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We cut our EBITDA estimates by 33%/9% for FY26E/FY27E as we fine tune our footfalls assumptions given early monsoon in Western India during peak summer resulted in a 22.4% YoY decline in footfalls to 0.95mn (PLe 1.24mn). IMAGICAA IN reported weak set of results as revenues declined 19.5% YoY to Rs1,481mn with EBITDA margin of 49.0% driven by early monsoon in the western region and postponement of school vacations. Given 1Q is a seasonally strong quarter for water parks, we believe recovery in ensuing quarters will be difficult and thus FY26E might turn-out to be a challenging year for IMAGICAA...
Birla Corporation (BCORP)’s 1QFY26 EBITDA increased ~34% YoY to INR3.5b (~8% miss due to lower-than-estimated realization). EBITDA/t was up ~23% YoY to INR725 (est. INR838), and OPM surged 2.3pp YoY to ~14% (est. ~16%).
HALS volume reached 580tn in Q1FY26, sales volume guidance of 4,500tn for FY26 intact, current utilization at 22% Clean Science and Technology (CLEAN) reported revenue of Rs2.4bn in Q1FY26, marking an 8.4% YoY increase but a 7.9% QoQ decline. The sequential dip in topline was due to lower sales of newer products such as DCC and TBHQ. The Pharma & Agro Intermediates segment witnessed the sharpest decline, with revenue down 32% QoQ. Volume for the company's established products...
We initiate coverage on WeWork India Management Ltd. (WeWork) with a BUY rating and a target price of INR 914, based on 18x Sep’27E EV/IGAAP EBITDA (post all lease rental payments).
HG Infra (HGIEL) Q1FY26 performance was mixed, with a softer undertone despite healthy standalone revenue growth. On a standalone basis, revenue came in at Rs17,092.4mn, representing a 13.5% YoY increase but a 13.4% sequential decline. Profit after tax fell 10.1% YoY and 40.9% QoQ to Rs1,254.7 mn, as EBITDA margins contracted to 13.8% from 15.9% a year earlier. The fall in profitability was largely driven by a Rs43 crore one-off margin correction in the Ganga Expressway project due to a change in law provision, alongside higher finance costs and impairment provisions on receivables. Standalone PAT...
REC reported a healthy Q1 with its loan assets growing 3% QoQ despite a seasonally weak quarter. Calculated credit cost (annualised) was negative 43bps with the restructuring of the TRN Energy account, which led to an ECL reversal of INR 2.7bn. NIMs and spreads were higher in Q1 vs. FY25 levels.
Kirloskar Pneumatic (KKPC) reported a soft revenue growth of 2.3% YoY, while EBITDA margin contracted by 244bps YoY to 11.8%. During Q1, the company faced lower offtake and execution delays due to geopolitical uncertainties and supply chain disruptions. However, management remains optimistic about the long-term growth prospects amid short-term challenges. In the Air...
The company logged a decline in revenue for the quarter, mainly due to macroeconomic headwinds faced in the advertising segment. Despite the challenges faced, ZEEL remains optimistic about the future with rising viewership, cost reduction and higher profitability. The upcoming festive season is expected to drive revenue in the advertising segment. With efficient execution in programming and technology as well as continuous cost optimisation in ZEE5, the company's...
