Highest Upside

Aditya Birla Fashion & Retail Limited’s (ABFRL) Q3FY25 performance was driven by festive and wedding demand, leading to better LFL growth of key businesses, while overall demand sentiments continued to be muted.

Fintech foray spearheading the turnaround

The festive and the ongoing wedding season has improved the demand environment for retailers such as Raymond Lifestyle (RLL), with expectations of double-digit growth (~12-14%) in secondary sales, which should result in improved collections in 3QFY25

Update note

Nurturing Growth with a Shield of Margin Safety

Authorized by L&T, Siemens, Schneider Electric, TDK to manufacture fully type tested panels
?Strategic tie-ups to procure components directly without intervention of dealers
?In-house design team to produce panels compliant with International Standards (IEC) and Indian Standards (IS)

Stovekraft logged healthy ~12% revenue growth (vs 3% decline at larger peer TTK Prestige), which was in line with the company’s guidance of sustained 8-10% revenue outperformance vs the underlying industry.

Siemens (SIEM) in its FY24 annual report emphasized its strategy to capitalize on the opportunity potential that exists in India from diverse sectors and industries, spurred by favorable government policies, a relatively sanguine macroeconomic situation, and the ongoing global energy transition while also acknowledging the transient hiccups in select segments.

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.

Suspension of Indus Water Treaty to accelerate NHPC projects

Initiating Coverage Report

A strong set; timing of launches a key monitorable

Rivigo's turnaround & industry tailwinds to boost profits

NCR Realty bull market and favorable data center demand dynamics augur well

Company Update

Strong fundamentals fueling a resilient growth

Richly valued, despite a favorable outlook

We initiate coverage on Sonata Software (SSOF) with BUY and TP of Rs780, at 30x Dec-26E earnings. In its International IT Services business, SSOF delivered ~26% revenue CAGR over FY21-24 and ~4.3% CQGR over the last 10 quarters which remain among the top quartile revenue growth performances.

Quarterly Update Q3FY25