Highest Upside

Despite the challenging retail environment Go Fashion’s Q2 revenue grew 10.4% y/y, in line with ARe, led by 0.5% SSSG.

We retain a Buy on Mahindra Lifespace Developers Limited (MLDL) with a revised PT of Rs. 644, removing NAV premium due to slower-than-anticipated new project additions and higher leverage.

KOEL’s 2QFY25 results beat our estimates, with 13%/67%/90% YoY growth in revenue/EBITDA/PAT.

Greenpanel Industries’ Q3 revenue/gross profit/EBITDA/PAT fell 6.8%/28%/71/69.3% y/y to Rs3.6bn/1.6bn/173m/85m. The poor showing stemmed from export volumes falling (due to unprofitable orders) while domestic volumes were flat.

Quarterly Update Q2FY25

TBO Tek’s H1 FY25 revenue grew ~24.7% y/y to ~Rs8.7bn (organic growth ~17.1% y/y). The overall take rate rose from ~5.2% in H1 FY24to ~5.5%, with monthly transacting buyers growing ~6.8% y/y to 28,252.

We maintain a Buy on Kajaria Ceramics with a revised PT of Rs. 1,600, factoring downwardly revised estimates and considering a healthy earnings growth trajectory in the next three years.

Dull Q2 on weak performance across segments due to cost inflation pressure in a weak demand environment and sales force rationalisation