ICICI Direct Broker Research reports

Wakefit is a vertically integrated D2C home & furnishing player involved in designing, engineering, manufacturing and distributing mattresses, furniture and furnishings through an omnichannel mix of...

Current Steel Capacity: India- 34.2 million Ton (MT) & US- 1.5 MT Key Event Update: JSW Steel has announced that it has entered into a strategic 50:50 joint venture with Japan's JFE Steel Corporation. As part of this arrangement, Bhushan Power and Steel Ltd (BPSL), currently owned by JSW Steel, will be transferred into the new joint venture entity. JFE Steel will acquire a 50% stake for...

Heritage Foods Ltd (Heritage) aims to become a full-fledged FMCG player, rather than just a dairy company – the key inference from its recently held investor meet.

Strong tailwinds in aerospace sector drives growth headquartered in Bengaluru, is primarily engaged in manufacturing of precision components for aerospace (~89% of total) & consumer segments. With manufacturing facilities located in India, US and France, the company has diverse...

Meesho's order frequency stood at 9.7x in FY25 and grew at CAGR of 34% over FY23-25. Its net merchandise value (NMV) grew by at CAGR of 25% over the same period. NMV growth is lower compared to order growth due...

India's automotive OEMs posted healthy volume prints for November 2025. It was primarily driven by sustained demand momentum post festive season and amplified by GST 2.0 reforms, which lowered vehicle prices and boosted consumer sentiment. OEM wholesale sales volume for November 2025 came in healthy with PV & CV segment outperforming peers. CV space reported healthy volume prints for the month of November'25 with continued recovery visible across M&HCV & LCV segments. Maruti set the bar high, outperforming in the PV space while M&M continued with its...

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%,...