New Research Reports

We maintain our BUY recommendation on the stock.

V-Mart Retail’s (VMART) revenue grew 17% YoY in 4QFY25, led by 8% SSSG and 12% store additions. EBITDA jumped ~70% YoY (in line) on account of gross margin improvement and lower losses in online segment.

V-Mart’s Q4 profitability improved, with a 272bps y/y higher EBITDA margin at 8.7% (~90bps above ARe), driven by lower Limeroad losses and better offline margins. FY25 sales/EBITDA grew ~17%/77% y/y, led by 11% SSSG.

GRAV reported a stable quarterly performance, with Q4FY25 EBITDA of Rs1,085mn (+6.1% QoQ; +16.8% YoY). Operating revenue increased 3.5% sequentially to Rs10.5bn, with Lead sales being the key driver of the sequential delta, in line with our estimate of Rs10.2bn.

In 4QFY25, Gravita India (GRAVITA) recorded a strong 20% YoY revenue growth, underpinned by a 13% YoY rise in overall volumes. The aluminum business led the performance with a sharp 73% YoY growth, followed by a 19% increase in lead revenues, whereas the plastic segment witnessed a 16% YoY decline.

Sunteck Realty (SRIN) reported presales of INR8.7b in 4QFY25, up 28% YoY (41% above estimates). Traction in uber-luxury projects increased 36% QoQ, with bookings of INR5.7b, or 66% of total presales. The upper-middleincome segment accounted for 27% of presales (+8% QoQ).

We maintain our BUY recommendation on the stock.

City Union Bank (CUBK) reported Q4FY25 results broadly in line with our estimates, with a beat on the advances/deposits (advances/deposits were 2%/5% higher than our estimates). The MSME/JL non-agri segment mainly led the growth in advances, while the wholesale segment remained muted.

MASFIN’s 4QFY25 PAT grew ~19% YoY to INR808m (in line). FY25 PAT rose ~23% YoY to INR3.1b. Net total income was up 34% YoY to INR2.3b (5% beat), while opex at INR744m grew ~34% YoY (in line). PPoP stood at INR1.5b (5% beat) and grew 35% YoY.