ICICI Securities Limited Broker Research reports

Zydus Lifesciences’ (Zydus) Q4FY25 revenue gained with healthy traction in US (+20%), domestic branded formulation (+10.7%) and its consumer business (+17.1%).

Whirlpool India’s Q4FY25 print was strong with likely market share gains in key categories of refrigerators and washing machines. With negligible price hikes, we believe revenue growth in Q4FY25 was largely volume driven.

Hindalco’s (HNDL) Q4FY25 performance was ahead of our/consensus estimates. Consolidated EBITDA rose 44% YoY to INR 96bn, mainly due to upstream aluminium (Al) division.

Bharat Electronics’ (BEL) Q4FY25/FY25 performance was above our and consensus estimates. Guidance exceeded for both revenue growth and EBITDA margin.

Petronet LNG (PLNG) reported 16%/13% YoY/QoQ increase in adj. EBITDA to INR 12.8bn and +21%/+19% YoY/QoQ change in adj. PAT to INR 8.9bn. Reported PAT was INR 10.7bn with an INR 2.3bn reversal of UoP provision.

ACME reported a strong set of numbers – revenue grew 65% YoY to ~INR 5bn, EBITDA surged 117% YoY to INR 4.4bn with healthy EBITDA margin of ~90%, adj. PAT stood at INR 1.4bn (vs. INR 0.5bn loss in Q4FY24.

NCC reported a revenue of INR 193bn, flat YoY despite having a book-to-bill ratio of 3.7x. EBITDA and PAT for the year were down 5% YoY each, at INR 175bn and INR 8bn, respectively.

INOX reported single digit growth in profit in 9MFY25 owing to trade headwinds. However, it finished the year on a strong note. It recovered lost ground with revenue growth of 34% YoY to INR3.7bn and profit growth of 49% YoY to INR 655m in Q4.

GR Infra continues to tread water on order inflow front, with total OI of INR 140bn in FY25 & FY24 combined - matching FY23’s tally as the ordering in roads remained subdued.

BHEL is the poster child of the Indian thermal power industry. India has recognised the need for building new base load plants despite energy transition.