New Research Reports

Vijaya’s Q4FY25 results were a slight miss on our estimates (2%/3% on sales/EBITDA) due to industry-level headwinds (extended festivities in South India), capacity constraints in Pune centers, and gross margin contraction.

During Q4FY25, Alembic Pharma’s revenue stood at INR 17,696 Mn, up by 16.7% YoY (+4.5% QoQ), above our estimates by 11.6% driven by strong growth traction in the USA and Ex-USA segment. EBITDA stood at INR 2,719 Mn., up by 4.6% YoY (+4.5% QoQ), sharply above our estimates led by 34.7% led by higher-than-expected revenue and higher operating leverage.

Archean chemical revenue for Q4FY25 stood at INR 3,456 Mn, up 21.7% YoY (+42.6% QoQ), above our estimates by 19.5%, led by sharp recovery in industrial salt volumes following the resolution of logistics issues.
EBITDA came in at INR 883 Mn., up 1.3% YoY (+10.4% QoQ). EBITDA missed our estimates by 8.7% despite sharp recovery in revenue, driven by higher-than-anticipated other expenses offset by higher gross profit.

We maintain our BUY rating on the stock.

MGL’s Q4FY25 SA adj EBITDA/APAT of Rs3.2/2.1bn missed our estimates by 5%/6% due to 5% higher unit opex. EBITDA/scm of Rs8.3 was hence 5% below estimate and flat QoQ.

Sonata posted a weak operating performance in International IT Services (IITS) in Q4. IITS revenue declined 7.2% QoQ CC, below our expectations. The decline was majorly attributed to higher-than-expected ramp down at a large TMT client, along with Quant seasonality.

Sapphire’s Q4 EBITDA was in line with our muted expectations. Overall/India revenue grew 13%/10%, largely led by store additions in India and a ~31% growth rebound in Sri Lanka.

We maintain our BUY recommendation on the stock.

We change our rating on the stock from BUY to HOLD.

Kajaria’s Q4FY25 performance was weak on sales volumes as well as profitability fronts and missed our expectations. However, on a positive note, it has gained market share in FY25 as sales volume growth of 6% YoY was ahead of the industry (2% YoY growth).

Ami Organics’ Q4FY25 revenue stood at INR 3,085 Mn, up 37.1% YoY (+12.2% QoQ), above our estimates (+9.7%), led by significant growth in Advanced Intermediates segment. EBITDA came in at INR 850 Mn., up by 96.8% YoY (+23.7.0% QoQ), above our estimates (+9.7%) due to better-than-expected revenue.

Revenue/EBITDA/ PAT grew 6.7%/8% and 19% above our estimates. EBITDA margin reported 20bps above estimates of 15.4% in 4QFY25

With a 15% upside from the CMP, we maintain our BUY rating on the stock

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.