Q1 has seen soft disbursement growth (+6% YoY) due to low government spending/ general slowdown in economic activity. We build a growth of 15.5% in FY26, anticipating a pick-up in economic activity in H2. Calculated NIM stood largely stable at 5.2%; we expect a similar trend in FY26 supported by a lower CoF. Asset quality trends have deteriorated in the quarter (GS3/NS3 at 1.91%/ 1.08%) due to payment pressures in the MSME segment; however collection activity remains healthy. We marginally tweak our estimates and...
expansion, IP enhancement, and backward integration, while segments like Aerospace, Railways, OSAT and PCBs are expected to fuel margin expansion. We are maintaining our HOLD rating' due to the significant uptick in the stock...
industrial paints which is 45% of its sales (highest industrial paints share in sustained gains from paint+ innovations and 3) guidance of steady 13-14% EBITDA margin led by better product mix and improving demand scenario....
Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.4bn (up 11% YoY) in Q1FY26, 4% below our estimates due to losses at Cayman Integrated Healthcare business. The Cayman business reported profitability of Rs1.44bn (up 17% YoY), adjusted for CIHL losses, up 25% YoY. India business reported healthy EBITDA adjusted for NHIC losses, up 13% YoY. The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking, refurbishment...
JLHL's Q1 consolidated EBITDA grew by 20% YoY (flat QoQ) to Rs781mn, in line with our estimates, aided by higher ARPOB. Its operational efficiency has been strong in the competitive markets of MMR. The company reported revenue/EBITDA CAGR of 20%/25% over FY22-25. Given its expansion plans, scale-up in occupancy and improving margins, growth momentum is expected to sustain over the medium term. We believe strategic greenfield expansions in densely populated micro-markets of western regions will drive sustainable...
We cut our EPS estimates for CY25/CY26 by -16.3%/-14.2% and downgrade the stock from BUY' to Accumulate' factoring in near term challenges such as higher import content in raw material and delays in larger orders. ABB India (ABB) reported a revenue growth of 12.2% YoY while EBITDA margin contracted by 612bps YoY to 13.0% . Management attributed the delays in large orders to slower customer decision-making, with a recovery expected in H2CY25. Meanwhile, base order inquiries remain strong, driven by continued traction in data centers, electronics, and renewables. Despite healthy...
MRCO delivered 22% revenue growth along with ~9% volume growth led by prices hikes taken in Parachute, robust growth in Foods and Premium Personal Care along with sustained recovery in VAHO. IBD continues to grow strong...
stage-3 saw a 15bps QoQ blip leading to higher provisions at 25bps (PLe 18bps). Disbursal growth was muted due to slower pass thru of rate cuts compared to banks and lower demand post repo cuts. While company maintained its double digit AuM growth guidance for FY26, we are cautious and factoring 7.2% AuM CAGR over FY25-27E since (1) competition from banks...
Northvolt - When giga ambitions faced failure of gigantic proportions The most ambitious project of the West to challenge the dragon's dominance in battery manufacturing, turned out to be a damp squib with the company Northvolt filing for bankruptcy protection in the US in Nov'24, followed by in Sweden in Mar'25. A decade of advancements in Li-ion, Na-ion and Li-metal batteries led by Tesla veterans, funded of ~USD15bn, an order book of +USD50bn, and backed by the likes of Volkswagen, BMW, Goldman Sachs and Baillie Gifford, went up in smoke. As several Indian companies are focusing on new energy, it is important to look at the challenges that lie ahead. Some Indian companies like RIL have demonstrated phenomenal execution capabilities even with unrelated diversifications like in telecom and retail in the past. However, the know-how built by Chinese, Japanese and South Korean companies over...
Service EBITDA margin of PTL business zooms to 10.7% (3.2% in 1QFY25). We increase our FY26E/FY27E EBITDA estimates by 3.7%/2.0% amid strong performance in 1QFY26 but downgrade DELHIVER IN to ACCUMULATE (earlier BUY) with a TP of Rs466 given 34% appreciation in stock price since our last update report. While DELHIVER IN's top-line was a miss by 6.8% due to weak performance from SCS and cross border businesses, B2C shipment volume growth was back in double-digits after 5 quarters. Operating performance was...
