Downgrades

ITC’s net revenues (including other operating income) grew by 9.6% y-o-y to Rs. 17,248 crore driven by 6% y-o-y growth in the cigarette business’s net revenues and a 17.7% y-o-y growth in the agribusiness’s revenue.

TBO Tek’s overall GTV grew 3.7% y/y to Rs77.9bn due to slight impact from Ramadan-induced seasonality in Mar’25 and full consolidation of Jumboonline.

We've been long critical of Colgate India's (consistent) strategy of not investing (enough) for toothpaste category growth (our opinion), not aggressive (enough) in diversifying outside of oralcare (parent has a good HPC portfolio though), over-earning, in our opinion (operating margins at ~37% after adding back royalty).

NHPC has reported a steady result in Q4FY25 – standalone revenue grew 15% YoY to INR 21bn, EBITDA grew 4% YoY to INR 9.4bn while adjusted PAT, at INR 8bn, grew 14% YoY.

IndusInd Bank (IIB) reported higher-than-expected Q4FY25 loss of INR 22.4bn (RoA of -1.74%) burdened by multiple oneoffs, including derivative loss and irregularities in its MFI book while slippages/net NPA jumped QoQ.

Mankind Pharma (Mankind) delivered in-line revenue in 4QFY25; however, EBITDA/PAT came in 14%/12% below our estimates. Higher-than-expected spending on marketing and promotional activities affected the company’s 4Q performance.

Dabur’s Q4FY25 numbers were dragged by weak performance of the India business, while the international business delivered good performance.

Dixon’s strong Q4/FY25 revenue was driven by robust growth in the mobile category, with volumes reaching 28.3m in FY25; it targets 42m–45m/60m–62m units for FY26/FY27.

IndusInd Bank (IIB) reported a loss of INR23.3b (vs our est. of INR1.4b loss), led by muted NII (interest reversal of INR6.7b and higherslippages) and tepid other income amid the reversal of derivative loss of INR19.6b.

Q4FY25 was yet another muted quarter for JLL amid subdued demand and higher competitive intensity hit revenue growth, while inflation in key input prices impacted profitability.

Zydus Lifesciences’ (Zydus) Q4FY25 revenue gained with healthy traction in US (+20%), domestic branded formulation (+10.7%) and its consumer business (+17.1%).

Petronet LNG (PLNG) reported 16%/13% YoY/QoQ increase in adj. EBITDA to INR 12.8bn and +21%/+19% YoY/QoQ change in adj. PAT to INR 8.9bn. Reported PAT was INR 10.7bn with an INR 2.3bn reversal of UoP provision.

Arvind Fashions reported 8.5%/13% y/y revenue growth/EBITDA margin in FY25. Growth was aided by 5.5% comparable growth, network expansion (0.12m sq. ft. net addition in FY25), higher adjacent categories’ share (20%; 15% in FY24), premiumization and investments in marketing.

We maintain BUY on Kalpataru Projects International Ltd (KPIL) with a TP of Rs1,450 (implying 30% upside). Standalone revenue/EBITDA/PAT grew by 21%/31%/48% YoY, led by strong order book, improved execution, and operating efficiencies.

Karur Vysya Bank (KVB) continued to report a robust performance, with PAT at Rs5.1bn and peer-best RoA at ~1.7%, which the bank guides to uphold, aided by healthy operating profitability and contained credit cost.

Restaurant Brands Asia (RBA) posted a 12% YoY India revenue growth (inline), led by a 13% YoY increase in store additions. The same-store sales rose 5%, led by dine-in traffic growth and value offerings.

Consolidated revenue stood at Rs. 1,178.8 crore (up 9.3% y-o-y) in Q4FY25, while OPM grew 18 bps y-o-y to 10.3%.

Strong operating performance, combined with moderate provisions kept Karur Vysya Bank’s profitability robust, with 1.73% RoA (down 1bp q/q). Headline asset quality remained stable, with GNPA at 0.76% (down 7bps q/q) and NNPA at 0.2% (stable q/q).

Pricol reported a weak Q4 with core revenue growth/EBITDA margin (ex-P3L) below our estimate of 9.7%/12.2% amid muted 2W segment revenue (on OBD 2B regulation change), supply chain disruptions, and delayed exports.

GR Infra continues to tread water on order inflow front, with total OI of INR 140bn in FY25 & FY24 combined - matching FY23’s tally as the ordering in roads remained subdued.