Anand Rathi Broker Research reports

The Meghalaya clinker-unit stabilisation along with the better demand-pricing environment in its operating region (East/North east) aided Star’s overall performance.

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.

TBO Tek’s overall GTV grew 3.7% y/y to Rs77.9bn due to slight impact from Ramadan-induced seasonality in Mar’25 and full consolidation of Jumboonline.

Dixon’s strong Q4/FY25 revenue was driven by robust growth in the mobile category, with volumes reaching 28.3m in FY25; it targets 42m–45m/60m–62m units for FY26/FY27.

Bharat Electronics limited reported revenue growth from operations of 6.8% YoY to Rs 91,496 million on a consolidated basis in Q4 FY25 as compared to Rs 85,641 million in Q4 FY24.

Arvind Fashions reported 8.5%/13% y/y revenue growth/EBITDA margin in FY25. Growth was aided by 5.5% comparable growth, network expansion (0.12m sq. ft. net addition in FY25), higher adjacent categories’ share (20%; 15% in FY24), premiumization and investments in marketing.

Strong operating performance, combined with moderate provisions kept Karur Vysya Bank’s profitability robust, with 1.73% RoA (down 1bp q/q). Headline asset quality remained stable, with GNPA at 0.76% (down 7bps q/q) and NNPA at 0.2% (stable q/q).

Slightly lagging ARe of Rs1.79bn, ZF’s Q4 EBITDA rose 17% y/y to Rs1.73bn on less-than-expected revenue. The ADAS regulation draft notification is out, proposing ESC, AEBS and 4 ADAS functions from Oct’26, with content opportunity of >Rs65,000/vehicle for CVs (>3.5-tonne trucks and >5-tonne buses).

We are positive regarding Mahindra & Mahindra (M&M) due to its domestic market share gains across PVs, CVs and tractors.

Strong electronics growth continued for V Guard, supported by an uptick in the electrical portfolio driven by higher copper prices. ECD grew in line with the industry, while Sunflame continued to underperform.