Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
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The impact of provisioning and lower volume in VAW along with reversal of deferred tax asset in AWUKO impacted the quarterly performance. We revise our FY26/27E EPS estimates by -21.0%/-22.7% factoring in VAW's loss of export business, Chinese dumping and expected impact of Rs1.0bn on FY26 PAT; and change our rating from Accumulate' to Hold'. Carborundum Universal (CU) reported a 1.3% YoY increase in consolidated sales, while EBITDA margin declined by 542 bps YoY to 12.0%, impacted by weaker...
SOBHA ended FY25 with 6% lower presales YoY due to approval delays, but the company has a strong project pipeline, supported by its extensive land bank.
Hero MotoCorp’s (HMCL) 4QFY25 margins remained stable YoY and were also in line with our estimates. Reported EBITDA margin came in at 14.2%, while ICE margins stood at 16.1%, adjusted for the INR1.43b loss in EV business.
Happiest Minds (HAPPSTMNDS) reported 25.6% YoY CC growth in FY25, lower than its guidance of 27-28%. Organic growth for FY25 stood at ~3.2% as per our estimate.
GlaxoSmithKline Pharmaceuticals’ (GSK) Q4FY25 revenue grew at a slower pace of 4.8% due to slowdown in acute therapy market. Improvement in mix led to 340bps YoY expansion in gross margin while cost savings and productivity improvement fuelled 650bps surge in EBITDA margin.
Carborundum Universal (CUMI) reported an underwhelming set of result. Consolidated revenues were flat YoY at INR 12bn, EBITDA declined by 30% YoY to INR 1.5bn and profit was at INR 301m in Q4FY25.
IHCL’s Q4FY25 numbers were strong with consolidated revenues rising 27% y-o-y to Rs. 2,425 crore (in line with expectation of Rs. 2,440 crore) driven by growth across all businesses, EBITDA margin rising 70 bps y-o-y to 35.3% (in line with 35.4% expected) and adjusted PAT growing by 38% y-o-y to Rs. 542 crore (in line with expectation of Rs. 540 crore).
HCL Technologies delivered a strong performance in Q4FY25, driven by robust execution in IT services, healthy cash flows, and sustained momentum across key segments. The management remains cautiously optimistic about growth in FY26, acknowledging macroeconomic uncertainties while continuing to win large deals and forge strategic partnerships. The company has built a strong pipeline, particularly in AI, engineering, and digital services, backed by disciplined capital allocation and differentiated capabilities. Given its consistent execution, strategic focus, and strong...
