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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).

Tech Mahindra (TECHM) reported 4QFY25 revenue of USD1.5b, down 1.5% QoQ in constant currency (CC) vs. our estimate of 0.8% cc decline. BFSI/Communications grew 2.4%/1.0% QoQ, while Healthcare/Hi-tech and Media declined 5.6%/8.2% QoQ. EBIT margin was up 40bp QoQ at 10.5%, beating our estimate of 10.3%.

SBI Life Insurance (SBILIFE) reported 2% YoY growth in new business APE to INR54.5b (in line). For FY25, it grew 8% YoY to INR214.2b. Absolute VNB grew 10% YoY to INR16.6b (14% beat). VNB margin for the quarter stood at 30.5% vs. our estimate of 27.4% (28.3% in 4QFY24).

SBI Cards (SBICARD) reported a 5% miss on PAT, which stood at INR5.3b in 4QFY25. The share of the revolver mix was flat at 24% and management expects the revolver mix to have a downward bias toward 23%. NIMs improved to 11.2%.

AAVAS Financiers (AAVAS)’s 4QFY25 PAT grew ~8% YOY to ~INR1.54b (in line). FY25 PAT grew ~17% YoY to INR5.7b. NII in 4QFY25 grew 14% YoY to ~INR2.7b (in line).

Axis Bank (AXSB) reported 4QFY25 net profit of INR71.2b (flat YoY, up 13% QoQ, in line). NII grew 6% YoY/2% QoQ to INR138.1b (in line). NIMs expanded 4bp QoQ to 3.97%.

Thyrocare Technologies’ (Thyrocare) outperformance in Q4FY25 was driven by surge in volumes (up 15%) and realisation improvement, partially offset by higher ESOP cost.

Tea market share losses to unorganised / regional players are limiting inflation pass-through. Margin recovery now reliant on deflation

We maintain our BUY recommendation on the stock.