ICICI Securities Limited Broker Research reports

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.

Crompton reported a strong set of numbers in Q4FY25. There is revival in revenue growth as well as profitability of Butterfly. It was a drag on consolidated earnings over past seven quarters.

We attended Nexus Select Trust REIT’s (Nexus) recently held Analyst Meet. The company has unveiled its “Nexus 2.0: Re-imagining the Future” strategy.

Post underperforming domestic peers in FY25, Apollo Tyres (APTY) is aiming to outgrow peers going ahead. This will be led by corrective measures undertaken in the last couple of quarters with respect to addressing product gaps (adding SKUs), hiring key personnel etc.