the retail space for CRS. CRS reported 5.8% growth in revenue with 130bps expansion in EBITDA margin in Q4FY25 due to cost management and operational leverage. CRS is expected to outperform the industry by 6-7%, with EBITDA margin of 15-16% by the end of FY26. The company continues to hold...
Jindal Stainless (JDSL) reported largely in-line standalone operating performance in Q4FY25 led by strong volume growth. Volumes grew 13% YoY to 643kt led by strong 17% YoY domestic volume growth led by infra, metro and railways sector. Exports volume continued to remain weak and contributed ~8% to total volumes however mgmt. is seeing good traction in key quality conscious markets of EU and US in near to medium term. Average realization declined 2% QoQ as domestic pricing came under pressure post US tariff talks amid continued cheap imports from Vietnam & China. Mgmt. indicated SS...
UNBK saw a strong quarter owing to beat on all fronts i.e. NII, fees and asset quality resulting in core PBT being 9.4% above PLe. NII was 1.8% higher as NIM was cushioned due to (1) shedding of high cost bulk deposits in the last quarter and (2) avoiding disbursal of lower yielding loans. Loan growth was muted at 9.5% YoY; over FY25-27E we are factoring a loan CAGR slightly lower than the system at 10%. Asset quality was superior as net slippages were lower led by controlled gross slippages and healthy recoveries while provisioning for Q4'25...
Abrasives/Digital Services EBIT margin fell by 97/418bps YoY to 13.4%/23.8% in Q4FY25 while Ceramics EBIT margin grew by 104bps YoY to 17.3%. Grindwell Norton (GWN) reported a muted performance for the quarter, with revenue growing modestly by 2.7% YoY and EBITDA margins remaining largely stable at 17.9%. The domestic demand shown resilience across both the Abrasives and Ceramics segments. However, export demand remained subdued, likely due to persistent pressure from Chinese dumping and overall...
HPP/CDMO see 10%/115% YoY revenue growth: Consolidated revenue stood at Rs7bn (16.4% YoY/15.6% QoQ), (PLe: Rs6.23bn, Consensus: Rs6.7bn). FY25 revenue for the company improved by 13.8% to Rs23.5bn. Gross profit margin was 54.2% (vs 50% in Q4FY24 and 56.6% in Q3FY25). Absolute Gross profit was Rs3.8bn, increased QoQ by 10.7% and YoY by 26.2%. HPP and CDMO segment saw a revenue increase of 10% and 115% respectively, while...
We increase our EPS estimates by 6%/2% for FY26E/FY27E and upgrade our rating to BUY (earlier HOLD) with a TP of Rs137 as we revise our target multiple to 11x (earlier 10x) amid sustained improvement in operating performance since last 4 quarters. Despite a weak ad-environment, ZEEL reported better than expected performance with EBITDA margin of 13.1% (PLe 12.5%) led by cost optimization efforts and narrowing losses in ZEE5. In FY25, ZEEL's content and employee cost was down 10.4% and 9.0% respectively while operating loss in ZEE5 almost halved leading to 390 bps expansion in EBITDA margin. While...
ARTO reported revenue of Rs19.5bn reflecting a 6% sequential increase, driven primarily by higher volumes in the dyes, pigments, polymer additives, and energy segment. However, the agrochemical business continues to face challenges. The energy segment, which has the highest contribution to revenue, saw a 21% sequential volume increase, supported by widening in customer base and geographical outreach, however pricing pressure led to lower than historical margins. Management has guided for FY28 EBITDA in the range of Rs1822bn, implying a 30% CAGR over the next three years to be...
Management guided for a ~10% order intake growth and ~15% revenue growth with P&M margin of ~8.5% in FY26. Larsen & Toubro (L&T) reported consol. revenue growth of 10.9% YoY, while EBITDA margin improved 24bps YoY to 11.0%. L&T continues to exhibit strong growth prospects across key segments such as Hydrocarbon, Heavy Civil, Transmission & Distribution, and Renewable Energy, both in domestic and international markets. Notably, its recent ultra-mega order from Qatar Energy underscores its growing presence in the Middle East. Furthermore, L&T's...
We believe that the continued pain in Romania may impact mid-term consolidated financial performance of the company however, HARSHA's longterm outlook remains positive given its 1) market leadership in bearing cages, 2) greenfield capacity expansion plans, and 3) multiple levers for growth viz. i) bearing cage outsourcing, ii) capex by global bearing players in India and iii) growing demand for bronze bushings. The stock is currently trading at a P/E of 23.5x/19.7x on FY26/27E earnings. We maintain Accumulate' rating with a...
TTAN reported a robust 4Q led by 1) value growth leg by 30-40% higher gold prices 2) 330bps margin gain in watches and 3) 20bps higher margins in jewellery enabled by operating leverage and hedging gains. 1H26 outlook remains positive given low vase due to elections and no marriage days. Higher gold prices are impacting demand however consumers are shifting to lighter jewellery and value growth remains strong. Gold on lease charges are...
APNT aims for single digit value growth, with 18-20% EBITDA margins in FY26 APNT has given a cautious outlook for FY26 with single digit topline growth and EBIDTA margins in the band of 18-20%. Demand scenario has been tepid and organized decorative demand has seen a decline in FY25. Rural and tier3/4 demand is better than urban India, however normal monsoons benefit of tax cuts and benign inflation. The competitive intensity remains high in decorative paints; however current discounts and the pricing environment are...
We downward revise our FY26/FY27E earnings estimate by 6.6%/7.8% factoring slow demand for RAC, cost pressure for key components like compressors and copper tube, no price hikes and slow ramp up of Chennai plant. Voltas Ltd (VOLT) reported volume growth in line with the industry in UCP segment and anticipates demand recovery in upcoming quarters from extended summers and support from In Shop demonstrator. UCP EBIT margins expanded due to the better product mix in Industrial coolers and high energy efficient rated products. VOLT market share has declined slightly in RAC...
Avalon Technologies (AVALON IN) has reported strong earnings growth of Change in Estimates | Target | Reco EBITDA margin expanded by healthy ~410bps YoY to 12.1%, attributed to a...
Polycab reported mid teen volume growth in its W&C segment. Domestic W&C business grew by 26.5% YoY, driven by mid-teen volume growth. Within this, domestic cables grew at a faster pace in the high teens, while wires registered...
BOB saw a weak quarter with core PPoP miss of 7.3% as NII/NIM was 6.1% below PLe. Margins remain under pressure; while reported domestic NIM fell by 9bps QoQ, full year NIM for FY25 fell by 16bps YoY to 3.02% due to 24bps increase in deposit cost and 13bps fall in loan yields. In our view, the fall in yields was likely due to preference for growth over profitability while increase in funding cost was driven by reliance on higher cost bulk deposits in FY25. Bank expects NIM to remain under pressure in Q1FY26, post which it may improve....
Dabur guides for at least high-single digit value growth in FY26 Dabur reported in-line numbers with mid-single digit volume decline led by seasonal delays, rising food inflation & urban demand weakness. We note that categories like Oral care, haircare, Chawyanprash and Honey have shown degrowth during the quarter. Dabur is looking at corrective steps in Beverages, introducing modern format products in healthcare, innovations in Hair oils & Chawyanprash and filling product gaps in oral care. However, we believe that...
loyalty and influencer program and new innovations and launches. positive Outlook in non-auto industrials remains positive led by strong order pipeline across Infra, Railways, Powder coatings etc. Competitive intensity remains intense in decorative segment as full impact of new players like Birla Opus, JK Maxx and JSW is yet to play out fully. However, margins are likely to improve in FY26 given benign input costs. We estimate a CAGR of 6.7% in sales and 11% IN PAT over FY25-27. We value the stock at 28xMar27 EPS (No change) and assign a target price of Rs284 (Rs288 earlier)....
We downgrade the stock from Accumulate' to Hold amid recent runup in the stock. MAHGL reported adj EBITDA of Rs3.2bn in Q4FY25, down 20% YoY (PLe: Rs3.6bn, BBGe: Rs3.5bn). Miss was mainly on account of higher opex. The adjustment is on account of reversal of discounts given to the OMCs of Rs633.5mn. Adj PAT came in at Rs2.1bn, down 22.6% YoY (PLe: Rs2.4bn, BBGe: Rs2.5bn). For the full year, adjusted EBITDA stood at Rs14.5bn, -21.5% YoY. FY25 adj PAT stood at Rs10bn, -22.7% YoY. We build in volume growth of 10%...
KEI has guided for 20% revenue growth till FY28 supported by commercial production of LT and HT cables in Q1FY26 and completion of Sanand plant by end of FY26 driven by strong demand in domestic & export markets. Major driver for domestic demand are power generation sector (Solar and Wind) and power distribution and transmission companies, as per the management. The company aims to improve its EBITDA margin once Sanand plant becomes operational. KEI reported strong rev growth in HT cables (+65.6% YoY), LT cables (+38.5% YoY) & housing wires (+37.9% YoY) in Q4FY25. Exports saw a...
Hindustan Petroleum Corporation (HPCL) reported better-than-expected Q4 results with standalone EBITDA of Rs58bn (up 20.8% YoY; PLe: Rs35.6bn, BBGe:Rs40.5bn) and PAT of Rs33.5bn (up 18% YoY; PLe: Rs10.8bn, BBGe: Rs16.8bn). On the refining front, GRM came in at USD8.5/bbl. GMM stood at Rs4.6/lit, and under-recovery on sale of LPG stood at Rs33bn. The stock is trading at 1.3x FY27 P/BV. In Q1-TD, Singapore GRM has remains at USD3.6/bbl, with strength in past few days. Average marketing margins on petrol/ diesel...