MAX Financial Services (MAXLIFE) reported a steady performance in 2QFY25. New business APE grew 31.3% YoY to INR21.7b (in-line), while for 1HFY25, it grew 31% YoY to INR36.2b.

Navin Fluorine International (NFIL)’s EBITDA/ PAT in 2QFY25 came in at 6%/12%
higher than our estimates due to the strong YoY performance in HPP and CDMO
segments.

Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b). This included an exceptional gain of ~INR770m from recoveries in the AIF portfolio.

Shoppers Stop (SHOP) reported an 8% YoY decline in EBITDA (12% miss) due to weak SSSG and GM contraction. Revenue was up 4% YoY as store additions and the robust 11% YoY growth.

SONA BLW’s (SONACOMS) 2QFY25 performance exceeded our estimates with revenue of INR9.3b (est. INR8.8b), driven by order book execution and BEV growth.

SRF posted weak performance in 2QFY25, with a material decline in operating profitability (EBIT down 22% YoY), due to the continuous weakness in the Chemicals business (EBIT dipped 29% YoY).

TVS Motor (TVSL) posted an in-line result, with margin at 11.7% (est. 11.1%) despite an adverse mix. On the back of better monsoons and higher reservoir levels, domestic 2W rural demand has been ahead of urban demand in 1HFY25, which is anticipated to sustain in FY25.

Stylam Industries (Stylam) Q2FY25 results beat our estimates. Revenue at Rs 2,627 mn ? increased by 12.3% yoy & 8.3% qoq. Sales volume at 3.2 mn sheets.

UltraTech Cement’s (UTCEM) focus on increasing its capacity/market share and enhancing efficiency remains heartening. However, in Q2FY25, the sectoral pangs of subdued demand and weak prices got the better of the industry leader.