Anand Rathi Broker Research reports

Stable margins and strong fees led to City Union Bank’s steady operating performance. Overall profitability was strong, with RoA coming at 1.53%. Ahead, we expect net slippages to be negative since most of the stress has been recognised. The focus now shifts to business growth.

Public hearing and mine inspection for EC enhancement has already been completed and is awaiting a formal response from the MoEF. Environmental public hearing for the EC expansion which completed in Jan’25 received consent from representatives of ~30 villages and the management expects receipt of formal response by end of May'25.

Go Fashion’s Q4 revenue was in line with ARe at 12.7% while EBITDA margin came in ~50bps higher at 30.5%. In FY25, it added 62 net (104 gross) EBOs.

Q4 was better than expected for Bandhan Bank, given the challenges the MFI segment was faced with. Though slippages were higher than in the prior quarter in the overall book incl. the EEB book, the decrease in the SMA book was positive, indicating lower incremental stress build-up.

Strong growth in non-interest income was counterbalanced by weak NII and higher opex which led to ~3% sequential de-growth in core operating profits for Federal bank.

Lagging our estimated 13.4%, TVS Motor’s Q4 adj. EBITDA margin (excl. PLI benefits pertaining to previous quarters) came at 12.5% due to less-than-expected PLI benefits.

Greenply Industries’ Q4 revenue/gross profit/EBITDA grew 8.2%/16.5%/18.1% y/y to Rs6.5bn/2.7bn/681m. Easing input cost helped the gross margin to inch up 297bps y/y to 41.5%.

We remain structurally positive on KPIT. While most auto ER&D players reported weak results, the company delivered an in-line performance amid challenging macro; however, no guidance for FY26 was given.

Mphasis demonstrated strong financial performance, with 2.9% q/q, 5.4% y/y revenue growth in CC, driven by significant contribution from the BFS sector (50% of revenue) and a sharp rebound in the Technology, Media & Telecommunications segment (18% of revenue).

Weak prolonged winter season impacted Orient Electric’s water heater and fan sales, while lighting outperformed led by strong B2B demand. Fan demand recovered over the past 7–8 days, and management remains optimistic about Q1 performance, supported by severe summer forecast across India.