expansion, IP enhancement, and backward integration, while segments like Aerospace, Railways, OSAT and PCBs are expected to fuel margin expansion. We are maintaining our HOLD rating' due to the significant uptick in the stock...

uptick in the stock price. Our revised DCF-based TP is Rs 6,367 (up from Rs 6,068), implying PE of 60x FY27E earnings. KAYNES has maintained its guidance to reach Rs 45bn, however revised its margin guidance from 15.6% to ~17% by FY26. In Q1FY26 company is having an order book of Rs 74bn mainly driven from aerospace, industrial and automotive. The OSAT facility development is on track, with estimated revenue starting in Q4FY26, while PCB manufacturing is expected to begin as planned, contributing to revenue from FY27 onwards. Company acquired August Electronics to strengthen its North...

Domestic/export revenue mix stood at 68%/32% (vs 63%/37% in Q1FY25). We revise our FY26/27E EPS estimates by +11.0%/+2.7%, factoring in strong domestic macro tailwinds and further recovery in the demand from the USA and downgrade our rating from Accumulate' to Hold' due to sharp run up in the stock price. Apar Industries (APR) reported 27.3% YoY revenue growth while EBITDA margin declined 53bps YoY to 8.9%. The strong topline...

efficiency. SYRMA's Q1FY26 revenue decline by 18.6% YoY, due to major decline in consumer/IT & Railway segment ~48%/39% YoY. The company plans to focus more on high margin products aiming to reduce the consumer segment's contribution to 30% in FY26. Company order book stood at Rs 5455bn in Q1FY26, majorly driven from industrial and auto segment. SYRMA has guided revenue growth of 30% with EBITDA margin of 8.5-9.0% for FY26, revenue will be mainly driven by auto/industrial segment. Syrma SGS has formed a JV with Shinhyup Electronics Co. Ltd. to set up a multi/double-layer...

We downward revise Havells FY26/27 earnings by 6.4%/6.0% to factor in the weak performance of Lloyd and ECD in current quarter, heavy compliance cost and pressure from inventory liquidation .while Havells reported strong growth in W&C segment with a volume growth of 20-21%. ECD and Lloyd segment declined due to unseasonal rains, product mix change and weak summer. Inventory levels of RAC are high at company level, which is expected to normalize in coming quarters. Company plans to double its underground cable capacity by FY27, with its new Tumkur facility already ramping up production,...

Havells India’s (HAVL) 1QFY26 revenue declined ~6% YoY to INR54.6b (~7% miss), driven by lower-than-expected growth in the Lloyd/ECD/lighting segments.

Havells India’s (HAVL) FY25 annual report emphasizes its strategic focus on innovation, capacity expansion, market penetration, and digital transformation. The expansion of omni-channel distribution, particularly in rural markets and modern trade, has further strengthened the brand reach.

to the significant uptick in the stock price. Our revised DCF-based TP is Rs 5,744 (up from Rs 5,528), implying PE of 60x FY27E earnings. KAYNES has guided a growth of 60% in FY26 with a margin expansion of 50bps YoY, mainly driven from automotive, industrial, aerospace and IoT segment. In Q4FY25 company is having an order book of Rs 66bn mainly driven from aerospace, industrial and automotive. The OSAT facility development is on track, with estimated revenue starting in Q4FY26, while PCB manufacturing is expected to begin as planned, contributing to revenue from FY27 onwards. In the Export...

Apar announced a capex of Rs13.0bn, to be invested in Conductors (Rs2.0bn), Cables (Rs8.0bn), Specialty Oils (Rs2.0bn) in the next 12-15 months. We revise our FY26/27E EPS estimates by +1.4%/+0.3%, factoring in further recovery in the demand from the USA. Apar Industries (APR) reported 16.9% YoY revenue growth while EBITDA margin declined 78bps YoY to 8.8%. Domestic demand continued to show strength while recovery in the USA further pushed the top line. The company announced a Rs13bn capex to...

Lloyd reported growth of 39.5% YoY, aided strong volume gr. in RAC segment. We downward revise Havells India's (HAVL) FY26/FY27E earnings by 2.0%/2.6% to factor in the soft margins commentary related Cable & Lloyd businesses and downgrade our recommendation to HOLD' from BUY', in view of the significant run-up in stock price in the near past. Havells reported strong results, primarily driven by robust growth in the Cables and Lloyd segments, though future momentum appears cautious. RAC segment expected limited growth due to delayed summer, high primary sales in Q4FY25, and slowdown...

Q4 Revenue grew 20% YoY/34% QoQ, driven by strong performances in Lloyd (+39% YoY) and C&W (+21% YoY)

Havells India (HAVL)’s 4QFY25 revenue grew 20% YoY to INR65.4b (5% beat), led by better-than-expected growth in the Lloyd/C&W segments. Higher margins in the Lloyd and ECD segments have resulted in ~19% YoY EBITDA growth to INR7.6b (+17% vs. our est.).

We met with Havells’ (HAVL) management to gain insights into industry trends and the outlook for key business segments. The management remains optimistic about growth prospects across core categories, supported by margin improvement initiatives.

Honeywell’s Q3FY2025 revenue and profitability were lower than estimates. Net revenue was barely up by 2% y-o-y due to weak execution and accounting treatment change, which adversely affected the company.

Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by lower revenue from the C&W segment

Havells India (HAVL) reported weak 2Q results with 3-5pp margin miss across segments as segmental margins contracted 2-6pp YoY (excluding Lloyd where loss narrowed YoY).

Q2 grew ~17% on improvement in consumer demand trends. High A&P spends and high staff cost hurt margins