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JK Paper Ltd.'s (JK Paper) Q2FY26 result was broadly in-line with our estimates on key parameters. The management guided that the Paper and Paper Board segment continued to face challenges arising from higher wood cost and lower sales realisation due to cheap imports. This has adversely impacted profitability across the product segments despite increased sales volume over the corresponding period. However, on a positive note the performance of the Company's packaging conversion subsidiaries improved during the quarter. Further, the management cited that the recent changes in GST rates have also had...
Updater Services (UDS) reported a 2QFY26 revenue growth of 7% YoY to INR7.3b, below our estimate of ~INR7.7b. Core EBITDA margin came in at 4.3% (est. 5.9%), down 130bp QoQ.
The company is witnessing a temporary softness led by the completion of large defense orders and muted PCBA volumes, however the growth trajectory is expected to revive meaningfully from Q4 FY26 onward.
segment (realization/volume was lower by 9%/5% respectively). We expect revenue/EBITDA CAGR of 7%/8% over FY25-FY27E given rising competition in domestic stationary business and gradual migration of students from state...
JK Paper Ltd.'s (JK Paper) Q1FY26 result was broadly in-line with estimates on net sales and EBITDA front, while net profit was below our forecast. The Company's core business in Paper and Paper Board continued to face headwinds from cheap imports resulting in depressed sales realization and ongoing high domestic wood prices weighed on operating margin. Despite this, JK Paper improved its profits on a sequential basis. The management believes that packaging conversion business is amongst the fastest growing segments in the Indian Paper and Packaging industry driven by growth in end use industries....
sustain its volume growth. Further, the management expects EBITDA/kg to improve to ~4142, supported by rising contributions from Pharma and FMCG. Considering these positive developments, we have an Accumulate rating with a target price of Rs. 941, based on 33x FY27E EPS....
the near term with 1) Growing traction in pharma business with superior EBITDA/kg of ~Rs100 2) Double digit volume growth guidance for paints led by enhanced capacity for Aditya Birla group 3) Asian paint moving towards IML with all four plant IML ready by MTEP and 4) Healthy margin outlook for ( Rs4142 EBITDA/Kg) FY26/27 led by growing traction in food, paints and pharma....
We cut our earnings estimates by 2.5% for both FY26/FY27E mainly with correction in OI. However, CYIENTDL is confident to report 10%+ EBITDA margin in FY26 with improvement in revenue through gradual pickup in orderbook. We have revised TP to Rs540 (Rs546 earlier), based on 30x FY27E earnings and maintain our recommendation to Accumulate'. CYIENTDL defense segment got impacted due to completion of contract from domestic client (BEL), with the order book remained flat YoY to Rs 21bn. However, the company remains positive on maintaining book to bill ratio to >1x in FY26. In...
JK Paper Ltd.'s (JK Paper) Q4FY25 result was broadly in-line with estimates on key parameters. The company reported improved performance on a sequential basis led by higher volume and cost optimization. However, on YoY basis the earnings were subdued, reflecting underline pain in NSR and raw material cost. The management attributed weak earnings to surge in imports at low prices and high wood cost. During Q4FY25, the Company acquired 60% of the Equity Shares of Radhesham Wellpack Private Limited (RWPL) and 62.14% of Equity Shares of Quadragen Vethealth Private Limited (QVPL). We have fine-tuned earnings...
FY25 order intake was Rs82.1bn with domestic consultancy/overseas consultancy/turnkey mix of 43%/13%/44%. We cut our FY26/27E EPS estimates by -7.0%/-5.5%, factoring in lower dividends from equity investments leading to lower other income and downgrade our rating from Buy' to Accumulate' due to sharp run up in the stock price. Engineers India (EIL) reported a strong quarter with 25.5% YoY...
Even the domestic stationary business is reeling under pressure from falling volumes and declining realizations. While price reset happened in FY25 due to fall in paper prices and could be deemed transitory in nature, volume decline of...
overall EBITDA/kg to inch upwards to Rs40/kg by FY26. realization and stable volume growth (7.3%). MTEP expects double-digit by superior EBITDA/kg of Rs100/ Rs70 for Pharma/Food business. MTEP has given positive outlook in the near term led by 1) Growing traction in...
the operating performance of the company at the fag end of the quarter. The impact was visible across verticals and geographies (ex-Europe). The management indicated that the softness should continue in the subsequent quarters, however the degree of impact would be lesser than that of Q4. We believe the combination of CYL's structural challenges along with the...
even after excluding the one off in Q4FY25, CYIENTDL is confident to report 10%+ EBITDA margin in FY26. We have revised TP to Rs546 (Rs692 earlier), based on 30x FY27E earnings and downgrade our recommendation to Accumulate' from BUY'. CYIENTDL defense segment got impacted due to completion of contract from domestic client, with the order book declining 12% YoY to Rs 19bn. However, company remains positive about securing robust orderbook from Q2FY26 onwards mainly from International clients. The management indicated that the contracts secured from Boeing Global Services...
