Emkay Broker Research reports

SBI Life reported an impressive performance for Q4FY25/FY25 with VNB margin at 30.5%/27.8%, respectively, clocking in 7.2% VNB growth for FY25.

MMFS logged muted growth/profitability in Q4FY25, with key numbers largely in line with our estimate; but PPoP and PAT were ~5% lower than consensus estimates. Despite the management’s persistent efforts and initiatives in recent years toward diversifying away from the wheels business, MMFS remained dominated by wheels – around 93% (PVs: ~40%).

AU SFB continues to grow its credit portfolio at a healthy pace, defying industry trend and the declining MFI/Card book. However, higher CoF and interest reversal on MFI/Card NPAs has led to continued margin correction (10bps QoQ).

We initiate coverage on Atul with BUY and TP of Rs8,500 (30x Mar-27E EPS). Atul has invested ~Rs20bn over FY22-24 toward capacity expansion in existing products like Liquid Epoxy Resin (50ktpa) and Caustic Soda (300tpd), and in the backward integration of some key products (MCA for 2,4 D).

India's power distribution space is experiencing a significant transformation, driven by the advancement of smart grid technology. Smart meters continue to see gradual implementation, albeit at a slow pace.

We upgrade Devyani to BUY from Add, while raising our TP by ~18% to Rs200 from Rs170 (30x FY27E EBITDA vs 26x earlier). The upgrade is led by potential value creation in the likely acquisition of ‘Biryani By Kilo’ (BBK) and possible return of a mid-teen growth for the India business in FY26E (vs 7% in FY25).

ICICI Bank has noted a superlative performance yet again, with 5% PAT beat at Rs126bn (up 18% YoY; historically superior RoA of ~2.5%), healthy credit growth at 13% YoY, and a sharp 16bps QoQ margin uptick to 4.4%.

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.