ICICI Direct Broker Research reports

double digit YoY growth in Revenue, EBITDA and PAT. These grew 27%, 25% and 31% in Q4FY25 to 2646 crore, 479 crore and 360 crore respectively. EBITDA margins at 18.1% marginally down (-40 bps YoY) on higher employee costs and PAT margins at 13.4% up 25 bps on higher Other Income. The company received decent order Inflow during the quarter worth 2351 crore. FY25 order book at 16205 crore up 47% YoY on large orders in Q3FY25. Order book to bill at 2.1x. FY25 annual numbers not comparable to FY24, as FY24 reflects only 8 months. On a segmental basis, Energy transmission (51% Revenue mix) and Generation (49%) grew 48% and 11% YoY respectively. EBIT margins of transmission and generation segment...

New project additions since FY24 is 3x of FY17-FY23 period: The company has aggressively scaled up in terms of new business developments adding ~ 32000 crore since FY24 till date, which is 3x of ~ 10,200 crore added during FY17-FY23. Consequently, its cumulative Gross development value (GDV) stands robust at 46,250 crore. Including (Bhandup/Thane (Mumbai Metropolitan Region) have GDV of - 12,400 crore/ 7500 crore). The same provides it multi-year pre-sales growth visibility. The company is exiting affordable projects (a drag on...

Q2FY26 Performance: KPIT reported revenues of US$ 181 mn, up 1.8% QoQ/ 4.5% YoY USD (up 0.3% QoQ/ up 0.4% YoY in CC terms although on an organic basis it de-grew 0.7% QoQ in USD terms/ 2.3% in CC terms. EBITDA margin came at 20.2%,...

Q2FY26 Result: Standalone revenues for the quarter came in at 1,947 crore down 13% YoY, amidst an 12% de-growth in tonnage at 56,457 tonnes. Standalone EBITDA in Q2FY26 stood at 551 crore, with consequent margins placed at 28.3%,...

FY25 geography mix: India ~69%; Europe ~18%; US ~9%; Others ~4% Q2FY26 Result: Consolidated revenue for Q2FY26 stood at 825 crore (up 8% YoY) with EBITDA at 143 crore and corresponding EBITDA margins at 17.3% (up 10 bps QoQ). PAT in Q2FY26 came in at 72 crore (up ~42% YoY). Sales mix for...

Q2FY26 also marked the execution of one of the biggest consumer centric reforms by the government (GST 2.0); wherein GST was simplified from the current four slabs 5, 12, 18 & 28% to a two-rate structure 5 & 18%. GST rate was reduced on host of essential as well as discretionary items. The move,...

Q2FY26 Performance: Patel Engineering reported consolidated revenue of 1208.4 crore, up 2.9% YoY, due to subdued execution. Operating EBITDA came in at 159 crore with EBITDA margin at 13.1%, down 27 bps YoY. PAT stood at 73 crore, flat YoY, also affected due to provision of 31 crore made for settlement of claim,...

Metering & systems segment contributed ~53% to total revenues as of H1FY26, while balance ~47% by consumer & industrials. Company has 7 manufacturing facilities (5 in Haryana & 2 in Himachal) and 2 R&D centres....