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Marico (MRCO) reported consol. revenue growth of 20% YoY (in line) in 4QFY25. Domestic revenue growth was 23% YoY, while volume growth was 7%. International growth was 11% YoY (16% CC growth).

BPCL’s Q4FY25 performance was much better than expected. SA EBITDA/APAT was down 15%/18% YoY to Rs78.1/45.5bn, albeit at a significant beat, driven by reported GRM of USD9.2/bbl (Emkay: USD6/bbl).

Quarterly Update Q4FY25

Adjusted EBITDA profitability in Q4FY25 was above our estimates (act. INR 0.7bn vs. est. INR 0.1bn). This was achieved by containing quick commerce (QC) losses despite adding 294 dark stores and 1mn sq.ft. warehousing space in a quarter with seasonally lower AOV (-5.9% QoQ).

Stable margins and strong fees led to City Union Bank’s steady operating performance. Overall profitability was strong, with RoA coming at 1.53%. Ahead, we expect net slippages to be negative since most of the stress has been recognised. The focus now shifts to business growth.

VED reported a steady Q4FY25 with EBITDA of Rs116.2bn (+4.5% vs Emkay; +3.0% QoQ); the performance was mainly led by sequentially better profitability in its Aluminium and Zinc India businesses.

We revise our rating from BUY to HOLD, as we see limited upside from the CMP