ICICI Securities Limited Broker Research reports

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.

Krishna Institute of Medical Sciences’ (KIMS) delivered robust performance in Q4FY25 with revenue/EBITDA/PAT surging 26%/29%/49%, respectively. Existing clusters of AP/ Telangana grew 19%/23% while EBITDA growth was much faster at 37%/34% YoY, respectively.

Tata Steel’s Q4FY25 performance met our and consensus estimates. Consolidated EBITDA at INR 65.6bn (up 11% QoQ) was in line with our estimates, standalone EBITDA/te was up INR 1,000 QoQ.

Chalet Hotels’ (Chalet) Q4FY25 revenue and EBITDA grew 20% and 22% YoY, respectively, led by 23% same-store RevPAR growth. For FY25 overall, hotel revenue grew 18% YoY to INR 15.2bn while EBITDA was up 19% to INR 6.8bn.

Novelis’ Q4FY25 performance was in line with our estimates. Operating leverage benefits resulted in EBITDA/te rebounding to USD 494, sales volume rose 6% QoQ as beverage can market remains strong.

Tatva Chintan Pharma Chem’s (TATVA) performance showed signs of improvement in Q4FY25 on the revenue front, but lower gross profit marred profit recovery. TATVA is hopeful of a sharp recovery in FY26, as new products commercialise in PASC and SDA volume recovers.

Bajaj Consumer (BaCo) reported a stable quarter with 4.2% YoY revenue growth (~2% volume growth), aided by marginal sequential recovery in core Almond Drops Hair Oil (ADHO), strong momentum in the non-ADHO portfolio (especially in Coconut oil) and sustained double-digit growth in international business.

Gravita India’s (GRAV) performance was in line with our estimates. EBITDA (including hedging gains) was up 22% YoY at INR 1.06bn. EBITDA margin (adj.) was up 20bps YoY (30bps QoQ) at 10.3%. Lead sales volume rose 12.3% YoY at 45.6kt.

Coforge continued to report a strong top-line performance in Q4FY25. Management acknowledged the challenging demand environment but reiterated its goal to reach USD 2bn by FY27 on the back of record-high deal wins in FY25, strong deal pipeline and its ability to proactively shape large deals.