ICICI Securities Limited Broker Research reports

Q4FY25 revenue growth slowed to 7% YoY. EBITDA margin declined sequentially for the first time after seven quarters. Given the sustained pressure on revenue growth and all-time high EBITDA margin, the earnings growth outlook remains weak for FY26.

We upgrade IDFC First Bank (IDFCFB) to BUY with a revised TP of INR 75, as the large proposed capital infusion (INR 75bn) improves visibility on superior loan growth/operating leverage (without any material dilution in book value) topped with inexpensive valuations.

Tata Elxsi (TELX) has reported a muted Q4FY25 print with revenue contraction of 5.3% QoQ CC, roughly in line with our estimate (of -5.9%) and falling below consensus.

Infosys’ weak guidance with a widened range of 0-3% YoY CC for FY26 is due to weak exit growth rate of -1.1% YoY CC, heightened uncertainty due to global tariff wars and lack of mega deals reflected in muted TCV of USD 11.6bn, down 34% YoY in FY25.

Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20-25) while its improved scale and assets under management should help improve margins and earnings growth ahead (expect IFRS PAT CAGR of 53% over FY25-27E).

Home First Finance (Home First) was listed in Feb’21. Ever since, it has managed to stand out among peers in the affordable housing finance space, consistently delivering 6–8% QoQ growth every quarter.

Tata Steel (TSL) has embarked on a major transformation plan at Tata Steel Netherlands (TSN) – built on a multi-pronged approach to maximise production efficiencies, lower fixed costs, optimise product mix and margins.

In our view, ACI has a plethora of opportunities – each carrying strong value creation potential – along its path ahead. Right off the bat, the expansion in bromine derivatives, and thus, higher captive bromine consumption would likely provide a strong fillip to ACI’s bromine business.

Godrej Properties (GPL) has clocked strong Q4FY25 gross sales bookings of 7.5msf worth INR 101.6bn, led by several new launches across India.

Vishal Mega Mart’s (VMM) private label strategy in FMCG (~27% of revenue) has been important for its success story, redefining value for consumers. High presence of large-pack SKUs and reputed manufacturers for its private label brands.