Buy

KPR’s Q4FY25 performance was soft and missed estimates on all fronts. Consolidated revenue grew by 4.3% y-o-y to Rs. 1,769 crore, versus our expectation of Rs. 1,877 crore.

We met CEAT management at the RPG Conference on 3rd Jun’25. In India business, management continues to expect good demand in the tractor and 2W replacement segments even as 2W OEM demand is now slowing down.

*over or under performance to benchmark index In Q4FY25, the company's consolidated revenue rose 5.1% YoY to Rs. 2,061cr, on The lighting segment fell 1.8% YoY to Rs. 276cr, primarily due to persistent industry...

*over or under performance to benchmark index Nykaa reported a robust Q4FY25 performance, with steady growth in gross merchandise value across all segments. It is poised for strong growth in the beauty segment, driven by strategic initiatives such as introducing new international brands, expanding its retail presence, and curating a wider range of products. Meanwhile, the fashion business is expected to regain momentum in Q1FY26 as...

*over or under performance to benchmark index Titan Company Ltd manufactures and retails jewellery and watches. The company also produces perfumes for men and women. In Q4FY25, consolidated revenue increased 19.4% YoY to Rs. 14,916cr, driven by the growth in the jewelry segment. The jewelry segment grew 23.7% YoY to Rs....

We maintain our BUY recommendation on the stock and rollover our estimates to FY27E.

Emami Ltd (Emami) is one of the leading FMCG companies that manufactures and markets personal care and healthcare products. With over 550 diverse products, the company's portfolio includes brands such as Navratna, Boroplus, Fair & Handsome,...

Standalone revenue grew by 5.5% y-o-y to Rs. 1,738.8 crore in Q4FY25, driven by a 4.7% y-o-y rise in blended realisations.

For Q4FY2025, Finolex reported lower-than-estimated performance on the revenue front. Revenue grew by 13.8% y-o-y to Rs. 1,595 crore.

PNB Housing Finance (PNBHF) delivered a resilient and well-rounded performance in FY25, effectively navigating regional headwinds (in states like Karnataka and Telangana/AP) and yield pressures stemming from repo rate cuts.