New Research Reports

Pre-sales: MLDL achieved bookings of INR10.5b in 4QFY25, down 3% YoY and up 3x QoQ (53% above estimates). FY25 bookings stood at INR28b, up 20% YoY (15% beat).

In May’23, MLIFE had unveiled a strategy of reaching INR 80-100bn of annual residential plus industrial cluster sales by CY28 or 5x in 5 years (CY23-28). While it has achieved FY25 sales bookings of INR 28.0bn, with a healthy launch pipeline having GDV of over INR 390bn as of Mar’25, we estimate FY26/27E sales bookings of INR 36bn/INR 41bn, respectively.

We maintain our BUY recommendation on reasonable valuations.

Quarterly Update Q4FY25

Q4FY25 marks eight straight quarters of strong financial performance and effective execution at SBFC Finance (SBFC). This is evident in its AUM growth outshining the guided range of 5–7% QoQ, better opex to AUM at 4.65% in FY25 vs. 5.34% in FY24, and credit cost at 80–100bps as envisaged earlier, despite the operating environment being mired in tight liquidity, higher delinquencies in unsecured loans and the rising rate cycle.

Aditya Birla Sun Life AMC’s (ABSLAMC) 4QFY25 operating revenue grew 17% YoY to ~INR4.3b (in line), leading to a ~0.9bp YoY improvement in yield on management fees to 44.9bp (vs. our est. of 45.4bp). For FY25, revenue grew 25% YoY to INR16.8b.

We recommend a BUY on the stock for a target price of Rs 1,166/ share implying an upside of 10% from CMP.

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).