improvement is more significant in urban catchment (Metro & Tier-1) vs Tier-2 & Tier-3 cities. Jubilant foodworks is witnessing a significant demand uptick continuing the momentum of Q3 & Q4 driven by 1) Consumer finding dominos to be giving more value for money vs other standalone stores 2) lower competitive intensity as standalone stores see price increase (due to increasing rentals) with minimal change in quality and experience & 3) Continuous menu innovation and elevated store level experience. Westlife Foodworld is showing gradual improvement in demand QoQ; however,...
navigate margin pressures in a competitive environment. The management also shared insights on domestic demand sustainability, the impact of reduction in MDF imports, and GREENP's roadmap to drive volume growth...
We recently interacted with an expert in the Indian ceramic industry, who provided deep insights into the current landscape of the tile industry in Morbi. The discussion covered critical aspects such as gas pricing trends, export and...
Jubilant Ingrevia is one of the leading players in India supplying chemical intermediates to agrochemical innovators for almost 3 decades. The company is now transitioning to become a CDMO player and has already signed 2 contracts for agro CDMO, one of which is worth USD300mn and will start contributing to revenue from Q4FY26. As highlighted in our previous report, 7 more molecules with pyridine chemistry are expected to go off-patent by 2028, thus making Jubilant a good fit to manufacture them. However, unlike...
companies. The project companies saw better execution and increasing Defence companies outperformed on the back better execution amid push for defence indigenization. Cumulative order intake growth of 10.2% to ~Rs1.7trn...
We attended the annual investor call of KEC International (KECI IN), where the Change in Estimates | Target | Reco management shared key updates on the company's FY25 financial performance and outlined growth opportunities across both domestic and...
FY25 order intake was Rs82.1bn with domestic consultancy/overseas consultancy/turnkey mix of 43%/13%/44%. We cut our FY26/27E EPS estimates by -7.0%/-5.5%, factoring in lower dividends from equity investments leading to lower other income and downgrade our rating from Buy' to Accumulate' due to sharp run up in the stock price. Engineers India (EIL) reported a strong quarter with 25.5% YoY...
Does <26% BAT shareholding indicate strategic shift? BAT (British American Tobacco) has cut its shareholding in ITC from 25.5% to 22.9% last week. BAT was the largest shareholder (Non promoter) in ITC and was known to be keen on control of this crown jewel till the mid-nineties. BAT cut its stake in March 2024 by 3.6% and general perception was that BAT will retain >25% stake to have a say in specific resolutions. BAT has been on record with the intent of selling its stake in recently demerged ITC Hotels (15.4% stake valued at Rs 68bn), however sales of ~2.5% stake in ITC Ltd have come as a surprise, as it has brought its stake to below 26%. We see little impact of this event on the business operations of ITC, which have been working as a professionally run organization for many decades. ITC controls the entire supply chain, technology, brands and distribution unlike many MNC...
Dealers expect prices to remain flat in Jun'25 with the onset of the monsoon. We interacted with cement dealers across regions in India to assess the demand and pricing scenario in May'25. Our discussions indicate mixed demand scenario across regions. Prices declined in certain markets due to extreme heatwaves affecting labor availability. Early onset of monsoon further added pressure, leading to a slowdown in construction activities in some...
CPBI has guided revenue growth of 10%/20%/20%/40% in FY26 across its Plywood/Laminate/MDF/PB segments with expected EBITDA margin of 1214%/single digit/15%/low single digit for Plywood/Laminate/MDF/PB. We believe Plywood performance will continue with healthy volume growth and better realizations as company took a price hike of 2% in Q1FY26 and...
