Buy

We recommend a BUY rating on the stock with a TP of Rs 555/share, implying an upside of 10% from the CMP.

Proxy play on Wealth Management

Avalon is uniquely placed in the Indian electronics manufacturing services (EMS) sector with its well-established manufacturing presence in the US.

Earnings lagged estimates (~15%) at Rs. 510 crore, declined by 2% y-o-y mainly led by lower investment income (down 17% y-o-y) in Q4FY25. GDPI was also muted at just ~2.3% y-o-y in Q4 mainly due to slowdown in motor segment and deferred accounting of longterm policies.

We maintain our BUY rating on HGIEL with a target price of Rs 1,201/share. The TP implies an upside of 10% from the CMP.

We recommend a BUY on the stock with a target price of Rs 5,800/share, implying an upside of 10% from the CMP.

APE declines 3% YoY Q4FY25 vs our expectation of moderate growth, grew 15% YoY in FY25

Black & White report

APE declined 3% y-o-y in Q4FY25, while VNB grew by 2% y-o-y. For FY25, APE grew 15% y-o-y, Individual APE grew by 13% and value of new business (VNB) grew by 6% y-o-y. VNB margins improved to 22.7% (up 120 bps y-o-y/ up 150 bps q-o-q) versus estimates of 21.9% in Q4 driven by product mix changed towards non-par segment and retail protection.