Emkay Broker Research reports

We retain REDUCE on Dabur India and keep our Mar-26E TP unchanged at Rs450, on 37x P/E, as we see weak business execution. The management, in consultation with McKinsey, has refreshed the company’s vision, with focus now on seven structural initiatives.

COAL reported a strong quarterly performance, with Q4FY25 EBITDA at Rs132.9bn (+2.5% vs Emkay; +17.3% vs consensus). The performance in Q4 profitability is on the back of better-than-expected e-auction premiums, lower employee cost, and lower reversal from stripping activity.

We maintain BUY on GCPL while raising our Mar-26E TP by ~6% to Rs1,400 (on 50x P/E) from Rs1,325, as we upgrade earnings by 3-4% over FY26-27E on improved margin performance.

Bank of Baroda (BoB) reported healthy credit growth at 13% YoY. However, the sharp and constant decline in NIM (by 8bps QoQ) to 2.86% (due to lower loan yields) and the higher provisions were the upsets during 4Q.

Sonata posted a weak operating performance in International IT Services (IITS) in Q4. IITS revenue declined 7.2% QoQ CC, below our expectations. The decline was majorly attributed to higher-than-expected ramp down at a large TMT client, along with Quant seasonality.

PNB reported some moderation in credit growth at 15% YoY, albeit the higherthan-expected margin downtick, similar to BOB’s, at 12bps QoQ to 2.8% was upsetting.

HPCL reported better than expected Q4FY25 earnings, with SA EBITDA/PAT of Rs57.3/33.5bn – at a sizable beat, driven by better-than-expected GRMs as well as marketing margins.

Sapphire’s Q4 EBITDA was in line with our muted expectations. Overall/India revenue grew 13%/10%, largely led by store additions in India and a ~31% growth rebound in Sri Lanka.

MGL’s Q4FY25 SA adj EBITDA/APAT of Rs3.2/2.1bn missed our estimates by 5%/6% due to 5% higher unit opex. EBITDA/scm of Rs8.3 was hence 5% below estimate and flat QoQ.

Paytm again turned EBITDA (ex ESOP)-positive in 4Q, at Rs0.8bn (Emkay: Rs1.1bn). This was due to lower UPI incentive, which coupled with accelerated cost (Rs4.9bn) on ESOPs surrendered by MD & CEO Vijay Sharma and impairment in subs led to net loss of Rs6.1bn.