Emkay Broker Research reports

Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates during the festive season.

APTY delivered a steady Q3, with revenue growth accelerating to 5% YoY, surpassing our estimate (by 3%), and driven by strong replacement demand; offset by flattish exports and weak OEM demand.

Firstsource (FSOL) delivered yet another quarter of strong topline growth in Q3FY25; revenue grew 7.6% QoQ CC, compared to our growth estimate of 6.9%.

KIMS’s Q3FY25 revenues were ahead of Street/our estimates, while profitability lagged owing to certain write-offs in Maharashtra and AP clusters, and losses in the Nashik hospital.

HMCL reported a healthy Q3 with 5% revenue growth led by higher ASPs as volumes were flat. Domestic 2W market share rose by 70bps QoQ to 28.7% (declined by 120bps YoY), aided by the festive season.

MHL’s Q3FY25 EBITDA missed street/our estimates by 9%/4%, with revenue growing 11% YoY driven by B2C revenue improving 15% YoY.

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line. Jewelry retail growth improved to 28% vs 21% in Q2, led by SSG improving to 22% vs 15% in Q2.

We initiate coverage on Vishnu Chemicals (VCL) with BUY and Dec-25E TP of Rs600 (20x Dec-26E EPS). We expect VCL to double its EBITDA over FY24-27E, led by strong volume growth in the Barium segment.

PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower. Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.

ABCAP reported mixed results in Q3FY25, with: 1) NBFC performing well on asset quality, but weaker on growth, NIMs, and RoA owing to a shift toward secured products.