New Research Reports

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.

Polycab reported mid teen volume growth in its W&C segment. Domestic W&C business grew by 26.5% YoY, driven by mid-teen volume growth. Within this, domestic cables grew at a faster pace in the high teens, while wires registered...

We revise our FY25/26E EPS estimates by -2.5%/-3.6%, factoring in expected margin normalization driven by a moderation in realizations against high base. Voltamp Transformers (VAMP) reported a strong quarterly performance, with revenue growing 23.9% YoY and EBITDA up 15.5% YoY. The company's outlook remains positive, supported by strong demand from sectors such as data centers, steel, cement, and green energy, while commercial and industrial projects are expected to boost demand for IDT transformers. However,...

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 reported strong revenue growth of 26.4% YoY in Q4FY25, driven by strong W&C volume growth of 13.6% supported by capacity additions. W&C Volume growth for FY25 stood at 7.1%, supported by a balanced contribution from both volume and value growth. The company expects volume to grow 18% in FY26. Gross margin expansion was driven by higher realizations and product mix, and further expansion in EBITDA margin was supported by enhanced operational efficiency. The company expects W&C EBIT margin to improve...

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 HOLD rating on the stock