Astral Ltd (ASTRA) has reported soft volume growth of 1.3% in the plastic pipe segment (as expected) due to weak demand scenario and delays in ADD on PVC resin prices. However, its plumbing EBITDA margin remain flat YoY at 20.4%, with EBITDA per kg for the plastic pipe segment at Rs37 even after inventory loss in Q4FY25. This was considered healthy given the current challenging demand environment, largely due to an increase in the VAP mix and cost rationalization efforts. With the upward reversal in PVC resin prices,...
Fortis Healthcare's (FORH) Q4FY25 EBITDA at Rs4.36bn; up 14% YoY was in line with our estimates. Though hospital margins improved by 170bps/190bps YoY in FY24/FY25, we see further scope for improvement aided by 1) improving case and payor mix, 2) cost rationalization initiatives including divestment of Richmond unit in Bangalore, ramp up of Manesar unit and 3) new brownfield bed additions. Fortis consolidated 89.2% stake in Agilus in Jan'25. We expect...
We increase our FY26E/FY27E PAT estimates by 13%/10% as we fine tune our yield and fuel CASK assumptions. INDIGO reported better than expected performance with FX adjusted EBITDAR margin of 30.8% (PLe 28.5%) led by 1) 2.2% rise in yield to Rs5.32 aided by Maha Kumbh and 2) 6.6% fall in fuel CASK to Rs1.60 amid benign ATF prices. Notwithstanding near-term challenges amid the ongoing geo-political tensions, ASKM growth guidance of mid-teens for 1QFY26E is encouraging. Further, we expect the overall pricing environment to remain stable with yields of Rs5.1 over next 2 years as the aviation market is...
Dwarka unit achieved break-even vs loss of Rs50mn in Q3. YoY to Rs 6.32bn; in line with our estimates. The company showed phenomenal additions. We expect pick-up in the growth momentum given 1) strong expansion plans (+3500 additional beds over FY24-27E), 2) improving payor mix and 3) Bolt on acquisitions like recently added in Lucknow, Nagpur and...
So far ~72% of our coverage universe companies have declared results for 4Q25. Although 4Q results season started with muted expectations, the reported numbers so far show inline sales while EBIDTA and PBT has been...
The company has signed LOI with Hitachi Energy to set up production of an eco-efficient gas used in Hitachi's SF6-free high-voltage switchgear portfolio Laxmi Organic Industries (LXCHEM) reported a topline of Rs7.1bn, reflecting a decline both YoY and sequentially, primarily due to continued pricing pressure across its product segments. However, the company recorded a modest volume growth of 1% during the quarter. The Specialty Chemicals segment outperformed in FY25, with EBITDA margin improving by 200bps to 23%....
Gujarat Gas (GUJGA) reported decline of 4% YoY and 2% QoQ in total sales volume to 9.3mmscmd in Q4FY25 (PLe 9.7mmscmd). However, due to lower mix of industrial volume, EBITDA/scm of Rs5.4 beat our estimates of Rs4.7. EBITDA stood at Rs4.5bn (-24% YoY, +18% QoQ, PLe: Rs4.1bn, BBGe: Rs4.1bn) and PAT of Rs2.2bn (-30% YoY, +30% QoQ, PLe: Rs2.4bn, BBGe: Rs2.4bn). For the full year, EBITDA stood at Rs18.8bn, flat YoY while adj PAT stood at...
Even the domestic stationary business is reeling under pressure from falling volumes and declining realizations. While price reset happened in FY25 due to fall in paper prices and could be deemed transitory in nature, volume decline of...
Torrent Pharma's (TRP) Q4FY25 adjusted EBITDA was broadly in line with our estimates. Our FY26/ FY27E EBITDA stands reduced marginally by 1-3%. TRP reported Rs 80bn (75% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. Curatio acquisition has been scaling up well with sharp margin improvement since acquisition. We expect 15% EBITDA CAGR and 27% PAT CAGR over FY25-27E with healthy RoE of +30%. At CMP, stock is trading at 22x EV/EBITDA/35x P/E...
Zydus Lifesciences (ZYDUSLIF) Q4 EBITDA including other operating income beat our estimates by 8%. We believe gRevlimid + gMirabegron contributes +45% to total FY25E EPS which will see erosion from FY27. 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...
