Motilal Oswal Broker Research reports

We met CEAT management at the RPG Conference on 3rd Jun’25. In India business, management continues to expect good demand in the tractor and 2W replacement segments even as 2W OEM demand is now slowing down.

PNB Housing Finance (PNBHF) delivered a resilient and well-rounded performance in FY25, effectively navigating regional headwinds (in states like Karnataka and Telangana/AP) and yield pressures stemming from repo rate cuts.

The last quarter of FY25 was a mixed bag for Shriram Finance (SHFL) as its AUM growth and disbursement momentum were healthy but its asset quality exhibited minor deterioration over the previous two quarters.

KECI in our recent meeting highlighted a continued strong addressable market for T&D and improving opportunities in the civil segment for residential buildings, petrochemicals, hospitals, etc. while, industrials has been witnessing slow momentum.

Go Fashion (GOCOLORS), operating under the brand 'Go Colors', is a pioneer and category leader in the women’s bottom wear market, holding an 8% share of the organized market.

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).