Downgrades

Eicher Motors’ (EIM) Q4FY25 standalone EBITDAM came in at 24.7%, 130bps below I-Sec estimate. Elevated marketing / brand-building efforts and regular product interventions have been driving growth for RE in domestic market.

Bharti Airtel (Bharti) has outlined capital allocation pivot as it is on path to generate strong FCF while management retained flexibility.

Hitachi Energy’s 4QFY25 revenue came in below our estimates, whereas PAT beat our expectations on the back of better margins and higher other income. Order inflow was healthy for the quarter, while FY25 inflow was boosted by HVDC order wins.

Piramal Pharma (PIRPHARM) delivered in-line sales/EBITDA in 4QFY25. However, its earnings were below our estimate due to impairment of certain intangible assets during the quarter.

JSWE’s 4QFY25 revenue was 16% below our estimate. at INR31.8b (+16% YoY) as EBITDA came in at INR12b (+3% YoY), 8% below our estimate.

Transport Corporation of India’s (TRPC) revenue grew 9% YoY to ~INR11.8b in 4QFY25 (in line). TRPC’s revenue growth was driven by the supply chain business, which recorded a growth of 22% YoY in 4QFY25.

REC reported a soft quarter, with moderating growth and disbursement led by higher repayments (including prepayments) and NPA resolutions, while margin and asset quality were stable.

KBL reported a 12% PAT miss in 4Q at Rs2.5bn, due to lower margin (down by 4bps QoQ to ~3%) and higher staff costs owing to higher actuarial provisioning on retirement benefits of Rs1.1bn.