Motilal Oswal Broker Research reports

JSWINFRA’s focus on brownfield capacity augmentation, infrastructure modernization, and strategic acquisitions aligns with India’s port sector growth drivers (government plans to quadruple port capacity to 10,000MTPA by FY47 from ~2,700MTPA currently).

Campus Activewear (Campus) delivered a healthy 12% YoY revenue growth, led by 8% increase in volumes and higher ASPs, supported by price hikes in open footwear and increased outright sales online.

Blue Dart Express (BDE)’s revenues grew 7% YoY to INR14.2b (6% below our estimate). The company handled 0.33m tons of cargo volumes(+11% YoY) in 4QFY25.

Nuvama Wealth’s (NUVAMA) 4QFY25 operating revenue grew 30% YoY to INR7.7b (11% beat), mainly fueled by higher-than-expected revenue from Nuvama Private (20% beat) and its capital market segment (13% beat).

Cummins India (KKC)’s 4QFY25 results reflected weakness in revenue, while EBITDA margin and PAT outperformed our estimates. The company reported 6% YoY revenue growth, while EBITDA/PAT declined by 5%/7% YoY, mainly due to a high base of last year.

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).