Emkay Broker Research reports

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.

We maintain BUY on Voltamp Transformers (VAMP) with unchanged TP of Rs13,350. VAMP’s Q3FY25 revenue/EBITDA came in at Rs4.8bn/Rs990mn (+18%/+21% YoY).

We upgrade SRF to BUY from Add and raise our SoTP-based TP by over 19% to Rs3,100, as we believe i) the worst is behind for all of its businesses, ii) SRF is seeing gradual uptick in its specialty chemical business from existing products, and healthy contribution is expected from new AIs in FY26

TTMT’s Q3 performance was below expectations driven by sequential ASP decline at JLR and standalone operations, as well as lower than expected margin expansion in JLR (JLR margin up by 244bps QoQ to 14.2%, consolidated margin stable at 11.5%)

Star Health reported weak performance for Q3FY25, with GWP growth at 5.3% (at a 1.8% miss) impacted by implementation of the 1/n regulation and Combined Ratio at 103.3% vs our estimate of 100.5% driven by higher Claims and Expense Ratio (affected by 1/n premium accounting of long-term policies).

MOFS reported a steady performance during Q3FY25 amid volatile markets, with Operating PAT at Rs5.25bn (+39% YoY, -3% QoQ); however, a treasury loss of Rs0.7bn resulted in consolidated PAT (including OCI) at Rs4.56bn (-41% YoY, -63% QoQ).

AVL’s Q3 EBITDA was 9-14% below street/our estimates, due to weaker gross margin in a sluggish demand environment. In the wake of significant growth moderation for the durable industry in Q3 (vs H1), AVL’s strong and in-line revenue growth of 23% marks a huge outperformance (13%/15% SSG in Q3/9M).

MMFS delivered a stable quarter in terms of growth, margins, and credit costs. Quarterly PAT stood at ~Rs9bn, with the beat primarily driven by minimal credit costs, which resulted from the ECL-model refresh (leading to lower PD and LGD estimates).