strong demand across segments. In Powergen, CPCB IV+ compliant products accounted for ~60% of domestic sales, with overall volumes reaching CPCB II drive Powergen growth. The Industrial segment maintained steady momentum, supported by strong execution and growing aftermarket services across Railways, Construction, Mining, and Compressors. New product launches and deeper market penetration further bolstered the Distribution segment. On the export front, Latin America and Europe remained primary growth drivers, although management remains cautiously optimistic amid global...
We cut FY26/FY27 EPS estimates by 1.9%/4.5% driven by 1) Higher store additions in a subdued demand environment, to likely increase overheads in the near term. We estimate margin contraction of 64bps/14bps in FY26/FY27 and 2) Weak store economics, driven by lower throughput/store amidst continued muted consumer sentiment. However, we believe operating parameters may improve in medium term only, led by 1) Stable store-level economics, aided by expansion into Tier-2 and Tier-3 cities. 2) Normalization of BIS-related issues in...
Overall capacity utilization at ~65%; utilization varies across products company's product portfolio, we upgrade the stock to HOLD' with a revised target price of Rs182, valuing it at 26x FY27E EPS. NOCIL reported revenue of Rs3.4bn (PLe: Rs3.55bn, Consensus: Rs3.48bn), marking a decline of 9.7% YoY and 1% QoQ. The topline was impacted by a 7% YoY drop in volumes and lower realization. Based on our estimates, the average realization stood at Rs250/kg,...
The management has guided 20-25% revenue growth with PBT margin of 5%5.5% on a standalone basis along with order intake of Rs260-280bn in FY26. Kalpataru Projects International (KPIL) reported revenue growth of 35.4% YoY driven by strong execution across T&D, B&F and O&G, while EBITDA margin remained flat YoY at 8.5%. The management has reiterated its guidance for 2025% revenue growth in FY26, supported by a robust tendering pipeline of ~Rs1.2trn in the T&D segment over the next 1218 months. The B&F segment...
Jindal Stainless (JDSL) reported in-line standalone operating performance in Q1FY26 supported by steady domestic volume growth. Overall volumes grew 8.3% YoY to 626kt driven by 9.5% YoY domestic volume growth across segments such as automotive, metro, white goods, lifts and elevators. Exports volume decline is moderated as new base sets in; which should improve depending upon geopolitical issues. Average realization disappointed with 1.6% QoQ decline (despite tad inch up in domestic SS prices) due to continued pressure from imports and inch up in series 400 volumes. Mgmt. reiterated its...
CROMPTON's ECD segment gained market share in its core categories, despite overall industry decline. TPW fans, coolers, and agri and residential pumps reported a decline in sales, while solar pumps delivered 2x revenue growth and small domestic appliances registered double-digit growth. Lighting segment reported flat growth, despite industry slowdown, and its EBIT margin expanded by 380bps due to improved product mix and operational efficiencies. Butterfly business reported a moderate quarter, while the management has guided for double-digit growth in FY26. CROMPTON has amended its MoA to...
Under-recovery of Rs21.5bn on sale of LPG in Q1FY26 Hindustan Petroleum Corporation (HPCL) reported refining throughput of 6.66mmt during the quarter with a reported GRM of USD3.08/bbl and implied gross marketing margin (GMM) of Rs7/lit (Rs3.0/lit in Q1FY25). Due to better GRM and GMM, standalone EBITDA grew 261% YoY to Rs76bn (Ple Rs89bn, BBGe Rs81bn) but came in lower-than-estimate due to poorer-than-estimated GRM (Ple USD6.2/bbl). We believe GRMs will rebound to the long-term average...
Krishna Institute of Medical Sciences (KIMS) reported EBITDA growth of 7.4% YoY, below our estimates impacted by higher losses from new units. Our FY26E EBITDA stands reduced by 5%, however FY27E EBITDA broadly remains unchanged as new units are likely to ramp up. The company is on track to commercialize greenfield expansions at Bengaluru markets by Q2FY26. New leadership team hiring across Karnataka and Kerala provides comfort for faster ramp-up in these clusters. Given its lean cost structure and partnership...
Management sustained guidance of 11-11.5% EBIT margin with mid-teens EBIT margin guidance for watch business TTAN reported a robust 1Q led by 400bps positive impact of revaluation in watch business EBIT margin and 50bps positive impact of MTM gain from hedging in jewellery business. However, we remain cautious in near term given 1) rising inventory costs due to higher gold prices (Rs75bn increase in FY25) will...
PIDI continues ~double-digit UVG led by 9.8% UVG in 1Q, along with 150bps EBITDA margin expansion given lower operating expenses & flat GM. PIDI continues to focus on volume-led profitable growth led by its strategy of developing pioneer categories and entering newer segments. B2B continued its...
