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Asian Markets Were trading mixed as China announced plans to cut interest rates. The Hang Seng and Shanghai were up 1.59% and 0.58%, respectively, while the Nikkei was down 0.10%.

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With a 15% upside from the CMP, we maintain our BUY rating on the stock

Revenue/EBITDA/ PAT grew 6.7%/8% and 19% above our estimates. EBITDA margin reported 20bps above estimates of 15.4% in 4QFY25

Weak Q4 on soft demand environment and margin pressure in tile segment; ceased plywood operations due to continued losses

Retail Research

End of Day Summary

We cut our EPS estimates by 6%/5% for FY26E/FY27E as we fine tune our topline growth assumptions amid persistent pricing pressure (volume growth of 22% has resulted in value growth of 15%). Safari reported better-thanexpected performance with EBITDA margin of 14.5% (PLe 12.8%) led by improvement in GM amid 1) reduction in RM prices, 2) better product & channel mix, and 3) lower discounts on e-com channel. Progress at the new site in Jaipur...

Riding Bodacious | Cashing the chaotic Brent Rodeo or bull-fighting is considered one of the most dangerous organized sports. I am sure you can imagine handling an unpredictable ~900kg mass and what it can do to you if you get caught on its wrong side! In the rodeo world, Bodacious has been recognized as the most dangerous. Forecasting crude oil prices, has also been like riding Bodacious. Crude oil prices are a result of complex multi-dimensional factors in addition to demand and supply- geo-political developments, unplanned disruptions, actions by OPEC+, and outlook on renewables. As global economy takes a beating due to tariff wars, OPEC+ announced intent to raise its production by 411kbopd in May'25 and then by similar quantity in Jun'25. As a result, Brent, which stood at USD79/bbl in FY25, declined to USD67/bbl in Apr'25 and has...