Upgrades

MGL’s Q4FY25 SA adj EBITDA/APAT of Rs3.2/2.1bn missed our estimates by 5%/6% due to 5% higher unit opex. EBITDA/scm of Rs8.3 was hence 5% below estimate and flat QoQ.

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.

We change our rating on the stock from BUY to HOLD.

BOB saw a weak quarter with core PPoP miss of 7.3% as NII/NIM was 6.1% below PLe. Margins remain under pressure; while reported domestic NIM fell by 9bps QoQ, full year NIM for FY25 fell by 16bps YoY to 3.02% due to 24bps increase in deposit cost and 13bps fall in loan yields. In our view, the fall in yields was likely due to preference for growth over profitability while increase in funding cost was driven by reliance on higher cost bulk deposits in FY25. Bank expects NIM to remain under pressure in Q1FY26, post which it may improve....

KEI reported a healthy revenue growth of 26% y-o-y, reaching Rs. 2,914 crore (our estimate of Rs 2,737 crore) for Q4FY2025 led by 35% y-o-y growth in C&W revenues.

Kajaria’s Q4FY25 performance was weak on sales volumes as well as profitability fronts and missed our expectations. However, on a positive note, it has gained market share in FY25 as sales volume growth of 6% YoY was ahead of the industry (2% YoY growth).

Tatva Chintan Pharma Chem’s Q4FY25 revenue stood at INR 1,079 Mn., up by 9.8% YoY (+25.6% QoQ), above our estimates by 4.3%, led by strong double-digit growth in PTC and PASC segments. EBITDA came in at INR 90 Mn., down by 42.7% YoY (+26.8% QoQ), below our estimates driven by lower-than-expected gross margins.

With a 15% upside from the CMP, we maintain our BUY rating on the stock