ICICI Securities Limited Broker Research reports

HCLT has reported a beat vs our and consensus estimates on both revenue and margin fronts in Q2FY25. Discretionary spends picked up in BFSI and technology services.

Skipper’s performance in last 1-2 years reflects pick up in domestic and international T&D capex cycle, enhanced EPC capabilities in infra and T&D and strong volume growth in PVC pipes.

Accelerated ramp-up of online grocery formats (quick commerce) in large metro cities led to deceleration of key growth metrics for DMART: 1) lowest revenue growth (+14% YoY) in a quarter ever

Tata Elxsi (TELX) reported muted growth of 0.2% QoQ CC in Q2FY25. While the Auto vertical continues to grow at a healthy pace, challenges persist in Communication and Healthcare.

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1. We note: (1) Strong investments in distribution expansion (at 36% CAGR over FY22 24) have started yielding positive results (volume growth and market share gains in FY24) and may continue to drive growth in FY24-26E. (2) The company is focusing on category creation to increase penetration.

We retain our BUY rating on SignatureGlobal India (Signature) with an unchanged TP of INR 1,905, valuing it at 10x FY24–26E average embedded EBITDA on sales bookings.

We resume coverage on Vedanta (VEDL) with a BUY rating. We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments.

Adani Energy Solutions Limited (AESL) is operating a mix of regulated and unregulated businesses. It has transitioned from operating regulated transmission assets to becoming a leader in competitively built transmission.

Despite India’s Supreme Court rejecting the curative petition for AGR dues, VIL is hopeful towards a resolution of the arithmetical error in the AGR dues calculation; it has been engaging with the government on the subject.

We visited Mohey EBO in Jayanagar, Bangalore to get first-hand insights on Vedant Fashion’s (VEDANT) ability to unlock value in women’s wedding and celebration wear market opportunity.