio catering to a wide range of customers, primarily in the automotive and consumer appliance industries.
Zydus’ acquisition of UK-based Comfort Click broadens its footprint across the UK, EU and USA. The transaction positions it to scale up its wellness range globally, a strategic step toward building a diversified, consumer-focused beauty, health & wellness portfolio.
Beating ARe, HG Infra’s Q1 ~Rs17.1bn revenue (up 13.5% y/y) reflects its strong execution abilities. The dip in the 13.8% EBITDA margins (16.2%, Q1 FY25) is attributed to one-time provisions.
Finolex Cables delivered steady ~13.4%y/y Q1 revenue growth led by electrical volumes up 16% y/y, though margins were pressured by a weaker mix with higher project sales and subdued agri-wire demand.
With 8% y/y revenue growth (vs the Street’s 11%) and Rs582m EBITDA (Rs639m), Mrs Bector Foods’ Q1 was below estimates on muted demand amid high input costs, though growth improved q/q.
Jindal Steel is increasing crude steel capacity from 9.6m tonnes to 15.6m and finished steel capacity from 7.25m to 13.75m by FY27-28, making it the fourth largest steel manufacturer in India.
Revenue from operations net of excise and GST stood at the level of Rs. 70,174 million in Q2 CY2025, down 2.5% YoY. For H1 CY25, revenue grew by 9.3% to Rs. 125,843 million.
Below our estimate, MRF’s Q1 EBITDA fell 9% y/y to Rs10.3bn due to the lower-than-expected gross margin. We expect 9/13/19% revenue/ EBITDA/PAT growth over FY25-28.
Lower than our Rs 669m estimate, MM Forgings’ Q1 EBITDA slipped 13% y/y to Rs625m due to more-than-expected other expenses. We expect 6% revenue/ EBITDA CAGRs each over FY25-28.
Backed by its domestic business up 22.2% y/y, Greenlam’s Q1 revenue was up 11.4% y/y to Rs6.7bn. On lower input costs the gross margin expanded 102bps y/y to 53%.
Hit by an erratic summer, Voltas’ UCP fell 25% y/y in Q1, its market share down to 17.8% (June-end 19.3%). Under-absorption and higher promotions squeezed margins, while inventory was high.
Amidst the subdued demand environment, Cera Sanitaryware reported a stable performance. Revenue grew 5.4% y/y to Rs4.2bn, largely supported by faucets as sanitaryware revenue was flat.
The company reported revenue of ?51,434 million for the quarter ended June 2025, marking an 78.6% year-on-year increase from ?28,795 million in the same quarter last year, and a growth of 61.3% rise on a sequential basis.
With a 9% rise in domestic volumes (vs. the Street’s 8%) and a 20.1% EBITDA margin (vs. 20.3% est.), Marico posted good revenue but a weaker operating performance.
Amid broader macro headwinds (incl. Indo-Pak border tension, the Air India crash and Israel-Iran conflict) affecting travel sentiment, TBO Tek’s Q1 GTV grew ~2.3% y/y to ~Rs81.2bn and its blended take-rate expanded ~100bps y/y to ~6.3% due to the increasing tilt toward highmargin hotels & ancillaries.
