Upgrades

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

We revise our FY25/26E EPS estimates by -2.5%/-3.6%, factoring in expected margin normalization driven by a moderation in realizations against high base. Voltamp Transformers (VAMP) reported a strong quarterly performance, with revenue growing 23.9% YoY and EBITDA up 15.5% YoY. The company's outlook remains positive, supported by strong demand from sectors such as data centers, steel, cement, and green energy, while commercial and industrial projects are expected to boost demand for IDT transformers. However,...

Piramal Enterprises (PIEL) reported a 4QFY25 net profit of ~INR1b (PQ: ~INR386m). This included an exceptional gain of ~INR3.7b from recoveries in the AIF portfolio. For FY25, the total gain from the AIF portfolio stood at INR9.2b. FY25 net profit stood at INR4.85b (vs. a loss of INR16.8b in FY24).

Coforge continued to report a strong top-line performance in Q4FY25. Management acknowledged the challenging demand environment but reiterated its goal to reach USD 2bn by FY27 on the back of record-high deal wins in FY25, strong deal pipeline and its ability to proactively shape large deals.

During Q4FY25, the Net Interest Income stood at INR 27,559 Mn., down 3.6% YoY (-2.1% QoQ), below our estimates by 3.7% driven by higher slippages, and lower interest income led by increasing share of secured loans (now stands at ~50% of the book). Core NIMs stood at 6.7%, contracting by 90 bps YoY (-20 bps QoQ).

Epigral posted in-line results, with revenue/EBITDA/PAT up 20%/12%/12% YoY. This was largely led by improvement in ECUs in the caustic soda business and higher realizations for ECH (because of ADD), volume growth in the derivatives and specialty segment (CPVC, ECH).

insolvency resolution plan for Bhushan Power & Steel (BPSL) terming it illegal on account of multiple procedural and substantive lapses found at various levels of the resolution process, ultimately directing the National Company...

KMB saw a mixed quarter as core PPoP missed PLe by 4% though asset quality improved. Despite lifting of embargo and acquiring StanC's PL portfolio of Rs 33bn, loan growth was weak at 13.5% YoY (PLe 15.0%). NII was 3% lower owing to QoQ increase in balance sheet liquidity by Rs377bn leading to softer NIM at 4.5% for FY25 (PLe 4.67%). While we are factoring NIM decline of 10bps YoY in FY26E to 4.4%, levers for upgrade are (1) utilization of excess liquidity (2) faster growth in PL/CC and (3) reduction in fixed SA rate from 3.8%. Asset quality was...