Downgrades

State Bank of India (SBIN) reported a 4QFY25 PAT of INR186.4b (in line) with robust treasury gains offsetting higher opex and provisions. NII grew 3% YoY to INR427.7b (in line). NIM stood at 3.0% (1bp QoQ dip) with domestic NIM holding stable at 3.15%.

MASFIN’s 4QFY25 PAT grew ~19% YoY to INR808m (in line). FY25 PAT rose ~23% YoY to INR3.1b. Net total income was up 34% YoY to INR2.3b (5% beat), while opex at INR744m grew ~34% YoY (in line). PPoP stood at INR1.5b (5% beat) and grew 35% YoY.

Atul’s (ATLP) 4QFY25 revenue came in line with our expectation. The Life Science Chemicals (LSC) segment’s revenue increased 18% YoY, while the Performance & Other Chemicals (P&OC) segment’s revenue rose 21% YoY.

BPCL delivered a 46% beat on EBITDA in 4QFY25, driven by higher-than-estimated GRM (USD9.2/bbl) and marketing margins (INR5.9/lit; INR 0.3/lit due to inventory gain).

We recommend BUY with TP of Rs 351, which implies an upside of 10% from the current market price (CMP).

Jindal Steel & Power (JSP) reported largely in-line cons operating performance in Q4FY25. Volumes grew 6% YoY, driven by higher capacity utilization and inventory liquidation amid stronger domestic demand. Blended NSR rose 0.5% QoQ due to weak pricing in long products, which constitute a higher proportion...

Eternal delivered broadly inline operating performance in Q4. Revenue grew 7.9% QoQ, better than our estimate, led by Quick Commerce (QC) and Hyperpure. Food Delivery GOV saw a decline of 1.4% QoQ, due to persistent sluggishness in the demand environment, temporary shortage of delivery partners owing to high demand in QC, and increased competition from packaged food delivery in QC.

We maintain our BUY rating on the stock.

We believe near-term profitability is likely to impact margins owing to increased competition. Hence, we downgrade the stock to HOLD.