Highest Upside

In line with ARe, Kajaria Ceramics’ Q2 revenue grew 5% y/y to Rs11.8bn. EBITDA/PAT fell 12%/22% y/y to Rs1.6bn/Rs843m, below our estimated Rs1.7bn/Rs940m.

A significant capex plan for 3X capacity expansion

FCL reported a revenue of INR 1,457 Mn, a growth of 2% QoQ, flat YoY. Gross Margins remained flat declining by 36bps, coming in at 38.22%.EBITDA margins (excl. OI) were maintained on a QoQ basis, coming in at 25%, with a 133bps decline on a YoY basis, margins were in line with our expectations.

Driving India's digital financial solutions

Infibeam Avenues Q2FY25 reported better than anticipated earnings. Gross revenue stood at INR 10,167 Mn, increased by 29.2% YoY (+36.5% QoQ), primarily driven by robust growth in the payment business.

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.

Post Covid, PVR Inox’s stock performance has been tracking box office collections/upcoming pipeline. After a dull H1CY24, box office collections have picked up and are expected to further improve in Q3FY25.