Century Plyboards' Q4FY25 profitability missed our expectations. Revenue grew by 13% YoY to Rs12bn, driven by strong Plywood (+8% YoY) and MDF (+37% YoY), despite decline in Particle boards (-25% YoY). EBITDA margins contracted by 275bps YoY to 11.2% due to margin pressure across all segments except for plywood. Century plans an 50,000 CBM plywood facility at Hoshiarpur within a year, along with an additional 50,000CBM capacity through brownfield expansions and de-bottlenecking. Century expects its continuous process plant for particle board at Chennai facility to commence operation in Q1FY26,...

With a 1% downside from the CMP, we maintain our HOLD rating on the stock.

We downgrade our rating on the stock from BUY to HOLD and roll over our estimate to FY27.

CPBI has guided revenue growth of 10%/20%/20%/40% in FY26 across its Plywood/Laminate/MDF/PB segments with expected EBITDA margin of 1214%/single digit/15%/low single digit for Plywood/Laminate/MDF/PB. We believe Plywood performance will continue with healthy volume growth and better realizations as company took a price hike of 2% in Q1FY26 and...

Bata India (BATA) delivered yet another weak quarter with 1% YoY revenue decline (5% miss) and ~230bp YoY gross margin contraction. The weak performance was attributed to the company’s deliberate shift toward valuedriven offerings to boost volume amid subdued demand.

Rolex Rings (Rolex) exhibited below expected performance in Q4FY25. The slowdown in their main segment of bearings is particularly impacting performance. The major MNC clients in the bearings segment are going slow on their capex plans which has impacted demand. An important aspect to note is that of an audit qualification with qualified opinion of Rs 2,278.6 mn from the banks for Right to Recompense against which the company has provided Rs 506 mn till date. The company has secured legal opinion and there remains a probability of further impact to the P&L on account of any adverse...

We maintain our HOLD recommendation on the stock and rollover our estimates to FY27.

Misses EBITDA estimate by 7.7% on sharp sequential margin contraction across segments (except plywood)

Revenue declined by 3.0% YoY: Revenue decreased by 3.0% YoY to Rs3,075mn (PLe Rs3,033mn) on account of lower volumes. Gross margin declined to 28.3% Rs341mn) on account of higher operational expenses like toll tax and labor cost....

Ipca Labs (IPCA) reported EBITDA of Rs4.1bn (up 35% YoY), was in line with our estimates. However, mgmt. FY26 guidance of 8-10% revenue growth was below our expectations (12-13%). Resultant, our FY26E and FY27E EPS stands reduced by 4-8%. API and generic business growth were muted in FY25; recovery will be gradual. Domestic formulation business, which now contributes 40% of revenues and ~55% of EBITDA, continued to outperform and grow at healthy levels. Turnaround in Unichem remains on track with...