New Research Reports

Container Corporation of India (CCRI)’s revenues were flat YoY at INR22b during 3QFY25 (10% below our estimate). Total volumes grew 12% YoY to 1.3m TEUs, with EXIM/Domestic volumes at 0.97m/0.3m TEUs, respectively (+8%/+25% YoY).

Bharat Electronics (BHE)’s 3QFY25 results came ahead of our estimates on all parameters. Revenue growth was led by a strong order book, which stood at INR771b. Order inflows stood at INR110b during 9MFY25.

GAIL’s 3QFY25 performance was significantly below our estimates, primarily due to weak gas marketing segment performance.

IOCL’s Q3FY25 SA EBITDA was Rs91.5bn, at a 25% miss to our estimate due to lower-than expected GRM (at USD2.95 from inventory loss of USD3.7/bbl) and weak marketing performance amid LPG under recoveries of Rs54.5bn.

IOCL’s reported 3QFY25 financial performance was below our expectations, mainly led by a weak reported refining margin. Inventory losses stood at USD3.7/bbl (INR52b) in 3Q.

We retain the BUY rating after the recent price correction.

Q3FY25 standalone adj. PAT grew by 6% y-o-y to Rs. 4,618 crore inline with the 7% increase in the regulated equity base. Standalone revenue of Rs. 41,352 crore was up only 4.8% y-o-y because of the weak power demand.

Coal India (COAL)’s 3QFY25 revenue came in at INR358b (YoY/QoQ: -1%/ +17%), in line with our estimate of INR367b, primarily led by strong volumes (YoY/QoQ: +2%/+15%).