BJAUT's Q4FY25 revenue growth was muted at 6% YoY (down 5% QoQ) to Rs 128bn on account of slow volume growth offset by realisations

Mgmt. expects production and sales volume of ~20mt and 19.3mt. SAIL delivered a strong operating performance in Q4FY25 driven by 17% YoY volume growth (aided by 0.36mt of NMDC Steel volume tie up, ex-NSL 9%) amid stable domestic demand environment. Average NSR declined 2.2% QoQ amid weak steel pricing environment during the quarter. Steel prices started improving towards the end of Q4 in the anticipation of safeguard duty. Strong 9% volume growth and lower coking coal prices has resulted in EBITDA/t of Rs5,358 adjusting for prior period rail price revision impact of Rs6.25bn. Going...

*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,...

TCL faces short-term challenges, including sluggish demand in the US and Europe and decreasing export prices in the US market, as well as downward pressure on *over or under performance to benchmark index margins due to declining soda ash prices. However, the company is well-positioned for growth, driven by its strategic emphasis on speciality products and capacity expansion plans. A recovery in volumes and margins is anticipated in the next fiscal year, led by the Indian and Kenyan markets. The UK business is expected to show signs of improvement from the second quarter, driven by its new pharmaceutical...

Zee Entertainment delivered steady growth, supported by operational efficiency, leading to EBITDA performing well. The management remains optimistic about the prospects of the industry and the company despite macroeconomic headwinds. ZEEL is focused on strengthening content in regional languages and on digital monetization to drive the next growth cycle. Strategic investment in innovative formats, disciplined cost management and platform expansion are expected to...

Amid a challenging macroeconomic environment and sustained pressure on discretionary spending, BSOFT reported muted performance; however, an encouraging uptick in deal TCV to USD 236mn (+4% QoQ) from Q3FY25, coupled with management guidance indicating sustained momentum, is expected to deliver growth from Q2FY26. Despite management's optimistic outlook of FY26 surpassing FY25, near-term headwinds lead to softness from furloughs and project ramp-downs in Q1, along with typical seasonality in H2 which are likely to temper the overall performance. While the company remains committed to...

Sustained loan book growth, a slight decline in asset quality, higher credit costs and contracting net interest margin, characterized LTF's performance in Q4FY25. Looking ahead, with the successful implementation of Project Cyclops, a comprehensive credit administration framework overhaul, and the introduction of Project Nostradamus, LTF is poised to boost disbursement in FY26, particularly in its urban and rural businesses. Continued investments in digital transformation...

VATW's momentum in delivering strong performance is expected to continue in the medium term driven by a strong order backlog and immense opportunities it has identified in the international markets, which will enable order inflows. We expect EBITDA...

Quarterly Update Q4FY25

We recommend a HOLD rating (unchanged) on the company.