New Research Reports

Kajaria Ceramics’ (KJC) 4QFY25 EBITDA was below our estimate due to lowerthan-estimated realization and higher-than-estimated other expenses. EBITDA (including discontinued operation) declined ~28% YoY to INR1.7b (~28% miss) and OPM contracted 3.8pp YoY to ~10% (est. ~13%).

Tatva Chintan Pharma Chem’s (TATVA) performance showed signs of improvement in Q4FY25 on the revenue front, but lower gross profit marred profit recovery. TATVA is hopeful of a sharp recovery in FY26, as new products commercialise in PASC and SDA volume recovers.

Epigral posted in-line results, with revenue/EBITDA/PAT up 20%/12%/12% YoY. This was largely led by improvement in ECUs in the caustic soda business and higher realizations for ECH (because of ADD), volume growth in the derivatives and specialty segment (CPVC, ECH).

Ethos’s Q4 EBITDA is in-line, with margin up by 80bps offsetting the 6% miss on revenue. Despite this, revenue growth was a decent 23%/25% in Q4/FY25, led by SSG of 17.4% in FY25 and by new store additions.

Q4FY25 turned out to be a dream quarter for Nuvoco Vistas Corp (Nuvoco) with an all-time high EBITDA (up 12% YoY), being 24% ahead of our estimate (driven by beat across realisation and cost); and net debt retreated further to INR 36.4bn (down ~INR 4bn YoY).

CAMS reported operating revenue of INR3.6b in 4QFY25 (7% beat), up 15% YoY. For FY25, operating revenue grew 25% YoY to ~INR14.2b. Total operating expenses grew 18% YoY to INR1.97b. Employee expenses/other expenses rose 12%/27% YoY to ~INR1.2b/INR790m.

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).

Railtel Corporation of India’s (Railtel) Q4FY25 net profit grew 46.3% YoY; Q4, in general, exhibits lumpiness. Railtel delivered profit growth of 27.6% in FY25, in line with the guidance of 25–30%.

Godrej Agrovet (GOAGRO) reported a subdued operating performance (EBIT marginally down 2% YoY) in 4QFY25, primarily due to a sharp 68%/ 66% YoY decline in Dairy/Poultry EBIT, while Animal Feed (AF)/Crop Protection (CP) EBIT dipped ~4%/2% YoY.