New Research Reports

Thermax (TMX)’s 4QFY25 performance reflected improved execution while order inflows remained weak. Its 4QFY25 revenue/EBITDA/PAT grew 11.6%/10%/5% YoY.

Triveni Turbine (TRIV)’s 4QFY25 results came in line with our expectations. For FY25, domestic order inflows were up 29% YoY, boosted by one-time large order inflow worth INR2.9b.

ABB India’s 1QCY25 results were lower than our estimates. Revenue/EBITDA/PAT growth of 3% each YoY for the quarter was impacted by softer execution, particularly in the process automation segment.

We maintain our BUY rating on the stock.

Escorts Kubota’s (ESCORTS) Q4 results were ahead of our estimates, with better-than-expected margins in the tractor segment. Both MM and tractors reported a healthy margin revival QoQ in a seasonally weak quarter.

KEI reported a healthy revenue growth of 26% y-o-y, reaching Rs. 2,914 crore (our estimate of Rs 2,737 crore) for Q4FY2025 led by 35% y-o-y growth in C&W revenues.

We maintain BUY on CG Power & Industrial Solutions (CGPower) with TP of Rs765 (unchanged). Q4FY25 results were broadly mixed, with revenue in line with estimates and our PAT seeing a marginal miss. Consolidated revenue/EBITDA/PAT grew 26/28/23% YoY to Rs27.5/3.6/2.9bn, respectively.

Q4FY25 performance beat our estimates. Revenue growth of 25% was strongly backed by strong performance across segments. In C&W segment cables outpaced the growth of wires segment. Volume growth remained at 15-17% and the balance of growth came from an increase in realizations.

We maintain BUY on Voltamp Transformers (VAMP) while cutting our TP by ~15% to Rs11,350 (upside: 39%) from Rs13,350 earlier. VAMP’s Q4FY25 results were ahead of estimates due to higher than estimated volume and realization.

RRKABEL’s 4QFY25 earnings beat our estimate, led by higher-than-estimated revenue/margin in Cables and Wires (C&W). Total revenue increased ~26% YoY to INR22.2b (~7% beat).

We maintain our BUY recommendation on the stock.

We maintain our HOLD rating on the stock

We reiterate our BUY rating with a target price of Rs 722/share, implying a 10% upside from current levels.

Strong position in infrastructure growth

Revenue increased by 39.6% YoY (+13.0% QoQ) to INR 4,688 Mn, driven by strong volume growth. EBITDA grew by 54.3% YoY (+19.6% QoQ) to INR 801 Mn, on the back of robust revenue growth and strong margin expansion; EBITDA margin stood at 17.1% (+163bps YoY/ +95bps QoQ).

We recommend a BUY on the stock for a target price of Rs 1,166/ share implying an upside of 10% from CMP.

Consolidated revenue stood at Rs. 3,027 crore, flat y-o-y, due to a 2% y-o-y fall in realisations, while total volumes grew at just 2.3% y-o-y in Q4FY25.

Supreme Industries’ Q4 revenue remained muted at Rs30bn, up just 0.6% y/y, as overall volumes sold rose a meagre 2.3% y/y. Profitability was impacted as PVC pricing environment remained uncertain, with a downward bias deferring filling of channel inventory and under absorption of fixed overheads.