TCI Express (TCIE)’s 4QFY25 revenue decreased 3% YoY to INR3.1b (+4% QoQ), in line with our estimate. Volumes declined 1% YoY in 4QFY25. Volumes were hit by slower growth in the SME segment.

SAIL's Q4FY25 performance exceeded our forecast on all parameters. Revenue grew 20% QoQ to Rs293 bn, driven by strong volume growth of 20% QoQ which included 0.36 mnT traded volumes from NMDC steel. NSR remained flat QoQ at Rs55,002/t. EBITDA stood at Rs 35bn (71.9%/0.2% QoQ/YoY), with EBITDA/tonne at Rs 6,350/t (43%/14% QoQ/YoY) which includes one-offs on account of revision of provisional rail prices amounting Rs 6.9bn. SAIL is setting up a TMT mill at Durgapur to further decrease the semi-finished product contribution and is expected to come up in 2.5 years which will further aid...

to cater to a broader customer base, while the Ceramics & Plastics segment continues to benefit from healthy domestic demand across precision grinding, glass grinding, defence, and industrial applications. Management's focus on application engineering, technical servicing, & innovation will position GWN favorably among competitors. However, persistent Chinese dumping in Abrasives and subdued export demand in the C&P segment remain key nearterm headwinds....

Elgi Equipments (ELEQ) reported a healthy quarter, with revenue growing 14.7% YoY and EBITDA margin improving by 64bps to 15.1%. During the quarter, the domestic order inquiries remained strong though the order finalizations were delayed. ELGI's newly launched Stabilisor' is on track for a full market rollout by Q3FY26. High margin Aftermarket sales remain a key focus amid the...

Sun TV Network (SUNTV) reported another weak result, with revenue declining ~2% YoY, primarily due to persistent weakness in ad revenue (down 13% YoY). EBITDA declined 16% YoY, impacted by the continued weakness in ad revenue and higher production costs.

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.

Natco’s Q4FY25 result was driven by better traction in gRevlimid and the momentum is likely to continue for next couple of quarters.

Deepak Nitrite’s (DN) Q4FY25 underlying print suggests margin pressure intensified in Q4 with rise in supplies from China, particularly for agrochemical intermediates.

IRCTC reported subdued performance with revenue growing 4% QoQ and 10% YoY, primarily due to seasonal softness in the catering segment (-5% QoQ) and a flat performance in Rail Neer. Operating margin contracted by 350bps, driven largely by a 230bps decline in internet ticketing margins. However, management remains optimistic about the growth prospects from premium trains like Bharat Gaurav, Maharaja Express, and Tejas Express, as well as expanding non-railway revenue (28% share) and tourism momentum, particularly from religious travel and additional rakes. Furthermore, the RBI approval for a payment aggregator...

We downgrade our rating on the stock to HOLD.