Upgrades

FY25 PAT stood at 3,059 Cr, but adjusted PAT stood at 2,422cr.(+27.7%) due to a one-time, non-cash deferred tax liability reversal of 637cr., following a shift to the new tax regime and reassessment of MAT credit utilisation....

Company Update

Paytm’s business metrics continue to see a gradual recovery, led by healthy momentum in merchant business, while disbursement volumes and GMV are also growing at a steady rate.

CIFC is expected to benefit from declining interest rates as the RBI has reduced repo rate by 100 bps over the last couple of quarters. The management expects a reduction of ~20–25 bps in cost of borrowings, hence improvement in NIM by ~10–15 bps in the current fiscal and some benefits would accrue in FY27.

Narayana continues to deliver stable performance, driven by improved throughput rather than bed expansion. While the Indian business remained steady in FY25, the Cayman segment outperformed with 50% YoY sales growth and margin gains in Q4FY25. In our...

of non-core assets will control debt, and deleveraging from cash accrual is expected in FY27. We value TRCL at 15x FY27E EV/EBITDA (3Yr avg=~14x) to arrive at a target price of Rs. 1,268, and upgrade to Buy rating....

Torrent Pharma (TRP) is set to acquire a controlling stake in JB Chemicals and Pharmaceuticals (JBCP). The deal is at an equity valuation of INR256b (on a fully diluted basis).

The company's revenue grew in double digits. However, its margin and profitability declined due to higher cost of sales. Nevertheless, the management is optimistic about near-term prospects of the natural gas transmission business, driven by an expected transmission tariff hike and volume growth. It anticipates a revision in transmission tariffs by end-Q1FY26, with a conservative expectation of at least Rs. 70-72 per million metric British thermal units (mmbtu) being approved by the...

Radico Khaitan Ltd (RKL) continues to focus on premiumisation and expects double-digit volume growth momentum in the Prestige & Above (P&A) category to continue.

We recently engaged with the Unimech management for insights into the present business environment and outlook. The company expects 35%+ growth in its aero-tooling segment over the next few years, driven by SKU approvals and client additions.