New Research Reports

Quarterly Update Q4FY25

KEI reported a healthy revenue growth of 26% y-o-y, reaching Rs. 2,914 crore (our estimate of Rs 2,737 crore) for Q4FY2025 led by 35% y-o-y growth in C&W revenues.

Retail Research

Retail Research

Q4FY25 performance beat our estimates. Revenue growth of 25% was strongly backed by strong performance across segments. In C&W segment cables outpaced the growth of wires segment. Volume growth remained at 15-17% and the balance of growth came from an increase in realizations.

Paytm again turned EBITDA (ex ESOP)-positive in 4Q, at Rs0.8bn (Emkay: Rs1.1bn). This was due to lower UPI incentive, which coupled with accelerated cost (Rs4.9bn) on ESOPs surrendered by MD & CEO Vijay Sharma and impairment in subs led to net loss of Rs6.1bn.

We maintain BUY on CG Power & Industrial Solutions (CGPower) with TP of Rs765 (unchanged). Q4FY25 results were broadly mixed, with revenue in line with estimates and our PAT seeing a marginal miss. Consolidated revenue/EBITDA/PAT grew 26/28/23% YoY to Rs27.5/3.6/2.9bn, respectively.

Kajaria’s Q4FY25 performance was weak on sales volumes as well as profitability fronts and missed our expectations. However, on a positive note, it has gained market share in FY25 as sales volume growth of 6% YoY was ahead of the industry (2% YoY growth).

Tatva Chintan Pharma Chem’s Q4FY25 revenue stood at INR 1,079 Mn., up by 9.8% YoY (+25.6% QoQ), above our estimates by 4.3%, led by strong double-digit growth in PTC and PASC segments. EBITDA came in at INR 90 Mn., down by 42.7% YoY (+26.8% QoQ), below our estimates driven by lower-than-expected gross margins.

Ami Organics’ Q4FY25 revenue stood at INR 3,085 Mn, up 37.1% YoY (+12.2% QoQ), above our estimates (+9.7%), led by significant growth in Advanced Intermediates segment. EBITDA came in at INR 850 Mn., up by 96.8% YoY (+23.7.0% QoQ), above our estimates (+9.7%) due to better-than-expected revenue.