Motilal Oswal Broker Research reports

IOCL’s 4QFY25 EBITDA was a 110% beat on est., driven by higher-thanestimated GRM (USD8/bbl) as well as marketing margins (INR5.9/lit). With tax rate coming in below est., resultant PAT stood 5x above est. at INR72.6b.

Avenue Supermarts (DMART) posted weak results in 4QFY25 as standalone EBITDA inched up 4% YoY (9% miss) due to weaker gross margin (GM; -25bp YoY) and higher cost of retailing (CoR; opex up 12% YoY on a per sqft basis).

Kotak Mahindra Bank (KMB) reported a standalone 4QFY25 PAT of ~INR35.5b (6% miss on MOFSLe), because of higher provisions (to shore up PCR, partly due to AIF provisions of INR560m). Consol. PAT stood at INR49b (5% QoQ growth and 8% YoY decline) in 4QFY25.

State Bank of India (SBIN) reported a 4QFY25 PAT of INR186.4b (in line) with robust treasury gains offsetting higher opex and provisions. NII grew 3% YoY to INR427.7b (in line). NIM stood at 3.0% (1bp QoQ dip) with domestic NIM holding stable at 3.15%.

MASFIN’s 4QFY25 PAT grew ~19% YoY to INR808m (in line). FY25 PAT rose ~23% YoY to INR3.1b. Net total income was up 34% YoY to INR2.3b (5% beat), while opex at INR744m grew ~34% YoY (in line). PPoP stood at INR1.5b (5% beat) and grew 35% YoY.

HomeFirst’s 4QFY25 PAT grew 25% YoY to INR1.05b (in line). FY25 PAT grew ~25% YoY to INR3.8b. 4Q NII grew 26% YoY to INR1.7b (in line). Other income jumped 52% YoY to INR533m, aided by higher assignment income of INR300m (PY: ~INR150m).

Atul’s (ATLP) 4QFY25 revenue came in line with our expectation. The Life Science Chemicals (LSC) segment’s revenue increased 18% YoY, while the Performance & Other Chemicals (P&OC) segment’s revenue rose 21% YoY.

Coromandel International (CRIN) reported a robust operating performance in 4QFY25 (EBIT up 62% YoY), aided by strong growth in both the Crop Protection business (EBIT up 60% YoY) and the Nutrients and Allied business (Adj. EBIT up 38% YoY; includes INR509.4m toward an adjustment for the write-down of
certain assets across plants).

Marico (MRCO) reported consol. revenue growth of 20% YoY (in line) in 4QFY25. Domestic revenue growth was 23% YoY, while volume growth was 7%. International growth was 11% YoY (16% CC growth).

BPCL delivered a 46% beat on EBITDA in 4QFY25, driven by higher-than-estimated GRM (USD9.2/bbl) and marketing margins (INR5.9/lit; INR 0.3/lit due to inventory gain).