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Power Grid had a strong FY25, adding projects worth >INR 1trn (project cost) to its kitty. It had an impressive run in competitive bids, winning 24 transmission projects (market share of >50%) with estimated cost of INR 920bn; the most notable was Khavda-Nagpur HVDC project worth INR 250bn.

Solar Industries’ (SOIL) Q4FY25 EPS was 5% and 13% ahead of our estimates and consensus, respectively. EBITDA rose 53% YoY to INR 5.4bn. Defence revenue rose 2.2x YoY to INR 4.3bn.

Mankind Pharma (Mankind) delivered in-line revenue in 4QFY25; however, EBITDA/PAT came in 14%/12% below our estimates. Higher-than-expected spending on marketing and promotional activities affected the company’s 4Q performance.

*over or under performance to benchmark index State Bank of India (SBI) is India's largest bank, with a vast network of 22,937 branches globally and 63,791 ATMs/CDMs. Through its subsidiaries, SBI offers a diverse range of...

Quarterly Update Q4FY25

Q4FY25 standalone revenue of Rs. 10,983 crore was slightly down y-o-y due to weaker capitalization in the last year. The transmission revenue of Rs. 10,904 crore was down 1.6% y-o-y while consultancy revenue of Rs. 298 crore increased 45% y-o-y.

Dabur’s Q4FY25 numbers were dragged by weak performance of the India business, while the international business delivered good performance.

Dixon’s strong Q4/FY25 revenue was driven by robust growth in the mobile category, with volumes reaching 28.3m in FY25; it targets 42m–45m/60m–62m units for FY26/FY27.