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AGEL’s consolidated Q4FY25 EBITDA rose 31% YoY to Rs24bn (up 28% QoQ), led by 30% YoY uptick in operational capacity and improvement in CUF (Khavda achieved 32% in Q4), leading to 44% growth in sale of power.
We downgrade IIB to REDUCE from Add, cutting our TP by 9.4% to Rs725 (from Rs800). This is in view of the spate of top management resignations, including the MD & CEO, which should increase business/margin disruption including risk of another round of deposit run-down, impact on asset quality, middlemanagement attrition, and possibility of appointment of an RBI nominee on the Board as well as a PSU banker as MD & CEO (similar to Bandhan/RBL).
For Q4FY25, Net Interest Income (NII) came in at INR 6,101 Mn., up 8.5% YoY (-0.6% QoQ), below our estimates driven by higher-than-expected interest expenses. The Pre-Provision Operating Profit (PPOP) stood at INR 2,384 Mn, reflecting a 41.8% YoY decline (-36.1% QoQ) driven by sharp increase in employee and other operating expenses.
Supreme Petrochem’s Q4FY25 revenue stood at INR 15,390 Mn., down 1.5% YoY (+9.5% QoQ), was below our estimates led by weak volume; however, EBITDA came in at INR 1,446 Mn., down 17.4% YoY (+45.7% QoQ). Strong growth in EBITDA sequentially was driven by margin improvement of 234bps QoQ. Adj. PAT stood at INR 1,069 Mn., down 18.7% YoY (+49.8% QoQ), was above our estimates led by improved operating margins and higher other income.
Axis Bank’s Q4FY25 Net Interest Income stood at INR 1,38,105 Mn., a growth of 5.5% YoY (+1.5% QoQ). The Bank’s PPOP (Pre-Provisioning Operating Profit) for the quarter came in at INR 1,07,524 Mn., a growth of 2.1% YoY (+2.1% QoQ) led by operating efficiencies, while the Net profit declined 0.2% YoY (+12.9% QoQ) to INR 71,175 Mn.
Greenply Industries’ Q4 revenue/gross profit/EBITDA grew 8.2%/16.5%/18.1% y/y to Rs6.5bn/2.7bn/681m. Easing input cost helped the gross margin to inch up 297bps y/y to 41.5%.
MOFS continued its steady performance in Q4FY25 amid volatile markets and despite impact of the new F&O regulations, with operating PAT at Rs5.2bn (+4% YoY; -1% QoQ). However, treasury loss of Rs7.43bn resulted in reported consolidated loss (including OCI) of Rs2.2bn.
SBI Life’s GWP for Q4FY25 stood at INR 240,016 Mn., a decline of 4.9% YoY (-4.0% QoQ), led by lower new business premium. The VNB Margin expanded by 213bps YoY (+351 bps QoQ) in Q4FY25 to 30.5%.
HUL’s Revenue for Q4FY25 stood at INR 1,56,700 Mn., up 3.0% YoY (-0.9% QoQ), largely in-line with our estimates. EBITDA came in at INR 36,190 Mn. up 2.4% YoY (-2.1% QoQ), which was below our estimates mainly due to higher-than-expected employee costs.
We remain structurally positive on KPIT. While most auto ER&D players reported weak results, the company delivered an in-line performance amid challenging macro; however, no guidance for FY26 was given.