New Research Reports

Supreme Industries (SI) reported Q4FY25 blended plastics volume growth of 2.3% YoY (6-year CAGR of 9.8%) with pipes segment reporting modest 2.2% YoY volume growth (6-year CAGR of 11.7%) on a high base YoY. Blended EBIT/kg contracted 23.1% YoY to INR16.5 (+19.2% QoQ) as pipes EBIT/kg fell 27.8% YoY to INR 13.3 (+22.3% QoQ), partly due to inventory losses.

Missed EBITDA estimate by 3% on weak pipe volume (+2.2% YoY vs +30% guidance), but beats PAT estimate by 3.5% on lower tax rate

We have changed our FY26E/FY27E EPS by -1.2%/+2.4% led by weakness in global demand in the short-term. Hence, we have reduced P/E multiple
to 30x (34x earlier). We value Cyient DLM at 30x P/E on FY27E EPS, implying a target price of INR 661.0 per share and reiterate our “BUY” rating on the stock.

We maintain our BUY recommendation on the stock.

Our recent interactions with industry participants and defense consultants focused on the need to put defense and aerospace projects on a fast track, the potential bidders for future tenders for MRFA, the potential impact on the overall defense budget kitty if such large deals were to go through.

We recommend a BUY rating on the stock with a target price of Rs 560/share, implying an upside of 10% from the CMP.

Cyient DLM’s (CYIENTDL) 4QFY25 consolidated revenue/EBITDA grew ~18%/51% YoY. EBITDA margins surpassed our estimates, expanding 290bp YoY, led by a favorable product mix, operational efficiencies, and one-offs (~250bp).

India's power distribution space is experiencing a significant transformation, driven by the advancement of smart grid technology. Smart meters continue to see gradual implementation, albeit at a slow pace.

We recommend a BUY rating on the stock with a TP of Rs 555/share, implying an upside of 10% from the CMP.