Sharekhan Broker Research reports

In our interaction with the management, it reiterated its disbursement/AUM growth target for FY26E. It expects AUM growth to improve to ~15% for FY2026E (vs sub ~10% for FY25E) despite challenges in its key market Karnataka & Telangana.

SBI is expected to sustain healthy performance in terms of growth and profitability in the near to medium term. Loan growth guidance is intact at ~14-15% y-o-y and deposit growth at 10% y-o-y.

The power demand in YTDFY25 (till February) is up only 4.4% y-o-y because of the impact of the monsoon this year and weak economic activity. However, with a hot summer expected this year and temperatures expected to rise, power demand should pick-up.

UltraTech Cement has revealed plans to enter the cables & wires sector, backed by a capital expenditure of Rs 1800 crore. The company seeks to broaden its portfolio within the building construction value chain and capitalise on its existing distribution network.

HDFC Life continues guide for 18-20% APE growth and >15% VNB growth in the next couple of quarters. APE growth remained healthy at 20% y-o-y while VNB grew by 14% y-o-y in 9MFY25.

UltraTech Cement’s capacity expansion remains a cornerstone of its growth strategy. By FY25, its cement capacity is projected to reach 182.8 million tonnes (28% of India’s total cement capacity) with plans to scale it to 209 million tonnes by FY27, through both organic and inorganic growth.

Jubilant Foodworks in its analyst meet laid down its FY28 Ambition with focus on the BOLD strategy (Breakthrough technology, Operate with excellence, Lead with purpose and Delicious food).

SRF’s fluorochemicals division shows strong demand with firm pricing. The company is investing Rs. 1,100 crore in less-polluting HFO (fourth generation) for FY28 launch.

Mastek has secured ~$85 million in multiple contracts from a UK public service department to boost Digital, Data and Technology services spread over two years. The company had earlier won a $40 million government services deal during the quarter.

We attended Federal Bank analyst day, where in Mr. K.V.S Manian, the recently appointed MD& CEO, presented its strategy.