Downgrades

We remain positive on Havells although the near-term outlook is likely to be soft due to weak demand for air conditioners and potential impact on earnings due to change in BEE norms in Jan’26 in fans and air conditioners.

Management remains optimistic about sustaining double-digit SSSG on an annual basis (quarterly deviations might happen due to a change in the festive season, etc.) for a fairly long period, driven by differentiated own brands portfolio (~75% of the revenue mix).

The management expects LNG demand to increase in India, on the back of a rise in the sourcing of natural gas across industries. Also, the expansion of the Dahej capacity is on track, with commissioning by March 2026, and discussions are underway with existing and new suppliers to secure additional volume. KochiBengaluru pipeline connectivity is expected to be completed in FY26 as well, which should gradually improve utilisation levels. The company anticipates a significant acceleration in the execution of a petchem project in H2FY26 as well. Its Gopalpur terminal project is also progressing well, with land acquisition nearing completion;...

India is witnessing a transformation with a rapidly expanding HNI population and rising adoption of financial products through advisory-driven wealth platforms.

Q4FY25 Performance: Siemens reported decent print for Q4FY25 results, order inflows up 10% YoY at 4800 crore taking the order book to 42253 crore. The company registered revenue of 5171 crore, up 16% YoY. EBITDA grew 13% to 617 crore, EBITDA margins down 30 bps YoY to 11.9%. Consequently, PAT came in at 485 crore, down 7% YoY on lower other income. PAT margins at 9.2% down 197 bps YoY. From a segmental perspective, Smart Infrastructure (53% of revenue mix), Mobility (22%), Digital (21%) and Low Voltage (5%) segment revenues grew by 20%,...

Siemens (SIEM) in its analyst meet highlighted healthy growth traction in the smart infrastructure segment and the possibility of improved revenue growth and margin profile for the mobility segment as locomotive delivery commences.

Our recent interaction with Amber Enterprises management indicates that consumer durable demand has improved sequentially, while there is still channel inventory in the system for RAC; electronic division growth will outperform other segments led by new client additions and acquisitions.

The management expects NIM to improve from Q4 onwards driven by the benefits from lower costs of term deposits. The EEB segment saw a sequential decline in SMA-1 and SMA-2 balances, indicating initial signs of improvement in asset quality, which is expected to reflect in the coming quarters. The bank is also focusing on strengthening its digital and government ecosystem partnerships, driving Current Account Savings Account (CASA) growth and enhancing customer engagement to...

However, blended realization/tonne declined by 6.4% YoY due to continued volatility in input prices, impacting margins. EBITDA margin contracted by 160 bps YoY to 12.2%, primarily due to inventory losses, product mix and elevated operating costs, resulting in a 20.3% YoY decline in net profit. We revise our EPS estimates downward by 18% for FY26E and 10.3% for FY27E, factoring in lower-than-expected EBITDA margins in H1. PVC prices are expected to stabilize, and with improving affordability; volume momentum in piping segment is expected to continue H2FY26....

We met with Endurance Technologies’ (ENDU) management to understand the outlook for its key segments. While the company awaits clarity from the government on its recommendation of mandatory ABS on all 2Ws, it is likely to continue outperforming industry growth on the back of the ramp-up of: the new alloy wheel plant at Bidkin, dual-channel ABS and the new brakes facility in Chennai.