Highest Upside

In 4QFY25, Brigade Enterprises (BRGD) reported a pre-sales growth of 9% oY to INR24.5b (22% below our estimate), due to a 26% YoY decline in volumes to 2.0msf (50% below our estimate).

Quarterly Update Q4FY25

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects.

Company Update

From a technical perspective, the stock has formed a solid base around its 200-week simple moving average, indicating that a short-term bottom is in place. Additionally, the Relative Strength Index (RSI) on the weekly chart has broken out of its oversold zone, further reinforcing the price strength. Moreover, both short-term and medium-term moving averages are positively aligned and trending...

Signature Global achieved pre-sales of INR26.4b in 1QFY26, down 15% YoY but up 63% QoQ (12% below our estimate), aided by the launch of ‘Cloverdale SPR’, a premium residential project located on Southern Peripheral Road (SPR), Sector 71, Gurugram.

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects.

CROMPTON's ECD segment gained market share in its core categories, despite overall industry decline. TPW fans, coolers, and agri and residential pumps reported a decline in sales, while solar pumps delivered 2x revenue growth and small domestic appliances registered double-digit growth. Lighting segment reported flat growth, despite industry slowdown, and its EBIT margin expanded by 380bps due to improved product mix and operational efficiencies. Butterfly business reported a moderate quarter, while the management has guided for double-digit growth in FY26. CROMPTON has amended its MoA to...

Crompton Greaves Consumer Electricals (Crompton) ECD segment modest growth of 5.7% with fans reporting a moderate volume growth in FY25 while solar pumps reported a strong quarter. Lighting segment declined by 1.8% while EBIT margin expanded (+700bps) due to better product mix. Butterfly business has reported a strong quarter driven by pricing actions, margin improvements and sequential market share gains in few categories. Company has announced its entry into the solar rooftop category. It has announced greenfield capex of Rs 3.5 bn first phase of which will be focused on the fans...

Crompton reported a strong set of numbers in Q4FY25. There is revival in revenue growth as well as profitability of Butterfly. It was a drag on consolidated earnings over past seven quarters.

Atul (ATLP) reported in-line revenue at INR14.78b (+12% YoY) in 1QFY26. Revenue of the Performance & Other Chemicals segment increased 14% YoY, while the Life Science Chemical segment posted 6% YoY growth.

*over or under performance to benchmark index In Q4FY25, the company's consolidated revenue rose 5.1% YoY to Rs. 2,061cr, on The lighting segment fell 1.8% YoY to Rs. 276cr, primarily due to persistent industry...

Transforming City Skylines

Aided by Issuer Solutions’ strong, 13% y/y, performance and International & Other Investor Solutions’ 26% y/y, KFin Tech’s revenue grew 10.3% y/y to Rs3.09bn.

NCC reported a revenue of INR 193bn, flat YoY despite having a book-to-bill ratio of 3.7x. EBITDA and PAT for the year were down 5% YoY each, at INR 175bn and INR 8bn, respectively.

NCC has a strong orderbook at INR 701bn with book-to-bill ratio of 3.7x TTM revenue – one of the highest in the industry. It has already bagged orders worth INR 65bn in FY26-YTD with guidance of INR 220bn OI for FY26.

New Business Development to be key monitorable for sustainable highgrowth: The company has yet not closed any new business development in FY26 till date, although it is in advance stages with respect to 30,000 crore GDV projects across its key geographies. It expects to close FY26 with 10,000-15,000 crore GDV additions. Currently, out of its total project portfolio size of ~ 69,900 crore, it has sold ~ 18,700 crore (27%) and left with ~ 51,300 crore sales potential (43% Worli and 19% Thane projects share). Owing to its concentrated large size projects in two key locations, we believe it would require new business developments at diversified...