Max Healthcare Institute (MAXHEALT) reported healthy EBITDA growth of 23% YoY to Rs 6.14bn; in line with our estimates. The company showed phenomenal growth with ~19% EBITDA CAGR over FY22-25. We expect pick-up in the growth momentum given 1) strong expansion plans (+3700 additional beds over FY25-28E), 2) improving payor mix and 3) Bolt on acquisitions like recently added in Lucknow, Nagpur and Noida. Operational efficiency has also been commendable, especially in competitive markets like NCR. Our FY26E/27E...
SAMHI IN reported a miss at operating level with EBITDA margin of 33.2% (PLe 34.7%) as revenue growth in May-25 dropped to mid-single digit due to geopolitical events. However, recovery was swift in June-25 with same-store RevPAR registering a growth of 10.3% YoY to Rs4,760 in 1QFY26. We expect top-line CAGR of 13% over the next 2 years led by addition of 245 keys with an EBITDA margin of 37.5%/38.8% in FY26E/FY27E. After the fund infusion by GIC...
Following the recent price correction, we upgrade the stock to HOLD' with a revised target price of Rs1,883, valuing it at 32x FY27E EPS. DN's Q1FY26 adjusted revenue stood at Rs18.7bn, declining to 13.6% YoY and 7% QoQ. Operating performance was impacted by ongoing pricing pressure, oversupply from China, and a decline in spreads. The Advanced Intermediates segment witnessed stable volumes across most products, except agrochemical intermediates, which were affected. The Phenols segment reported steady...
We attended the analyst meet of Greenlam Industries (GRLM) to gain comprehensive insights into the woodpanel segment and its demand-supply dynamics. The company has recently completed greenfield and brownfield expansions in laminates, plywood, and chipboards. The management expects...
Apollo Hospitals Enterprise (APHS) reported consolidated EBITDA of Rs8.5bn (up 26% YoY), was 6% above our estimates. Adjusted for 24x7 losses and ESOPs cost (~Rs1.2bn), EBITDA was Rs9.7bn, up 18% YoY. The recent stake sale in HealthCo to Advent and merger with Keimed are a positive step and will lead to an integrated pharmacy distribution business complemented by the fastgrowing omni-channel digital health business. Scale-up in Apollo HealthCo has been on track with likely breakeven in EBITDA of digital business over the next 3-4 quarters. The management guidance of Rs20bn EBITDA of the merged entity by FY28 provides comfort. Further, mgmt. has also announced the...
We cut our EPS estimates by 32%/15% for FY26E/FY27E amid widening losses in Nodwin and PokerBaazi. In 1QFY26, Nodwin/PokerBaazi reported an EBITDA loss of Rs110mn/Rs739mn respectively. NAZARA IN reported an in-line performance with revenues of Rs4,988mn (PLe Rs4,872mn) and EBITDA margin of 9.5% (PLe 10.0%) while PAT was aided by revaluation gain of ~Rs660mn in an investee company, STAN. NAZARA IN's plans to cede control in Nodwin by not participating in the fund raise reflects renewed focus on profitability over scale. Even the latest acquisition of Curve Games (EBITDA...
Jindal Steel & Power (JSP) delivered strong cons operating performance in Q1FY26 despite lower volumes. Volumes declined 9% YoY affected by early monsoon. Avg. NSR rose 4.5% QoQ, driven by higher long & flats product prices and increase in value added products. Lower coking coal and PCI benefited EBITDA/t improving to Rs15,680 (ex-fx gains). Commissioning of BF-2 at Angul is in the final stages and hot metal production is expected to commence this month (delayed again) and BOF-2 is also nearing completion. Mgmt. reiterated its earlier FY26 sales volume guidance of 8.59mt....
JUBI is sustaining focus on aggressive growth through store expansion, digital investment and calibrated price hikes product innovations and digital investments. We expect healthy double digit earnings growth in coming quarters led by 1) improving demand scenario and 2) robust innovation and 3) sustained efforts on providing superior value to...
New Well Gas (NWG) expected at 2.6bcm in FY26 with sharply lower oil price realization of USD66.1/bbl in Q1 vs USD73.7/bbl in Rs322bn). EBITDA of Rs186.6bn (-2% QoQ) was in-line with our estimate of 187.6bn & consensus of Rs182bn. Lower DDA/write-offs of Rs80bn vs Rs111bn in the previous quarter was partially countered by lower other income of...
aided NMDC to deliver an EBITDA/t of Rs2,152. NMDC reported a strong Q1FY26 operating performance, driven by robust volume growth and better-than-expected pricing. Volumes grew 14% YoY supported by strong domestic steel demand supported by increased GoI spending and a lower base (volumes impacted by strike). Realizations rose 7.4% QoQ, led by price hikes undertaken for lump and fines from May'25. Moderate increase in employee cost and lower ramp up of KIOCL pellet plant...
Elgi Equipments (ELEQ) delivered decent performance during the quarter, with revenue rising 8.2% YoY, while EBITDA margin contracted marginally by 25bps YoY to 14.0%. Domestic order enquiries remained healthy; however, geopolitical instability and tariff-related uncertainties delayed order finalizations. In overseas markets, Europe and Australia saw a modest...
Consumerware revenue (69.1% of total revenue) reported soft growth due to early onset of rains, which affected hydration category, while glassware products grew 50%. Writing Instruments faced weak demand in both export and domestic markets, though the company expects demand improvement in FY26 driven by new launches, higher advertising spends to drive market share...
Bangladesh. Total other expenditure stood at Rs16.9bn against Rs16bn in Q4FY25 and Rs14.5bn in Q1FY25. Due to the higher other expenditure, EBITDA declined 19% QoQ to Rs16.1bn (Ple Rs24.4bn, BBGe Rs22.8bn) despite only 9%...
Zydus Lifesciences (ZYDUSLIF) Q1 EBITDA beat our estimates by 5%. We believe gRevlimid + gMirabegron contributes +45% to total FY25/Q1FY26 EPS which will see erosion from H2FY26. Though, company is working on a robust pipeline of complex products, including injectables, 505(b)2, transdermals, NCE, biosimilars and vaccines, they are expected to materialize over the next 23 years. We expect US sales to decline in FY27 given sales erosion in some of...
was weak with 4.3% OPM; impacted by certain one offs and price erosion in certain products. Mgmt. reiterated its FY26 guidance of 9-10% revenue growth however 75bps margin expansion vs 100 bps earlier. Our FY26E and FY27E EPS...
AAVAS saw a weak quarter as disbursal growth fell by 43% QoQ (usually Q1 sees a 25-30% QoQ dip) and overall stress increased. Disbursals were ~17% lower to PLe since the company transitioned to a realization-based model for disbursal recognition to adopt a more conservative approach, also aligning with regulatory expectations. Credit flow for Jul'25 has normalized to Rs5.56.0bn vs avg. Rs3.8bn in Q1'26. While AAVAS has guided for an AuM growth for FY26E of 18-20%, we have factored an AuM CAGR of 17% due to the Q1'26...
Astral Ltd (ASTRA) has reported flat volume growth of 0.5% in the plastic pipe segment due to weak demand scenario and delays in ADD on PVC resin. Its plumbing EBITDA margin contracted by 150bps YoY to 16.4%, with EBITDA per kg for the plastic pipe segment at Rs 27.9 after inventory loss of Rs 250mn in Q1FY26. During the quarter, PVC prices declined by 14% YoY. However, from Q2FY26, prices stabilized, and volumes began to recover. In July'25, the company recorded a 30% YoY volume growth. We anticipate ASTRA will...
Novelis EBITDA is expected to improve on higher MJP, stable scrap prices and mitigation efforts taken by mgmt. Hindalco Industries (HNDL) delivered in-line cons operating performance aided by lower operating costs in India aluminium business and copper. Aluminium cost of production declined 3% QoQ on higher linkage coal from NCL while improving product mix at downstream business aided EBITDA/t. Mgmt. guided similar inch up in Q2 costs and consistent improvement in downstream volumes...
25.8mmscmd to 29.65mmscmd during the quarter QoQ led primarily by power from Rs332 to Rs149. As a result of higher volume QoQ and lower opex, EBITDA grew a sharp 62% QoQ to Rs2bn (Ple Rs1.5bn, BBGe Rs1.6bn). PAT came in at Rs1.4bn (Ple Rs1.2bn, BBGe Rs1.1bn). The stock is currently trading at 20.6x...
