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Quarterly Update Q4FY25

We maintain our BUY rating on the stock.

Dismal Q4 on continued market share loss in bathware and muted performance of the consumer appliance business

APE and VNB growth slows, expected to normalise going ahead

We recommend a BUY rating on the stock with a TP of Rs 425/share, implying an upside of 10% from the CMP.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

Beats EBITDA estimate by 47.0% on sharp sequential improvement in the pipe segment margin

JK Cement’s (JKCE) 4QFY25 result was above our estimates, primarily driven by higher volumes (+7% vs. estimate). EBITDA grew ~37% YoY to INR7.6b (+17% vs. estimate).

Kolte Patil Developers (KPDL) reported pre-sales of INR6.3b in 4QFY25, down 15%/7% YoY/QoQ, (31% below estimate). In FY25, pre-sales were at INR28b, flat YoY and 9% below estimates due to delay in launches.

Grey cement volumes at 5.3mt (ex-clinker volumes) rose by ~14% YoY as presence in key operating regions like Central India helps

Q4FY25 revenue grew 6%/26% YoY/QoQ to Rs 119.1bn, aided by volume gains of 4%/27% YoY/QoQ, while realisations stay put

Reported a healthy pipe margin in Q4FY25, despite operating amidst weak demand conditions and falling resin prices

Capacity ramp-up, demand upswing, stable prices in its key operating regions (North/Central) and various cost optimisation measures aided JK Cement’s overall performance.

The Meghalaya clinker-unit stabilisation along with the better demand-pricing environment in its operating region (East/North east) aided Star’s overall performance.

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.

Radico Khaitan is one of the oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL) with net revenue of INR48b and volume of 31m cases in FY25 (P&A was ~15mn cases).