Highest Upside

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%.

AGEL’s consolidated Q4FY25 EBITDA rose 31% YoY to Rs24bn (up 28% QoQ), led by 30% YoY uptick in operational capacity and improvement in CUF (Khavda achieved 32% in Q4), leading to 44% growth in sale of power.

With a 34% upside from the CMP, we maintain our long-term BUY rating on the stock.

Gravita India (GRAVITA) reported strong revenue growth of ~31% YoY in 3QFY25, aided by total volume growth of 33% YoY. The growth was broadbased across segments, with aluminum reporting the highest growth (2.4x YoY), following by plastics (44%) and lead (up 23% YoY). However, adj. EBITDA/kg declined 14% to INR19.1, due to higher sourcing of domestic scrap (44%) in 3Q.

Signature Global (SIGNATUR), with its strong presence in strategic locations in Gurugram, is on track to capitalize on the ongoing demand, guided by a strong project pipeline of 24.3msf.

Birlasoft reported revenue of $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million. Revenue in rupee terms stood at Rs. 1362.7 crore, down 0.4% q-o-q/up 1.5% y-o-y.

Black & White

Go Fashion’s Q4 revenue was in line with ARe at 12.7% while EBITDA margin came in ~50bps higher at 30.5%. In FY25, it added 62 net (104 gross) EBOs.

PNB Housing (PNBHF) delivered an all-round healthy performance, marked by a healthy retail loan growth of ~18% YoY, an expansion of 5bp QoQ in NIMs, a sustained improvement in asset quality, and recoveries from its retail written-off pool, which resulted in provision write-backs for the entire year.

GKEL’s Q4FY25 LFL performance was strong with revenue (including other income) growing by 17% y-o-y to Rs. 706 crore and EBITDA margin expanding by 76 bps y-o-y to 14.4%.