ICICI Securities Limited Broker Research reports

Thermal equipment ordering is scaling the summit. In our view, it would be overly hasty to write an obituary for thermal or coal-based power yet.

NTPC Green Energy Limited (NGEL), a 100% subsidiary of NTPC, is looking to debut on exchanges as the company files its DRHP. In this note, we analyse NGEL’s business, look at its valuation metrics and evaluate key concerns.

We hosted Karur Vysya Bank (KVB) for overseas NDR. The investors seem to have acknowledged the remarkable transformational journey of KVB under the current management with steady growth and superior RoA.

Delhivery’s stock performance has been subdued slowing growth of the 3PL market as the proportion of insourcing at Meesho continues to increase.

In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP EBITDA margin between 11.5-12%.

Despite surging 2x in the last three months, we see further steam in Gravita India (GRAV) stock. Regulatory tailwinds aiding availability of scrap in domestic market.

Following a review of 3M India’s FY24 annual report, our conviction on the company’s performance and potential remains strong

We have believed that a weak content pipeline is to be blamed for the weak performance of the movie exhibition industry over the last year and not a structural shift in consumer behaviour towards OTTs, etc.

Gulf Oil (GOLI) delivered a stellar performance in the preceding 5–6 quarters – consistent YoY revenue/EBITDA/PAT growth driven by industry leading volume growth in lubricants and sharply higher growth for the Adblue segment.

We interacted with Astral Ltd (Astral’s) management. Demand in pipe market was muted in Jul–Aug’24 due to volatility in PVC prices.