Downgrades

Leveraging its strong balance sheet and best-in-class retail pedigree, Metro is prudently plugging portfolio gaps and remains a platform of choice for thirdparty brands looking to enter India.

We recommend a BUY rating on the stock with a TP of Rs 9,115/share, implying an upside of 10% from the CMP

We upgrade Aarti to BUY from Add and revise up our TP by 5% to Rs 525 from Rs 500 (25x Jun-27E EPS, on rollover); the revision is owing to the recent stock price correction and steep rise in gasoline-naphtha cracks which should raise demand for octane boosters and aid volume growth for MMA (Energy business).

declined by 10 bps compared to FY24, settling at 12.9%. Operating expenses increased by 11.0% YoY to Rs.1,108 cr. in FY25, while a decline in fee and other income led to a marginal rise in the cost-to-income ratio to 30.7%, up from 30.5% in the previous year. Despite a sharp 327.1% YoY increase in provisions due to accelerated write-offs targeting delinquent accounts, the company reported an annual profit of Rs.531.4 cr. Gross NPA and Net NPA rose sharply to 4.8% and 1.7%, respectively, from 1.2% and 0.4% in FY24, reflecting a notable deterioration across all PAR buckets. While collection efficiency remained subdued for the first three quarters of the year, it showed signs of recovery towards the end of FY25, indicating early momentum in asset quality stabilization....

We recommend a BUY rating on the stock with a target price of Rs 187/share, implying an upside of 10% from the CMP.

LT’s annual report of 2025 highlighted its consistent focus on diversifying revenue streams, exploring new opportunities and enhancing return profile.

Despite robust growth over the past few years (6.5x revenue growth over FY19-25), management indicated that Trent’s share in India’s fashion and lifestyle retail industry remains in low-single digits.

For FY26, capex is guided at Rs. 400425cr, with Rs. 250300cr for new projects and the rest for renovation, maintenance, and IT. Capex intensity is expected to *over or under performance to benchmark index...

Voltas delivered steady performance in Q4FY25, driven by impressive growth in the UCP segment and healthy margins. Voltas' Chennai RAC manufacturing facility's ramp-up is on track, enhancing supply chain efficiency in southern and western regions. The company's strategic plans, including new product launches and distribution network expansions, are poised to further bolster its market share. Operational efficiencies and optimised manufacturing capabilities would also contribute to the success. Currently, the stock trades at 42X 1-year blended forward PE valuations. However, a short summer and early onset of monsoon could impact...

We attended JLR’s Annual Investor Day meet to understand its outlook and growth strategy. JLR gave guidance for £28bn revenue with 5-7% EBIT margin in FY26 (vs earlier guidance of 10%; FY25: 8.5%); it maintained its interim/long-term guidance of 10%/15%, led by sustained focus on premiumization (growing share of higher-priced models), pricing discipline, and structural cost reduction.

We interacted with the management of Voltas (VOLT) to gain insights into the current demand trends, the company’s strategy amid challenging conditions, and segmental performance.

In Q4FY25, Petronet's consolidated revenue declined 10.7% YoY to Rs. 12,316cr, primarily due to delayed capacity expansion and lower volume processed. The Dahej terminal processed 189 trillion British thermal units (TBTU) of LNG, a 13.7%...

multiple product portfolios. EBITDA margin contracted by 160bps YoY to 13.8%. Volumes in dyes, pigments and polymer additives are encouraging, while the agrochemical demand environment remained challenging. As per management, a volume pick-up is seen across the segments, even though the pricing environment remains subdued due to overcapacity....

Under HealthCo, offline pharmacy revenue grew 16.6% YoY to Rs. 2,084cr as store count rose to 6,626 (vs 6,360 in Q3FY25) and strong private-label sales. Online pharmacy sales grew 22.3% YoY to Rs. 292cr. Apollo got a boost as daily active...

*over or under performance to benchmark index CG Power and Industrial Solutions Ltd manufactures and distributes electrical equipment, such as transformers, reactors and control equipment, as well as industrial motors and pumps and communication systems. CG Power's consolidated revenue for Q4FY25 grew 25.6% YoY to Rs. 2,753cr, led...

*over or under performance to benchmark index driven by higher prices and a favourable product mix. Meanwhile, revenue from the others segment grew 13.7% YoY to Rs. 898cr. EBITDA expanded 5.7% YoY to Rs. 6,548cr, supported by increased revenue. How-...

Author: Vincent K A - Sr. Research Analyst expenditure over the next two years towards capacity expansion, plant modernization (including automation for cost optimization), and enhanced renewable energy initiatives. Management aspires to reach 1000 Xclusive stores across India over the next few...

Over the past 10 years, GALSURF has demonstrated its ability to scale profitably while navigating cyclical and regional challenges.

Quarterly Update Q4FY25