Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
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KEI has guided for 20% revenue growth till FY28 supported by commercial production of LT and HT cables in Q1FY26 and completion of Sanand plant by end of FY26 driven by strong demand in domestic & export markets. Major driver for domestic demand are power generation sector (Solar and Wind) and power distribution and transmission companies, as per the management. The company aims to improve its EBITDA margin once Sanand plant becomes operational. KEI reported strong rev growth in HT cables (+65.6% YoY), LT cables (+38.5% YoY) & housing wires (+37.9% YoY) in Q4FY25. Exports saw a...
Hindustan Petroleum Corporation (HPCL) reported better-than-expected Q4 results with standalone EBITDA of Rs58bn (up 20.8% YoY; PLe: Rs35.6bn, BBGe:Rs40.5bn) and PAT of Rs33.5bn (up 18% YoY; PLe: Rs10.8bn, BBGe: Rs16.8bn). On the refining front, GRM came in at USD8.5/bbl. GMM stood at Rs4.6/lit, and under-recovery on sale of LPG stood at Rs33bn. The stock is trading at 1.3x FY27 P/BV. In Q1-TD, Singapore GRM has remains at USD3.6/bbl, with strength in past few days. Average marketing margins on petrol/ diesel...
We have revised our FY26/27 earnings estimates downward by 7.4%/9.1% due to weak demand, the discontinuation of the Kajaria Plywood business, and margin contraction. We had downgraded our rating to Accumulate' from BUY', we value the stock at 30x FY27E EPS to arrive at revised TP of Rs878 (earlier Rs 966). The management has refrained from providing guidance due to prevailing low demand conditions but expects to outperform the industry in FY26. KJC expects margins of ~14% in FY26, However, Q4FY25 margins were...
KEI reported a healthy revenue growth of 26% y-o-y, reaching Rs. 2,914 crore (our estimate of Rs 2,737 crore) for Q4FY2025 led by 35% y-o-y growth in C&W revenues.
We cut our EPS estimates by 6%/5% for FY26E/FY27E as we fine tune our topline growth assumptions amid persistent pricing pressure (volume growth of 22% has resulted in value growth of 15%). Safari reported better-thanexpected performance with EBITDA margin of 14.5% (PLe 12.8%) led by improvement in GM amid 1) reduction in RM prices, 2) better product & channel mix, and 3) lower discounts on e-com channel. Progress at the new site in Jaipur...
Nuvoco plans to raise Rs6bn of long-term debt in own books and rest Rs12bn through bridge loans for Vadraj upfront payment. Post the deal, it plans to raise Rs12bn through the CCPS and CCD route to keep leverage at lower side. Nuvoco Vistas (NUVOCO) reported a robust operating performance in Q4FY25, driven by 6.6% YoY volume growth and a strong uptick in cement pricing in key markets, supported by increased government spending. Pure cement NSR rose 5% QoQ, aided by price increases in the eastern markets during Q4FY25. As per mgmt., April prices are higher by Rs810/bag, which is...
