23 May 2025
Star Cement
BOB Capital Markets Ltd.
Target
259.77
260.00
220.22
(17.96%)
Target met
Buy
Broker Report
Revenues rose ~15% YoY in Q4FY25 on the back of ~9% volume gains, though realisations stayed flat (-1% YoY)
23 May 2025
Sun Pharmaceutical
BOB Capital Markets Ltd.
Target
1586.90
1993.00
1683.60
(-5.74%)
25.59
Buy
Broker Report
Sales/EBITDA/APAT were lower than our estimates by 3.5%/9.6%/29.4%. ETR for 4QFY25 stood at 32.9% including 1x tax expense of Rs 3.7bn
07 May 2025
Alembic Pharma
BOB Capital Markets Ltd.
936.20
1032.00
896.85
(4.39%)
Target met
Buy
Broker Report
Revenue/EBITDA/ PAT grew 6.7%/8% and 19% above our estimates. EBITDA margin reported 20bps above estimates of 15.4% in 4QFY25
07 May 2025
Kajaria Ceramics
BOB Capital Markets Ltd.
Target
1308.50
925.00
829.20
(57.80%)
Target met
Buy
Broker Report
Weak Q4 on soft demand environment and margin pressure in tile segment; ceased plywood operations due to continued losses
06 May 2025
United Breweries
BOB Capital Markets Ltd.
1920.10
2074.00
2136.80
(-10.14%)
Target met
Hold
Broker Report
UB will hold share in non-premium, grow in premium. Double digit sales growth and 340bps EBITDA margin expansion between FY25-FY27
06 May 2025
Mahindra & Mahindra
BOB Capital Markets Ltd.
3144.20
3689.00
3068.40
(2.47%)
17.33
Buy
Broker Report
Automotive and tractor segment volume grew in double digits by ~16%/19% YoY; blended realisations gains ~7%/11% YoY/QoQ
06 May 2025
Coforge
BOB Capital Markets Ltd.
Target
1606.80
6202.00
7426.00
(-78.36%)
Pre-Bonus/ Split
Sell
Broker Report
4QFY25 CC growth a tad below estimate but EBIT margin surprise +ve. FY25 organic rev. growth is likely in mid teen. FY26 hinted to be better.
05 May 2025
Kotak Mahindra Bank
BOB Capital Markets Ltd.
Target
1952.70
2520.00
2084.90
(-6.34%)
29.05
Buy
Broker Report
Healthy credit growth driven by secured segments; deposits growth led by healthy growth in CASA deposits
05 May 2025
State Bank
BOB Capital Markets Ltd.
Target
804.30
989.00
790.00
(1.81%)
22.96
Buy
Broker Report
PAT beat our estimates by 5% mainly aided by govt-guaranteed SRs; return ratios stay steady with RoA/RoE of 1.1/17.3% in FY25
05 May 2025
Marico
BOB Capital Markets Ltd.
Target
703.95
801.00
722.65
(-2.59%)
13.79
Hold
Broker Report
Sales +3% above Bloomberg 4QFY25 consensus/our est. EBITDA was in line with cons. and 1% above our est