New Research Reports

Syrma SGS Technology (SYRMA) reported a strong operating performance in 4QFY25, with EBITDA rising ~46% YoY and margins expanding 510bp YoY, fueled by a favorable business mix (share of low-margin consumer business at 21% in 4QFY25 vs. 46% in 4QFY24).

Carborundum Universal (CUMI) reported an underwhelming set of result. Consolidated revenues were flat YoY at INR 12bn, EBITDA declined by 30% YoY to INR 1.5bn and profit was at INR 301m in Q4FY25.

Consolidated revenues grew 18% y-o-y to Rs. 538 crore, led by strong growth of 27% y-o-y in export sales to Rs. 280 crore. Products segment reported revenues of Rs. 393 crore (up 25% y-o-y) and the aftermarket segment of Rs. 144 crore flat y-o-y.

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.

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

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.

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.

We maintain our BUY rating on the stock.

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.

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.

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 HOLD rating on the stock

We maintain our BUY recommendation 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).