Anand Rathi Broker Research reports

Supreme Industries’ Q4 revenue remained muted at Rs30bn, up just 0.6% y/y, as overall volumes sold rose a meagre 2.3% y/y. Profitability was impacted as PVC pricing environment remained uncertain, with a downward bias deferring filling of channel inventory and under absorption of fixed overheads.

HUL’s Q4 was broadly in line with the Street’s expectations, with volumes growing 2% y/y (vs. 0-2% estimated) and the EBITDA margin at 22.8% (vs. 23%).

Havells’ robust Q4 results were led by strong, 21% y/y, growth in cables and Lloyd’s 39% y/y revenue increase. We expect cost-saving steps and operating leverage to expand margins and profitability for Lloyd. The ramp-up of the new cable capacity will further add to growth.

Its choice of micro-markets and differentiated products make Suraj Estate stand out. On its long-standing operations (over 38 years’ delivery) in south-central Mumbai (high barriers to entry, paucity of land parcels), cost and time effective redevelopment model, keen focus on the value-luxury category (conforming to demographics) and select luxury developments, it has emerged as a real estate supplier of choice in its chosen markets.

We recently attended Hindalco’s Investor Day 2025 where management unveiled ~$10bn expansion plan for Novelis and India, along with multiple strategic initiatives, which would help strengthen its market leadership.

We recently organized an underground mine visit in Gumgaon for our clients and thereafter interacted with Mr Ajit Kumar Saxena (Chairman and Managing Director), Mr Rakesh Tumane (Director- Finance), Mr M.M. Abdulla (Director- Production & Planning) and other Board of Directors.

Driven by its focus on high-mix, low-volume production, Unimech specializes in complex, high-precision aero tooling, GSE, electromechanical sub-assemblies and precision components.

Over the last five years, Venus Pipes and Tubes enhanced its cumulative capacity by 4.1x to 38,400 tonnes. Under the next leg of expansion, it is enhancing its presence in high-grade stainless steel/titanium-welded tubes, fittings and seamless pipes/tubes, thus taking the cumulative capacity to 46,800 tonnes.

We recently met Sharda Cropchem’s Chairman and MD, Mr R V Bubna to gauge the business outlook. Management is confident of achieving double-digit revenue growth (guidance raised 26% y/y post Q3 results vs. 15-20% earlier) in FY25, particularly due to volumes and penetration into new markets.

Lagging the consensus and in line with ARe, Narayana Hrudayalaya’s Q3 results were decent, revenue/EBITDA/PAT rising 14%/10%/3% y/y. Cayman reported Rs2.8bn/Rs1.2bn revenue/EBITDA, up 14/2% y/y.