New Research Reports

*over or under performance to benchmark index Indian Oil Corporation Ltd (IOCL) manufactures petroleum and petroleum products and is engaged in the exploration and refining of crude oil. Its products include lubricating oils, liquid petroleum gas, aviation turbine fuel, etc. IOC's presence across the...

Shree Cement's Q4FY25 revenue rose slightly, owing to an increase in sales volume. The company's growing focus on premium products improved average realisation per tonne in the quarter. The company is also continuing to focus on increasing the share of green power, which will further reduce the cost of producing cement. Despite the decrease in the cost of sales, higher employee costs, other operating expenses and tax outgo shrunk the profit margin this quarter. For FY26, the company projects cement demand to grow 6.5%-7.5%, owing to sustained capex in infrastructure projects, recovery in the rural economy, continuing...

At the operational level, EBITDA increased 17.1% YoY to Rs. 1,512cr, driven by renewable capacity additions and contribution from KSK Mahanadi Power Ltd. EBITDA margin expanded 50bps YoY to 47.4%....

PNB's standalone interest income grew 13.8% YoY to Rs. 31,989cr in Q4FY25, driven by a rise in interest earned from loans (+10.5% YoY), income from investments (+15.1% YoY), and bank funds (+45.3% YoY). Interest expenses, on the other hand, jumped 19.6% YoY to Rs. 21,232cr, due to higher deposit costs. Thus,...

Research report date Feb 21, 2024(RC-1041) and Research Reports dated Nov 21, 2024 (RC- 882) In 2024, it touched an all-time high of Rs 1,222 on Aug 01, 2024. LIC has proposed a dividend of Rs 12/- for FY25. Keeping in mind the dominant position in the life insurance industry and...

Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.0% was ~100bps below I-Sec estimate. Demand environment for light vehicles remains muted.

Bosch India’s (BOS) Q4FY25 EBITDAM of 13.2% (flat YoY) was in line with consensus estimate. Gross margin improvement of ~300bps was offset by higher other expenses.

SAMIL’s 4QFY25 EBITDA margin at 9% was below our estimate of 10% even as PAT came in line with estimates, largely due to a lower tax rate.

*over or under performance to benchmark index Founded in 1902, Indian Hotels Company Ltd. (IHCL) is a leading hospitality player with a portfolio of 381 hotels across 14 countries. It owns popular brands like Taj,...

Britannia delivered a strong quarter, with growth in the topline, on the back of an expanded network, effective cost management and margin preservation despite significant input inflation. The management remained vigilant on input costs and competition, executing a disciplined return on investment-focused strategy for organic as well as inorganic growth. In fact, although input costs remain a concern, the company's disciplined approach, commitment towards sustainability as well as...

Jindal Steel and Power (JSPL) has initiated a comprehensive capex plan for its Angul facility to expand its crude steel capacity by 65% to 15.9mtpa and finished steel capacity by 83% to 13.75mtpa.

LIC saw VNB/EV grow 4.5%/6.8% YoY in FY25. Strategic initiatives have tracked well consistently in terms of pushing product mix towards non-participating (28% of individual APE in FY25 vs. 18%/9% in FY24/FY23) and revision in pricing/product strategy to maximise value for all stakeholders with changes like hike in surrender value.

APE and VNB growth slows, expected to normalise going ahead

Standalone revenues stood at Rs. 687 crore, up 2.3% q-o-q/13% y-o-y in line with our estimates of Rs 692 crore. Recruitment business continued to grow, whereas non-recruitment businesses also continued to grow with cash profitability.

Havells India’s (HAVL) FY25 annual report emphasizes its strategic focus on innovation, capacity expansion, market penetration, and digital transformation. The expansion of omni-channel distribution, particularly in rural markets and modern trade, has further strengthened the brand reach.

BPCL has demonstrated resilient financial performance, driven by strong refining performance, a growing gas business and strategic expansion plans. The revival of the Mozambique project and investment in the City Gas Distribution (CGD) business are positive developments. While the company's margin and pricing strategy will be crucial in navigating the volatile crude oil market, its significant capital expenditure...

Our initial estimates factored in spread compression in FY25 vs. FY24. While, in H1FY25, this played out more than we expected, there was a big recovery in H2.

We increase our FY26E/FY27E PAT estimates by 13%/10% as we fine tune our yield and fuel CASK assumptions. INDIGO reported better than expected performance with FX adjusted EBITDAR margin of 30.8% (PLe 28.5%) led by 1) 2.2% rise in yield to Rs5.32 aided by Maha Kumbh and 2) 6.6% fall in fuel CASK to Rs1.60 amid benign ATF prices. Notwithstanding near-term challenges amid the ongoing geo-political tensions, ASKM growth guidance of mid-teens for 1QFY26E is encouraging. Further, we expect the overall pricing environment to remain stable with yields of Rs5.1 over next 2 years as the aviation market is...

We remain optimistic about Adani Power’s long-term growth trajectory, supported by its leadership position in India’s private thermal power sector, improved coal availability, and strong operational execution.

Torrent Pharma's (TRP) Q4FY25 adjusted EBITDA was broadly in line with our estimates. Our FY26/ FY27E EBITDA stands reduced marginally by 1-3%. TRP reported Rs 80bn (75% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. Curatio acquisition has been scaling up well with sharp margin improvement since acquisition. We expect 15% EBITDA CAGR and 27% PAT CAGR over FY25-27E with healthy RoE of +30%. At CMP, stock is trading at 22x EV/EBITDA/35x P/E...