Downgrades

Sunteck Realty (SRIN) reported presales of INR8.7b in 4QFY25, up 28% YoY (41% above estimates). Traction in uber-luxury projects increased 36% QoQ, with bookings of INR5.7b, or 66% of total presales. The upper-middleincome segment accounted for 27% of presales (+8% QoQ).

MM reported a better-than-expected operating performance in 4QFY25, led by a strong margin beat in the FES segment (at 19.4% vs 17.3% estimated). The QoQ margin improvement was particularly commendable as it came in a seasonally weak quarter.

Railtel Corporation of India’s (Railtel) Q4FY25 net profit grew 46.3% YoY; Q4, in general, exhibits lumpiness. Railtel delivered profit growth of 27.6% in FY25, in line with the guidance of 25–30%.

COFORGE reported a strong 4QFY25 revenue growth of 3.4% QoQ in CC terms, above our estimate of 3.0% QoQ CC. Reported revenue (adjusted for disc. operations) stood at USD404m (up 3.3% QoQ/43.6% YoY).

V-Mart Retail’s (VMART) revenue grew 17% YoY in 4QFY25, led by 8% SSSG and 12% store additions. EBITDA jumped ~70% YoY (in line) on account of gross margin improvement and lower losses in online segment.

CDSL’s operating revenue declined 7% YoY and 19% QoQ to INR2.2b (7% miss), primarily due to a 36%/29% YoY decline in transaction revenue/online data charges. For FY25, the company’s revenue grew 33% YoY to INR10.8b.

GRAV reported a stable quarterly performance, with Q4FY25 EBITDA of Rs1,085mn (+6.1% QoQ; +16.8% YoY). Operating revenue increased 3.5% sequentially to Rs10.5bn, with Lead sales being the key driver of the sequential delta, in line with our estimate of Rs10.2bn.

V-Mart’s Q4 profitability improved, with a 272bps y/y higher EBITDA margin at 8.7% (~90bps above ARe), driven by lower Limeroad losses and better offline margins. FY25 sales/EBITDA grew ~17%/77% y/y, led by 11% SSSG.

Consolidated revenues for Q4FY25 stood at INR 3,65,952 Mn., reflecting a growth of 14.2% YoY (+14.2% QoQ), surpassing our estimates led by higher revenue from operations and higher premium income. Consolidated profit stood at INR 47,563 Mn., up 16.4% YoY (+7.8% QoQ). The cost-to-income ratio improved to 72.5% from 74.6% in Q4FY24. Net income was largely in-line with our estimates.

In Q4FY25, AWL’s revenue increased 37.9% YoY (+8.3% QoQ) to INR 182,296 Mn, which was above our estimates by 4.8%, driven by strong traction in the edible oil segment and overall volume growth of 8% YoY (+2% QoQ).