Buy

With a 15% upside from the CMP, we maintain our BUY rating on the stock

Revenue/EBITDA/ PAT grew 6.7%/8% and 19% above our estimates. EBITDA margin reported 20bps above estimates of 15.4% in 4QFY25

Weak Q4 on soft demand environment and margin pressure in tile segment; ceased plywood operations due to continued losses

We cut our EPS estimates by 6%/5% for FY26E/FY27E as we fine tune our topline growth assumptions amid persistent pricing pressure (volume growth of 22% has resulted in value growth of 15%). Safari reported better-thanexpected performance with EBITDA margin of 14.5% (PLe 12.8%) led by improvement in GM amid 1) reduction in RM prices, 2) better product & channel mix, and 3) lower discounts on e-com channel. Progress at the new site in Jaipur...

M&M's Q4FY25 Standalone revenue grew by 24.5% YoY, coming in 2.3%/4.4% higher than PLe/consensus estimates. The growth in revenue was aided by strong volume growth in in Auto and Farm division as well as better mix in the automotive division led its realizations to increase by 6.2% YoY while Farm realizations remained flat, blended realization up by 4.4% YoY. Gross profit grew by 20.4% YoY while margin contracted by 89bps YoY. EBITDA grew by 42% YoY while margin expanded 184bps YoY, owing to lower staff cost and...

Sunteck Reality (SRIN) reported robust pre-sales (28% YoY) and healthy collections (up 5% YoY) in Q4. SRIN's proven ability to market ultra-luxury projects, aggressive and multi-pronged land acquisition capabilities in various micro markets across Mumbai Metropolitan Region (MMR) is an interesting play on Mumbai's high value real estate market. We expect the company's presales to grow to +20% CAGR over FY25-27E, aided by ongoing projects and strong new launches pipeline including the Dubai JV project. Further given likely strong cash flow generation, we see SRIN to step up new project additions which will be a key catalyst for stock performance. Our FY26E stands...

We revise our FY25/26E EPS estimates by -2.5%/-3.6%, factoring in expected margin normalization driven by a moderation in realizations against high base. Voltamp Transformers (VAMP) reported a strong quarterly performance, with revenue growing 23.9% YoY and EBITDA up 15.5% YoY. The company's outlook remains positive, supported by strong demand from sectors such as data centers, steel, cement, and green energy, while commercial and industrial projects are expected to boost demand for IDT transformers. However,...

Kajaria Ceramics’ (KJC) 4QFY25 EBITDA was below our estimate due to lowerthan-estimated realization and higher-than-estimated other expenses. EBITDA (including discontinued operation) declined ~28% YoY to INR1.7b (~28% miss) and OPM contracted 3.8pp YoY to ~10% (est. ~13%).

CAMS reported operating revenue of INR3.6b in 4QFY25 (7% beat), up 15% YoY. For FY25, operating revenue grew 25% YoY to ~INR14.2b. Total operating expenses grew 18% YoY to INR1.97b. Employee expenses/other expenses rose 12%/27% YoY to ~INR1.2b/INR790m.