ICICI Securities Limited Broker Research reports

We hosted Aadhar Housing Finance (Aadhar) in Singapore for an investor roadshow.

We remain constructive on Havells, as its FY25 annual report indicates aggressive investments across key business parameters such as R&D, distribution, branding and capex.

For Karur Vysya Bank (KVB), recovery from technical written-off (RTWO) contributed ~57bps to RoA (pre-tax) of ~2.3% for FY25. We note that disclosures and accounting for RTWO vary across banks; yet, KVB appears to exhibit the highest contribution from RTWO.

Ujjivan Small Finance Bank (Ujjivan) is amongst the few SFBs which had been successful in scaling loan portfolio to INR 333bn by Q1FY26 from INR 75bn in FY18 with an average credit cost of ~150bps (ex-Covid).

We attended the RP-Sanjiv Goenka Group Investor Day 2025 this week where CESC unveiled its ‘Growth Vision 2030’. At the crux, it seeks to double profits by FY30 via the levers of Distribution Company (DISCOM) capex, RE generation and solar manufacturing.

We remain constructive on 3M India after analysing its FY25 annual report. There is focus on local manufacturing. Revenues from local manufacturing have increased from 52.9% in FY14 to 59.4% in FY25.

Vedanta (VEDL), with its bid amount of ~INR 170bn (staggered over 5 years), has reportedly (Link) emerged as the highest bidder for acquiring the assets of Jaiprakash Associate (JAL).

We view Affle 3i (Affle) as a play on the structural shift of ad spend towards digital in India and other emerging markets, where digital penetration is still low versus global benchmarks.

Samvardhana Motherson International (SAMIL), at its analyst meet, presented its Vision 2030 where the company shared its aspiration to grow its gross revenue ~4x to USD 108bn over the next five years.

In a deal valued at ~USD 225mn, CEAT has completed its acquisition of the CAMSO brand’s off-highway construction equipment-bias tyre and tracks business from Michelin.