ICICI Securities Limited Broker Research reports

Home First Finance (Home First) was listed in Feb’21. Ever since, it has managed to stand out among peers in the affordable housing finance space, consistently delivering 6–8% QoQ growth every quarter.

Tata Steel (TSL) has embarked on a major transformation plan at Tata Steel Netherlands (TSN) – built on a multi-pronged approach to maximise production efficiencies, lower fixed costs, optimise product mix and margins.

In our view, ACI has a plethora of opportunities – each carrying strong value creation potential – along its path ahead. Right off the bat, the expansion in bromine derivatives, and thus, higher captive bromine consumption would likely provide a strong fillip to ACI’s bromine business.

Godrej Properties (GPL) has clocked strong Q4FY25 gross sales bookings of 7.5msf worth INR 101.6bn, led by several new launches across India.

Vishal Mega Mart’s (VMM) private label strategy in FMCG (~27% of revenue) has been important for its success story, redefining value for consumers. High presence of large-pack SKUs and reputed manufacturers for its private label brands.

Hindustan Aeronautics Limited (HAL) has clocked revenue of INR 304bn in FY25 (vs INR 303.8bn in FY24).
Revenue was ~6% below our estimate of INR 322.4bn, mainly because of shortfall in delivery of ALH-Dhruv and other manufacturing revenue.

We attended Hindalco Industries’ (HNDL) Investor Day. Long-term capacity growth aspirations in India, focus on value-added products dovetailing with domestic requirements.

Aeroalloy Technologies (ATL), a wholly-owned subsidiary of PTC Industries (PTCIL), has received a significant longterm order from Safran Aircraft Engines, entailing supply of seven cast aero-engine components, utilising both titanium (Ti) and superalloys for CFM’s advanced LEAP-1A and LEAP-1B engines.

We recently met Karur Vysya Bank (KVB)’s top brass, including business heads, at Karur. Our confidence in the quality/longevity of growth and earnings is emboldened. KVB has been furnishing steady loan growth and will likely have at its disposal healthy optionality, as and when liquidity eases/lending to unsecured turns conducive.

GAIL’s Q3FY25 result disappointed the street, with multiple one-offs dragging trading segment earnings and reigniting the long-held apprehension on the unpredictability of trading segment.