ICICI Securities Limited Broker Research reports

ASK Automotive’s (ASK) consolidated revenue at INR 8.5bn was up 9% YoY, in line with I-Sec estimate. EBITDA margin at 12.2% was also largely in line with I-Sec estimate of 12.1%. Margin improvement of +170bps YoY was led by operating leverage and cost optimisation initiatives.

Keeping up with its ‘industry-superior’ performance trend, Shree Cement (SRCM) reported a fabulous Q4FY25. Adjusted EBITDA/t stood at a whooping INR 1,459, surging 35% QoQ (reported being INR 1,404) being 7% ahead of our estimate.

Eicher Motors’ (EIM) Q4FY25 standalone EBITDAM came in at 24.7%, 130bps below I-Sec estimate. Elevated marketing / brand-building efforts and regular product interventions have been driving growth for RE in domestic market.

Bharti Airtel (Bharti) has outlined capital allocation pivot as it is on path to generate strong FCF while management retained flexibility.

Tata Power reported a good set of result in Q4FY25. EBITDA came in at INR 34.8bn (+27% YoY) driven by strong performance in renewables segment – solar manufacturing and renewable generation, coupled with strong show by Odisha discoms.

Bharti Hexacom (BHL) highlighted it has much lower need for capital (vs Bharti Airtel) as it focused only on mobility and FBB business, and net debt levels were much reasonable.

Happiest Minds (HAPPSTMNDS) reported 25.6% YoY CC growth in FY25, lower than its guidance of 27-28%. Organic growth for FY25 stood at ~3.2% as per our estimate.

GlaxoSmithKline Pharmaceuticals’ (GSK) Q4FY25 revenue grew at a slower pace of 4.8% due to slowdown in acute therapy market. Improvement in mix led to 340bps YoY expansion in gross margin while cost savings and productivity improvement fuelled 650bps surge in EBITDA margin.

Carborundum Universal (CUMI) reported an underwhelming set of result. Consolidated revenues were flat YoY at INR 12bn, EBITDA declined by 30% YoY to INR 1.5bn and profit was at INR 301m in Q4FY25.

SRF’s chemical business has surprised positively in Q4FY25 with a strong show in specialty chemicals and ref-gas; also, SRF is upbeat on demand outlook/orderbook for FY26. Ref-gas revenue should benefit from higher production with commissioning of AHF plant which was a bottleneck in FY25.