Sharekhan Broker Research reports

Order book is at a record high of ~Rs. 42,500 crore (including L1 position of Rs 8412 crore),representing a 2.5x revenue potential on the base of FY24x revenues. Revenue growth of 14% was led by T&D segment (28%) which was compensated by non-T&D segment (-3%).

Titan Company’s (Titan’s) Q2FY2025 numbers were affected by lower margins in the jewellery business. Consolidated revenues grew by 16% y-o-y; adjusted PAT stood flat y-o-y.

Q2 consolidated Adj. PAT of Rs. 1,067 crore was up 22% y-o-y (adjusted for one off items). Delhi Discom had a PAT of Rs. 297 crore (+178% y-o-y) due to a favorable tariff order impact.

CIFC reported net earnings of Rs. 963 crore, 3.5% (up 26.3%/2.2%, y-o-y/q-o-q) below estimates due to higher credit cost. Core PBT grew by 27.5% y-o-y/3.5% q-o-q, driven by AUM/NII growth. NIM, at 6.59% up 10 bps y-o-y, was in line with estimates.

EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins.

We retain a Buy with a revised PT of Rs. 1,250, factoring in a downward revision of estimates and expecting a revival in growth from FY2026.

Restaurant Brand Asia’s (RBA’s) Q2FY2025 performance was affected by negative SSSG in the India business and sustained weakness in Indonesia; EBITDA margins rose y-o-y aided by better profitability of the India delivery business and multiple initiatives in Indonesia.

We retain a Buy on Greenlam Industries Limited with an unchanged PT of Rs. 670, considering its strong earnings growth trajectory over FY2024-FY2026E.

? KPIL’s standalone revenues growth of 7.6% led by strong growth in T&D business (25%), Oil & Gas (170%), Urban Infra (31%) and B&F (19%) but was compensated by a decline in water (43%) and Railways (40%). Results broadly met estimates.

Sumitomo’s reported revenue of Rs. 988 crore, marking a 9% increase compared to the same period last year and an 18% rise from the previous quarter, exceeding our projections by 5%.