ICICI Securities Limited Broker Research reports

In Jubilant Foodworks' [Jubi] first-ever analyst meet, it outlined the present and future (next three years) target to open 1,000 stores (vs. ~250 per annum currently)

We see PTC at an earnings inflection point on the back of 3Cs – Capabilities, Contracts and Capacity. One of the few companies in the world to develop single crystal technology

AU SFB’s profitability, post merger in Apr’24, was impacted due to elevated credit cost on the back of higher-than expected delinquencies in its credit card (CC)/microfinance (MFI) portfolios and NIM compression.

India Shelter, during its maiden Analyst Day, shared Vision 2030 – AUM of INR 300bn by FY30, implying a >25% CAGR with RoE of >17%. Superior execution of business strategies (~40% AUM CAGR and >50% PAT CAGR between FY20-24).

HealthCare Global Enterprises’ (HCG) current promoter CVC Capital (Aseco PTE) is likely to sell up to 54% of its stake in the company to another private equity (PE) firm, KKR, at an agreed price of INR 445/share (cumulative value between INR 320bn–339bn).

Havells’ EBITDA margin has declined from 12.6% in FY10 to 9.9% in FY24 and we model it to be 9.3% in FY25E. There are structural as well as cyclical/transitory reasons for the margin contractions.

We recently hosted the management of Solar Industries (SOIL) for an interaction with investors. Defence and exports & overseas segments could shepherd growth over the next five years.

Gujarat Fluorochemicals (GFL) is at the cusp of inflection in earnings growth with revenue / EBITDA / PAT CAGR estimated at 20.4%/ 33.4%/ 46% over FY25-27E.

CIE Automotive’s (CAIL) Q4CY24 consolidated PAT of INR 1.8bn was lower than consensus estimate of INR 1.9bn, with ~4% miss in revenue and ~100bps miss in EBITDA margin.

Chalet Hotels (CHALET) has announced the completion of the acquisition of 141 keys 5-star luxury hotel – The Westin Resort and Spa, Himalayas (TWRS) in Rishikesh at an acquisition cost of INR 5.3bn.