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We cut our FY27E EPS estimates by 4% as we account for dilution impact resulting from issuance of ~169.5mn fully convertible warrants at a price of Rs132 on a preferential basis to entities forming part of the promoter group. Out of the total preferential proceeds of ~Rs22.4bn, Z IN plans to deploy ~Rs10bn towards building new businesses, ~Rs7.1bn towards inorganic expansion while the balance will be utilized for general & corporate purposes. Post warrant conversion, promoter stake will increase to 18.3% lending better execution comfort on achieving 1) TV viewership share of ~17.5%, 2) adrevenue growth of ~8-10% and 3) EBITDA margin of ~18-20% in FY26E. We...
Driven by the initial consolidation of Heubach (for 28 days; y/y, q/q not comparable), which brought Rs5.25bn revenue and a 55.8% gross margin in Mar, Sudarshan Chemicals’ Q4 FY25 revenue was up 77% y/y to Rs13.5bn and adj. EBITDA, 24% y/y to Rs1.48bn.
Sudarshan Chemicals reported Q1 FY26 Rs25.1bn consolidated revenue (y/y, q/q not comparable), with Heubach contributing Rs18.8bn and the pigment business Rs5.8bn (down 2% y/y).
We maintain BUY on Elecon Engineering Company (EECL), with TP of Rs750. EECL reported a mixed set of results for Q2FY26, with consolidated revenue/EBITDA/PAT growing 14%/12%/flat YoY.
Beating ARe, HG Infra’s Q1 ~Rs17.1bn revenue (up 13.5% y/y) reflects its strong execution abilities. The dip in the 13.8% EBITDA margins (16.2%, Q1 FY25) is attributed to one-time provisions.
Clean Science and Technology (Clean) reported results which were in line with our expectations. The management stated that the growth is majorly led by volumes as realisations are steady. Favourable product mix led to better margin delivery at 41% as established products like MEHQ/BHA saw better growth while products with lesser salience like DCC, TBHQ and others saw weaker growth. Sales volume for HALS stood at 580 tons with total sales of Rs 240 mn in Q1FY26.The management maintained the target of 4500 tons and sales of Rs 2.1 bn for HALS in FY26 which will be driven through introduction of more...
We anticipate modest multiple compression over the next two years as the company transitions from hypergrowth to steady compounding. The applied multiples (55.0x for FY26E and 50.0x for FY27E) remain premium but reflect a necessary normalization from the market's current peak valuation (61.3x).
