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Lemon Tree Hotels Ltd.'s (LTH) Q4FY25 result was broadly in-line with our estimates on net sales and EBTDA front, while PAT was beat to forecast. The company reported the best ever Q4 results, aided by healthy RevPAR growth. The management is confident to sustain this growth in coming quarters by focusing on growth levers such as growth in managed and franchised portfolio, timely completion of renovation in the current portfolio. Renovation expenses stood at 2.7% of revenue in FY25 as compared to 2.4% in FY24. This increased investment in renovation expenses will continue into FY26 and a lesser amount...

With a 25% upside from the CMP, we maintain our long-term BUY rating on the stock

Logistics business to deliver robust revenue/EBITDA CAGR of 48%/ 53% over FY25-29E led by PUSH + PULL strategy

The company's strategic focus on monetizing non-core assets, with an estimated value of Rs, 1,000 crores, over the next year reflects its proactive approach to optimizing its asset base and strengthen- O/s Shares (Mn) ing its balance sheet. As part of the monetization plan, the company has already realized Rs. 460 Market Cap (INR bn) crores from these assets, with the remaining expected by July 2025. The company's decision should help reduce its debt and provide capital expenditure for the next set of expansions. We believe the Face Value (INR) allocation of these cash proceeds would be a key monitorable in the future. Ramco Cements has...

SAIL's Q4FY25 performance exceeded our forecast on all parameters. Revenue grew 20% QoQ to Rs293 bn, driven by strong volume growth of 20% QoQ which included 0.36 mnT traded volumes from NMDC steel. NSR remained flat QoQ at Rs55,002/t. EBITDA stood at Rs 35bn (71.9%/0.2% QoQ/YoY), with EBITDA/tonne at Rs 6,350/t (43%/14% QoQ/YoY) which includes one-offs on account of revision of provisional rail prices amounting Rs 6.9bn. SAIL is setting up a TMT mill at Durgapur to further decrease the semi-finished product contribution and is expected to come up in 2.5 years which will further aid...

Bosch India’s (BOS) Q4FY25 EBITDAM of 13.2% (flat YoY) was in line with consensus estimate. Gross margin improvement of ~300bps was offset by higher other expenses.

Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.0% was ~100bps below I-Sec estimate. Demand environment for light vehicles remains muted.

Varroc Engineering’s (VAR) EBITDA margin stood at 10.5%, down ~70bps YoY but ~50bps higher vs consensus/I-Sec estimate. Revenue growth was 11% YoY (adjusted), with 13% YoY growth in India operations.

Suzlon ended FY25 on a high with a strong set of result; in Q4FY25, it reported revenue of INR 38bn (+73% YoY), EBITDA of INR 7bn (+94% YoY) and adjusted profit of INR 5.8bn (~2x YoY) - adjusted for deferred tax of INR 6bn. The strong performance was led by execution of 573MW of wind turbines (2.1x YoY).

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock and value it at an EV/EBITDA of 18x for FY27E to arrive at a target Rs 380/share price

Modest revenue growth YoY at 6% dragged by tepid volume growth; flat YoY as JKLC chases higher realisations that gained ~5%

Mgmt. expects production and sales volume of ~20mt and 19.3mt. SAIL delivered a strong operating performance in Q4FY25 driven by 17% YoY volume growth (aided by 0.36mt of NMDC Steel volume tie up, ex-NSL 9%) amid stable domestic demand environment. Average NSR declined 2.2% QoQ amid weak steel pricing environment during the quarter. Steel prices started improving towards the end of Q4 in the anticipation of safeguard duty. Strong 9% volume growth and lower coking coal prices has resulted in EBITDA/t of Rs5,358 adjusting for prior period rail price revision impact of Rs6.25bn. Going...

Britannia delivered a strong quarter, with growth in the topline, on the back of an expanded network, effective cost management and margin preservation despite significant input inflation. The management remained vigilant on input costs and competition, executing a disciplined return on investment-focused strategy for organic as well as inorganic growth. In fact, although input costs remain a concern, the company's disciplined approach, commitment towards sustainability as well as...

TCL faces short-term challenges, including sluggish demand in the US and Europe and decreasing export prices in the US market, as well as downward pressure on *over or under performance to benchmark index margins due to declining soda ash prices. However, the company is well-positioned for growth, driven by its strategic emphasis on speciality products and capacity expansion plans. A recovery in volumes and margins is anticipated in the next fiscal year, led by the Indian and Kenyan markets. The UK business is expected to show signs of improvement from the second quarter, driven by its new pharmaceutical...

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock.

Vinati Organics reported a strong Q4FY25 with revenue up 17.5% y-o-y, operating profit growth of 20.4% and net profit increase of 18.1% y-o-y.

Sustained loan book growth, a slight decline in asset quality, higher credit costs and contracting net interest margin, characterized LTF's performance in Q4FY25. Looking ahead, with the successful implementation of Project Cyclops, a comprehensive credit administration framework overhaul, and the introduction of Project Nostradamus, LTF is poised to boost disbursement in FY26, particularly in its urban and rural businesses. Continued investments in digital transformation...

VATW's momentum in delivering strong performance is expected to continue in the medium term driven by a strong order backlog and immense opportunities it has identified in the international markets, which will enable order inflows. We expect EBITDA...