ICICI Securities Limited Broker Research reports

We see CIL’s FY25 performance to be impacted by possibly stagnant volumes, though e-auction price remains relatively stable. Production and offtake volumes until Feb’25–YTD was impacted by rake unavailability, inclement monsoons and ongoing production issues at SECL.

We upgrade City Union Bank (CUBK) to BUY with an unchanged target price of INR 200, valuing the stock at ~1.45x FY26E ABV, broadly in-line with forward RoAs. Post ~17% stock price correction in the last month, CUBK’s valuation at ~1.1x forward book is near its lowest in the last three years – juxtaposed with an improved growth outlook and NIM resilience.

As true market leader, Crompton is investing to drive premiumisation aggressively in its fan portfolio. As of now, its premium portfolio accounts for 23% of revenues (industry: 40%) in fans.

As true market leader, Crompton is investing to drive premiumisation aggressively in its fan portfolio. As of now, its premium portfolio accounts for 23% of revenues (industry: 40%) in fans.

We attended the Q3FY25 earnings call of PTC Industries (PTC). Installations and commissioning of key facilities are on track and expected to be completed within CY25.

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).