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for Sector - Diversified Consumer Services
Capex completion expands addressable market; sets the stage for strong medium-term growth trajectory: The company has completed greenfield expansion for plywood and chipboard categories along with brownfield expansion for the laminate, incurring total ~1,450 crore capex over the last three years, apart from recently announced 2 Mn MSM addition (~70 crore capex) in Laminates by FY27 end. This has expanded its addressable market (largely plywood led) to ~ 49,000 crore vs. 11,000 crore in FY22. It expects the overall revenues to reach 4,500 crore...
Awfis Space Solutions (Awfis) delivered a strong quarter with Q2FY26 revenue growing 26% YoY while IGAAP EBITDA of INR 520mn grew 18% YoY and mature centre occupancy at 84%.
Footfalls sustain despite heavy rains; H2 might witness some uptick: WHL reported 12.1% YoY growth in overall footfalls majorly driven by Kochi (+38% YoY, grew by 4% compared with Q2FY24). Other parks such as Bengaluru and Hyderabad reported flat footfalls despite heavier rainfall while Bhubaneshwar despite of heightened rainfall activity this season, reported 3% YoY growth in footfalls which signals stable consumer sentiments. The management expects the footfalls to continue growing in single-digits among mature parks while it expects newer parks to lead the...
Indiqube Spaces Ltd. (Indiqube) delivered a strong Q2FY26 on the back of a 600bps YoY and 200bps QoQ increase in overall occupancy to 87%. Heading into FY26, management remains confident of growth momentum sustaining, led by large deal wins in Bengaluru and Hyderabad during the quarter.
Large Addressable Market with Strong Growth Potential: The Indian home services market, valued at USD 59 billion, is expected to reach USD 97 billion by FY30, implying a 10–11% CAGR.
operational. In addition, election special trains that were ferried in base quarter had a component of bottling business too which was missing this time around. In light of weak performance in 1QFY26, we cut our revenue estimates by ~4%...
Backed by its domestic business up 22.2% y/y, Greenlam’s Q1 revenue was up 11.4% y/y to Rs6.7bn. On lower input costs the gross margin expanded 102bps y/y to 53%.
We cut our EBITDA estimates by 33%/9% for FY26E/FY27E as we fine tune our footfalls assumptions given early monsoon in Western India during peak summer resulted in a 22.4% YoY decline in footfalls to 0.95mn (PLe 1.24mn). IMAGICAA IN reported weak set of results as revenues declined 19.5% YoY to Rs1,481mn with EBITDA margin of 49.0% driven by early monsoon in the western region and postponement of school vacations. Given 1Q is a seasonally strong quarter for water parks, we believe recovery in ensuing quarters will be difficult and thus FY26E might turn-out to be a challenging year for IMAGICAA...
Awfis Space Solutions (Awfis) delivered another strong quarter with Q1FY26 revenue growing 30% YoY, while IGAAP EBITDA of INR 480mn grew 60% YoY and mature centre occupancy (>12 months) stood at 84%.
Amid broader macro headwinds (incl. Indo-Pak border tension, the Air India crash and Israel-Iran conflict) affecting travel sentiment, TBO Tek’s Q1 GTV grew ~2.3% y/y to ~Rs81.2bn and its blended take-rate expanded ~100bps y/y to ~6.3% due to the increasing tilt toward highmargin hotels & ancillaries.
Revenue up 10.1% YoY: Revenue increased 10.1% YoY to Rs12,685mn (PLe Rs13,193mn). Catering revenue was flat YoY to Rs5,294mn (PLe Rs6,212mn) with an EBIT margin of 12.2% (PLe 13.1%). Internet ticketing revenue increased 8.8% YoY to Rs3,725mn (PLe Rs3,486mn) with an EBIT margin of 82.4% (PLe 83.6%). Rail Neer revenue was up 15.7% YoY to Rs960mn (PLe Rs1,001mn) with an EBIT margin of 12.2% (PLe 15.4%). Revenue from Tourism surged by 38.2% YoY to Rs2,744mn (PLe Rs2,494mn) with an EBIT margin of 18.1% (PLe 8.3%). EBITDA increased 6.4% YoY: EBITDA increased 6.4% YoY to Rs3,855mn (PLe...
Sabarmati. IMAGICAA reported strong operating performance with EBITDA margin of 42.9% (PLe 36.7%) aided by a one-off grant income of Rs62mn pertaining to hotel Novotel, Imagicaa. While footfalls were down by ~4% on LFL basis, we expect recovery in FY26E backed by 1) addition of 10 new rides at Wet & Joy water park in Lonavala 2) launch of 2 new shows at Sai Teertha...
We cut our EBITDA estimates by 8%/7% for FY26E/FY27E respectively as we re-align our footfall and ARPU growth assumptions at parks in Khopoli, Lonavala and Shirdi. Imagicaaworld Entertainment Ltd (IEL) reported a subdued operational performance with EBITDA margin of 32.2% (PLe 44.1%) amid pressure on footfalls and pricing. On LFL basis, footfalls were down ~5% while implied blended ARPU was under pressure due to rise in ticketing volumes...
