Motilal Oswal Broker Research reports

PNB Housing (PNBHF) delivered an all-round healthy performance, marked by a healthy retail loan growth of ~18% YoY, an expansion of 5bp QoQ in NIMs, a sustained improvement in asset quality, and recoveries from its retail written-off pool, which resulted in provision write-backs for the entire year.

UltraTech Cement (UTCEM)’s 4QFY25 performance was in line with our estimates. EBITDA increased ~12% YoY to INR46.2b, while EBITDA/t declined 4% YoY to INR1,126 (est. INR1,104).

In 4QFY25, IGL’s adj. EBITDA margin of INR4.6/scm came in below our est. of INR5/scm. Volumes stood at 9.18mmscmd, slightly lower than our est. of 9.29mmscmd.

In Q4FY25, pre-sales rose 14% YoY/7% QoQ to INR48.1b, while volumes grew 4% YoY/15% QoQ to 3.6msf. In FY25, pre-sales grew 21% YoY to INR176.3b, surpassing the guidance. For FY26, the company has guided for pre-sales of INR210b and volumes of 11msf.

RBL Bank (RBK) reported 4QFY25 PAT of INR687m (81% YoY decline). NII declined 2.3% YoY to INR15.6b (in line) due to lower disbursals in the JLG business. NIMs remained broadly stable at 4.89% during the quarter.

IDFC First Bank (IDFCFB) reported 4QFY25 PAT of INR3.04b (58% YoY decline, 6% beat to MOFSLe) amid lower tax expense. NII grew 10% YoY/ flat QoQ to INR49.1b (in line). NIMs contracted 9bp QoQ to 5.95% (in line), dragged by a decline in the MFI business.

Poonawalla Fincorp (PFL)’s 4QFY25 PAT declined ~81% YoY to ~INR623m (MOFSLe: INR1.8b). FY25 loss was INR983m (vs. PAT of INR10.3b in FY24).

Maruti Suzuki (MSIL)’s 4QFY25 margin came in 110bp below our estimate at 10.5%, largely due to the lumpy nature of multiple costs that affected its performance.

Indian Energy Exchange (IEX) reported standalone revenue for 4QFY25 at INR1.4b (+16.5% YoY), below our estimate by 7%, due to a lower-thanestimated per-unit transaction fee (-8.6% YoY, -6.8% QoQ).

DCB Bank (DCBB) reported 13.8% YoY growth in PAT to INR1.8b (12% beat), driven by better other income and lower-than-expected provisions. NII grew 9.9% YoY/2.8% QoQ to INR5.6b (largely in line). NIMs inched down 1bp to 3.29%.