ICICI Direct Broker Research reports

FY25 Product mix: Sale of products ~87%, Services ~13% Q3FY26 Results: On consolidated basis revenue for the quarter came in at 1,075 crore, up ~12.5% YoY. EBITDA in Q3FY26 stood at 199 crore with corresponding...

About the stock: CIE Automotive India (CIE), part of the Spain-based CIE CY25 consolidated revenue mix India 65%, Europe 35%. Forging is over 51% of consolidated sales (85% in Europe and 35% in India). Q4CY25 Results: Consolidated revenue for Q4CY25 came in at 2,393 crores, up 13% YoY. EBITDA for the quarter stood at 348 crores (up 16% YoY) with corresponding EBITDA margins at 14.5% (down 50 bps QoQ). CIE India sales were up 12% YoY at 1,544 crore and EBITDA margins at 16.8% while European operations reported revenues of 782 crore (up 21% YoY; real growth 4% + forex...

Expanding capacities across defence segment with focus on increasing better-margin products: Company is in process of increasing its capacity of Katepally facility (which focuses on RDX, HMX, and rocket integration) which is expected to be commissioned by Q1FY27E. Company plans a further capex in Telangana (land expected to be allotted in the coming months), which would further increase the overall capacity. A greenfield plant in Odisha is planned in three phases (~Rs. 800 crores capex over the next ten years). However, land has not been allotted for the same. We...

Long-term revenue visibility with strong customer profile: The business operates under long-duration bilateral PPAs with a weighted average tenure of 22.85 years. The company services 555 customers with ~72% repeat client rate and ~95% customers rated A- or above, providing...

company which is engaged into contract manufacturing of typical pharmaceutical products which later diversified into own manufacturing. Only few years ago it has started focusing on Oncology as dedicated and strategic business unit with vertically...

Navigating its next with an AI first value framework About the stock: Infosys is one of the leading IT players catering to BFSI, Retail, Infosys at its investor day, unveiled its AI First Value Framework and Topaz suite, targeting a US$300400 bn AI-first services opportunity by 2030 (Nasscom McKinsey). The strategy focuses on capturing new AI demand and augmenting...

We maintain a positive view on HEG, supported by the global transition toward EAF-based steelmaking and capacity expansion led growth prospects ahead. We reiterate a BUY rating with a revised target price of 635, valuing it on SoTP basis, i.e. 10x EV/EBITDA to core graphite...

About the stock: Mishra Dhatu Nigam (Midhani) is one of the key manufacturers of critical metals such as special steels, super alloys (nickel base, iron base and cobalt base), titanium alloys etc. The company primarily cater to the requirements...

Transforming into a digital first play; To double revenues by FY28: Marico is transforming itself into a digital first consumer business from conventional FMCG through inorganic route focusing on expanding in foods and premium personal care categories. It endeavours to double its revenues by FY30 (growing at CAGR of 15%) with core growing at CAGR of 10-12% and new businesses growing at CAGR of 20% over FY25-30. In foods the company is focusing on sub-categories such as premium snacking, health & wellness and modern breakfast. It has recently acquired...

FY25 standalone export mix - ~70% America, ~24% Europe, ~6% other Q3FY26 Result: Standalone revenues for the quarter came in at 2,084 crore flat YoY, amidst an 6% de-growth in tonnage at 57,859 tonnes. Standalone EBITDA in Q3FY26 stood at 566 crore, with consequent margins placed at 27.2%, down 112...

Revenue break-up Q3FY26 Formulations: 64% (domestic: 41%, export: 22% - export generic: 11%, export institutional: 2%, export branded: 9%), APIs: 13% (export API: 10%, domestic API: 3%), subsidiaries: 23%...

About the stock: Ahluwalia Contracts (India) Limited is a leading construction company operating across residential/commercial complex, hotels, hospitals, institutional/corporate offices, IT parks, Railway station redevelopment, metro station/depot, parking lot etc. Q3FY26 Performance: Ahluwalia Contracts reported consolidated revenue of 1,061 crore in Q3FY26, up 11.4% YoY, driven by steady execution. EBITDA came in at 96.1 crore, up 13.9% YoY, with an EBITDA margin of 9.1%, up 20 bps YoY, supported by a healthy executable order book. Reported PAT stood at 54 crore,...

Q3FY26- Strong performance across all parameters- Navin Fluorine reported revenues of 892 crore, up 47% YoY. Segment wise, Speciality Chemicals (40% of the revenues) reported a growth of 60%, HPP (46% of the revenues) reported a growth of 35%, CDMO (14% of the revenues) grew 61% YoY on the back strong order book visibility. GPM stood at 58.8%, up ~220 bps YoY. EBITDA for the quarter stood at 308 crore, up 109% YoY, translating into margins of 34.5%, up ~1000 bps YoY. PAT for the quarter stood at 185.4 crore, up 122% YoY....

AI-led innovation and product depth to drive long-term monetisation: The company's aggressive AI adoption spanning resume matching, recruiter productivity tools, and search relevance creates a structural moat by improving hiring efficiency at scale. As AI tools mature and deliver measurable ROI to clients, they can enable premium pricing, new subscription tiers, and higher...

It has an order book of 15,123 crore as of Q3FY26, implying 2.9x book to bill. Q3FY26 Performance: Patel Engineering reported consolidated revenue of 1,239 crore, up 2.8% YoY, reflecting subdued execution. Operating EBITDA came in at 145 crore, with an EBITDA margin of 11.7%, down 357 bps YoY. PAT stood at...

Q3FY26 Result: Consolidated sales for the quarter came in at 668 crore, up 19% YoY amid ~20% YoY growth in M&HCV production volumes. EBITDA in Q3FY26 stood at 114 crore with margins at 17.1%, up 410 bps QoQ amidst ~250 bps...

About the stock: Indo Count Industries (ICIL) is the world's largest bed-linen player established in 1988. It has portfolio of ~25 brands (licensed + owned) to position well in US and other exporting markets. It has 4 manufacturing facilities in India with capacity of 153mn meters and 3 plants with 32.5mn pieces in the US. Q3FY26 performance: Consolidated revenues declined by 8% YoY to Rs.1062.8cr. Decline in revenues was largely on account of 10.5% YoY decline in volumes to 24.8mn mtrs affected by higher US tariffs. Gross margins recorded 159bps YoY improvement to 53.4%. EBITDA margins declined by 324bps YoY to 9.4% in Q3FY26...

Q3FY26 performance: NRB Bearings Limited reported a strong consolidated Q3FY26, with revenue rising 17.7% YoY to 327.9 crore and EBITDA increasing 34.9% YoY to 60.5 crore. EBITDA margin expanded to 18.4%, up 235 bps YoY, reflecting operating leverage and an improved mix, followed by PAT growth of 32.7% YoY to 29.3 crore. results include exceptional losses of 7.0 crore, largely related to new labour code impacts, partly offset by insurance recoveries linked to a prior fire incident. The Board also declared a second interim dividend of 3.20 per share (record date: 13 February 2026) and approved a 70 crore capex to expand capacity by 1725% from Q1FY27,...

Resumption of double-digit earnings growth is encouraging amidst fluid global macroeconomics & geo-political tensions. Domestic economy got a fillip from reduced GST rates (effective 22nd Sep'25) with auto sector reporting healthy ~20% volume growth and high single digit volume growth in the FMCG space. On the sectoral front, Telecom, Capital Goods and Metals outperformed. The biggest delta to earnings however came in from Oil & Gas space wherein oil refiners (OMC's) posted stellar earnings. Average GRM's for the quarter at...