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UNBK saw a strong quarter owing to beat on all fronts i.e. NII, fees and asset quality resulting in core PBT being 9.4% above PLe. NII was 1.8% higher as NIM was cushioned due to (1) shedding of high cost bulk deposits in the last quarter and (2) avoiding disbursal of lower yielding loans. Loan growth was muted at 9.5% YoY; over FY25-27E we are factoring a loan CAGR slightly lower than the system at 10%. Asset quality was superior as net slippages were lower led by controlled gross slippages and healthy recoveries while provisioning for Q4'25...

HPP/CDMO see 10%/115% YoY revenue growth: Consolidated revenue stood at Rs7bn (16.4% YoY/15.6% QoQ), (PLe: Rs6.23bn, Consensus: Rs6.7bn). FY25 revenue for the company improved by 13.8% to Rs23.5bn. Gross profit margin was 54.2% (vs 50% in Q4FY24 and 56.6% in Q3FY25). Absolute Gross profit was Rs3.8bn, increased QoQ by 10.7% and YoY by 26.2%. HPP and CDMO segment saw a revenue increase of 10% and 115% respectively, while...

We increase our EPS estimates by 6%/2% for FY26E/FY27E and upgrade our rating to BUY (earlier HOLD) with a TP of Rs137 as we revise our target multiple to 11x (earlier 10x) amid sustained improvement in operating performance since last 4 quarters. Despite a weak ad-environment, ZEEL reported better than expected performance with EBITDA margin of 13.1% (PLe 12.5%) led by cost optimization efforts and narrowing losses in ZEE5. In FY25, ZEEL's content and employee cost was down 10.4% and 9.0% respectively while operating loss in ZEE5 almost halved leading to 390 bps expansion in EBITDA margin. While...

Archean chemical revenue for Q4FY25 stood at INR 3,456 Mn, up 21.7% YoY (+42.6% QoQ), above our estimates by 19.5%, led by sharp recovery in industrial salt volumes following the resolution of logistics issues.
EBITDA came in at INR 883 Mn., up 1.3% YoY (+10.4% QoQ). EBITDA missed our estimates by 8.7% despite sharp recovery in revenue, driven by higher-than-anticipated other expenses offset by higher gross profit.

During Q4FY25, Alembic Pharma’s revenue stood at INR 17,696 Mn, up by 16.7% YoY (+4.5% QoQ), above our estimates by 11.6% driven by strong growth traction in the USA and Ex-USA segment. EBITDA stood at INR 2,719 Mn., up by 4.6% YoY (+4.5% QoQ), sharply above our estimates led by 34.7% led by higher-than-expected revenue and higher operating leverage.

During Q4FY25, the revenue increased 6.3% YoY (-4.5% QoQ) to INR 35,980 Mn., below our estimates (-2.5%) driven by weaker India revenue. Revenue growth was driven by 6.0% YoY organic volume growth.

APNT aims for single digit value growth, with 18-20% EBITDA margins in FY26 APNT has given a cautious outlook for FY26 with single digit topline growth and EBIDTA margins in the band of 18-20%. Demand scenario has been tepid and organized decorative demand has seen a decline in FY25. Rural and tier3/4 demand is better than urban India, however normal monsoons benefit of tax cuts and benign inflation. The competitive intensity remains high in decorative paints; however current discounts and the pricing environment are...

We downward revise our FY26/FY27E earnings estimate by 6.6%/7.8% factoring slow demand for RAC, cost pressure for key components like compressors and copper tube, no price hikes and slow ramp up of Chennai plant. Voltas Ltd (VOLT) reported volume growth in line with the industry in UCP segment and anticipates demand recovery in upcoming quarters from extended summers and support from In Shop demonstrator. UCP EBIT margins expanded due to the better product mix in Industrial coolers and high energy efficient rated products. VOLT market share has declined slightly in RAC...

Avalon Technologies (AVALON IN) has reported strong earnings growth of Change in Estimates | Target | Reco EBITDA margin expanded by healthy ~410bps YoY to 12.1%, attributed to a...

We maintain BUY on GCPL while raising our Mar-26E TP by ~6% to Rs1,400 (on 50x P/E) from Rs1,325, as we upgrade earnings by 3-4% over FY26-27E on improved margin performance.