Upgrades

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock.

We remain optimistic about the company's long-term prospects. With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.

Revenue/EBITDA/PAT exceeded our estimates by 8.4%/32.6%/110.3%; EBITDA margin surpassed our estimate by 440 bps

Moderate APE growth of 2% YoY in Q4FY25, 9% YoY in FY25; while VNB margins expand ~200bps YoY in Q4

Muted advances and deposits growth, with low signs of improvement in near term

Q4FY25 earnings were a mixed bag. Net interest income (NII), at Rs. 13,811 crore (in line), grew by ~6% y-o-y/2%q-o-q. NIMs marginally improved by 4 bps q-o-q to 3.97% led by better asset quality and income tax refund.

Laurus Lab (LAURUS) delivered a second consecutive quarter with betterthan-expected performance, led by healthy traction in the Formulation (FDF)/API segment. Despite softer-than-expected performance in the CDMO business during 4QFY25, the quarterly sales run rate continued its uptrend.

Dalmia Bharat (DALBHARA)’s 4QFY25 EBITDA increased ~21% YoY to INR7.9b (6% miss, due to lower-than-estimated volume). EBITDA/t was up ~24% YoY at INR922 (est. INR946).