Highest Upside

Go Fashion’s standalone Q3 6.2/3.3/3.9% y/y growth in sales/EBITDA/ PAT was anaemic but decent in the context of the weak demand situation. SSSG/SCSG was flat/4.8%. The gross margin rose 264bps y/y to 64.1%, led largely by low-cost inventory (but also by the favourable product mix and higher EBO sales).

LTTS reported revenue of $312 million, up 3.1% q-o-q/8.7% y-o-y in constant currency (cc) terms, missing our estimate of $315 million, led by Tech and Sustainability offset by weakness in Mobility. Reported revenue in $ terms was up 1.7% q-o-q/7.3% y-o-y while revenue in rupee terms stood at Rs 2,563 crore, up 3.1% q-o-q/9.5% y-o-y.

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).

GPL’s pre-sales volume for 3QFY25 declined 6% YoY (-21% QoQ) to 4.1msf, resulting in a pre-sales value of INR54.5b (-5% YoY/5% QoQ).

REC reported a satisfactory quarter in terms of margins, credit cost, and asset quality, while growth in Q3 was a tad below expectations on account of higher repayment and resolution of NPAs; however, disbursement remained strong.

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.

Given the company's strong growth potential backed by robust deal wins and superior execution capabilities, we recommend a BUY rating on the stock.

Ad revenue declined 6.4% YoY in Q3FY25 as there was a sharp cut in ad spends by FMCG companies in Nov’24 and Dec’24. Subscription grew 2% YoY, lower than our estimated 4% YoY, as pricing hikes by the company are taking time to implement.