New Research Reports

Bharat Electronics (BHE)’s 2QFY25 results came ahead of our estimates, driven by better-than-expected margin performance. Revenue growth was led by a strong order book, which stood at INR746b.

Q2FY25 standalone PAT was up 19.7% y-o-y to Rs. 4,649 crore with the regulated equity base growing 7.7% y-o-y to Rs. 89,430 crore. Consolidated PAT of Rs. 5,274 crore was up 14% y-o-y.

Revenues grew by 14.9% y-o-y to Rs. 4,605 crore with margins expansion of 510 bps y-o-y. Results outperformed expectations on margin front. Higher revenue and margin led to PAT growth of 38% y-o-y to Rs. 1092 crore. Revenue growth guidance is at 15% and OPM at 23-25% for FY2025.

We maintain our BUY rating on the stock.

NTPC reported standalone 2QFY25 EBITDA of INR96.7b (-8% YoY), 19% below our estimate of INR119b. Sharp rise in other opex (INR55b vs. INR34bin 2QFY24) led to the miss at the EBITDA level.

In 2QFY25, NMDC reported production volume of 8.3mt, down 10% QoQ and 6% YoY, totaling 17.5mt for 1HFY25 (down 11% YoY).

Amid weak crude oil prices, the share price of Oil India (OINL) has declined 22% in the last 5 weeks. However, we reiterate our BUY rating on the stock.

A significant capex plan for 3X capacity expansion

Coal India has reported production of 51mt for September (10.4% MoM; -1% YoY). This aggregates to 341mt of production for 1HFY25.