Motilal Oswal Broker Research reports

Bata India (BATA) delivered yet another weak quarter with 1% YoY revenue decline (5% miss) and ~230bp YoY gross margin contraction. The weak performance was attributed to the company’s deliberate shift toward valuedriven offerings to boost volume amid subdued demand.

Vodafone Idea’s (Vi) reported EBITDA declined 1% QoQ (vs.+2% QoQ for RJio/Bharti India wireless), which was above our estimates due to lower network opex (-2% QoQ, energy efficiencies) and SG&A costs (-1% QoQ).

TCI Express (TCIE)’s 4QFY25 revenue decreased 3% YoY to INR3.1b (+4% QoQ), in line with our estimate. Volumes declined 1% YoY in 4QFY25. Volumes were hit by slower growth in the SME segment.

Apollo Hospitals Enterprises (APHS) posted marginally better-than-expected revenue (4% beat), while EBITDA was in line for the quarter. The lower tax rate led to better-than-expected earnings for the quarter.

Spandana Sphoorty’s (SPANDANA) 4QFY25 loss stood at ~INR4.3b (vs. MOFSLe loss of INR4.1b). FY25 loss stood at INR10.3b (vs. PAT of INR5b in FY24).

We attended the Adani Logistics Day event and visited the Tumb Inland Container Depot (ICD) in Gujarat. The Tumb ICD highlights the company’s strategic efforts to enhance logistics efficiency, reduce costs, and promote sustainability.

Sun TV Network (SUNTV) reported another weak result, with revenue declining ~2% YoY, primarily due to persistent weakness in ad revenue (down 13% YoY). EBITDA declined 16% YoY, impacted by the continued weakness in ad revenue and higher production costs.

SAMIL’s 4QFY25 EBITDA margin at 9% was below our estimate of 10% even as PAT came in line with estimates, largely due to a lower tax rate.

Dr. Agarwal’s Health Care (DAHL) delivered in-line Revenue/EBITDA for the quarter. However, there was a miss on earnings due to higher-thanexpected interest outgo for the quarter.

Suzlon Energy (Suzlon) delivered a strong set of results, with deliveries and EBITDA coming in ~15%/38% ahead of our expectations.