Upgrades

We maintain our BUY recommendation on the stock.

With a 18% upside from the CMP, we maintain our long-term BUY rating on the stock.

AUM growth healthy at 26% YoY, guided for 24-25% in FY26, aided by new lines of business, gold, and secured business segments

MSIL sold 604,635 vehicles during Q4FY25, up by 3.5% YoY driven by domestic volume (+2.8% YoY), and export volume (+8.1% YoY). Revenue stood at INR 409,201 Mn, up by 6.4% YoY (+5.6% QoQ), which was below our estimates by 2.1%, driven by lower-than expected realizations.

Axis Bank’s Q4FY25 Net Interest Income stood at INR 1,38,105 Mn., a growth of 5.5% YoY (+1.5% QoQ). The Bank’s PPOP (Pre-Provisioning Operating Profit) for the quarter came in at INR 1,07,524 Mn., a growth of 2.1% YoY (+2.1% QoQ) led by operating efficiencies, while the Net profit declined 0.2% YoY (+12.9% QoQ) to INR 71,175 Mn.

Suspension of Indus Water Treaty to accelerate NHPC projects

Lagging our estimated 13.4%, TVS Motor’s Q4 adj. EBITDA margin (excl. PLI benefits pertaining to previous quarters) came at 12.5% due to less-than-expected PLI benefits.

Healthy 10% YoY volume growth aids flat top line despite 10% dent in realisations in a challenging Q4; capacity utilisation spikes at ~90%

Q4 revenue grew in double digits at 17%/5% YoY/QoQ) to Rs 95.5bn, backed by volume growth of 16% YoY (flat QoQ) to ~1.22mn units

UltraTech Cement (UltraTech) reported consolidated revenue of Rs. 23,063 crore (up 13%% y-o-y) for Q4FY2025. The consolidated operating profit of Rs. 4,618 crore (up 12% y-o-y). Indian Cement sold 2.64 MT in volume and reached breakeven in Q4FY25, with an EBITDA of Rs. 40/tonne.