Asit C Mehta Investment Interrmediates Broker Research reports

We remain optimistic about Adani Power’s long-term growth trajectory, supported by its leadership position in India’s private thermal power sector, improved coal availability, and strong operational execution.

City Union Bank (CUBK) reported Q4FY25 results broadly in line with our estimates, with a beat on the advances/deposits (advances/deposits were 2%/5% higher than our estimates). The MSME/JL non-agri segment mainly led the growth in advances, while the wholesale segment remained muted.

We initiate coverage on Dalmia Bharat with a Buy Rating because of its reasonable valuation as compared to its peers, its leadership position in the high growth region like North-East, strong presence in South & East. Besides, its continuous expansion, improving financials and the company’s focus on being carbon negative will continue to drive growth.

Axis Bank reported Q4FY25 results slightly below our estimates in terms of advances growth (marginal miss by 0.5%), mainly due to slow growth in the retail advances. However, deposits reported an improvement with a growth of 7% QoQ (1.2% above our estimates).

Kansai Nerolac Paints’ promoter company, Kansai Paint Co., Ltd., Japan, hosted an investors’ meet to discuss their India market strategy under the new management. The management discussed their shorter-term (3 years) and longer-term (till 2030) business strategy in detail.

We remain optimistic about InterGlobe Aviation’s long-term growth trajectory, supported by its leadership in India’s aviation market, sustained profitability, and clear roadmap for international expansion.

We initiate coverage on Varun Beverages Ltd. with a “BUY” rating. We like the company for its demonstrated execution capabilities in India, further headroom for distribution expansion in India, continued territorial expansion in Africa, international margin improvement and strengthening ties with PepsiCo.

We initiate coverage of Bikaji Foods International (BIKAJI) with a “BUY” recommendation and a target price of Rs 775.

As “Leaders in Logistics”, TCI continuously strives to better existing systems, processes and productivity. Its integrated and diversified business profile and customer base, coupled with a healthy proportion of contracted business, provide adequate revenue visibility.

We remain optimistic about ADANIPORTS’ growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays.

Asian Paints’ Q3FY25 reported numbers were a mixed bag. Volume growth improved compared to the dip seen in the preceding quarter, while value growth took a further hit. On the other hand, EBITDA margin and net profit performance were better than estimated.

Karur Vysya Bank (KVB) reported its Q3FY25 results, broadly in line with our estimated pre-quarter numbers and beat on PPOP/PAT. The bank's core portfolio, RAM, continues to grow at a healthy pace (4.2% QoQ/20% YoY) while the corporate segment remains a laggard.

Cipla's "Future Fit" strategy outlines ambitious growth objectives, including becoming India’s 2nd largest pharmaceutical company, leading South Africa’s prescription and OTC markets, ranking 2nd in U.S. respiratory generics, and doubling international revenue.

A potential sale of the Company’s Powder Coatings business and its International Research Centre (R&D operations) to a separate indirect wholly owned subsidiary of the parent. Potential acquisition of Decorative Paints Intellectual Property/ies (owned by the parent) by Akzo Nobel India.

We remain optimistic about LTTS’s growth prospects, driven by its strong domain expertise, robust international opportunities, and a healthy domestic pipeline. The company’s commitment to its "Purposeful. Agile. Innovation.

Larsen & Toubro (L&T) is India’s premier engineering and construction conglomerate, excelling in EPC, manufacturing, and services across diverse industrial and infrastructure segments.

We estimate a forward P/E multiple of 25x based on FY27E EPS of Rs 570, resulting in a target price of Rs 14,250 per share.

Indigo Paints reported revenue of Rs 2,995 mn in the quarter, a growth of 7.4% YoY, but a
decline of 3.7% QoQ.

Ramkrishna Forgings is well-positioned to benefit from sectoral growth due to its established presence, technological capabilities, and strategic access to resources.

SBI Life Insurance reported premium income lower than our estimates by 6% mainly due to weakness in the group insurance and muted growth in the bancassurance channel. In terms of APE, growth was muted at 3% YoY, lower than our estimates by 4%.