We increase our PAT estimates after accounting for minority interest by 20.6%/12.7% for FY26E/FY27E as we re-align our debt & interest forecast post fund infusion by GIC into a newly created JV platform for upscale hotel assets. SAMHI reported an in-line operating performance with EBITDA margin of 38.1% (PLe 36.9%) while PAT was impacted by an exceptional charge of Rs194mn; offset by a tax write back of Rs233mn. We expect top-line CAGR of 12.9% over the next 2 years led by addition of 245 keys with an EBITDA margin of...
Ipca Labs (IPCA) reported EBITDA of Rs4.1bn (up 35% YoY), was in line with our estimates. However, mgmt. FY26 guidance of 8-10% revenue growth was below our expectations (12-13%). Resultant, our FY26E and FY27E EPS stands reduced by 4-8%. API and generic business growth were muted in FY25; recovery will be gradual. Domestic formulation business, which now contributes 40% of revenues and ~55% of EBITDA, continued to outperform and grow at healthy levels. Turnaround in Unichem remains on track with...
During the quarter, management reclassified Business support & auxiliary services from revenue to other income. We revise our FY27E EPS estimates by -1.4%, factoring in geopolitical and tariff related uncertainties for IR India's export business. Ingersoll-Rand India (INGR) reported a decent quarter with revenue growing by 7.9% YoY and EBITDA margin expanding by 128bps YoY to 25.9%. The greenfield capacity expansion, expected to be operational from Q1FY26, will drive the next phase of growth...
Fine Organic (FINEORG IN) has been guiding that its facilities are fully utilized except Patalganga, primarily a food emulsifier plant. While erucamide remains the mainstay of the company as per our understanding, food emulsifier segment in developed markets offers a good opportunity for growth. Fine Organic has often showed its intent to foray into developed markets. Against the backdrop of 22% ROCE and 34% ROIC in past five years (excluding supernormal FY23) that the company has been making in India, it becomes...
to cater to a broader customer base, while the Ceramics & Plastics segment continues to benefit from healthy domestic demand across precision grinding, glass grinding, defence, and industrial applications. Management's focus on application engineering, technical servicing, & innovation will position GWN favorably among competitors. However, persistent Chinese dumping in Abrasives and subdued export demand in the C&P segment remain key nearterm headwinds....
Elgi Equipments (ELEQ) reported a healthy quarter, with revenue growing 14.7% YoY and EBITDA margin improving by 64bps to 15.1%. During the quarter, the domestic order inquiries remained strong though the order finalizations were delayed. ELGI's newly launched Stabilisor' is on track for a full market rollout by Q3FY26. High margin Aftermarket sales remain a key focus amid the...
Revenue up 10.1% YoY: Revenue increased 10.1% YoY to Rs12,685mn (PLe Rs13,193mn). Catering revenue was flat YoY to Rs5,294mn (PLe Rs6,212mn) with an EBIT margin of 12.2% (PLe 13.1%). Internet ticketing revenue increased 8.8% YoY to Rs3,725mn (PLe Rs3,486mn) with an EBIT margin of 82.4% (PLe 83.6%). Rail Neer revenue was up 15.7% YoY to Rs960mn (PLe Rs1,001mn) with an EBIT margin of 12.2% (PLe 15.4%). Revenue from Tourism surged by 38.2% YoY to Rs2,744mn (PLe Rs2,494mn) with an EBIT margin of 18.1% (PLe 8.3%). EBITDA increased 6.4% YoY: EBITDA increased 6.4% YoY to Rs3,855mn (PLe...
Sabarmati. IMAGICAA reported strong operating performance with EBITDA margin of 42.9% (PLe 36.7%) aided by a one-off grant income of Rs62mn pertaining to hotel Novotel, Imagicaa. While footfalls were down by ~4% on LFL basis, we expect recovery in FY26E backed by 1) addition of 10 new rides at Wet & Joy water park in Lonavala 2) launch of 2 new shows at Sai Teertha...
185ktpa of acetone and 100ktpa of isopropyl alcohol, including greenfield infrastructure capex for an aggregate investment of ~Rs35bn. pricing pressure, oversupply from China as well as elevated input costs, which appear to have softened now. Sequentially, Advanced Intermediates segment benefitted from volume gains in key products and new offtake agreements,...
Mgmt. expects production and sales volume of ~20mt and 19.3mt. SAIL delivered a strong operating performance in Q4FY25 driven by 17% YoY volume growth (aided by 0.36mt of NMDC Steel volume tie up, ex-NSL 9%) amid stable domestic demand environment. Average NSR declined 2.2% QoQ amid weak steel pricing environment during the quarter. Steel prices started improving towards the end of Q4 in the anticipation of safeguard duty. Strong 9% volume growth and lower coking coal prices has resulted in EBITDA/t of Rs5,358 adjusting for prior period rail price revision impact of Rs6.25bn. Going...
