Prabhudas Lilladhar Broker Research reports

We attended the analyst meet of SYMPHONY where the leadership team discussed industry outlook, competition, supply chain agility, evolving distribution, growth prospects in large-space air cooling, and export potential. SYMPHONY is the market leader in air coolers in India and global leader in...

Lupin's (LPC) Q4FY25 EBITDA was at Rs13bn (up 30% YoY) ~10% beat to our estimates on the back of higher US sales supported by niche launches. GMs improved YoY. LPC saw remarkable turnaround in profitability with ~2x jump in EBITDA over FY23-24 aided by better product mix, continued niche launches in the US, clearance from USFDA for facilities, domestic formulations regaining momentum and cost optimization measures. We expect margins to sustain given a strong pipeline in the US. Our FY26E stands increase by 5% as we factor...

Crompton Greaves Consumer Electricals (Crompton) ECD segment modest growth of 5.7% with fans reporting a moderate volume growth in FY25 while solar pumps reported a strong quarter. Lighting segment declined by 1.8% while EBIT margin expanded (+700bps) due to better product mix. Butterfly business has reported a strong quarter driven by pricing actions, margin improvements and sequential market share gains in few categories. Company has announced its entry into the solar rooftop category. It has announced greenfield capex of Rs 3.5 bn first phase of which will be focused on the fans...

J.B. Chemicals & Pharmaceuticals (JBCP) Q4FY25 EBITDA growth of 14% YoY was in line with our estimates. Revenue growth across key segments (domestic and CDMO) was healthy during the quarter. We believe JBCP growth momentum to continue driven by 1) geographical expansion of legacy brands 2) improvement in MR productivity 3) scale up in acquired brands 4) launch of new products & therapies 5) scaling up contract manufacturing business and...

SRCM commissioned 3mtpa GU at Etah (UP) and 3.4mtpa GU at Baloda Bazar (CG), taking its total cement production capacity to 62.8mtpa. SRCM delivered robust operating performance in Q4FY25 on the back sharp 4.5% QoQ jump in NSR while volumes grew at moderate pace, 3.3% YoY to 9.84mt. SRCM continued to adopt value over volume strategy in FY25 and achieved industry leading EBITDA/t however volume remained flattish....

Syrma SGS Technology (SYRMA) has reported robust earnings growth of ~80% Change in Estimates | Target | Reco EBITDA margin to 11.6%, attributed to a favourable segment mix (with...

the cost reset cycle evident in the last quarter. Barring e-com spends, the remaining costs are transitory in nature, and we expect other expenses to decline from 31.5% of sales in FY25 to 27.1% in FY26E and further to 26.1% in...

Apar announced a capex of Rs13.0bn, to be invested in Conductors (Rs2.0bn), Cables (Rs8.0bn), Specialty Oils (Rs2.0bn) in the next 12-15 months. We revise our FY26/27E EPS estimates by +1.4%/+0.3%, factoring in further recovery in the demand from the USA. Apar Industries (APR) reported 16.9% YoY revenue growth while EBITDA margin declined 78bps YoY to 8.8%. Domestic demand continued to show strength while recovery in the USA further pushed the top line. The company announced a Rs13bn capex to...

WFL to add 45-50 stores in FY26 with a target of 580-630 stores by CY27 sales/store declined 5.8% YoY and 13% QoQ as demand scenario remains challenging 2) muted guidance for SSG for FY26 despite low base of FY25 and more focus on CY27 guidance 3) limited pricing power as sustained competitive intensity is likely to cap price hikes. Although operational efficiencies will neutralize RM inflation, higher overheads on new stores will...

with LFL growth of 12.1% (12.5% in 3Q) 2) Lower discounting amidst robust extended version of Rs 99( 4-course meal lunch) at higher price for delivery customers. We increase our FY26/FY27 standalone EPS estimates by 10.4/12.1% as 250 dominos store opening guidance and stromg LFL growth will...