Emkay Broker Research reports

After growth calibration for the past one year, and under pressure to bring down LDR and manage PSL/margins, HDFC Bank reported better credit growth in 4Q at 5% YoY/4% QoQ as well as stable core margins.

HDFCLIFE reported an overall steady performance in growth (Retail APE YoY growth – FY25: 18%; Q4FY25: 9.7%) and profitability (FY25 VNB margin: 25.6%; VNB growth: 13% YoY) despite the headwinds from new surrender regulation implementation and decline in the MFI-linked Credit Life segment.

As part of its restructuring efforts, GPUIL has initiated strategic divestments of non-operational and stressed assets, besides a one-time settlement (OTS) with lenders of GREL in Mar-25.

Infosys reported a disappointing revenue performance in Q4, and missed implied growth guidance. Revenue declined 3.5% QoQ in cc terms, falling short of our expectations.

Wipro reported weak revenue performance in Q4, while margins stood steady. Revenue declined 0.8% QoQ CC, a tad below our expectations. IT Services EBITM was flat at 17.5%.

The US Court of Appeals has vacated the preliminary injunction against Sun Pharma’s launch of Leqselvi which was granted by the US District Court of New Jersey in Nov-24.

We recently upgraded GCPL to BUY from Reduce, as we see that most headwinds are in the base. GCPL has capability of recovering business, given prudent execution.

Delhivery announced the acquisition of Ecom Express – the second largest 3PL B2C operator, for a cash consideration of Rs14bn, valuing the company at 0.6x EV/sales (on FY24 numbers).

We initiate coverage on Fino Payments Bank (Fino) with BUY and TP of Rs300 (upside of 34%). Fino has emerged as a distinctive, asset-light, and profitable payment bank, capitalizing on India’s RURBAN digitization wave.

Bikaji's growth narrative continues to swiftly improve under its professional management, which has a dual focus—strengthening core operations and enhancing fundamentals through strategic M&A initiatives.