Highest Upside

We maintain BUY on Senco with an unchanged TP of Rs500 (25x Jun-27E EPS), as a 4-5% cut in estimates on higher interest expense is completely offset by rollover to Jun-26E TP.

Nilkamal’s Q3 revenue grew 6.3% y/y to Rs8.5bn. Input-cost tailwinds helped the gross margin expand 126bps y/y to 43.3%. Higher employee expenses and other operating expenses pulled EBITDA down 12.9% y/y to Rs634m. PAT was down a significant 26.4%.

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.

Revamped Strategy to Drive Growth

Quarterly Update Q3FY25

In 4QFY25, Brigade Enterprises (BRGD) reported a pre-sales growth of 9% oY to INR24.5b (22% below our estimate), due to a 26% YoY decline in volumes to 2.0msf (50% below our estimate).

We initiate coverage on Puravankara with BUY and SoTP-based TP of Rs430. The company is among the top-5 players in the South India real estate market with a strong brand recall

Five Star Business Finance (FIVESTAR)’s 3QFY25 PAT grew 26% YoY to INR2.74b (in line). NII grew ~28% YoY to INR5.4b (in line), while PPoP rose ~29% YoY to INR3.9b (in line). Other income declined 3% YoY to INR198m.

We initiate coverage of JSW Energy Limited (JSWE) with a BUY recommendation and a target price of Rs 800/share, implying a potential upside of 26% from the CMP.