Emkay Broker Research reports

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line. Jewelry retail growth improved to 28% vs 21% in Q2, led by SSG improving to 22% vs 15% in Q2.

We initiate coverage on Vishnu Chemicals (VCL) with BUY and Dec-25E TP of Rs600 (20x Dec-26E EPS). We expect VCL to double its EBITDA over FY24-27E, led by strong volume growth in the Barium segment.

PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower. Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.

ABCAP reported mixed results in Q3FY25, with: 1) NBFC performing well on asset quality, but weaker on growth, NIMs, and RoA owing to a shift toward secured products.

Stovekraft logged healthy ~12% revenue growth (vs 3% decline at larger peer TTK Prestige), which was in line with the company’s guidance of sustained 8-10% revenue outperformance vs the underlying industry.

SPRL delivered a healthy ~11% YoY consolidated revenue growth, outpacing the underlying industry’s low-single digit production growth by ~3%, though EBITDA margin at ~20.1% was ~68bps lower than our estimates (dragged by higher other expenses).

ONGC’s Q3FY25 SA EBITDA came in at Rs170.4bn, a 4% beat to our estimate, mainly led by higher-than-expected revenues. RPAT at Rs82.4bn was a 4% miss on higher DD&A; and lower other income.

GHCL’s Q3 EBITDA at Rs2.3bn (+53% YoY/+9% QoQ) was above our estimates largely due to operational efficiency resulting in cost savings (volumes are flat YoY/QoQ).

KBL reported an 11% PAT miss in 3Q at Rs2.8bn, due to lower margins – down by 21bps QoQ to 3% (partly due to change in penal interest recognition), and other income, as the bank adopted a calibrated growth approach amid rising liquidity/cost pressures.

Pricol reported a soft Q3 revenue performance (~5% miss), partially impacted by supply issues, which are seen normalizing from Q1FY26.