ICICI Securities Limited Broker Research reports

Tata Power reported a good set of result in Q4FY25. EBITDA came in at INR 34.8bn (+27% YoY) driven by strong performance in renewables segment – solar manufacturing and renewable generation, coupled with strong show by Odisha discoms.

Bharti Hexacom (BHL) highlighted it has much lower need for capital (vs Bharti Airtel) as it focused only on mobility and FBB business, and net debt levels were much reasonable.

Happiest Minds (HAPPSTMNDS) reported 25.6% YoY CC growth in FY25, lower than its guidance of 27-28%. Organic growth for FY25 stood at ~3.2% as per our estimate.

GlaxoSmithKline Pharmaceuticals’ (GSK) Q4FY25 revenue grew at a slower pace of 4.8% due to slowdown in acute therapy market. Improvement in mix led to 340bps YoY expansion in gross margin while cost savings and productivity improvement fuelled 650bps surge in EBITDA margin.

Carborundum Universal (CUMI) reported an underwhelming set of result. Consolidated revenues were flat YoY at INR 12bn, EBITDA declined by 30% YoY to INR 1.5bn and profit was at INR 301m in Q4FY25.

SRF’s chemical business has surprised positively in Q4FY25 with a strong show in specialty chemicals and ref-gas; also, SRF is upbeat on demand outlook/orderbook for FY26. Ref-gas revenue should benefit from higher production with commissioning of AHF plant which was a bottleneck in FY25.

Krishna Institute of Medical Sciences’ (KIMS) delivered robust performance in Q4FY25 with revenue/EBITDA/PAT surging 26%/29%/49%, respectively. Existing clusters of AP/ Telangana grew 19%/23% while EBITDA growth was much faster at 37%/34% YoY, respectively.

Tata Steel’s Q4FY25 performance met our and consensus estimates. Consolidated EBITDA at INR 65.6bn (up 11% QoQ) was in line with our estimates, standalone EBITDA/te was up INR 1,000 QoQ.

Chalet Hotels’ (Chalet) Q4FY25 revenue and EBITDA grew 20% and 22% YoY, respectively, led by 23% same-store RevPAR growth. For FY25 overall, hotel revenue grew 18% YoY to INR 15.2bn while EBITDA was up 19% to INR 6.8bn.

Novelis’ Q4FY25 performance was in line with our estimates. Operating leverage benefits resulted in EBITDA/te rebounding to USD 494, sales volume rose 6% QoQ as beverage can market remains strong.