New Research Reports

Escorts’ Q3 PBT (incl. discontinued operations) grew 7% y/y to Rs4.2bn, below ARe of Rs4.4bn mainly due to less-than-expected agri machinery margins.

Escorts (EKL) logged a strong Q3 with 8.5% growth in revenue from continued operations and 110bps QoQ EBITDA margin expansion to 11.4%. EKL has guided to robust domestic tractor industry outlook for 4Q (~15% YoY growth).

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.

EPL reported an EBITDA of INR2b (+10%YoY) in 3QFY25, below estimates due to lower-than-expected performance of AMESA (down ~9.5% YoY) and EAP (~down 2.9% YoY), primarily driven by the slowdown in the Indian market and currency depreciation in Egypt, respectively.

We maintain our BUY recommendation on the stock.

Cummins reported a robust Q3 revenue print; margin remains off its peak levels seen in H2FY24 (though still robust). A sequential revenue jump of 24% was largely driven by the HHP segment of the domestic power gen business (74% contribution to incremental revenue QoQ).

Gained market share in pipe segment in a difficult environment by offering heavy discounts to its dealers