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*over or under performance to benchmark index Reliance Industries Ltd (RIL) manufactures petrochemicals, synthetic fibres, fibre intermediates, textiles, blended yarn and polyester staple fibre. Its petroleum refinery -cum-petrochemicals complex in Jamnagar, Gujarat, produces gasoline, superior kerosene oil and liquefied petroleum gas, among other products. RIL reported a 9.9% YoY increase in revenue to Rs. 264,573cr in Q4FY25, fuelled...
Lighting was flat in Q4FY25 with single digit growth in Consumer lighting offset by degrowth in professional lighting. CP segment grew 8.4% YoY (accounted for 79% revenue), with strong growth across all products segment except fans which grew in low single digits in Q4FY25. Expansion in CP EBIT margin was supported by volume growth as well as gross margin expansion. Lighting revenue was flat, impacted by a decline in the professional lighting due to delays in order execution. BJE has...
We revise our FY26/FY27 EPS estimates by -2.2%/-3.0% factoring in probable execution delays in Industrial Infra. Thermax (TMX) delivered a decent performance in Q4, reporting 11.6% YoY revenue growth, while EBITDA margin saw a marginal decline of 17 bps YoY to 9.7%. Management remains optimistic about FY26 revenue growth with better margins, supported by robust momentum in the Industrial Products segment. The Chemicals business is poised to contribute meaningfully in the medium term through continued product innovation and market expansion. Execution challenges in the...
JLHL's Q4 consolidated EBITDA grew by 26% YoY (4% QoQ) to Rs783mn, largely in line with our estimates, aided by higher ARPOB. Its operational efficiency has been strong in the competitive markets of MMR. The company reported revenue/EBITDA CAGR of 20%/25% over FY22-25. Given its expansion plans, scale-up in occupancy and improving margins, growth momentum is expected to sustain over the medium term. We believe strategic greenfield expansions in densely populated micro-markets of western regions...
PVRINOX reported better than expected performance with pre-IND AS EBITDA loss of Rs110mn (PLe loss of Rs366mn) led by better cost control (on same-store basis fixed cost was up 0.4% YoY to Rs7,639mn). Given the ongoing challenges surrounding footfall growth, PVRINOX is now in a reset mode where the focus is to 1) rationalize cost, 2) reduce debt and 3) migrate towards an asset light model with an aim to conserve cash. Progress on cost rationalization exercise is noteworthy as fixed cost per screen has remained flat at ~Rs20mn over the...
Fine Organic (FINEORG IN) reported a consolidated revenue of Rs6bn, reflecting a growth of 11% YoY and 18% QoQ. This was driven by an 18% sequential increase in both domestic and export revenues. However, the sharp rise in vegetable oil prices, key raw materials for the company led to a significant YoY decline in gross margin to 19.7%, RM prices are expected to stabilize going forward. All the company's manufacturing plants are operating at full capacity, except for the Patalganga facility (food grade), which is currently in the ramp-up phase. Fine Organic is establishing new subsidiaries in...
Domestic/export revenue mix stood at 93%/7% vs (92%/8% in Q1CY24). We revised our EPS estimates for CY25/CY26 by -1.5%/-1.5% factoring in executing delays in Process Automation. ABB India (ABB) reported quarterly performance with modest revenue growth of 2.6% YoY with flattish EBITDA margin of 18.4%. During the quarter, the growth was led by strong momentum across all segments except in Process automation which was impacted by a change in delivery schedule. Order book pipeline remains robust seeing strong...
