New Research Reports

KEI Industries (KEII)’s 3QFY25 revenue grew 20% YoY (in line, as strong revenue growth in the C&W/SSW segment offset lower-than-estimated EPC revenue). Its EBITDA grew ~12% YoY to INR2.4b (3% miss). OPM contracted 70bp YoY to 9.8% (-70bp vs. our estimate) due to a lower margin in the C&W segment.

Cyient DLM reported a 38%/14% year-over-year (YoY) revenue growth during Q3FY25, driven by INR 870 million in revenue from the recently acquired Altek. However, on a standalone basis, revenue grew by only 11%. Net profits were significantly impacted due to acquisition-related costs.

Siemens (SIEM) in its FY24 annual report emphasized its strategy to capitalize on the opportunity potential that exists in India from diverse sectors and industries, spurred by favorable government policies, a relatively sanguine macroeconomic situation, and the ongoing global energy transition while also acknowledging the transient hiccups in select segments.

Cyient DLM’s (CYIENTDL) 3QFY25 consolidated revenue/EBITDA grew by ~38%/23% YoY. However, EBITDA missed our estimates as margins declined 90bp YoY due to a high mix of low-margin business (BEL order execution)

We recommend a BUY rating on the stock with a TP of Rs 315/share, implying an upside of 10% from the CMP.

We maintain our BUY rating on the stock.

Consolidated revenues beat estimates at Rs. 5,433 crore (up 30% y-o-y) led by 37% y-o-y growth in sales volumes. Also, its quarterly EBITDA/tonne stood at Rs. 4,174 (up 129% QoQ) owing to better price realisation.

Supreme Industries Limited (SIL) reported consolidated revenue of Rs. 2,510 crore (up only 2.5% y-o-y) on account of flattish realizations (0.5% decline y-o-y) while total volume growth was also soft at 3% y-o-y.