Buy

We maintain our BUY recommendation on reasonable valuations.

We maintain our BUY recommendation on the stock

We recommend a BUY on the stock for a target price of Rs 1,166/ share implying an upside of 10% from CMP.

We initiate coverage on Dalmia Bharat with a Buy Rating because of its reasonable valuation as compared to its peers, its leadership position in the high growth region like North-East, strong presence in South & East. Besides, its continuous expansion, improving financials and the company’s focus on being carbon negative will continue to drive growth.

Business growth remains strong with a rising focus towards high-yielding advances

Weak prolonged winter season impacted Orient Electric’s water heater and fan sales, while lighting outperformed led by strong B2B demand. Fan demand recovered over the past 7–8 days, and management remains optimistic about Q1 performance, supported by severe summer forecast across India.

Maruti Suzuki’s Q4 standalone EBITDA declined 9% y/y to Rs42.6bn, below our estimated Rs49.3bn. Domestic volumes would clock a 5% CAGR over FY25-27 due to higher income levels (income-tax cuts), a rebound in first-time buyers, rural demand, launches and lower finance costs.

In Q4FY25, pre-sales rose 14% YoY/7% QoQ to INR48.1b, while volumes grew 4% YoY/15% QoQ to 3.6msf. In FY25, pre-sales grew 21% YoY to INR176.3b, surpassing the guidance. For FY26, the company has guided for pre-sales of INR210b and volumes of 11msf.

RBL Bank (RBK) reported 4QFY25 PAT of INR687m (81% YoY decline). NII declined 2.3% YoY to INR15.6b (in line) due to lower disbursals in the JLG business. NIMs remained broadly stable at 4.89% during the quarter.

MSIL reported ~9% YoY/5% QoQ lower EBITDA on Kharkhoda plant costs, higher advertising, and lumpy other expenses; margins declined by 113bps QoQ to 10.5%, with underlying margins adjusted for lumpy expenses at ~11.4% (~5% miss vs Consensus).