Market Insights 280425
D K Jain
Dear Investor,
Markets always tend to be interesting with something or the other happening all the time. Our Morning Mantra is released before the opening bell and it includes the market commentary along with Corporate & Global news for the day.
US: Wall Street advanced on Friday, notching weekly gains as investors parsed a spate of earnings and looked for signs of easing tensions in the U.S.-China trade dispute.
Dow | 40,114 | 20 | 0.1% |
Dow Futures | 40,117 | -137 | -0.3% |
Hangseng | 21,947 | -33 | -0.2% |
Nikkei | 35,888 | 182 | 0.5% |
Gift Nifty | 24,258 | 170 | 0.71% |
Asia: Asian shares gained in a cautious start to the week as investors await progress in US trade negotiations with the region and signs of further stimulus from China.
Market is expected to open on a gap up note and likely to witness positive move during the day.
· Dixon Tech: The company's arm IsmartU India is set to acquire KHY Electronics for Rs 121 crore.
· GAIL: The company has signed an MoU with Container Corp. to explore adoption of LNG as alternative fuel.
· Aditya Birla Sun Life: The company has announced that it plans to raise Rs 950 crore via bonds and shares.
· Apollo Tyres: The company's Netherland-based arm is set to shut Enschede plant operations by summer of 2026.
· Mahindra & Mahindra: The company is set to acquire SML Isuzu Ltd. in a deal valued at Rs 555 crore, to bolster its truck and bus business. The company to acquire 43.96% stake held by promoter Sumitomo Corp. and 15% from Isuzu Motors Ltd.—a public shareholder of SML Isuzu. Separately, M&M will make an open offer to buy 26% stake at Rs 650 per share.
· Ramkrishna Forging: The company has said that while physical verification of inventory they found discrepancies of around 4-5% of net worth (around Rs.100cr). This will be provided in the result. Short term Negative
Institutional Desk
· Maruti Suzuki India (MSIL) – BUY - Automobiles | 4QFY25 Result Update - Premium re-rating story beyond affordability, BUY:
Key Points
Ø MSIL reported 4QFY25 earnings, with top-line in-line with NBIE estimate. Miss on EBITDA by 11.1% was largely due to other expenses relating to the commissioning of Kharkhoda plant in Mar’25, advertising expenses relating to the expo, a new launch and IPL, the impact from an uptick in HRC steel prices, adverse mix and lastly seasonal expenses relating to repairs and maintenance and digitization push taken in the quarter. We expect some of these expenses to be one-offs or be offset by greater economies of scale and operating leverage. PAT missed NBIE estimate by 3.5% due to these one-offs booked in the quarter.
Ø The largest PV manufacturer in India closed FY25 with the highest ever volumes and sales in a year, ~14% of which came from exports, which it continues to dominate as the largest exporter of PVs for the 4th consecutive year. It continues to remain one of our top BUYs because of the following reasons:
· Orient Electric (ORIENTEL) – BUY- Consumer Electricals | 4QFY25 Result Update - Growth led by L&S; working capital rises on delayed summer inventory:
Key Points
Ø Topline was in line with estimates and PAT below our estimates due to higher depreciation in the Hyderabad plant. The topline grew 9.4% on account of better performance in the L&S segment.
Ø Fans witnessed high single-digit growth with muted start to the quarter; BLDC grew over 50% YoY, Air coolers saw robust growth (over 30% YoY) with preseason build-up in both online and offline channel. Revenue contribution from DTM states saw double-digit growth. New products – focused on premium SKUs – contributed >20% to fan sales. BLDC contributed ~20% to Ceiling Fans (CF). Following the ramp-up, Hyderabad facility is now catering to about 50% of TPW production resulting in enhanced manufacturing efficiency.
Ø We continue to like the DTM strategy as well as the good growth and visibility from other regions. We also like the continuous effort in the Lighting segment with respect to greater SKUs and consistent increase in the B2B Lighting space. We maintain BUY with a TP of Rs287. This implies a P/E of 33x on FY27E EPS and it is at a ~48% discount to the 5-yr historical average P/E multiple on a 1-yr forward basis. The significant discount is on account of frequent senior management changes.
· RBL Bank (RBK) – SELL- Banking | 4QFY25 Result Update - Higher provisioning results in 80.5% YoY decline in PAT:
Key Points
Ø RBL Bank’s 4QFY25 results were lower than our expectations at NII / PPOP level with the same coming at a variation of -4.9% / -13.1% vs. our estimates. At PAT level the results were better than NBIE / consensus estimates by 48% /24.3% respectively. PAT declined by 80.5% YoY to Rs 687mn due to a slowdown in loan growth, compression in margins and higher credit costs. Gross advances growth slowed down from 13.2% YoY in 3QFY25 to 10.9% YoY in 4QFY25. Deposits growth slowed down from 15.1% YoY in 3QFY25 to 7.2% YoY in 4QFY25. NIM compressed by 56bps YoY / 1bps QoQ to 4.89%.
Ø The bank made an additional provision of Rs 2.5bn on JLG portfolio, taking the total NPA provision on this portfolio to 100%. In addition, on the total JLG SMA position of Rs 3.8bn, the bank has taken 75% provisioning amounting to Rs 2.8bn including the utilization of the contingent provisions of 1% created by the bank on its unsecured segments.
Ø After incorporating lower PPOP guidance for FY26 due to expected NIM compression, we have revised our FY26E and FY27E estimates downwards by 18.5% and 21% respectively. We have valued RBL Bank at 0.5x March 2027E ABV (same as earlier) deriving a target price of Rs 155 (Rs 147 earlier). Our target multiple is at a 34.2% discount to the past 5-year average multiple of 0.82x. In our view, RBL Bank stock will continue to see pressure in the near-to-medium term due to its 2 major verticals, microfinance and credit cards, seeing moderation in growth. We maintain a ‘Sell’ rating on RBL Bank
· DCB Bank (DCBB) – HOLD- Banking | 4QFY25 Result Update- NII Growth Trails Balance Sheet Growth:
Key Points
Ø DCB Bank’s 4QFY25 results at the NII level came in at a variation of -2.1% vs. our estimates. The results were better than our expectations at the PPOP / PAT level with the same coming at a variation of 10.1% / 14.9% vs. our estimates. The results were also better than consensus estimates at PPOP / PAT level by 16.4% / 12% respectively. PAT grew by 13.7% YoY / 16.9% QoQ to Rs 1.8bn mainly due to higher growth in other income. Loan growth and deposit growth of 24.7% YoY and 21.6% YoY were much better than industry growth of 11% YoY and 10.3% YoY respectively. NIM declined by 33bps YoY / 1bps QoQ to 3.29%. GNPA / NNPA improved by 12bps YoY / 6bps QoQ to 3% / 1.1% respectively.
Ø We have valued DCB at 0.6x March 2027E ABV (same as earlier), thus deriving a target price (TP) of Rs130 (Rs 116 earlier). Our target multiple is at a 17% discount to the past 5-year multiple of 0.77x. In our view, while the balance sheet growth remains strong, NII growth has trailed it and in a rate cut cycle its NIM is expected to see some compression which as per our estimates will keep RoA <1%. Other concern we see is that, due to the current valuations being below book value, a capital raise in future might be challenging, which in turn could affect the growth engine. We maintain a ‘Hold’ rating on DCB Bank.
· Mphasis Ltd (MPHL) – HOLD- Information Technology | 4QFY25 Result Update- Strong revenue growth with faster TCV conversion:
Key Points
Ø Revenue for 4QFY25 came in at US$430mn and was in line with NBIE but higher than street estimates by ~0.6%. In CC terms, revenue grew 2.9% and 5.4% on QoQ and YoY basis, respectively, against our estimate of 2.9% QoQ CC growth. This is the highest quarterly growth in the last 12 quarters and was led by momentum in the BFS and TMT vertical.
Ø Mphasis expects the pace of revenue and deal conversions to remain strong, propelled by the savings-led transformation theme on the back of AI, which it believes will help sustain growth momentum in Q1 and Q2 of FY26.
Ø In 4QFY25, EBIT margin stood at 15.3% and was in line with consensus but 20bps lower than NBIE estimates. For FY26, Mphasis expects to deliver above-industry growth in terms of revenue, gained from strong TCV wins and a steady conversion of TCV to revenue. The target EBIT operating margin would be at 14.75-15.75%. This flexibility leaves room for margin impact in case of mega or large deals where upfront investments need to be done.
Ø TCV for 4QFY25 came in at US$390mn and was the highest in the last 7 quarters. It was 11.1% and 120.3% higher on QoQ and YoY basis, respectively. It won 13 large deals during the quarter. The company believes that the run rate of ~US$350mn can be maintained throughout FY26 on the back of a healthy large deal pipeline. Also, this was the second consecutive quarter where TCV-to-revenue conversion remained strong.
· Zensar Technologies (ZENT)- Information Technology | 4QFY25 Result Update- In-line Q4 with continued strong TCV momentum:
Key Points
Ø Revenue stood at US$157mn and was in line with our estimate but was 1.4% lower than consensus estimates; it was 0.9% and 6.3% higher on a QoQ and YoY CC basis, respectively. We had estimated -0.2% QoQ CC growth. Zensar believes that it will not be able to achieve the growth rate for Q1, which was initially expected at the start of the year due to uncertain macro.
Ø EBIT margin at 13.9% was 20bps and 30bps higher than NBIE and consensus estimates, respectively. Lower interest cost and higher other income led to beat in margins; this included a marginal impact of the ESOP costs too. For FY26, it expects margins to remain in the mid-teens range, with more improvement towards 2HFY26; this also includes the ESOP costs. Anything achieved over the mid-teens level will be reinvested back in the business.
Ø TCV for 4QFY25 came in at US$214mn and was the highest ever quarterly TCV in the history of Zensar. It was up 17.6% on YoY basis and was above the US$200mn mark for the 3rd consecutive quarter. The company believes that FY26 will be better than FY25 in terms of large deal signings. There were 2 large deals signed in FY25.
· Shriram Finance (SHFL) – HOLD- NBFC | 4QFY25 Result Update - AUM Strength Intact; NIMs Slip Amid Liquidity Build-up:
Key Points
Ø Shriram Finance’s 4QFY25 performance was in line with our estimates, with NII/PPOP coming in at a variation of -4.4%/-0.2%. PAT came below our estimates by 7.2% due to significant increase in provisions (24%/18% YoY/QoQ).
Ø AUM grew 17% YoY to Rs2,631.9 bn led by robust growth in the MSME, Farm Equipment, PV, and 2W portfolios.
Ø We roll forward our valuation to Mar-27E ABV with an unchanged multiple of 1.9x thereby arriving at a target price of Rs689. We downgrade to HOLD, remaining cautious on asset quality, and staying watchful on the performance of gold loan and the MSME portfolio. Gold loan growth remains weak despite favourable factors like high gold prices and wider reach with the portfolio continuing to decline over the past two quarters. Although the management remains hopeful of a recovery, we prefer to wait for visible improvement.
· Poonawalla Fincorp (POONAWAL) – SELL - NBFC | 4QFY25 Result Update- Focus on calibrated growth; headline asset quality sees improvement:
Key Points
Ø Poonawalla Fincorp’s 4QFY25 performance was below our estimates with NII/PPOP coming in at a variation of -4%/-40%. PAT came below our estimates by -41% due to significant increase in provisions YoY (+561% YoY/-55% QoQ). However, PAT has seen improvement on QoQ basis on account of sequential improvement in credit cost.
Ø Asset quality witnessed improvement during the quarter primarily driven by effective resolution of the erstwhile STPL portfolio. The share of the erstwhile STPL portfolio in the total on-book AUM also reduced significantly, from 21% in Sep-24 to 15% in Dec-24, and further down to just 8% by Mar-25. 80% of the residual STPL book is now zero DPD and no further stress is anticipated as per the management commentary.
Ø In the previous quarter, the new MD & CEO had outlined a roadmap targeting ~5x AUM growth over the next five years, along with plans to expand the product portfolio and add around 400 branches by FY26. Delivering ahead of schedule, the company successfully launched six new business verticals this quarter — including gold loans, commercial vehicle loans, education loans, consumer durable loans, and shopkeeper loans — which were initially planned for launch in Q1FY26. This early execution supported strong AUM growth of 42.5% YoY and 15% QoQ.
Ø We remain watchful of the credit cost trend going forward and factor in elevated opex to support new verticals. We roll forward our valuation to Mar-27E ABV with a multiple of 2.5x(unchanged), giving us a TP of Rs271. We maintain SELL on the stock.
Retail desk
IPO Snapshot – Ather Energy IPO
Recommendation – Neutral
Bidding Date – 28th Apr – 30th Apr’ 2025.
Price Band - Rs. 304 – 321
Issue Size – Rs. 2981 Cr
Market Cap (Post Issue) - Rs. 11956 Cr
Details of the Issue
•Total issue of Rs 2981 Cr: i) Fresh issue of Rs. 2626 Cr, ii) OFS worth Rs. 355 Cr.
•Proceeds from the fresh issue to be utilised for –
1.Capex for establishment of an E2W factory in Maharashtra – 927 Cr.
2.Repayment of certain borrowings – 40 Cr.
3.Investment in research and development – 750 Cr.
4.Expenditure towards marketing initiatives – 300 Cr.
About Company
Ather Energy is a leading Indian electric two-wheeler (E2W) company focused on building high-performance EVs and a connected ecosystem, including in-house developed software, charging infrastructure, and smart accessories. Founded in 2013, Ather designs key components in-house and outsources their manufacturing, maintaining control over technology and design. It launched its first product, Ather 450, in 2018 and recently introduced the Ather Rizta line aimed at families. The company operates a fast-charging network called Ather Grid and has developed industry-first features through its software, Atherstack. With a strong R&D base, extensive IP portfolio, and manufacturing facilities in Tamil Nadu and Maharashtra, Ather is scaling up to meet rising demand. Its asset-light distribution model spans across India, Nepal, and Sri Lanka, aligned with its focus on innovation, sustainability, and capital efficiency.
Investment Rational
1. Pioneering Innovations in Electric Two-Wheelers: Ather has consistently led the Indian E2W market with first-in-segment innovations like touchscreen dashboards, fast charging, traction control, and smart helmets. Backed by strong in-house R&D, the company has developed proprietary technologies and holds a significant IP portfolio.
2. Premium Products Backed by Quality and Experience: Ather positions its scooters at premium prices by focusing on superior quality, customer experience, and technology integration. It runs extensive component testing, app-driven features, and fast service systems like Express Care. These initiatives drive customer satisfaction and sales, even at higher price points.
3. Fully Integrated Design for Agility and Control: Ather’s vertically integrated design approach gives it full control over its hardware and software, allowing rapid upgrades and cost optimizations. It responds swiftly to market changes, like the global chip shortage, while reducing costs through in-house innovations.
4. Capital-Light Model with Operational Flexibility: Ather follows a capital-efficient business model by outsourcing manufacturing of non-core components while focusing investments in R&D and final assembly. This reduces upfront costs and allows flexibility in adopting new technologies.
Risks
1. Heavy Dependence on External Component Suppliers: Except for battery packs, Ather relies on third-party vendors for all EV components. Any supplier disruption could delay production and affect deliveries.
2. Ongoing Losses and Uncertain Profitability: Ather has reported losses every year, including ₹1060 Cr in FY24. Continued expansion without strong returns may delay profitability further.
3. EV Market Growth Remains Uncertain: EVs still make up a small portion of two-wheeler sales in India. Slow adoption or rising competition could limit Ather’s growth prospects.
4. Reliance on Lithium-Ion Cell Imports: Ather sources lithium-ion cells from China and South Korea. Supply disruptions, price hikes, or geopolitical tensions may hurt operations.
5. Flat Market Share Growth: Despite a growing EV market, Ather’s market share has remained around 11%. Limited growth in share could impact scale and profitability.
6. Risks from High Competition in EV Space: Legacy players and new entrants are intensifying competition. Without constant innovation, Ather risks losing its competitive edge and customer base.
7. Uncertain Benefits from Subsidies and Government Policies: Changes in government incentives like FAME have already impacted sales. Future policy shifts could further affect pricing and customer demand.
Valuation and Recommendation
Ather Energy is a strong brand in the premium electric two-wheeler space, with a focus on innovation, in-house technology, and customer experience. Its capital-light model and integrated design offer agility, but ongoing losses, flat market share, and heavy dependence on external suppliers raise concerns. on the valuation front, Ather is commanding a premium, trading at an EV/Sales multiple of 5.1x versus Ola’s 3.7x. This indicates that Ather’s IPO is priced more aggressively despite its higher losses and lower scale. The steep valuation leaves limited room for near-term upside unless profitability improves meaningfully. Hence, we assign a Neutral rating to the IPO.
Elecon Engineering Q4 FY25 Concall
Outlook:Positive
Future Guidance & Business Outlook (FY26 and Beyond):
· Revenue came at Rs. 798 Cr (51% QoQ, 41% YoY).
-Gear division grew by 29% YoY to Rs. 485 Cr
-MHE division grew by 90% YoY to Rs. 213 Cr
· Order inflows came at Rs. 645 Cr (+16% YoY, -1% QoQ), marginally below our expectation as the MHE segment was unable to deliver anticipated growth.
-Gears at Rs. 497 Cr (+21% YoY, +6% QoQ).
-MHE at Rs. 148 Cr (+3% YoY, -20% QoQ) (MHE order inflow has stagnated at current levels since the last 6 quarters)
· Order Book came at Rs. 961 Cr (+21% YoY, -13% QoQ) – OB has declined on sequential basis due to strong execution in the current quarter in both the segments
-Gears at Rs. 596 Cr (+11% YoY, -13% QoQ)
-MHE at Rs. 365 Cr (+40% YoY, -13% QoQ)
· Gross Margin came at 49.8% vs QoQ 57.3% & YoY 56.2%.
· EBITDA Margin came at 24.5% vs QoQ 27.0%, YoY 24.0%.
· Growth in Gear Division would be driven by the power sector.
· Replacement business accounts for 34% of total gear business.
· In FY25, international business contributed 23% to revenue. Co continues to target 50% mix by FY30. Expansion plans are underway in Canada, Mexico, and Latin America.
· Net cash balance stands at over Rs. 550 Cr.
· FY26 guidance for depreciation is Rs. 70-75 Cr and Interest cost is Rs. 15-16 Cr.
· Capex will be Rs. 300 Cr over next 3 years.
· Stock is trading at P/E of 19.6x FY27E EPS
Maruti Suzuki India Ltd Q4FY25 Concall Update
Outlook – Neutral
Future Outlook:
· Domestic Growth: Modest 1–2% industry growth expected in FY26; entry-level segment under pressure but Company aims to outperform with new SUV launches.
· Export Outlook: Robust 20% growth guided for FY26
· e-VITARA (first electric SUV) to launch in H1FY26 with target sales of 70,000 units (majority exports).
· Capex: ₹8,400 Cr in FY25; guidance of ₹8,000–9,000 Cr for FY26 (including SMG)
· Company emphasized a shift in focus to retail sales reporting (instead of wholesale) as a better indicator of actual demand.
· Acknowledged better growth in rural markets and plans to continue leveraging it.
Other Highlights:
· The Indian PV industry grew 2.5% in FY25 (vs. 8.4% in FY24) amid affordability pressures, while Maruti saw 2.7% domestic and 17.5% export growth.
· EV and hybrid penetration remain low at 2.7% and 2.4% respectively. Management admitted EVs will have structurally lower margins.
· Exported 3.32 lakh units (highest ever), retaining top PV exporter position in India for the 4th year.
· EBIT Margin: 8.7%, down from 10% QoQ, Margin pressures due to: (New plant overheads (-30 bps), Adverse product mix (-40 bps), Higher ad spends (-30 bps), Other expenses incl. CSR, R&M, R&D (-90 bps), Partially offset by lower sales promotions (+40 bps) and better operating leverage (+40 bps).
· Stock is trading at P/E of 22.1x FY26E EPS
Tata Tech Concall Update Q4FY25
Outlook – Long Term Positive
• Revenue growth QoQ CC came at -3.3%. Services business remained flat, while there was significant reduction in the product and education businesses.
• Products business typically performs better in Q3, making Q4 comparisons challenging.
• Education business faced delays in public sector infrastructure readiness. These delays, which began in Q3, continued into Q4, negatively affecting bookings. A gradual recovery is expected as these projects resume in fiscal '26.
• EBIT Margins improved 30 bps QoQ to 15.7% due to operational efficiencies.
• There are delays in decision makings.
• In US, there are intensifying trade tensions and tariff-related disruptions.
• In Europe, green shoots of improvement seen; however tariff uncertainty is playing spoiler.
• Chinese markets are immune to what’s happening to the rest of the world. They are focused to internationalize their products and IP’s.
• BMW JV which was launched in Nov with 100 people is scaling faster than expected and would soon touch four-digit headcount milestone. Co’s share of profit from this JV has seen a significant uplift in Q4 and expects this momentum to continue.
• Co is deploying an AI solution for a tier 1 automotive company that has the potential to extend to more than 100 plants.
• Overall improvement from Q2 to Q3 and to Q4 is expected.
• Stock is trading at P/E of 36.9x FY26E EPS
Hindustan Zinc Ltd. Concall Update
Outlook – Neutral
• The company achieved its highest-ever mined and refined metal production in FY25, reinforcing its position as the world’s largest integrated zinc producer.
• Mined metal production for Q4 was 310,000 tonnes, the highest ever for a fourth quarter since the transition to underground mining, up 17% quarter-on-quarter.
• Refined metal production rose 4% QoQ, and silver output increased 10% QoQ.
• They crossed 13 million tonnes of metal reserves for the first time since moving underground, tripling reserves compared to FY20. Total reserves and resources now stand at 453.2 million tonnes, supporting a mine life of over 25 years.
• Zinc and silver prices rose 16% and 29% respectively over the year, driven by persistent supply deficits, with the deficit expected to continue into 2025.
• Zinc cost of production hit a 16-quarter low at $994/tonne in Q4 and a four-year low of $1,052/tonne for the full year.
• Mined Metal Production is expected at 1,125,000 tonnes (1.125 million tonnes) ±10,000 tonnes.
• Refined Metal Production is targeted at 1.1 million tonnes ±10,000 tonnes.
• Refined silver is projected in the range of 700 to 710 tonnes.
• The 160,000 tonnes per annum Roaster project is set for commissioning by mid-Q1 FY26.
• New technology to recover an additional 27 tonnes/year of silver and 6,000 tonnes/year of lead from smelter waste is scheduled for commissioning in Q4 FY26.
• The company has announced a $2.5 billion investment plan to double annual production capacity to 2 million tonnes over the next five years, with expansion work starting in Q1 FY26.
• Silver output is also expected to rise, with forecasts of up to 800 tonnes by FY27 as new technologies and capacity come online.
• Operating leverage, power cost savings, and higher production are expected to drive profit after tax to ₹11,402 crore by FY27.
• While global zinc prices have been volatile due to tariff uncertainties, they expect prices to average $2,800–2,900 per tonne in FY26.
• The company captured a 77% share of the domestic primary zinc market, its highest ever.
• Nearly 100% of silver and 70% of zinc sales in India were conducted via the Vedanta Metal Bazaar e-auction platform, improving transparency and market-linked pricing.
• The company delivered a total shareholder return of 68% in FY25, significantly outperforming the Nifty 50 (13x) and Nifty Metal Index (7x), ranking among the top three companies in the Nifty Metal Index by market cap.
• Stock is trading at FY26 EV/EBITDA of 9.89x
Results Announced:
Dr. Lal Pathlabs Ltd. | CMP Rs. 2811 | M Cap Rs. 23499 Cr | 52 W H/L 3654/2166 | § Result is marginally above expectations § Revenue from Operations came at Rs. 602.6 Cr (1% QoQ, 10.5% YoY) vs expectation of Rs. 604 Cr, QoQ Rs. 596.7 Cr, YoY Rs. 545.4 Cr § EBIDTA came at Rs. 169 Cr (9.7% QoQ, 16.8% YoY) vs expectation of Rs. 158.3 Cr, QoQ Rs. 154 Cr, YoY Rs. 144.7 Cr § EBITDA Margin came at 28% vs expectation of 26.2%, QoQ 25.8%, YoY 26.5% § Adj. PAT came at Rs. 154.8 Cr vs expectation of Rs. 100.6 Cr, QoQ Rs. 96.7 Cr, YoY Rs. 84.5 Cr § Higher PAT is on account of write back of Tax § Quarter EPS is Rs. 18.5 § Stock is trading at P/E of 46.9x FY26E EPS |
DCB Bank Ltd. | CMP Rs. 127 | M Cap Rs. 3993 Cr | 52 W H/L 145/101 | § Result is ahead of expectations § Advances came at Rs. 51047 Cr (25% YoY, 6.8% QoQ) § Net Interest Income came at Rs. 558 Cr (9.9% YoY) vs expectation of Rs. 571 Cr, YoY Rs. 507 Cr, QoQ Rs. 543 Cr § NIM came at 3.29% vs QoQ 3.3% § Non Interest Income came at Rs. 219 Cr vs expectation of Rs. 194 Cr, YoY Rs. 136 Cr, QoQ Rs. 184 Cr § PBP came at Rs. 305 Cr (30.7% YoY) vs expectation of Rs. 262 Cr, YoY Rs. 234 Cr, QoQ Rs. 271 Cr § Provisions came at Rs. 67 Cr vs expectation of Rs. 71 Cr, YoY Rs. 24 Cr, QoQ Rs. 67 Cr § Credit Cost came at 0.5% vs YoY 0.2%, QoQ 0.6% § Adj. PAT came at Rs. 177 Cr (13.7% YoY) vs expectation of Rs. 148 Cr, YoY Rs. 156 Cr, QoQ Rs. 151 Cr § Gross NPA came at Rs. 1554 Cr vs QoQ Rs. 1517 Cr at 2.99% vs QoQ 3.11% § Net NPA came at Rs. 572 Cr vs QoQ Rs. 562 Cr at 1.12% vs QoQ 1.18% § Slippages came at Rs. 366 Cr vs QoQ Rs. 396 Cr with slippage ratio of 2.87% vs QoQ 3.32% § O/s Restructured book stood at Rs. 945 Cr vs QoQ Rs. 998 Cr at 1.85% vs QoQ 2.09% § ROA came at 1% vs QoQ 0.9% & YoY 1% § Quarter EPS is Rs. 6 § Stock is trading at P/E of 5.7x FY25E EPS & 0.8x trailing P/Adj. BV |
Reliance Industries Ltd. | CMP Rs. 1300 | M Cap Rs. 1759208 Cr | 52 W H/L 1609/1115 | § Result ahead of Expectation § Revenue from Operations came at Rs. 261388 Cr (8.9% QoQ, 10.5% YoY) vs expectation of Rs. 243414.1 Cr, QoQ Rs. 239986 Cr, YoY Rs. 236533 Cr § EBIDTA came at Rs. 43832 Cr (0.1% QoQ, 3.1% YoY) vs expectation of Rs. 43075.8 Cr, QoQ Rs. 43789 Cr, YoY Rs. 42516 Cr § EBITDA Margin came at 16.8% vs expectation of 17.7%, QoQ 18.2%, YoY 18% § Adj. PAT came at Rs. 19407 Cr vs expectation of Rs. 18150.4 Cr, QoQ Rs. 18540 Cr, YoY Rs. 18951 Cr § Quarter EPS is Rs. 14.3 § Stock is trading at P/E of 21.5x FY26E EPS § § Jio § Jio Reported ARPU of Rs.206.20 VS Exp of Rs.207 QoQ 203.3 YoY Rs.181.7 § Subscriber increased by 01.3% QoQ and increased by 1.3% YoY to 488.2mn § Revenue came at Rs.33986cr up 2.8% QoQ and 17.7% YoY § EBITDA came at Rs.17016cr QoQ up 2.6% yoy up 18.5% § Retail § Retail Revenue came at Rs.78622cr grew 16.3% yoy and grew -1.2% QoQ § Retail EBITDA came at Rs.6510cr vs QoQ 6632cr YoY Rs.5680cr § EBITDA margin came at 8.3% vs QoQ 8.3% YoY 8.4% § Area under operation came at 77.4 mnsqft decrease by -2.1% yoy and flat by 0% QoQ § O2C § O2C Revenue increase by 10% QoQ and increased by 15.4% YoY to Rs.164613cr, § O2C EBITDA came at Rs.15080 cr vs QoQ 14402cr YoY Rs.16777cr § EBITDA margin came at 9.2% vs QoQ 9.6% YoY 11.8% § Oil & Gas § Revenue Came at Rs.6440cr +1.1% QoQ and -0.4% YoY § EBITDA margin came at 79.5% vs QoQ 87.4% YoY 86.7% § Production came at 66.4bcf vs QoQ 71.2bcf yoy 73.5bcf |
Zensar Technologies Ltd | CMP Rs. 702 | M Cap Rs. 15633 Cr | 52 W H/L 985/531Rev CC QoQ growth came at 0.9% vs expectation of -0.1 %, QoQ -3.2%, YoY 1.9% Dollar revenue came at 156.8 vs expectation of 157, QoQ 157, YoY 147.8% | § Result is marginally above expectation. § Net sales came at $ 1358.9 Cr,(2.5% QoQ, 10.5% YoY) vs expectation of $ 1352.5 Cr, QoQ $ 1325.6 Mn, YoY $ 1229.7 Cr § EBIT came at Rs. 188.7 Cr (2.9% QoQ, 5.2% YoY) vs expectation of Rs. 185.2 Cr, QoQ Rs. 183.3 Cr, YoY Rs. 179.3 Cr § EBIT Margin % came at 13.9% vs expectation of 13.7%, QoQ 13.8%, YoY 14.6% § PAT came at 176.4 Cr vs expectation of 162.6 cr, QoQ 159.8 Cr, YoY 173.3 Cr § Quarter EPS is Rs. 0 § Stock is trading at P/E of 19.2x EPS of FY27 |
Mangalore Refinery And Petrochemicals Ltd. | CMP Rs. 137 | M Cap Rs. 24046 Cr | 52 W H/L 260/99 | § Result is above expectations § Revenue from Operations came at Rs. 27601.3 Cr (7.8% QoQ, -5.4% YoY) vs expectation of Rs. 22498.9 Cr, QoQ Rs. 25600.8 Cr, YoY Rs. 29190.1 Cr § EBIDTA came at Rs. 1130 Cr (9.6% QoQ, -51.7% YoY) vs expectation of Rs. 715.7 Cr, QoQ Rs. 1031.2 Cr, YoY Rs. 2339.1 Cr § EBITDA Margin came at 4.1% vs expectation of 3.2%, QoQ 4%, YoY 8% § Adj. PAT came at Rs. 363.1 Cr vs expectation of Rs. 101.6 Cr, QoQ Rs. 304.2 Cr, YoY Rs. 1145.1 Cr § Quarter EPS is Rs. 2.1 § Stock is trading at P/E of 13.3x FY26E EPS |
Chennai Petroleum Corporation Ltd. | CMP Rs. 654 | M Cap Rs. 9739 Cr | 52 W H/L 1275/433 | § Result improved § Revenue from Operations came at Rs. 20580.6 Cr (59.2% QoQ, 16.1% YoY) vs QoQ Rs. 12925.4 Cr, YoY Rs. 17720.2 Cr § EBIDTA came at Rs. 784.8 Cr (224.4% QoQ, -24.7% YoY) vs QoQ Rs. 241.9 Cr, YoY Rs. 1041.7 Cr § EBITDA Margin came at 3.8% vs QoQ 1.9%, YoY 5.9% § Adj. PAT came at Rs. 450 Cr vs QoQ Rs. 10.5 Cr, YoY Rs. 612.4 Cr § Quarter EPS is Rs. 30.2 § Stock is trading at P/E of 9.5x FY26E EPS |
Bank of Maharashtra Ltd. | CMP Rs. 50 | M Cap Rs. 38765 Cr | 52 W H/L 74/38 | § Result has improved § Advances came at Rs. 236084 Cr vs YoY Rs. 200240 Cr, QoQ Rs. 224961 Cr § Net Interest Income came at Rs. 3116 Cr vs YoY Rs. 2584 Cr, (20.6% YoY ) QoQ Rs. 2943 Cr § Non Interest Income came at Rs. 981 Cr vs YoY Rs. 1022 Cr, QoQ Rs. 788 Cr § PBP came at Rs. 2520 Cr vs YoY Rs. 2210 Cr,(14% YoY),QoQ Rs. 2303 Cr § Provisions came at Rs. 983 Cr vs YoY Rs. 942 Cr, QoQ Rs. 841 Cr § Adj. PAT came at Rs. 1493 Cr vs YoY Rs. 1218 Cr (22.6% YoY), QoQ Rs. 1406 Cr § Gross NPA came at Rs. 4185 Cr vs QoQ Rs. 4124 Cr at 1.74% vs QoQ 1.8% § Net NPA came at Rs. 432 Cr vs QoQ Rs. 443 Cr at 0.18% vs QoQ 0.2% § ROA came at 1.8% vs QoQ 1.8% & YoY 1.7% § Quarter EPS is Rs. 2 § Stock is trading at 1.4x trailing P/Adj. BV |
Mahindra Holidays & Resorts India Ltd. | CMP Rs. 301 | M Cap Rs. 6081 Cr | 52 W H/L 505/241 | § Result has improved § Revenue from Operations came at Rs. 778.8 Cr (14.8% QoQ, -2.7% YoY) vs QoQ Rs. 678.4 Cr, YoY Rs. 800.2 Cr § EBIDTA came at Rs. 204.4 Cr (40.3% QoQ, 8.8% YoY) vs QoQ Rs. 145.7 Cr, YoY Rs. 187.8 Cr § EBITDA Margin came at 26.2% vs QoQ 21.5%, YoY 23.5% § Adj. PAT came at Rs. 73.1 Cr vs QoQ Rs. 34.8 Cr, YoY Rs. 82.4 Cr § Quarter EPS is Rs. 3.6 § Stock is trading at P/E of 47.7x TTM EPS |
Oracle Financial Services Software Ltd. | CMP Rs. 8608 | M Cap Rs. 74772 Cr | 52 W H/L 13220/7023 | § Result has improved § Revenue from Operations came at Rs. 1716.3 Cr (0.1% QoQ, 4.5% YoY) vs QoQ Rs. 1715.2 Cr, YoY Rs. 1642.4 Cr § EBIDTA came at Rs. 764.7 Cr (7.1% QoQ, 4.1% YoY) vs QoQ Rs. 713.9 Cr, YoY Rs. 734.3 Cr § EBITDA Margin came at 44.6% vs QoQ 41.6%, YoY 44.7% § Adj. PAT came at Rs. 643.9 Cr vs QoQ Rs. 541.3 Cr, YoY Rs. 560.1 Cr § Quarter EPS is Rs. 74.1 § Stock is trading at P/E of 31.4x TTM EPS |
Force Motors Ltd. | CMP Rs. 9161 | M Cap Rs. 12071 Cr | 52 W H/L 10278/6125No. of Vehicles Sold 10897 vs QoQ 6067,YoY 9118 | § Result is Improving § Revenue from Operations came at Rs. 2356 Cr (24.7% QoQ, 17.1% YoY) vs QoQ Rs. 1889.5 Cr, YoY Rs. 2011.2 Cr § EBIDTA came at Rs. 329.2 Cr (42.1% QoQ, 18.2% YoY) vs QoQ Rs. 231.7 Cr, YoY Rs. 278.6 Cr § EBITDA Margin came at 14% vs QoQ 12.3%, YoY 13.9% § Adj. PAT came at Rs. 40.1 Cr vs QoQ Rs. 115.3 Cr, YoY Rs. 140.3 Cr § Quarter EPS is Rs. 30.5 § Stock is trading at P/E of 29.7x TTM EPS |
Manorama Industries Ltd. | CMP Rs. 1217 | M Cap Rs. 7252 Cr | 52 W H/L 1251/543 | § Result has improved § Revenue from Operations came at Rs. 232.8 Cr (11.3% QoQ, 80% YoY) vs QoQ Rs. 209.2 Cr, YoY Rs. 129.3 Cr § EBIDTA came at Rs. 63.9 Cr (15.8% QoQ, 207.6% YoY) vs QoQ Rs. 55.2 Cr, YoY Rs. 20.8 Cr § EBITDA Margin came at 27.4% vs QoQ 26.4%, YoY 16.1% § Adj. PAT came at Rs. 42.3 Cr vs QoQ Rs. 29.5 Cr, YoY Rs. 12.5 Cr § Quarter EPS is Rs. 7.1 § Stock is trading at P/E of 64.7x TTM EPS |
Atul Ltd. | CMP Rs. 5204 | M Cap Rs. 15320 Cr | 52 W H/L 8180/4752 | § Result inline with Expectation § Revenue from Operations came at Rs. 1451.6 Cr (2.5% QoQ, 19.8% YoY) vs expectation of Rs. 1446.4 Cr, QoQ Rs. 1416.8 Cr, YoY Rs. 1212.2 Cr § EBIDTA came at Rs. 222.9 Cr (-0.5% QoQ, 51.1% YoY) vs expectation of Rs. 229.3 Cr, QoQ Rs. 224.1 Cr, YoY Rs. 147.6 Cr § EBITDA Margin came at 15.4% vs expectation of 15.9%, QoQ 15.8%, YoY 12.2% § Adj. PAT came at Rs. 126.5 Cr vs expectation of Rs. 117.3 Cr, QoQ Rs. 108.7 Cr, YoY Rs. 58.4 Cr § Quarter EPS is Rs. 43 § Stock is trading at P/E of 23.7x FY26E EPS |
Hindustan Zinc Ltd. | CMP Rs. 452 | M Cap Rs. 193097 Cr | 52 W H/L 808/344 | § Result is in-line with expectations § Revenue from Operations came at Rs. 9087 Cr (5.5% QoQ, 20.4% YoY) vs expectation of Rs. 8654.5 Cr, QoQ Rs. 8614 Cr, YoY Rs. 7549 Cr § EBIDTA came at Rs. 4820 Cr (7.1% QoQ, 32.1% YoY) vs expectation of Rs. 4649.3 Cr, QoQ Rs. 4499 Cr, YoY Rs. 3649 Cr § EBITDA Margin came at 53% vs expectation of 53.7%, QoQ 52.2%, YoY 48.3% § Adj. PAT came at Rs. 3003 Cr vs expectation of Rs. 2669.7 Cr, QoQ Rs. 2678 Cr, YoY Rs. 2038 Cr § Quarter EPS is Rs. 7.1 § Stock is trading at P/E of 16.6x FY26E EPS |
Cholamandalam Investment & Finance Company Ltd. -S | CMP Rs. 1525 | M Cap Rs. 128240 Cr | 52 W H/L 1682/1146 | § Result is in-line with expectations § NII came at Rs. 3055.7 Cr (29.8% YoY) vs expectation of Rs. 3185.9 Cr, YoY Rs. 2354.8 Cr, QoQ Rs. 2886.9 Cr § PBP came at Rs. 2331.5 Cr (43.2% YoY) vs expectation of Rs. 2166.9 Cr, YoY Rs. 1627.8 Cr, QoQ Rs. 2127.6 Cr § Provision came at Rs. 625 Cr vs expectation of Rs. 560 Cr, YoY Rs. 191 Cr, QoQ Rs. 664 Cr § Credit Cost came at 1.4% vs QoQ 1.5% & YoY 0.5% § PAT came at Rs. 1266.7 Cr (19.7% YoY) vs expectation of Rs. 1211 Cr, YoY Rs. 1058.1 Cr, QoQ Rs. 1086.5 Cr § AUM came at Rs. 184746 Cr vs YoY Rs. 145572 Cr, QoQ Rs. 174567 Cr § Disbursement came at Rs. 26417 Cr vs YoY Rs. 24784 Cr, QoQ Rs. 25806 Cr § Gross NPA (%) came at 3.97% vs QoQ 4% § Net NPA (%) came at 2.63% vs QoQ 2.66% § Quarter EPS is Rs. 15.1 § Stock is trading at P/E of 24x FY26E EPS & 5.4x trailing P/BV |
Shriram Finance Ltd. -S | CMP Rs. 646 | M Cap Rs. 121439 Cr | 52 W H/L 730/439 | § Result is in line with expectations § NII came at Rs. 6230.2 Cr (13.4% YoY) vs expectation of Rs. 5838.2 Cr, YoY Rs. 5495.7 Cr, QoQ Rs. 5947.1 Cr § PBP came at Rs. 4335.3 Cr (10.9% YoY) vs expectation of Rs. 4376 Cr, YoY Rs. 3907.5 Cr, QoQ Rs. 4085 Cr § Provision came at Rs. 1563 Cr vs expectation of Rs. 1375 Cr, YoY Rs. 1261 Cr, QoQ Rs. 1326 Cr § PAT came at Rs. 2139.4 Cr (9.8% YoY) vs expectation of Rs. 2288 Cr, YoY Rs. 1947.7 Cr, QoQ Rs. 3569.8 Cr § AUM came at Rs. 263190 Cr vs YoY Rs. 224862 Cr, QoQ Rs. 254470 Cr § Gross NPA came at Rs. 11839 Cr vs QoQ Rs. 13521 Cr at 4.55% vs QoQ 5.38% § Net NPA came at Rs. 6714 Cr vs QoQ Rs. 6539 Cr at 2.64% vs QoQ 2.68% § Quarter EPS is Rs. 56.9 § Stock is trading at P/E of 12.3x FY26E EPS & 2.2x trailing P/BV |
RBL Bank Ltd. | CMP Rs. 188 | M Cap Rs. 11416 Cr | 52 W H/L 272/146 | § Result is inline with expectations § Advances came at Rs. 92618 Cr (10% YoY, 2.4% QoQ) § Net Interest Income came at Rs. 1563 Cr (-2.3% YoY) vs expectation of Rs. 1610 Cr, YoY Rs. 1600 Cr, QoQ Rs. 1585 Cr § NIM came at 4.89% vs QoQ 4.9% § Non Interest Income came at Rs. 1000 Cr vs expectation of Rs. 960 Cr, YoY Rs. 875 Cr, QoQ Rs. 1073 Cr § PBP came at Rs. 861 Cr (-2.9% YoY) vs expectation of Rs. 905 Cr, YoY Rs. 887 Cr, QoQ Rs. 997 Cr § Provisions came at Rs. 785 Cr vs expectation of Rs. 840 Cr, YoY Rs. 414 Cr, QoQ Rs. 1189 Cr § Credit Cost came at 3.6% vs YoY 2.1%, QoQ 5.6% § Adj. PAT came at Rs. 69 Cr (-80.5% YoY) vs expectation of Rs. 106 Cr, YoY Rs. 353 Cr, QoQ Rs. 33 Cr § Gross NPA came at Rs. 2465 Cr vs QoQ Rs. 2701 Cr at 2.6% vs QoQ 2.92% § Net NPA came at Rs. 271 Cr vs QoQ Rs. 482 Cr at 0.29% vs QoQ 0.53% § ROA came at 0.2% vs QoQ 0.1% & YoY 1.1% § Slippages came at Rs. 1058 Cr vs QoQ Rs. 1309 Cr with slippage ratio of 4.57% vs QoQ 5.79% § Net Restructured Book came at 0.29% vs QoQ 0.32% § Quarter EPS is Rs. 1.1 § Stock is trading at P/E of 8.9x FY25E EPS & 0.8x trailing P/Adj. BV |
IDFC First Bank Ltd. | CMP Rs. 66 | M Cap Rs. 48433 Cr | 52 W H/L 86/52 | § Result is broadly in line with expectations § Advances came at Rs. 238070 Cr (20% YoY, 4.8% QoQ) § Net Interest Income came at Rs. 4907 Cr (9.8% YoY) vs expectation of Rs. 5060 Cr, YoY Rs. 4469 Cr, QoQ Rs. 4902 Cr § NIM came at Rs. 5.95% vs QoQ 6.04% § Non Interest Income came at Rs. 1895 Cr vs expectation of Rs. 1750 Cr, YoY Rs. 1642 Cr, QoQ Rs. 1780 Cr § PBP came at Rs. 1812 Cr (8.9% YoY) vs expectation of Rs. 1892 Cr, YoY Rs. 1664 Cr, QoQ Rs. 1759 Cr § Provisions came at Rs. 1450 Cr vs expectation of Rs. 1450 Cr, YoY Rs. 722 Cr, QoQ Rs. 1338 Cr § Credit Cost came at 2.4% vs YoY 1.5%, QoQ 2.4% § Adj. PAT came at Rs. 304 Cr (-58% YoY) vs expectation of Rs. 485 Cr, YoY Rs. 724 Cr, QoQ Rs. 339 Cr § Gross NPA came at Rs. 4434 Cr vs QoQ Rs. 4399 Cr at 1.87% vs QoQ 1.94% § Net NPA came at Rs. 1230 Cr vs QoQ Rs. 1162 Cr at 0.53% vs QoQ 0.52% § ROA came at 0.5% vs QoQ 0.5% & YoY 1% § Slippages came at Rs. 2175 Cr vs QoQ Rs. 2192 Cr with slippage ratio of 3.65% vs QoQ 3.86% § Quarter EPS is Rs. 0.4 § Stock is trading at P/E of 14.9x FY2E EPS & 1.3x trailing P/Adj. BV |
Maruti Suzuki India Ltd. | CMP Rs. 11814 | M Cap Rs. 371435 Cr | 52 W H/L 13680/10725 | § Result below Expectation § Revenue from Operations came at Rs. 40673.8 Cr (5.7% QoQ, 6.4% YoY) vs expectation of Rs. 41041.8 Cr, QoQ Rs. 38492.1 Cr, YoY Rs. 38234.9 Cr § EBIDTA came at Rs. 4234.7 Cr (-5.3% QoQ, -9.6% YoY) vs expectation of Rs. 4876.1 Cr, QoQ Rs. 4470.3 Cr, YoY Rs. 4685 Cr § EBITDA Margin came at 10.4% vs expectation of 11.9%, QoQ 11.6%, YoY 12.3% § Adj. PAT came at Rs. 3711.1 Cr vs expectation of Rs. 3644.9 Cr, QoQ Rs. 3525 Cr, YoY Rs. 3877.8 Cr § Quarter EPS is Rs. 118 § Stock is trading at P/E of 22.1x FY26E EPS |
Poonawalla Fincorp Ltd. -SA | CMP Rs. 381 | M Cap Rs. 29666 Cr | 52 W H/L 509/267 | § Result is below expectations § NII came at Rs. 707.9 Cr (11.7% YoY) vs expectation of Rs. 651.4 Cr, YoY Rs. 633.9 Cr, QoQ Rs. 672 Cr § PBP came at Rs. 238.4 Cr (-41.8% YoY) vs expectation of Rs. 398.8 Cr, YoY Rs. 409.4 Cr, QoQ Rs. 373.1 Cr § Provision came at Rs. 158 Cr vs YoY Rs. 24 Cr, QoQ Rs. 348 Cr § PAT (After MI) came at Rs. 62.3 Cr (-81.2% YoY) vs expectation of Rs. 138.4 Cr, YoY Rs. 331.4 Cr, QoQ Rs. 18.7 Cr § Gross NPA (%) came at 1.84% vs QoQ 1.85% § Net NPA (%) came at 0.85% vs QoQ 0.81% § Quarter EPS is Rs. 0.8 § Stock is trading at P/E of 32.2x FY26E EPS & 3.6x trailing P/BV |
L&T Finance Holdings Ltd. -C | CMP Rs. 173 | M Cap Rs. 43102 Cr | 52 W H/L 194/129 | § Result is below expectations § NII came at Rs. 2150.1 Cr (8.2% YoY) vs expectation of Rs. 2300.2 Cr, YoY Rs. 1987.5 Cr, QoQ Rs. 2237.1 Cr § PBP came at Rs. 1329.2 Cr (40.6% YoY) vs expectation of Rs. 1562.4 Cr, YoY Rs. 945.3 Cr, QoQ Rs. 1552.9 Cr § Provisions came at Rs. 524 Cr vs expectation of Rs. 575 Cr, YoY Rs. 251 Cr, QoQ Rs. 729 Cr § PAT (After MI) came at Rs. 636.2 Cr (14.9% YoY) vs expectation of Rs. 627.5 Cr, YoY Rs. 553.9 Cr, QoQ Rs. 626.4 Cr § Loan Book came at Rs. 97762 Cr vs YoY Rs. 85565 Cr, QoQ Rs. 95120 Cr § Disbursements came at Rs. 14899 Cr vs YoY Rs. 15366 Cr, QoQ Rs. 15210 Cr § Gross NPA came at Rs. 3218 Cr vs QoQ Rs. 3075 Cr at 3.29% vs QoQ 3.23% § Net NPA came at Rs. 929 Cr vs QoQ Rs. 905 Cr at 0.97% vs QoQ 0.97% § Quarter EPS is Rs. 2.5 § Stock is trading at P/E of 13.6x FY26E EPS & 1.7x trailing P/BV |
Motilal Oswal Financial Services Ltd. -C | CMP Rs. 704 | M Cap Rs. 42162 Cr | 52 W H/L 1064/475 | § Result is declining § Segmental Revenue § Broking & Wealth came at Rs. 1107 Cr vs YoY Rs. 1173 Cr, QoQ Rs. 1136 Cr § Fund based activity came at Rs. -538 Cr vs YoY Rs. 406 Cr, QoQ Rs. 177 Cr § Asset management came at Rs. 684 Cr vs YoY Rs. 644 Cr, QoQ Rs. 756 Cr § Home Finance came at Rs. 179 Cr vs YoY Rs. 156 Cr, QoQ Rs. 163 Cr § Segmental Results § Broking & Wealth came at Rs. 340 Cr vs YoY Rs. 341 Cr, QoQ Rs. 335 Cr § Fund based activity came at Rs. -698 Cr vs YoY Rs. 286 Cr, QoQ Rs. 39 Cr § Asset management came at Rs. 277 Cr vs YoY Rs. 258 Cr, QoQ Rs. 312 Cr § Home Finance came at Rs. 46 Cr vs YoY Rs. 42 Cr, QoQ Rs. 48 Cr |
Rossari Biotech Ltd. | CMP Rs. 682 | M Cap Rs. 3776 Cr | 52 W H/L 973/568 | § Result is ahead of expectations § Revenue from Operations came at Rs. 579.6 Cr (13% QoQ, 22.6% YoY) vs expectation of Rs. 518.8 Cr, QoQ Rs. 512.7 Cr, YoY Rs. 472.7 Cr § EBIDTA came at Rs. 69.5 Cr (7.3% QoQ, 9.3% YoY) vs expectation of Rs. 64.4 Cr, QoQ Rs. 64.8 Cr, YoY Rs. 63.6 Cr § EBITDA Margin came at 12% vs expectation of 12.4%, QoQ 12.6%, YoY 13.5% § Adj. PAT came at Rs. 34.4 Cr vs expectation of Rs. 30.1 Cr, QoQ Rs. 31.7 Cr, YoY Rs. 34.1 Cr § Quarter EPS is Rs. 6.2 § Stock is trading at P/E of 22.7x FY26E EPS |
The India Cements Ltd. | CMP Rs. 288 | M Cap Rs. 8923 Cr | 52 W H/L 386/173 | § Result ok § Revenue from Operations came at Rs. 1197.3 Cr (27.3% QoQ, -5.5% YoY) vs QoQ Rs. 940.8 Cr, YoY Rs. 1266.7 Cr § EBIDTA came at Rs. -3 Cr (-98.4% QoQ, -108% YoY) vs QoQ Rs. -190.1 Cr, YoY Rs. 37.6 Cr § EBITDA Margin came at -0.2% vs QoQ -20.2%, YoY 3% § Adj. PAT came at Rs. -75.4 Cr vs QoQ Rs. -243.9 Cr, YoY Rs. -76.4 Cr § Quarter EPS is Rs. -2.4 § Stock is trading at P/E of -14.5x TTM EPS |
Tejas Networks Ltd. | CMP Rs. 809 | M Cap Rs. 14258 Cr | 52 W H/L 1495/647 | § Result has declined § Revenue from Operations came at Rs. 1907 Cr (-27.8% QoQ, 43.7% YoY) vs QoQ Rs. 2642.2 Cr, YoY Rs. 1326.9 Cr § EBIDTA came at Rs. 121.5 Cr (-67.3% QoQ, -60.4% YoY) vs QoQ Rs. 371.6 Cr, YoY Rs. 306.5 Cr § EBITDA Margin came at 6.4% vs QoQ 14.1%, YoY 23.1% § Adj. PAT came at Rs. -71.8 Cr vs QoQ Rs. 165.7 Cr, YoY Rs. 146.8 Cr § Quarter EPS is Rs. -4.1 § Stock is trading at P/E of 34x TTM EPS |
Jayaswal Neco Industries Ltd. | CMP Rs. 35 | M Cap Rs. 3428 Cr | 52 W H/L 59/26 | § Result improved § Revenue from Operations came at Rs. 1675.3 Cr (1.1% QoQ, 18.7% YoY) vs QoQ Rs. 1656.8 Cr, YoY Rs. 1411.4 Cr § EBIDTA came at Rs. 341.5 Cr (29.5% QoQ, 46.9% YoY) vs QoQ Rs. 263.8 Cr, YoY Rs. 232.5 Cr § EBITDA Margin came at 20.4% vs QoQ 15.9%, YoY 16.5% § Adj. PAT came at Rs. 101.6 Cr vs QoQ Rs. 76.9 Cr, YoY Rs. 20.3 Cr § Quarter EPS is Rs. 1 § Stock is trading at P/E of 30.4x TTM EPS |
Lloyds Metals & Energy Ltd. | CMP Rs. 1282 | M Cap Rs. 67077 Cr | 52 W H/L 1478/592 | § Result is declining § Revenue from Operations came at Rs. 1193.3 Cr (-28.8% QoQ, -23.2% YoY) vs QoQ Rs. 1675.2 Cr, YoY Rs. 1554.3 Cr § EBIDTA came at Rs. 261.1 Cr (-51.3% QoQ, -43% YoY) vs QoQ Rs. 536.4 Cr, YoY Rs. 458.4 Cr § EBITDA Margin came at 21.9% vs QoQ 32%, YoY 29.5% § Adj. PAT came at Rs. 201.9 Cr vs QoQ Rs. 389.3 Cr, YoY Rs. 276.9 Cr § Quarter EPS is Rs. 3.9 § Stock is trading at P/E of 13.9x FY26E EPS |
Tata Technologies Ltd. | CMP Rs. 693 | M Cap Rs. 26510 Cr | 52 W H/L 1135/595 | § Result is marginally below expectation § Revenue growth QoQ CC came at -3.3% vs expectation of -2.2%, QoQ 1.7%, YoY 0.3% § Dollar revenue came at $ 148.3 Mn,(-4.8% QoQ, -5.3% YoY) vs expectation of $ 150.3 Mn, QoQ $ 155.7 Mn, YoY $ 156.6 Mn § Net sales came at Rs. 1285.7 Cr (-2.4% QoQ, -1.2% YoY) vs expectation of Rs. 1300.8 Cr, QoQ Rs. 1317.4 Cr, YoY Rs. 1301.1 Cr § EBIT came at Rs. 202.3 Cr (-0.6% QoQ, -4.1% YoY) vs expectation of Rs. 200.2 Cr, QoQ Rs. 203.6 Cr, YoY Rs. 211 Cr § EBIT Margin came at 15.7% vs expectation of 15.4%, QoQ 15.5%, YoY 16.2% § Adj. PAT came at Rs. 188.9 Cr vs expectation of Rs. 168.4 Cr, QoQ Rs. 168.6 Cr, YoY Rs. 157.2 Cr § Quarter EPS is Rs. 4.7 § Stock is trading at P/E of 36.9x FY26E EPS |
Results to be Announced:
R. Type | 28/Apr | Mar-24 | Dec-24 | Exp |
Consolidated | Aditya Birla Sun Life AMC Ltd. | 208.4 | 224.5 | 201.7 |
Consolidated | Adani Green Energy Ltd. | 265.0 | 400.0 | 0.0 |
Consolidated | Adani Total Gas Ltd. | 163.7 | 141.3 | 0.0 |
Consolidated | AWL Agri Business Ltd. | 154.6 | 393.2 | 0.0 |
Standalone | Castrol India Ltd. | 216.2 | 271.4 | 0.0 |
Standalone | CSB Bank Ltd. | 151.5 | 151.6 | 154.7 |
Consolidated | Firstsource Solutions Ltd. | 133.5 | 160.3 | 175.1 |
Standalone | Hatsun Agro Product Ltd. | 52.2 | 40.9 | 0.0 |
Consolidated | Hexaware Technologies Ltd. | 0.0 | 320.7 | 0.0 |
Consolidated | IDBI Bank Ltd. | 1655.1 | 1929.1 | 0.0 |
Standalone | Indian Railway Finance Corporation Ltd. | 1717.3 | 1630.7 | 0.0 |
Consolidated | KFin Technologies Ltd. | 75.6 | 90.2 | 0.0 |
Consolidated | KPIT Technologies Ltd. | 166.5 | 193.3 | 202.0 |
Consolidated | Nippon Life India Asset Management Ltd. | 342.6 | 295.3 | 304.0 |
Consolidated | Oberoi Realty Ltd. | 785.2 | 615.7 | 535.5 |
Consolidated | PNB Housing Finance Ltd. | 439.3 | 483.3 | 454.4 |
Standalone | RPG Life Sciences Ltd. | 13.2 | 34.9 | 0.0 |
Consolidated | TVS Motor Company Ltd. | 420.9 | 630.6 | 0.0 |
Consolidated | Ultratech Cement Ltd. | 2249.5 | 1474.8 | 2707.3 |
Consolidated | Vimta Labs Ltd. | 12.4 | 21.5 | 0.0 |
Consolidated | UCO Bank | 525.8 | 638.8 | 0.0 |
Retail Research Team
