Downgrades

Tube Investments’ (TIINDIA) 4QFY25 performance was in line with our estimates, with PAT growth of 5% YoY to INR2.6b. Growth drivers from hereon include the ramp-up of a new facility in Nashik for the Engineering division and the INR10b new order win from Railways.

Delhivery’s Q4FY25 print was a mixed bag, with revenue missing our estimate by 4% while EBITDA registered an 18% beat. The B2C segment continued to track its muted trajectory, growing only 3% YoY due to subdued demand and insourcing by Meesho.

Vinati Organics (VO)’s 4QFY25 revenue came in line at INR6.5b. Gross margin expanded 80bp YoY to 47.4%, while EBITDAM was up 100bp YoY at 28.3%. EBITDA increased 22% YoY to INR1.8b and PAT grew 22% to INR1.3b (our est. INR1.2b). All the key segments reported strong growth in FY25.

LICHF’s 4QFY25 PAT grew ~25% YoY to ~INR13.7b (~7% beat). FY25 PAT grew ~14% YoY to INR54.3b. 4Q NII declined ~3% YoY to ~INR21.7b (~6% beat).

NOCIL's EBITDA/kg missed our estimate and stood at INR25.1 in 4QFY25, down 19% YoY. Sales volume declined 4% YoY to 13.4tmt. Realization was flat YoY at INR254.2/kg (INR255.1/kg in 4QFY24) amid persistent pricing pressure from Chinese, Korean and EU players.

IPRU continues to demonstrate a strong and sustainable growth trajectory, supported by a well-diversified product portfolio, consistent profitability and a customer-centric approach. The company's focus on customer-centricity, operational efficiency and prudent risk management strengthens its competitive edge. With a resilient balance sheet, strong solvency position and effective risk management, it is well - equipped...

Vinati Organics (VO IN) reported revenue of Rs6.5bn in Q4FY25, marking a robust 17.8% YoY and 24% sequential increase. The management has reiterated its guidance of 20% revenue CAGR over the next 3 years, along with EBITDA margins in the range of 26%27%. ATBS, the company's key highmargin product, delivered strong growth during the quarter, driven by rising demand in the O&G sector, where it is used as a tertiary oil recovery agent. The antioxidants segment, which generated ~Rs2.2bn revenue in FY25, is expected to see robust growth ahead, supported by annual contracts the company plans to secure with domestic customers. New products like MEHQ and Guaiacol are...

Overall capacity utilization at ~65%; utilization varies across products reflecting 5% YoY decline but 7% QoQ increase. The topline was impacted by ~5% drop in sales volume YoY and marginal decline in the specialty product mix. Based on our estimates, average realizations stood flat YoY at Rs255/kg. Sales volume declined 5% YoY but grew 4% sequentially. However, EBITDA /kg fell 20% YoY, primarily due to higher operating leverage, resulting in a 240bps...

Lupin's (LPC) Q4FY25 EBITDA was at Rs13bn (up 30% YoY) ~10% beat to our estimates on the back of higher US sales supported by niche launches. GMs improved YoY. LPC saw remarkable turnaround in profitability with ~2x jump in EBITDA over FY23-24 aided by better product mix, continued niche launches in the US, clearance from USFDA for facilities, domestic formulations regaining momentum and cost optimization measures. We expect margins to sustain given a strong pipeline in the US. Our FY26E stands increase by 5% as we factor...

Crompton Greaves Consumer Electricals (Crompton) ECD segment modest growth of 5.7% with fans reporting a moderate volume growth in FY25 while solar pumps reported a strong quarter. Lighting segment declined by 1.8% while EBIT margin expanded (+700bps) due to better product mix. Butterfly business has reported a strong quarter driven by pricing actions, margin improvements and sequential market share gains in few categories. Company has announced its entry into the solar rooftop category. It has announced greenfield capex of Rs 3.5 bn first phase of which will be focused on the fans...