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...
LEMONTRE's operational performance was broadly in-line our estimate with EBITDA margin of 53.9% (PL 53.0%), led by 14.9% growth in RevPAR to Rs5,462 while PAT was aided by a lower tax rate of 11.5%. Aurika, MIAL's performance showed an improvement with an occupancy of 80% and EBITDA margin of 67% in 4QFY25. Led by stabilization of Aurika, MIAL and improvement in RevPAR amid the ongoing renovation exercise, we estimate revenue/EBITDA CAGR of...
Apollo Hospitals Enterprise (APHS) reported consolidated EBITDA of Rs7.7bn (up 20% YoY), was in line with our estimates. Adjusted for 24x7 losses and ESOPs cost (~Rs1.6bn), EBITDA was Rs9.3bn, up 18% YoY. The recent stake sale in HealthCo to Advent and merger with Keimed are a positive step and will lead to an integrated pharmacy distribution business complemented by the fastgrowing omni-channel digital health business. Scale-up in Apollo HealthCo has been on track with likely breakeven in EBITDA of digital business over the next...
Revenue declined by 3.0% YoY: Revenue decreased by 3.0% YoY to Rs3,075mn (PLe Rs3,033mn) on account of lower volumes. Gross margin declined to 28.3% Rs341mn) on account of higher operational expenses like toll tax and labor cost....
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...
