Downgrades

Management guided for 20%+ revenue growth with PBT margins of 5.25%5.5% on a standalone basis along with order intake of Rs260-280bn in FY26. We revise our FY26/FY27E EPS estimate by 1.8%/-3.6%, due to delayed collection in the Water business impacting the revenue. Kalpataru Projects International (KPIL) reported a 20.5% YoY increase in standalone revenue, with EBITDA margin improving by 66 bps to 8.4%. Growth was driven by strong execution across a robust order book, though delays in payment collections...

Quarterly Update Q4FY25

Black & White

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.

BHEL is the poster child of the Indian thermal power industry. India has recognised the need for building new base load plants despite energy transition.