ICICI Securities Limited Broker Research reports

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).

Havells’ EBITDA margin has declined from 12.6% in FY10 to 9.9% in FY24 and we model it to be 9.3% in FY25E. There are structural as well as cyclical/transitory reasons for the margin contractions.

We recently hosted the management of Solar Industries (SOIL) for an interaction with investors. Defence and exports & overseas segments could shepherd growth over the next five years.

Gujarat Fluorochemicals (GFL) is at the cusp of inflection in earnings growth with revenue / EBITDA / PAT CAGR estimated at 20.4%/ 33.4%/ 46% over FY25-27E.