IDBI Capital Broker Research reports

We attended the analyst meet of Hitachi Energy India and came out enthused by the strong and structural growth opportunities the company can capture. Hitachi energy is gearing well for the future with a strong portfolio of products and solutions. Hitachi Energy posted a strong set of financials for Q4FY26 with EBITDA and PAT beating consensus estimates by ~6%. The management highlighted 5 growth drivers for the long term namely 1) Data Centres 2) Mobility driven electrification 3) 900 GW of non-fossil power by FY36 4) BESS 5) Transmission of 900 GW of non-fossil power. Hitachi Energy has the complete...

DDev Plastiks Industries Ltd.'s (DDEVPLAS) Q4FY26 result was in-line with our estimates on key parameters. The core polymer compounding business grew 13% YoY driven by robust domestic demand from the wires and cables sector, despite navigating macroeconomic disruptions. EBITDA increased 12% YoY to Rs2,870mn for FY26, maintaining operating margin at 11% by offsetting rising operating costs through commercial adjustments and operating leverage. The management provided a volume guidance of 231,000 MTPA for FY27E and the projected revenue growth for the polymer segment is guided at 13% for FY27, with management maintaining a...

Sundaram Finance Limited delivered a strong Q4FY26/FY26 performance, reflecting healthy growth momentum, resilient asset quality and stable profitability despite macroeconomic uncertainty. AUM grew 16.4% YoY, supported by broad-based demand across vehicle financing segments, while FY26 disbursements increased 14% YoY. Management highlighted that collections and repayment behaviour remain stable despite concerns around rising crude oil prices and geopolitical tensions, reflecting the strength of its borrower profile and underwriting standards. Asset quality improved during the quarter, with GNPA...

Century Plyboards' Q4FY26 performance remained mixed bag. Revenue grew 24% YoY to Rs14.9bn, driven by strong growth across MDF (+32% YoY), Plywood (+20% YoY), Laminate (+18% YoY) and Particle boards (110% YoY). EBITDA margin expanded by 66bps YoY to 11.9%, supported by margin improvement in Plywood and Laminates segment. Margin expansion came despite sharp chemical cost inflation, aided by calibrated price hikes. Management announced a new plywood facility with a capacity of 1.2 lakh CBM planned in 2 phases of 50% each, along with a 240,000 CBM particle board facility by FY32 with total capex outlay of Rs8.7bn....

Surya Roshni's Q4FY26 performance was below expectations. Revenue remained flat YoY at Rs21.6bn, driven by a 9% YoY growth in LCD revenue, while steel pipes segment declined 2% YoY due to export disruptions arising from West Asia conflict. Consolidated EBITDA margin contracted 230bps YoY to 7.1%, impacted by elevated input costs and higher employee costs (+8% YoY). Steel pipes EBITDA/t declined 1% YoY to Rs5,121/t, due to lower realisation. Management reiterated FY27 volume guidance of 1.1mnT, supported by improving export visibility and stronger order book. We cut FY26E/FY27E...

Credit card spends moderated in Apr'26 after the sharp year-end rebound seen in March, with total spends declining to 1.98L Cr from 2.20L Cr in Mar'26. Spends declined ~10.1% MoM (vs ~23.8% growth in Mar'26), while YoY growth softened to ~7.1% (vs ~8.9%), reflecting normalisation after financial year-end spending. Cards-in-force continued to expand, reaching ~119.44 Mn, up ~8.1% YoY and ~0.8% MoM. Net new card additions remained stable at ~9.7 lakh, led by SBI (~1.4 lakh), HDFCB (~1.3 lakh) and AXISB (~0.6 lakh). Transaction volumes also moderated, declining ~3.3% MoM (vs ~16.8% growth in Mar'26), though YoY growth remained healthy at ~23.4% (vs ~25.2%). March spending was aided by year-end transactions and...

DDev Plastiks Industries Ltd.'s (DDEVPLAS) Q4FY26 result was in-line with our estimates on key parameters. The core polymer compounding business grew 13% YoY driven by robust domestic demand from the wires and cables sector, despite navigating macroeconomic disruptions. EBITDA increased 12% YoY to Rs2,870mn for FY26, maintaining operating margin at 11% by offsetting rising operating costs through commercial adjustments and operating leverage. The management provided a volume guidance of 231,000 MTPA for FY27E and the projected revenue growth for the polymer segment is guided at 13% for FY27, with management maintaining a...

JK Paper Ltd.'s (JK Paper) Q4FY26 result was in-line with our estimate on net sales front, while margins were beat to our forecast. The management cited that the higher volume with improved operational efficiencies contributed to better performance during the current quarter compared to the corresponding period as well as sequentially. Despite high wood cost and low priced imports, which have severely eroded industry margins, JK Paper achieved its highest ever Paper and Board sale of 8.19 Lac MT during FY26 and maintained its leadership position across its product categories. The performance of the Company's packaging...

Safari's Q4FY26 performance was broadly in-line with our expectations with revenue growing 12% YoY to Rs4.7bn, driven by strong volume growth (~15% YoY). However, realizations declined by 3% YoY amid heightened competitive intensity and aggressive pricing across channels. Gross margin expanded by 11bps YoY to 49.3%, aided by operating leverage benefits from Jaipur facility. EBITDA grew by 2% YoY to Rs618mn, but EBITDA margin contracted by 139bps YoY to 13.1%, owing to increased employee costs (22% YoY) including one-time ESOP cost of Rs80mn and other overheads (16% YoY). PAT remained flat YoY at...

Prince Pipes' Q4FY26 result was above our estimates on key parameters. Quarterly results demonstrated a strong operational recovery, driven by a record quarterly sales volume of 62,167 MT and revenue of Rs 8.50 Bn. Management noted that core demand remains healthy, seeing a robust primary volume rebound in May after temporary price corrections and dealer destocking in April. Profitability was neutral on inventory gains as the company intentionally passed material benefits to channel partners to reinforce supply chain relationships. To secure sticky retail market share, Prince Pipes has strategically transitioned to a secondary-oriented...

BLS International delivered a strong FY26 performance, supported by healthy growth in both visa outsourcing and digital services businesses. Consolidated revenue grew 36.7% YoY to INR 2,998cr, while EBITDA increased 30.1% YoY to INR 819cr with healthy EBITDA margin of 27.3%. PAT rose sharply by 34.1% YoY to INR 724cr, reflecting strong operating leverage, better pricing in new contracts, and rising contribution from value-added services. The visa and consular segment remained the key profitability driver with EBITDA margin expanding to 40.1%, supported by higher application volumes, transition towards self-managed operations, and operational efficiencies. Digital business revenue more than...

Astral Ltd.'s Q4FY26 result was broadly in-line with our estimates on net sales and EBITDA, while PAT was a disappointment. The management indicated that the three-year polymer deflation cycle has bottomed out, giving way to an inflationary trend. Prices are expected to rise further due to the reinstatement of a 7.5% to 8% import duty on polymers effective July 1. Elevated polymer price volatility and working capital constraints are placing severe operational pressure on unorganized, small-scale piping manufacturers. This landscape shift is accelerating market share consolidation in favor of large, organized sector...

GE Vernova T&D (GVTD) registered a robust performance in Q4FY26 which was in line with expectations. Revenue, EBITDA and PAT registered solid growth of 42%,76% and 89% respectively on YoY terms. Order intake for FY26 grew by 37% YoY to Rs ~148bn propelled by key HVDC order wins namely Khavda-South Olpad and the Chandrapur HVDC refurbishment. Demand outlook for electrification and transmission expansion is robust with around 33 packages of TBCB related orders waiting to be ordered out. Management is seeing extremely strong demand for Data centre projects in the US. This demand could be catered...

Neogen Chemicals (Neogen) delivered a favourable financial performance in the quarter. Revenue, EBITDA and PAT rose by 12%, 38% and 209% respectively QoQ majorly owing to volume led recovery in Q4FY26.The battery chemicals capex which was earlier envisaged at Rs 15 bn has been revised to Rs ~18bn and timeline for commissioning has also been revised to end of FY27. This is majorly attributed to design change from in-house to Japanese Technology and additional capex for higher localization of sub components to reduce import dependency. Although battery chemicals ramp up has been delayed by around a...

Rolex Rings (Rolex) exhibited a soft performance in Q4FY26 impacted by one offs. Margins came in at 18.4% lower than the usual run rate of 20-21% owing to one time legal cost of Rs 60 mn towards the ROR settlement and ~ Rs 220 mn of elevated US customs duty which could be recovered in the subsequent quarters. The management is positive on the growth in domestic bearing rings as import substitutes are being manufactured in India. Demand from the industrial and the large bearings side continues to be subdued particularly on the exports front. Most of the customers have accepted the 25% tariff rate in the US and...

Greenpanel's Q4FY26 profitability was below our estimates. Revenue grew 7% YoY to Rs4bn, driven by robust growth in MDF and plywood segment. Consolidated EBITDA margin contracted by 529bps YoY to 7.5%, due to elevated chemical costs and an adverse timber mix amid stabilization of new plant. PAT fell 95% YoY to Rs14mn due to forex loss on euro denominated debt and higher depreciation related to new plant. Management expects MDF segment to grow in the early double-digits to mid-teen digits, outpacing industry growth with a focus on gaining market share. However, management refrained from providing...

Somany Ceramics Ltd.'s (SCL) quarter results were robust, with revenues demonstrating steady growth. SCL delivered a strong operational performance despite severe energy cost pressures triggered by global supply disruptions. Consolidated operating margins expanded significantly, driven by product mix optimization and successful price hikes across retail and institutional channels. Operational efficiencies were visible as the working capital cycle shortened and the primary growth facility neared profitability break-even. Management guided for healthy volume growth across both tiles and sanitaryware segments...