Emkay Broker Research reports

Ipca’s 4QFY26 EBITDA was ahead of our expectations (broadly in line with the consensus’). The beat was driven by higher overall sales, a marginally higher gross margin, as well as lower staff costs.

Cyient has entered into a definitive agreement to acquire 100% stake in Tao Digital Solutions for an enterprise valuation of USD218mn (~9.5x CY27E EV/EBITDA, excluding management incentives and retention schemes).

LIC delivered a strong Q4FY26 performance, with VNB margin at 25.7% (+6.9ppt YoY) beating our estimate of 20.5%; APE stood at Rs229.5bn (+21.8% YoY), higher than our estimate of Rs212.8bn.

We maintain BUY on Metro Brands while increasing our TP by ~6% to Rs1,250 (57x Mar-28E EPS) from Rs1,175. TP increase is largely earnings-led, helped by ~4% revenue-led EBITDA beat in Q4 and better commentary on margin protection (vs our cautious stance).

We maintain BUY on WPIL, with unchanged TP of Rs650 (implying ~40% upside). Our constructive view on WPIL is underpinned by factors such as the company being a globally well-diversified player, with presence across the value chain in the pump sector;

Backed by a strong opening order book, GPIL sustained its healthy execution momentum during 4Q/FY26, delivering one of its strongest quarterly performances in terms of revenue and profitability despite the prevailing inflationary environment.

Indraprastha Gas’ (IGL) 4QFY26 EBITDA/scm came in 44% above our est. at INR4.8. Gas costs and opex increased ~INR1/0.8 per scm QoQ in 4Q.

Novelis reported a strong Q4 performance, with adj EBITDA of USD459mn ahead of our estimate, driven by improving scrap spreads and cost-efficiency initiatives, despite headwinds from the Oswego fire and tariffs.

Voltas posted a weak Q4, with revenue at Rs48.9bn (up only 3% YoY); margins too disappointed, with EBITM at 5% (missed our estimate of ~7.8%; BLSTR posted 10.4% UP EBITM in Q4) and resilient UCP demand (up 1% YoY despite the high Q4FY25 base).

eClerx posted soft operating performance in Q4. Revenue grew 0.5% QoQ CC, lower than our expectation. EBITM declined by ~40bps QoQ to 21.1%, largely owing to higher hiring and travel costs, partially offset by lower G&A and S&D expenses.

PFC reported a soft Q4 in terms of AUM growth and disbursement, but delivered strong profitability led by higher recoveries and provision writeback. Loan book grew 6.8% YoY; the management attributed the soft growth to high prepayments and resolution in stressed assets.

TMCV reported an in-line Q4, with revenue growing 22% YoY driven by 6% QoQ rise in ASP and 19% YoY growth in volume (led by strong volume growth of 25% YoY in MHCVs).

Stovekraft (SKL) logged a strong Q4, with revenue up 32% YoY led by robust growth across verticals (ex gas cooktops) amid gas supply shortages.

TVSL logged a strong Q4, with revenue up 34% YoY, led by 28% YoY volume growth and 1.5% higher ASP QoQ. EBITDA was up 26% YoY, with EBITDAM stable QoQ at 13.1%.

We maintain BUY on Ethos, while trimming our TP by ~5% to Rs2,800 from Rs2,950 (26x Mar-28E EBITDA), as continued currency depreciation and negative operating leverage led to a ~4% EBITDA miss and ~300bps EBITDA margin dip in Q4.

Dixon logged a weak Q4, with revenue up only 2% YoY amid sequential improvement in the mobile phone business (up 8.5% QoQ, led by better ASP) and 50% YoY decline in the telecom business.

SPR reported a strong Q4, with consolidated revenue/EBITDA growth accelerating ~47/27% YoY to Rs14.6/Rs2.7bn. EBITDAM dipped by ~288/171bps YoY/QoQ to 18.4%.

Bank of Baroda (BoB) continues to accelerate credit growth, at ~16% YoY, while margin increased by 10bps QoQ to ~2.9%, mainly due to higher interest on income-tax refund and better NPA recovery.

We maintain BUY on ABLBL and TP of Rs140 (20x Mar-28E EBITDA), as Q4 EBITDA was largely in line with our expectations.

CREDAG is firmly on an improving earnings trajectory, with PAT at Rs3.4bn/RoA at 4.4%, mainly driven by better margins and moderating LLP. Overall, AUM growth has improved to 14% YoY, with retail finance (RF) gaining strong traction as its share increased to 18%.