Anand Rathi Broker Research reports

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.

Ahead of consensus & our estimates, Sumitomo’s Q1 was robust; revenue/EBITDA/PAT grew 26/36/41% y/y. Domestic revenue up 29% y/y; exports 9% y/y.

Broadly in line with consensus and our estimates, Dhanuka Agritech’s Q1 revenue/EBITDA/PAT grew 7%/16%/14% y/y.

In line with our estimates and the consensus, Jupiter Lifeline Hospital reported healthy Q1 figures, with revenue/EBITDA up 21%/22% y/y. PAT, however, dipped a tad, 1% y/y due to higher interest cost and depreciation charges.

In line with our estimates, J Kumar’s Rs14.8bn/1.03bn Q1 revenue/PAT with ~15/19% y/y growth displays strong execution and improved margins.

Strong beat on all fronts, with broad-based growth. Sharper RAC growth vs brands indicate continued shift to outsourcing though high channel inventory (~2.2m-2.5m vs. 1m-1.2m norm) could dampen near-term momentum.

Nilkamal’s Q1 revenue surged 18.9% y/y to Rs8.8bn. Gross profit was up 15.5% y/y to Rs3.7bn. Business restructuring and front-loading of costs w.r.t the Hosur, TN plant restricted EBITDA to Rs580m, up 2.9% y/y.

Greenply’s Q1 revenue grew 2.9%y/y to Rs6bn. Easing input costs pushed the gross margin up 205bps y/y to 42.8%. Higher employee and other expenses restricted the EBITDA margin improvement to 34bps y/y, to 10.3%. Adj. PAT fell 27.6% y/y to Rs240m.

Despite MOIL reporting its highest quarterly production of 0.502m tonnes (up 6.8% y/y) in Q1, sales were down 21.4% y/y to 0.356m tonnes. We believe, when Q1 crude steel production rose 10.4% y/y (40.3m tonnes), the early monsoon in May’25 cut MOIL’s offtake.