Highest Upside

KOEL’s 2QFY25 results beat our estimates, with 13%/67%/90% YoY growth in revenue/EBITDA/PAT.

Greenpanel Industries’ Q3 revenue/gross profit/EBITDA/PAT fell 6.8%/28%/71/69.3% y/y to Rs3.6bn/1.6bn/173m/85m. The poor showing stemmed from export volumes falling (due to unprofitable orders) while domestic volumes were flat.

We retain BUY on Mahindra Logistics Limited (MLL) with a revised PT of Rs. 560, factoring in downwardly revised estimates, while it remains on a growth path.

Ugro reported a satisfactory performance in Q2FY25, where it delivered a strong performance in terms of highest-ever net disbursement of Rs19.7bn (+34% YoY; +71% QoQ) and AUM reaching Rs101.6bn (+34% YoY; +10% QoQ).

Quarterly Update Q2FY25

In tandem with historical trend of seasonality, DCX delivered a muted H1FY25 but slew of order wins was the showstopper in Q2FY25 with a total order worth of INR.30,000 Mn. For the Q2 in specific, higher material cost continued to weigh on margin and resulted into a miss on earnings.

PVR Inox’s ad revenue grew ~36% QoQ to ~INR 1.48bn (highest quarterly ad-income post Covid) in Q3FY25, which in our view is an encouraging development.

Dull Q2 on weak performance across segments due to cost inflation pressure in a weak demand environment and sales force rationalisation