Buy

The strong FD performance (+17.6% y/y GOV growth vs. Zomato’s 15.9% y/y) indicates some market-share gain for Swiggy, largely due to the ~10-15-minute delivery initiative ‘Bolt’ (now constituting 12%+ overall volumes vs. ~9% in Q3 FY25).

the retail space for CRS. CRS reported 5.8% growth in revenue with 130bps expansion in EBITDA margin in Q4FY25 due to cost management and operational leverage. CRS is expected to outperform the industry by 6-7%, with EBITDA margin of 15-16% by the end of FY26. The company continues to hold...

Jindal Stainless (JDSL) reported largely in-line standalone operating performance in Q4FY25 led by strong volume growth. Volumes grew 13% YoY to 643kt led by strong 17% YoY domestic volume growth led by infra, metro and railways sector. Exports volume continued to remain weak and contributed ~8% to total volumes however mgmt. is seeing good traction in key quality conscious markets of EU and US in near to medium term. Average realization declined 2% QoQ as domestic pricing came under pressure post US tariff talks amid continued cheap imports from Vietnam & China. Mgmt. indicated SS...

UNBK saw a strong quarter owing to beat on all fronts i.e. NII, fees and asset quality resulting in core PBT being 9.4% above PLe. NII was 1.8% higher as NIM was cushioned due to (1) shedding of high cost bulk deposits in the last quarter and (2) avoiding disbursal of lower yielding loans. Loan growth was muted at 9.5% YoY; over FY25-27E we are factoring a loan CAGR slightly lower than the system at 10%. Asset quality was superior as net slippages were lower led by controlled gross slippages and healthy recoveries while provisioning for Q4'25...

We increase our EPS estimates by 6%/2% for FY26E/FY27E and upgrade our rating to BUY (earlier HOLD) with a TP of Rs137 as we revise our target multiple to 11x (earlier 10x) amid sustained improvement in operating performance since last 4 quarters. Despite a weak ad-environment, ZEEL reported better than expected performance with EBITDA margin of 13.1% (PLe 12.5%) led by cost optimization efforts and narrowing losses in ZEE5. In FY25, ZEEL's content and employee cost was down 10.4% and 9.0% respectively while operating loss in ZEE5 almost halved leading to 390 bps expansion in EBITDA margin. While...

Management guided for a ~10% order intake growth and ~15% revenue growth with P&M margin of ~8.5% in FY26. Larsen & Toubro (L&T) reported consol. revenue growth of 10.9% YoY, while EBITDA margin improved 24bps YoY to 11.0%. L&T continues to exhibit strong growth prospects across key segments such as Hydrocarbon, Heavy Civil, Transmission & Distribution, and Renewable Energy, both in domestic and international markets. Notably, its recent ultra-mega order from Qatar Energy underscores its growing presence in the Middle East. Furthermore, L&T's...

ABB India’s 1QCY25 results were lower than our estimates. Revenue/EBITDA/PAT growth of 3% each YoY for the quarter was impacted by softer execution, particularly in the process automation segment.

TTAN reported a robust 4Q led by 1) value growth leg by 30-40% higher gold prices 2) 330bps margin gain in watches and 3) 20bps higher margins in jewellery enabled by operating leverage and hedging gains. 1H26 outlook remains positive given low vase due to elections and no marriage days. Higher gold prices are impacting demand however consumers are shifting to lighter jewellery and value growth remains strong. Gold on lease charges are...

We downward revise our FY26/FY27E earnings estimate by 6.6%/7.8% factoring slow demand for RAC, cost pressure for key components like compressors and copper tube, no price hikes and slow ramp up of Chennai plant. Voltas Ltd (VOLT) reported volume growth in line with the industry in UCP segment and anticipates demand recovery in upcoming quarters from extended summers and support from In Shop demonstrator. UCP EBIT margins expanded due to the better product mix in Industrial coolers and high energy efficient rated products. VOLT market share has declined slightly in RAC...