Cyient-DET reported a miss on revenue growth and margin in Q4, exiting FY25 with a full-year 3% YoY CC decline, steeper than its (-2.7%) guidance. Transportation vertical’s decline was cushioned by some traction in the aerospace sub-vertical and sustainability.

With an 8% upside from the CMP, we maintain HOLD

Revenue/EBITDA/PAT exceeded our estimates by 8.4%/32.6%/110.3%; EBITDA margin surpassed our estimate by 440 bps

Muted advances and deposits growth, with low signs of improvement in near term

4QFY25 sales were above our estimates, but EBITDA was in line. NEST continues to manage margins despite high cocoa/coffee inflation

SBI Cards (SBICARD) reported a 5% miss on PAT, which stood at INR5.3b in 4QFY25. The share of the revolver mix was flat at 24% and management expects the revolver mix to have a downward bias toward 23%. NIMs improved to 11.2%.

L&T Technology (LTTS)’s 4QFY25 revenue was up 10.6% QoQ/13.1% YoY in USD terms vs. our estimate of ~14.6% QoQ growth. In CC terms, revenue was up 10.5% QoQ/14.2% YoY. Growth was led by Hi-Tech (up by 27.9% QoQ) and Sustainability (up 1.9% QoQ), while Mobility was flat QoQ.

AAVAS Financiers (AAVAS)’s 4QFY25 PAT grew ~8% YOY to ~INR1.54b (in line). FY25 PAT grew ~17% YoY to INR5.7b. NII in 4QFY25 grew 14% YoY to ~INR2.7b (in line).

Axis Bank (AXSB) reported 4QFY25 net profit of INR71.2b (flat YoY, up 13% QoQ, in line). NII grew 6% YoY/2% QoQ to INR138.1b (in line). NIMs expanded 4bp QoQ to 3.97%.

Can Fin Homes (CANF)’s 4QFY25 PAT grew ~12% YoY to ~INR2.3b (in line). FY25 PAT grew ~14% YoY to INR8.6b. 4Q NII grew ~6% YoY to ~INR3.5b (in line). Fees and other income stood at ~INR168m (PY: INR159m).