Motilal Oswal Broker Research reports

Cello World (CELLO) reported ~15% revenue growth in 4QFY25, driven by improved consumer demand with the onset of early summer and the accelerated growth in quick- and e-commerce segments.

Indigo Paints (INDIGOPN)’s standalone sales were flat YoY in 4QFY25 due to consistent demand headwinds. The paint industry saw a 1% YoY decline in 4Q. Apple Chemie (subsidiary) sales grew 8% YoY. Consolidated sales inched up 1% YoY to INR3.9b (in line).

Kolte Patil Developers (KPDL) reported pre-sales of INR6.3b in 4QFY25, down 15%/7% YoY/QoQ, (31% below estimate). In FY25, pre-sales were at INR28b, flat YoY and 9% below estimates due to delay in launches.

Updater Services (UDS) reported a revenue growth of 12% YoY/2% QoQ to INR7.1b, in line with our estimate of ~INR7.1b. Core EBITDA margin came in at 5.0%, down 140bp YoY (vs. est. 6.4%). Consolidated adj. PAT stood at INR342m (up 9% QoQ), above our estimates of INR280m.

Radico Khaitan is one of the oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL) with net revenue of INR48b and volume of 31m cases in FY25 (P&A was ~15mn cases).

Hexaware (HEXT) is one of the leading mid-tier IT services providers, and is reentering the Indian stock market following a four-year hiatus. HEXT has delivered consistent growth with a 14% CAGR in USD revenue over CY20-24, supported by robust ecosystem partnerships, a focused go-to-market (GTM) strategy, and diversified service lines across Design & Build, Secure & Run, Data & AI, and BPO.

Sun Pharmaceutical Industries (SUNP) delivered 4%/9%/4% miss on revenue/EBITDA/PAT for 4QFY25. Lower-than-expected sales in global specialty and ROW led to a miss on 4QFY25 performance.

TRCL’s 4QFY25 EBITDA was below estimates due to volume miss and higherthan-estimated opex/t. EBITDA declined ~23% YoY to INR3.2b (~31% miss) and EBITDA/t declined ~20% YoY to INR607 (est. INR782).

Mankind Pharma (Mankind) delivered in-line revenue in 4QFY25; however, EBITDA/PAT came in 14%/12% below our estimates. Higher-than-expected spending on marketing and promotional activities affected the company’s 4Q performance.

IndusInd Bank (IIB) reported a loss of INR23.3b (vs our est. of INR1.4b loss), led by muted NII (interest reversal of INR6.7b and higherslippages) and tepid other income amid the reversal of derivative loss of INR19.6b.