Highest Upside

Gravita India’s (GRAV) performance was in line with our estimates. EBITDA (including hedging gains) was up 22% YoY at INR 1.06bn. EBITDA margin (adj.) was up 20bps YoY (30bps QoQ) at 10.3%. Lead sales volume rose 12.3% YoY at 45.6kt.

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.

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.

Go Fashion (GOCOLORS), operating under the brand 'Go Colors', is a pioneer and category leader in the women’s bottom wear market, holding an 8% share of the organized market.

Updater Services (UDS) reported a revenue growth of 12% YoY/2% QoQ to INR7.1b, in line with our estimate of ~INR7.1b. Core EBITDA margin came in at 5.0%, down 140bp YoY (vs. est. 6.4%). Consolidated adj. PAT stood at INR342m (up 9% QoQ), above our estimates of INR280m.

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.

Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field.

Crompton Greaves Consumer Electricals (Crompton) has delivered moderate growth in ECD segment +6.5% on high base while lighting segment grew +3.4% steadily gaining momentum in both B2B and B2C business. Butterfly EBITDA expanded by 620bps delivering positive momentum in appliances with better pricing and product mix. General Trade channel delivered moderate performance, while the Modern Retail channel experienced double-digit growth. Company continues to invest in premiumization, innovation, and GTM expansion to achieve steady performance across key ECD segments. We...