Motilal Oswal Broker Research reports

Jindal Steel and Power (JSPL) has initiated a comprehensive capex plan for its Angul facility to expand its crude steel capacity by 65% to 15.9mtpa and finished steel capacity by 83% to 13.75mtpa.

Oil India’s (OINL) 4QFY25 revenue came in 7% above our estimate at INR55.2b (flat YoY), as both oil and gas sales stood above our est. Oil realization was USD74.9/bbl (vs our estimate of USD75.9/bbl).

Revenue stood in line with our estimate at INR70b, up 8% YoY and 7% QoQ, primarily driven by healthy volumes and NSR growth.

Granules India (GRAN) delivered a slightly better-than-expected revenue in 4QFY25. However, it reported largely in-line EBITDA/PAT for the quarter.

JKLC’s 4QFY25 EBITDA was above our estimate, led by higher-than-estimated volumes (~3% beat) and realization/t (~5% beat).

Fusion Finance (“Fusion”) reported a net loss of ~INR1.65b in 4QFY25 (vs MOFSLe loss of INR1.4b). FY25 loss stood at INR12.2b (vs. PAT of INR5b in FY24).

Havells India’s (HAVL) FY25 annual report emphasizes its strategic focus on innovation, capacity expansion, market penetration, and digital transformation. The expansion of omni-channel distribution, particularly in rural markets and modern trade, has further strengthened the brand reach.

Aditya Birla Fashion and Retail’s (ABFRL) combined revenue grew 6% YoY, driven primarily by robust growth in ABFRL (demerged). EBITDA increased significantly, driven by improved profitability in Ethnic and Pantaloons and demerger-related adjustments.

Glenmark Pharma (GNP) posted a marginally lower-than-expected operating performance in 4QFY25 (2%/5% miss on revenue/EBITDA). Elevated interest outgo and lower other income led to a 16% miss on earnings.

JK Cement’s (JKCE) 4QFY25 result was above our estimates, primarily driven by higher volumes (+7% vs. estimate). EBITDA grew ~37% YoY to INR7.6b (+17% vs. estimate).