ICICI Securities Limited Broker Research reports

Despite relatively stable profitability, Jindal Stainless (JSL) has underperformed its carbon steel players over the past 12 months, primarily due to the concerns on earnings growth.

DLF recently held an Analyst meet. Management reiterated focus on achieving DLF’s medium-term goal of execution of its INR 1,145bn GDV across its residential ongoing and upcoming/pipeline projects over the next 4–5 years.

The definitive agreement of Bain Capital for joint control of Manappuram Finance is a positive strategic step for the company towards the next phase of growth with a potential transformation of leadership, operational efficiency and control.

At our recently hosted Grasim Industries’ (Grasim) Investors Meet, the management exuded confidence on further ramp-up of its new paint business.

We recently hosted Akums’ management for a roadshow. Akums has been able to maintain its CDMO and overall EBITDA margin at 15.5%/12.0% despite its sub-par revenue growth in 9MFY25. Further efforts towards curbing losses in API division and new export order (starting CY27) could drive operating leverage and boost margins in coming years.

Embassy Office Parks REIT’s (Embassy REIT) overall portfolio occupancy, as of Dec’24, was 87% – including infusion of 1.4msf Splendid Techzone, Chennai asset of 1.4msf from 1 Jun’24.

We attended Tata Motors’ (TTMT) analyst meet. For its JLR business, the US continues to do well alongside recovery green shoots in the EU market. TTMT maintained its EBIT margin guidance of 10% for Q4FY25.

IndusInd Bank (IIB) has communicated a preliminary one-time hit of ~2.35% of net-worth on its derivative portfolio. We peg the pre-tax hit at ~INR 20bn–21bn.

We upgrade Tata Communications’ (TCom) two notches to BUY (from Hold). TCom’s stock price has plunged notably beset by near-term revenue weakness – making the company’s revenue guidance seem rather ambitious. In our view, this presents strong upside potential and compelling risk-reward.

Sun Pharma (Sun) is acquiring US-based early-stage oncology-focused biotech company Checkpoint Therapeutics (Checkpoint) for an upfront cash payment of USD 4.1/share (total outgo of USD 355mn) and USD 0.7/share in cash in future milestones.