Anand Rathi Broker Research reports

Broadly in line with our Rs9.7bn estimate, MRF’s Q2 EBITDA fell 14% y/y to Rs9.7bn.

Greenlam’s Q2 revenue climbed 12.8% y/y to Rs6.8bn. The 52% gross margin was broadly the same. EBITDA rose 7.7% y/y to Rs 814m, while PAT was significantly down 11.6% y/y to Rs 345m.

Greenply’s revenue/gross profit/EBITDA grew 12.8/12.3/19.2% y/y to Rs6.4bn/2.5bn/576m, though adj. PAT was 6.1% lower y/y at Rs176m.

Page’s Q2 figures exceeded our estimates and consensus. The q/q better demand was aided by festivals at quarter-end, and a gradual rural recovery.

Belieing our Rs5bn estimate, Amara Raja’s Q2 standalone EBITDA grew 14% y/y to Rs4.4bn due to the lower-than-expected gross margin.

Less downstream demand due to a maintenance shutdown kept Oil India’s Q2 operational results muted. Ahead, we expect strong volume growth in the oil & gas segment.

Lagging the consensus and ARe, Narayana Hrudayalaya reported flat y/y Q2 EBITDA at Rs3.1bn on incremental cost incurred for the new Cayman unit.

Broadly in line with our Rs774m estimate, MM Forgings’ Q2 EBITDA grew a healthy 7% y/y to Rs769m. We reckon the domestic M&H CV volume uptrend would hold at a 5% CAGR over FY24-27.

Voltas’ UCP segment continued its strong performance, delivering 31% y/y revenue growth in Q2 and 56% y/y RAC volume growth in H1 FY25.

With 2% q/q growth (1.3% in CC),aided by broad-based growth across verticals, Cyient’s Q2 was in line with estimates. Sustainability, however, declined a steep 6.4% sequentially (-2.2% y/y) in CC.