Highest Upside

Sunteck Realty, one of the leading real estate developers in the Mumbai Metropolitan Region (MMR), has a presence in South & Central, Western and Eastern Suburbs.

PN Gadgil Jewellers (PNG) delivered consolidated revenue growth of 24% YoY to INR24.4b (est. INR23.4b) in 3QFY25, led by strong festive demand during Navratri and Diwali.

Sunteck Realty (SRIN) reported presales of INR6.35b in 3QFY25, up 40% YoY (in line with our estimate of INR6.5b). Traction in uber-luxury projects nearly tripled, with bookings of INR4.2b, or 66% of overall presales. The upper-middle-income segment accounted for 19% of presales

Sunteck Realty (SRIN) reported pre-sales of INR5.2b in 2QFY25, up 33% YoY (13% lower than our estimate).

Tube Investments (TIINDIA)’s 2QFY25 result was weak, with standalone PBIT margin at 9.9% (-110bp YoY, vs. est. 10.6%), hit by one-offs in engineering segment and railway pricing challenge.

A frontrunner in CGD is expanding into biogas & EV charging points

Company Update

Strong fundamentals fueling a resilient growth

We maintain BUY on Voltamp Transformers (VAMP) with unchanged TP of Rs13,350. VAMP’s Q3FY25 revenue/EBITDA came in at Rs4.8bn/Rs990mn (+18%/+21% YoY).