Downgrades

Cohance Lifesciences’ (Cohance) Q4FY25 pro forma financial performance was below our expectation. Momentum across its pharma CDMO (+31% YoY) was strong, while specialty chemical CDMO business growth (+75%) is beginning to recover.

*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,...

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...

Apeejay Surrendra Park Hotels Ltd.'s (ASPHL) Q4FY25 result was broadly in-line with our estimates on net sales and EBITDA front, while net profitability disappointed. The company witnessed an increase of 13% YoY in both ARR at 8,758, and RevPAR at 8,074, while occupancy stood at 92%. The management reiterated high teens growth for FY26E, which is encouraging. ASPHL intends to double its key count to about 5400 keys in the next 5 years including 1,011 keys of its own. In Q4FY25 ASPHL signed a binding MoU for the acquisition 60 service apartment under Zillion Hotels and Resorts at Juhu, Mumbai. Further, the...

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...

Sumitomo Chemical (Sumitomo) reported subdued 4Q numbers below our and consensus estimates with flat revenue growth while EBITDA and PAT declined by 15% and 9% y/y respectively.

More volumes pushed up Stylam’s Q4 FY25 revenue 10.6% y/y to ~Rs2.7bn, though blended realisation were soft. High input costs and product-mix changes pulled gross profit down 7.1% y/y to Rs1.1bn.

realization and flat gas realization combined with growth in oil sales, sales grew by 2.8% QoQ. However, higher other expenditure led to EBITDA of Rs19.8bn, -7% QoQ (PLe Rs20.9bn, consensus Rs22.7bn). Lower than expected...

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

We downgrade from BUY to HOLD rating on the stock.

Colgate’s Q4FY25 performance was muted owing to soft demand in urban markets and heightened competitive intensity. Standalone revenues declined by 1.8% y-o-y to Rs. 1,463 crore, missing our expectation of Rs. 1,520 crore, with toothpaste volumes flat y-o-y.

EBITDA increased 4.1% YoY to Rs. 1,416cr, driven by a favourable product mix. However, margin contracted 10bps YoY to 14.2%. Notably, the EBITDA margin for the internal combustion engine (ICE) business stood at 16.1%, benefitting from an...

*over or under performance to benchmark index Symphony Ltd and its subsidiaries manufacture and trade in residential, commercial and industrial air coolers in the domestic and international markets. The company operates through two main segments: air coolers and other appliances. It offers residential, packaged and central air coolers. In Q4FY25, Symphony's consolidated revenue grew 47.0% YoY to Rs. 488cr, driven...

Aurobindo Pharma's (ARBP) Q4FY25 EBITDA of Rs17.9bn (up 6% YoY) was in line with our estimate. FY26 guidance of high single digit revenue growth ex gRevlimid with flat margins was below our estimate. Resultant our FY26 and FY27E EPS stands reduced by 4-5%. Other expenses remained elevated on the back of higher PenG-related operational cost and supply disruptions due to...

We revise our FY26/27 EPS estimates by -4.0%/-1.8%, factoring in continued weakness in Civil, Railways and O&G despite strong growth in T&D. KEC International (KEC) reported revenue growth of 11.5% YoY, while EBITDA margin expanded by 155bps YoY to 7.8%. Domestic T&D continues to remain robust while traction in the Middle East, CIS and Americas will drive international T&D business. The Cables business value unlocking will be further aided by capacity expansions across E-Beam and Elastomeric cables. In the O&G business, management plans to pursue only international opportunities...

We cut our PAT estimates by 15%/6% for FY26E/FY27E as we re-align our depreciation forecast & profitability assumptions for Nodwin and downgrade NAZARA to a HOLD (earlier BUY) with a revised TP of Rs1,241 amid 26% rise in stock price over the last 1 month. NAZARA reported an EBITDA margin of 9.8% (PLe 9.0%) while PAT was impacted by an impairment charge of Rs153mn pertaining to the erstwhile accessories business. We expect sales CAGR of 27.5% over next 2 years led by the recent acquisition of Curve Games with an...

P&F reported soft volume growth of 2.1% YoY due to challenging demand scenario and delays in ADD on PVC resin prices. The company has guided double digit volume growth for FY26, with margin recovery expected as competitive pricing will improve with demand and normalization in channel inventory. EBIT/kg for the P&F segment moderated at Rs10.5 with lower PVCEDC spread at USD 491/MT and 3.2% YoY lower realization. The correction in realization was mainly due to discounts and correction in RM prices. We...

Consumerware revenue (68.7% of total revenue) reported strong growth driven by improved performance in in-house manufactured glass drinkware products, supported by a focus on cost efficiency. Opalware products also performed well during the period. Writing Instruments revenue declined due to reduction in exports, while domestic sales remained flat. CELLO expects revenue momentum to get better with increased capacity utilization at its...

With a 2% downside from the CMP, we maintain our HOLD rating.