ICICI Securities Limited Broker Research reports

BHEL is the poster child of the Indian thermal power industry. India has recognised the need for building new base load plants despite energy transition.

South Indian Bank (SIB) reported better-than-expected Q4FY25 PAT of INR 3.4bn (up 19% YoY; 8% beat), driven by other income. It sustained ~1% RoA for seventh consecutive quarter with FY25 RoA at 1.06%.

Abbott India’s (Abbott) revenue grew 12% YoY ahead of most MNCs (avg. growth of ~10% YoY and IPM growth of ~8% YoY in Q4FY25). Abbott’s growth was aided by healthy traction in its own brands along with key brands of Novo Nordisk like Rybelsus and Ryzodeg.

Transport Corporation of India’s (TRPC) Q4FY25 EBITDA of INR 1,217mn was broadly in line with our estimate. Overall revenue/EBITDA grew 9.3%/11.2% YoY and 2.8%/2.7% QoQ.

Sagility India reported 5.8% QoQ USD revenue growth (organic growth at 0.7%), slightly ahead of I-Sec estimate in Q4FY25. It met its guidance of delivering mid-teens growth in FY25 with 15% YoY USD print.

CESC has arrested the build-up of regulatory assets in the Kolkata distribution area, addressing a major overhang on the stock. It has taken two hikes in fuel and power purchase which has augmented its cashflow.

Hitachi reported operating margin of 12.7% (+190bps), ahead of consensus expectations in Q4FY25. The margin was 7% in FY24. It has also guided for double-digit margins in FY26, allaying the street concerns.

JSW Energy (JSWE) has earned its RE stripes very quickly. It has built one of the largest RE portfolios in the country via both organic and inorganic routes.

Syrma’s Q4FY25 print was strong with EBITDA margin reaching to highest level (12.4%) in past 15 quarters. While there is reduction in revenues, we note there is reduction in low-margin business of consumer segment.

V-Guard reported a strong set of Q4FY25 result which was partially overshadowed by muted numbers of Sunflame. We believe V-Guard did well led by Stabiliser business benefitting from strong demand for air conditioners.