In line with ARe, Dollar Industries' Q3 sales grew 14.8% y/y. The South brought ~8% to 9M FY25 revenue; plans are to hike this to 13-15% over 2-3 years. At end-Q3, the company had 17 EBOs and plans to increase this to ~125 by FY26. Force NXT (premium segment) continues to do well, recording 13.8%/23.3% value/volume growth y/y.
Hindalco’s 600k-tonne strategic expansion in Bay Minette is on track to be completed in H2 CY26. The recently commissioned 250k-tonne Guthrie facility continues to ramp up automotive sheet ingot casting and the 100ktonne recycling centre in Ulsan (South Korea) has been commissioned.
Greenpanel Industries’ Q3 revenue/gross profit/EBITDA/PAT fell 6.8%/28%/71/69.3% y/y to Rs3.6bn/1.6bn/173m/85m. The poor showing stemmed from export volumes falling (due to unprofitable orders) while domestic volumes were flat.
Surpassing our Rs11.3bn estimate on more-than-expected revenue and less-than-anticipated other expenses, Ashok Leyland’s Q3 EBITDA grew 9% y/y to Rs12.1bn.
Kewal Kiran’s Q3 revenue grew 27.5% y/y on Kraus’ acquisition. Standalone sales growth was muted at 0.8% y/y. Some of the revenue loss was on Lawman brand’s discontinuation from MBO channel.
Broadly in line with our estimate, Sansera’s Q3 consolidated EBITDA grew 5% y/y to Rs1.27bn. We expect its outperformance to continue, thanks to greater focus on xEV (drivetrain), tech-agnostic (aluminium forgings) and non-auto (aerospace, Defence, semiconductor) components.
Telangana (15% of UB’s revenue) announced a 15% price hike for beer, marking the first hike since FY20. This and strong seasonal demand (on a lower base), cost-saving steps and consistent capability building efforts augur well for the future.
