New Research Reports

Bharat Electronics’ (BEL) Q4FY25/FY25 performance was above our and consensus estimates. Guidance exceeded for both revenue growth and EBITDA margin.

Bharat Electronics limited reported revenue growth from operations of 6.8% YoY to Rs 91,496 million on a consolidated basis in Q4 FY25 as compared to Rs 85,641 million in Q4 FY24.

Strong operational performance had a positive surprise with revenue growth of 7% to Rs 9,150 crore versus our expectations of Rs 8,920 crore, margins too shone, with OPM improving by 407 bps.

We maintain BUY on Kalpataru Projects International Ltd (KPIL) with a TP of Rs1,450 (implying 30% upside). Standalone revenue/EBITDA/PAT grew by 21%/31%/48% YoY, led by strong order book, improved execution, and operating efficiencies.

NCC reported a revenue of INR 193bn, flat YoY despite having a book-to-bill ratio of 3.7x. EBITDA and PAT for the year were down 5% YoY each, at INR 175bn and INR 8bn, respectively.

INOX reported single digit growth in profit in 9MFY25 owing to trade headwinds. However, it finished the year on a strong note. It recovered lost ground with revenue growth of 34% YoY to INR3.7bn and profit growth of 49% YoY to INR 655m in Q4.

BHEL is the poster child of the Indian thermal power industry. India has recognised the need for building new base load plants despite energy transition.

GR Infra continues to tread water on order inflow front, with total OI of INR 140bn in FY25 & FY24 combined - matching FY23’s tally as the ordering in roads remained subdued.

HAL reported a better-than-expected FY25 performance, driven by improved margins on the back of lower provisions. The company ended the year with a robust order book of INR1.8t, clocking inflows of INR1t.

Syrma’s Q4FY25 print was strong with EBITDA margin reaching to highest level (12.4%) in past 15 quarters. While there is reduction in revenues, we note there is reduction in low-margin business of consumer segment.

Hitachi reported operating margin of 12.7% (+190bps), ahead of consensus expectations in Q4FY25. The margin was 7% in FY24. It has also guided for double-digit margins in FY26, allaying the street concerns.

Hitachi Energy’s 4QFY25 revenue came in below our estimates, whereas PAT beat our expectations on the back of better margins and higher other income. Order inflow was healthy for the quarter, while FY25 inflow was boosted by HVDC order wins.

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.

We maintain our BUY rating on the stock.