18-Jan-25
Tech Mahindra (BUY): Looks a bit ahead of plan on margins. Steady progress…
3QFY25 was better than expected in terms of revenue and especially on margins. The latter despite large currency headwinds and investments
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17-Jan-25
Havells India (HOLD): Margin miss; recovery expected ahead
Q3 revenue grew ~11%, driven by festive demand. However, EBITDAM contracted 110bps due to higher staff costs and other expenses
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17-Jan-25
Axis Bank (HOLD): Another moderate quarter with deterioration in asset quality
Yet another soft quarter with moderate advances and deposits growth, with less signs of improvement in the next two quarters
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17-Jan-25
LTIMindtree (SELL): Weakest body language amongst the peer set
While 3QFY25 was decent on revenue, ability to counter the wage hike impact was missing resulting in a 170bps EBIT margin drop QoQ
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17-Jan-25
Infosys (HOLD): Broadening of discretionary spend
3QFY25 beats our estimates. European BFS and US Retail & CPG discretionary spends pick up. Higher than usual pass through impacts
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16-Jan-25
HDFC Life (BUY): A steady show, positive surprise on margins
HDFCLIFE reported stronger-than-expected APE growth of 20%/12% YoY in 9MFY25/Q3FY25
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14-Jan-25
HCL Technologies (SELL): Organic guidance maintained. Discretionary spend broadening
4.25% CC YoY organic revenue growth maintained. Sectors beyond BFSI and Hi-Tech called out for pickup in discretionary spend
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10-Jan-25
Tata Consultancy Services (HOLD): ’25 may be better than ’24 but not by much. Macro a challenge
3QFY25 broadly in line. International growth weaker than expected. 4Q TCV must be a bumper one for FY25 to match FY24
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09-Jan-25
Som Distilleries & Breweries (NOT RATED): Distribution gains and local supply driving growth
Som distilleries and breweries holds a ~12% market share of the 190m case strong beer segment in the markets where it operates
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03-Jan-25
Dabur India (BUY): 3QFY25 update – 1% sales miss, 2% operating income miss
DABUR issued a 3QFY25 business update. Compared to consensus, we estimate a 1% sales miss and 2% operating income miss
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20-Dec-24
Accenture (NOT RATED): Raises FY25 growth guidance but no big read through
Organic growth raised by 100bps to 2.5% on better 1QFY25 (AUG YE) which in turn was driven by strong large order wins in FY24
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17-Dec-24
Greenpanel Industries (HOLD): MDF – Weak near-term outlook; positive medium-term outlook
MDF industry margin to remain under pressure in the near future on supply-side pressure and steep rise in timber prices
View Report
16-Dec-24
Lupin (BUY): Reduction in in-licence portfolio to increase margins
LPC’s domestic region in-licence portfolio fell from 15% in Q2FY24 to 12% in Q2FY25 and is expected to reduce further to ~10% by FY26
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13-Dec-24
Cera Sanitaryware (BUY): Management meet key takeaways
The bathware industry slowed down from Q3FY24, but the company expects gradual pick-up in demand from H2FY25 onwards
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12-Dec-24
Dalmia Bharat (SELL): Excess supply to impact performance; downgrade to SELL
DALBHARA’s presence in East and South India may be hit by excess supply; we factor in 1% price hikes in FY26/FY27 after a dent in FY25
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12-Dec-24
Godrej Consumer Products (HOLD): Headwinds – Inflation, innovation from competition, and weather
Extreme weather patterns impacted sales of Household Insecticides. Soap volumes were soft on destocking due to price rises
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11-Dec-24
Ajanta Pharma (SELL): No incremental triggers; valuation expensive
At our virtual conference AJP said it is not looking to venture into newer therapies in India in the next 1-2 years due to hefty valuations
View Report
02-Dec-24
Hindustan Unilever (BUY): Premiumisation may be ahead of its time.
HUVR’s outlook of stable demand trends for FY25 appears conservative as the building blocks for rural demand remain favourable
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18-Nov-24
Orient Cement (COVERAGE DROP): Await growth strategy from acquirer - drop active coverage
Q2 reported revenue declined 25%/22% YoY/QoQ to ~Rs 5.44bn, driven by double-digit dip in volume. Realisation fell YoY
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18-Nov-24
Century Plyboards (HOLD): Weak Q2FY25 on sharp margin pressure
CPBI’s topline beat; EBITDA missed our estimates sharply on margin pressure across segments except plywood
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15-Nov-24
Hero Motocorp (HOLD): Strong festive momentum; sustainability is the key
Q2 revenue grew by ~11% YoY to Rs 104.6bn, driven by a mix of steady volume gain of ~7% YoY and realisation gain of 3% YoY
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15-Nov-24
Crompton Greaves (BUY): In-line Q2, margins to sustain due to prompt pricing actions
Decent Q2 topline from strong B2B lighting and pump sales, and gross margin expansion of 140bps driven by strategic pricing actions
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15-Nov-24
IRM Energy (NOT RATED): Management meet takeaways post Q2FY25 results
Q2 EBITDA decline on margin contraction amid continuing high opex; impact of APM deallocation covered with NWG gas and price hikes
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14-Nov-24
Eicher Motors (HOLD): Steady show; launch pipeline healthy; key growth driver
Q2 revenue increased ~7% YoY (flat QoQ) to Rs 42.1bn, driven by realisation gain of 8% YoY to Rs 184.5k/motorcycle (small dip QoQ)
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14-Nov-24
Alkem Labs (BUY): In-line Q2, margins expected to sustain due to cost efficiencies
Q2 reported in-line numbers, where sales/EBITDA were 4% below our estimates. However, PAT was 1% above our estimate
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14-Nov-24
Hindware Home Innovation (BUY): Another dismal quarter; muted guidance for H2FY25
Dull Q2 on weak performance across segments due to cost inflation pressure in a weak demand environment and sales force rationalisation
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13-Nov-24
Cera Sanitaryware (BUY): Q2 demand slow, management guides for stronger H2FY25
CRS posted strong faucet revenue growth (+23% YoY) in a weak demand environment
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12-Nov-24
Britannia Industries (BUY): Inflation offsets being put in place just in time
Compared to Bloomberg consensus, sales were 2% lower, EBITDA 12% lower as margin came in 200bps below expectations. Volumes +8.5%
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12-Nov-24
Shree Cement (HOLD): Relatively better placed to face tough challenges; retain HOLD
Realisation dent drags revenue growth by a steep 19%/23% in Q2FY25, partially offset by relatively lower volume decline of 7% YoY
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12-Nov-24
The Ramco Cements (SELL): No respite from challenges; maintain SELL
Q2 revenue declined ~13% due to tepid volume growth and pricing pressures affecting realisations (down by 10%/5% YoY/QoQ)
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12-Nov-24
Star Cement (HOLD): Clinker unit stabilisation issues impact performance in Q2
Revenue rose 10% backed by healthy 9% volume gains and realisations remained flat YoY/QoQ at Rs 6,560/t with improved regional mix
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11-Nov-24
Zydus Wellness (HOLD): Broad-based sales growth is a positive or a concern?
Underlying EBITDA +62% YoY. Sales was +12% with EBITDA margin expanding 20bps to 4.0%
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11-Nov-24
Aurobindo Pharma (BUY): The worst is over for Eugia plant
2QFY25 earnings were marginally below our estimates due to supply issues from Eugia plant affecting Global Specialty/Injectable sales
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11-Nov-24
SAIL (HOLD): Volatile profitability despite structural improvements
While Q2 benefitted from prior-period rail revenue, underlying profitability was weak and lagged peers
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10-Nov-24
Divi's Labs (SELL): Healthy Q2; rich valuations
DIVI reported healthy 2QFY25 earnings which was a beat on our estimates. Exports contributed 87% of sales and the US 71%
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09-Nov-24
Gujarat State Petronet (HOLD): Group reorganisation and GUJGA CGD are key value drivers
Q2 EBITDA declined 54% YoY primarily on sharp tariff cut from May’24; GIGL called on GUJS for cash deficit support under sponsor agreement
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09-Nov-24
Ashok Leyland (BUY): Cost respite aids steady show; recovery in sight. Retain BUY
Q2FY25 revenue grew 9% YoY to Rs 87.6bn (up 2% QoQ), helped by flat realisations YoY while volume fell by 9%
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09-Nov-24
Lupin (BUY): In-line quarter; EBITDAM guidance increased to 25%
LPC’s earnings were in line with our estimates but beat street’s estimates. EBITDA margin was 23% in Q2FY25
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09-Nov-24
JK Lakshmi Cement (SELL): Challenges galore leading to weak show; maintain SELL
Q2 revenue fell sharply by 21% YoY/QoQ each dragged by low volume growth, down 14%/20%, and weak realisations that fell by 9% YoY
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08-Nov-24
Prince Pipes & Fittings (BUY): Mixed Q2FY25; market share gain at the cost of inferior margin
PRINCPIP appears to have gained market share in Q2FY25 even after tightening the credit period for its dealers
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08-Nov-24
Escorts Kubota (SELL): No major respite from weakness; maintain SELL
Q2 tractors volume fell by 1% YoY (combined volume from JV partners post amalgamation) despite healthy industry growth
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08-Nov-24
Tata Steel (BUY): Look beyond transient issues, upgrade to BUY
Q2 call highlighted transient issues like delay in break-even at TSK, weaker margin outlook extending to Q3 and lower profitability at TSN
View Report
08-Nov-24
Mahindra & Mahindra (BUY): Auto and Farm segments on healthy trajectory; maintain BUY
Automotive segment grew by ~9% YoY and tractor volume at 3% YoY in the monsoon quarter; festive season sales were encouraging
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07-Nov-24
Alembic Pharma (BUY): The worst is over; H2FY25 to be better than H1FY25
Q2FY25 results were below our estimates on all fronts; however, ALPM expects H2 to be better than H1FY25 driven by healthy product mix
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07-Nov-24
Astral (HOLD): Weak quarter; guidance downgrade yet again
Misses estimates on weak pipe volumes (-2.5% YoY) and continued subdued performance of SEAL IT & paints business
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07-Nov-24
Blue Star (BUY): Strong EMP growth & RAC performance amid soft quarter
Topline jumps 20.4% in Q2, with gross margin rising 170bps due to better product mix and material cost reductions
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07-Nov-24
Jindal Steel & Power (HOLD): Delivery on expansion and further growth visibility key triggers
Q2 results beat our weak expectations; EBITDA margin resilience reflect benefit of captive coal and HSM ramp-up
View Report
07-Nov-24
eClerx Services (NOT RATED): Strong 2Q. Reiterates top quartile revenue growth in FY25
5.7% CC QoQ revenue growth and 480bps EBIT margin expansion was ahead of estimate driven by financial markets vertical and top clients
View Report
06-Nov-24
Dr Reddy's Labs (HOLD): Healthy Q2; margins post gRevlimid LOE to remain wary
Revenue/EBITDA earnings above our and street estimates. APAT ~46% above estimates. Estimates adjusted for JV and impairment cost
View Report
05-Nov-24
VST Tillers Tractors (SELL): Only minor respite from weak show; maintain SELL
Q2 revenue was flat YoY at Rs 2.8bn, dragged by lower realisations of Rs 0.2mn down by ~1.3% YoY (13% MoM)
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31-Oct-24
Cipla (HOLD): Conditional launch of gAbraxane likely in FY25
Goa plant receiving VAI likely to speed up gAbraxane launch in FY25E. In its 2QFY25 earnings call CIPLA said this would be delayed to H1FY27
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31-Oct-24
Indraprastha Gas (HOLD): Lower headroom to avert growth slowdown
IGL indicated near-term increase of Rs 5-6/kg due to loss of APM gas allocation for CNG segment and confirms need for price increase
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31-Oct-24
Dabur India (BUY): Macro and weather tailwinds vs carbonated soft drinks
Sales were in line with consensus and our estimates. EBITDA was 4% below consensus and 1% above our estimates
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30-Oct-24
V-Guard Industries (HOLD): Broad-based growth drives topline
Topline surged 14% YoY, driven by steady gains across Electronics, Electricals, and ECD segments, while Sunflame sales held steady
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30-Oct-24
Voltas (HOLD): In-line revenue; margins on the rise
Topline grew 14% YoY in Q2; EBITDA margin expanded 310bps YoY, fueled by better cost efficiencies
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30-Oct-24
Greenlam Industries (HOLD): Weak quarter; quick ramp up of new projects a key monitorable
Weak Q2 on lower-than-expected laminate volume and slow ramp-up of plywood segment
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30-Oct-24
Maruti Suzuki (BUY): Steady performance; upgrade to BUY on reasonable valuations
Q2FY25 revenue was flat YoY (+5% QoQ) in a challenging quarter, realisation improved by 2%/1% YoY/QoQ
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30-Oct-24
JK Cement (HOLD): Steady performance despite challenges; maintain HOLD
Grey cement volumes at 3.8mt (excluding clinker volumes) fell by ~3% YoY (-12% QoQ) owing to weak demand impacted by seasonality
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30-Oct-24
Marico (HOLD): Urban stable, rural growing
Versus consensus, sales miss 1%, EBITDA miss 2% on 15bps lower-than-expected margins. Parachute volumes +4% vs retail offtake +8%
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30-Oct-24
Cipla (SELL): No meaningful incremental triggers until Goa plant clearance
Earnings in line with our estimates on all fronts. However, US sales was down and 5% lower than our estimates in rupee terms
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29-Oct-24
Somany Ceramics (BUY): Guidance lowered on weak H1; positive medium-term outlook
Topline broadly in line; but EBITDA missed on margin contraction due to low absorption of fixed-cost overhead
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29-Oct-24
Greenply Industries (HOLD): Weak Q2 result on MDF margin pressure
Topline broadly in line; but sharp miss on EBITDA due to steep sequential contraction in MDF margin (-487bps QoQ to 11.8%)
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29-Oct-24
Greenpanel Industries (HOLD): Dismal Q2; MDF margin bottoms out, but recovery to take time
Sharp contraction in GREENP EBITDA (-57% YoY) for eight straight quarters on supply overhang in MDF industry
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29-Oct-24
Sun Pharma (HOLD): All positives built into current valuations
SUNP reported 11% domestic sales growth led by 5% volume growth from ~14,000 MRs; leads in Rx count across 13 doctor categories
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29-Oct-24
Ambuja Cements (HOLD): Steady 2Q show, gearing for demand revival; retain HOLD
Volume-driven revenue growth as realisation weakens by 6.0% YoY due to weak demand in key markets
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29-Oct-24
Firstsource Solutions (NOT RATED): Significant upgrade to revenue guidance
Big upgrade to revenue growth guidance with possibly more on the anvil in 2HFY25
View Report
29-Oct-24
Ajanta Pharma (SELL): Lower growth forecast in multiple geographies
Mixed quarter with revenue/EBITDA beat of 4%/3%; however, PAT reported 1% and EBITDA margin was 30bps lower than our estimate
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28-Oct-24
Syrma SGS (HOLD): Modest revenue growth; margins to revive
Modest topline growth of 17%; EBITDA margin expanded 160bps due to better product mix
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28-Oct-24
ACC (HOLD): 1H below expectations, headroom for improvement
Q2FY25 revenue grew 4% YoY as 15% uptick in volume (supported by inorganic growth) was offset by realisation drop of 6%
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28-Oct-24
Apollo Pipes (HOLD): Dismal performance for fourth consecutive quarter
Weak Q2FY25 due to continued loss of market share and sharp margin contraction
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28-Oct-24
Marico (HOLD): Bangladesh update: Start of something good?
Marico Bangladesh (MB), ~22% of Marico’s Consolidated (MC) EBITDA, reported 2QFY25 sales +8%, est EBITDA +10%. Dividend payout 97%
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28-Oct-24
JSW Steel (HOLD): Poised for H2 recovery but risk-reward unfavourable
Q2 results was better than weak expectations, supported by lower loss on iron ore and inventory valuation. Imports had a significant impact
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26-Oct-24
Mahanagar Gas (HOLD): Resetting margin expectations, reiterate HOLD
Q2 results were broadly in line with our forecasts. Factoring in stronger growth momentum, we raise FY24-27E volume CAGR to 8.4% from 7.5%
View Report
26-Oct-24
Orient Electric (BUY): Strong topline; margins in line. Upgrade to BUY
Decent 16% revenue surge with 210bps gross margin boost from smart cost cuts and strategic price hikes
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26-Oct-24
Finolex Industries (HOLD): Dismal performance on sharp margin contraction
Gained market share in pipe segment in a difficult environment, but still missed our EBITDA estimates by 90% due to sharp margin contraction
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26-Oct-24
Eris Lifesciences (BUY): Fully vertically integrated biologics segment; maintain BUY
Q2 revenue/PAT above our estimates due to better traction in both base and acquired businesses
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25-Oct-24
ITC (BUY): Managing inflation
Sales were 12% higher vs consensus likely due to the volatile, pass-through-based Agri Business segment. EBITDA was in line
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25-Oct-24
Petronet LNG (HOLD): Visibility on Dahej utilisation is key; upgrade to HOLD
Q2 underlying EBITDA broadly in line factoring in UOP adjustments; Dahej utilisation can hold up in Q3 if LNG prices remain range bound
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25-Oct-24
Godrej Consumer Products (HOLD): Partial pass-through impacting margins near term
Compared to Bloomberg consensus, sales were 1% higher but EBITDA beat was 4% as margins came in 60bps above expectations
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25-Oct-24
Dixon Technologies (HOLD): Strong performance; elevated valuations prompt HOLD
Q2 revenue jumped 133% YoY, driven by Mobile and EMS growth; EBITDA margin slid 30bps on change in business mix
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25-Oct-24
Laurus Labs (SELL): Another weak quarter
Earnings miss for 2Q on our and street estimates on all fronts. Revenue/PAT came short of consensus estimates by -5%/39%
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24-Oct-24
Tata Consumer Products (BUY): Share price correction is overdone – BUY
Tata Consumer share price corrected ~7% post 2QFY25 result on Tea inflation and sales challenges in NourishCo. Correction is overdone
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24-Oct-24
Hindustan Unilever (BUY): Managing inflation; FMCG remains rational
2QFY25 sales were 1% above consensus while EBITDA was 2% higher as margins came in 15bps above expectations
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24-Oct-24
Birlasoft (NOT RATED): Pains of trying to match Industry growth
Birlasoft is trying to pivot to address both annuity and transformation deals to remain on the growth path with decent margins
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24-Oct-24
TVS Motor (HOLD): Gearing for structural strength; valuations rich, maintain HOLD
Q2 revenue grew in double digits at 13%/10% YoY/QoQ to Rs 92.3bn
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24-Oct-24
Amber Enterprises (HOLD): Healthy growth to continue
Q2 achieved 82% YoY topline growth with 30bps EBITDAM expansion, although gains were tempered by the shift in product mix
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23-Oct-24
Coforge (NOT RATED): More bullish than peers on demand conditions
Unlike peers who have been tentative on demand, Coforge CEO sounded confident that demand had returned convincingly
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23-Oct-24
Zensar Technologies (NOT RATED): Unseasonal furloughs in TMT clients impacts revenue growth
Weak QoQ growth due to client specific issues in TMT vertical whereas BFSI and HLS show good traction.
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22-Oct-24
Persistent Systems (NOT RATED): Strong quarter both on revenue and margins
Met revenue estimate. But a beat on EBIT margin. Strong 1H and ACV should mean high teen revenue growth with flat EBIT margin vs FY24
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22-Oct-24
Kajaria Ceramics (HOLD): Miss estimates on sharp margin contraction; maintain HOLD
Weak Q2 on sharp margin contraction due to high share of outsourced sales volume and high overhead costs of new commissioned units
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22-Oct-24
Supreme Industries (BUY): Weak Q2; upgrade to BUY on reasonable valuations
Weak Q2 on destocking of pipe inventories in the channel in a falling resin price environment, and MTM inventory loss
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22-Oct-24
Ultratech Cement (BUY): Geared up for short-term challenges; maintain BUY
Steady 3% volume growth aids marginal fall in topline despite dent in realisations in a challenging Q2; capacity utilisation at ~68%
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22-Oct-24
Dalmia Bharat (HOLD): Challenging phase for Dalmia; valuations factored in
Revenue declined by 2%/15% YoY/QoQ to ~Rs 31bn in Q2FY25 as focus returned to volume growth over guarding against declining realisations
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19-Oct-24
Tech Mahindra (NOT RATED): Beats modest expectations; Steady move toward FY27 targets
A beat on revenue, margins and TCV against low expectations. Steadily moving to achieve its FY27 targets. Momentum to continue in 2H.
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19-Oct-24
Tata Consumer Products (BUY): Focus on market share; weathering the tea dynamics
Compared to consensus, sales came in 3% lower while EBITDA was in line
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18-Oct-24
Wipro (NOT RATED): Beats low expectations. Margin & large deal TCV key positives
2QFY25 street expectations were low due to weak performance over the last many quarters. Wipro delivered a modest beat on those
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18-Oct-24
Polycab India (HOLD): Strong run continues
Healthy revenue growth at 30% YoY; EBITDA falls on high competition and high ad spends
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18-Oct-24
LTIMindtree (NOT RATED): Softer revenue and TCV. Efficiency pivot should help
Softer than expected but broad-based growth. TCV numbers have been in a narrow range for many quarters now.
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18-Oct-24
Infosys (NOT RATED): Broadly inline quarter: Revenue guidance and TCV underwhelm
Broad-based growth with European auto the only weak spot. Discretionary spending still restricted to US financial services.
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18-Oct-24
Havells India (HOLD): Q2 margins miss; growth on the way
Q2 grew ~17% on improvement in consumer demand trends. High A&P spends and high staff cost hurt margins
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17-Oct-24
Nestle India (HOLD): Margins remain a priority; HOLD
Sales came in 4% below consensus while EBITDA was 10% lower due to margin being 152bps below expectations
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17-Oct-24
Mphasis (NOT RATED): In line quarter. Steady improvement indicated.
Revenue and EBIT margin broadly in line. TCV a tad soft – deals getting pushed back on greater scrutiny on spending by clients on AI projects.
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17-Oct-24
KEI Industries (BUY): Sustaining growth with stability
KEII reported a 17% YoY rise in Q2 revenue, but margins declined due to raw material price volatility and lower share of EHV sales and exports
View Report
17-Oct-24
Bajaj Auto (HOLD): Well balanced growth strategy; valuations priced in
BJAUT’s Q2FY25 revenue jumped 22%/10% YoY/QoQ to Rs 131bn aided by volume growth of 16% and favourable mix aiding faster growth
View Report
15-Oct-24
Shree Cement (HOLD): Focus on growth to continue; maintain HOLD
Maintaining market share will be the key priority in the supply glut market situation, though capacity utilisation may hover ~70%
View Report
15-Oct-24
Reliance Industries (BUY): Earnings bottomed out but softness may persist near term
Q2 results were broadly in line with muted expectations, earnings likely bottomed out but softness may persist for couple of quarters
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15-Oct-24
HCL Technologies (NOT RATED): Modest beat. Guidance broadly maintained
Broad-based and better-than-expected growth. Guidance is broadly left unchanged. HCLT does not want to extrapolate strong 2Q into 2H
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11-Oct-24
Tata Consultancy Services (NOT RATED): BSNL margin pain pops up
1.1% CC QoQ revenue growth was in line. Margin pain of BSNL order, not visible thus far, showed up
View Report
07-Oct-24
Marico (HOLD): Marico Bangladesh operationally fine; 2QFY25 miss
MB’s 1QFY25 DPS is paid out, bringing trailing 12M payout ratio to 76%. Two cash repatriations were executed within a 30-day period
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03-Oct-24
Dabur India (BUY): 2QFY25 sales, EBITDA miss – Est sales rural +2%, urban -16%
Sales and EBITDA miss on 2QFY25. Estimated sales miss of 11% and EBITDA miss of 25%
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27-Sep-24
Accenture (NOT RATED): Guidance conservative if macro holds up
1.5% LC organic revenue growth at the midpoint FY25 (YE August) is conservative if the US soft landing plays out.
View Report
26-Sep-24
Marico (SELL): The Remittance Test: Dividend payout from Marico Bangladesh
Marico Bangladesh’s 1QFY25 DPS of BDT100 was recorded on 25 Aug’24. This equates to ~30% of MB’s cash/share on balance sheet
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25-Sep-24
Accenture (NOT RATED): A peek into FY26 prospects for Indian players
We see downside risk to current Accenture’s consensus organic growth estimate of 3.5% for FY25. Assuming 2% inorganic.
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23-Sep-24
Polycab India (HOLD): Management meet takeaways – Steady growth on the horizon
W&C on robust growth trajectory, fueled by government infrastructure investments & rising real estate demand; 2HFY25 to exceed 1HFY25
View Report
16-Sep-24
Tata Consumer Products (BUY): Meeting with management – Medium- to long-term targets intact
Medium- to long-term growth prospects remain intact with TCPL targeting double-digit topline growth driven by growth businesses
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04-Sep-24
Havells India (HOLD): Strategic capacity expansion to propel growth
Wires & cables accounted for 34% of HAVL’s FY24 revenue, with capacity expansion to increase from 3.29mn km to 4.58mn km by 2026
View Report
02-Sep-24
Gujarat State Petronet (HOLD): Reorganisation to unlock investment value; maintain HOLD
GSPL stock’s driver to be value of GUJGA and GTL post transaction with a specified swap ratio of 10+3.33 to 13 shares
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30-Aug-24
Marico (SELL): Cash repatriation debate is building up in Bangladesh
Similar to Marico, Indian power companies along with global MNCs are facing increased challenges in cash transfers from Bangladesh
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30-Aug-24
Hindustan Unilever (BUY): Management meeting: Mid/long term prospects remain positive
Volumes were subdued for the past couple of years but trends are improving
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29-Aug-24
Reliance Industries (BUY): Key takeaways from the FY24 AGM
Key positives include announcement of bonus issue, high-growth targets for consumer business, and comfort in working with deep-tech
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29-Aug-24
HCL Technologies (NOT RATED): Wants to deliver industry leading TSR in the future too
Did not change its near-term commentary while being bullish on the medium-term outlook
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23-Aug-24
MOIL (NOT RATED): Marathon run ahead after a sprint in FY24
With moderation of prices, production growth is likely to be the main driver
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17-Aug-24
IRM Energy (NOT RATED): Management meet takeaways – Focus on volume continues
Q1 EBITDA recovered 34% sequentially on recovery in EBITDA margin, but still 28% lower YoY on higher opex
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16-Aug-24
Voltas (HOLD): Strong revenue – UCP leads; EMP turns around
Topline surged 46.5% YoY in Q1; EBITDA margin expanded 310bps YoY, boosted by nationwide heatwave
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15-Aug-24
Marico (SELL): Back in play, but exposure is high and cash remains stuck. Sell
Marico Bangladesh (MB) facility has resumed operations at its usual run rate. Bulk of the sales and distribution team is back to work
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15-Aug-24
Hero Motocorp (HOLD): Gaining momentum; pace likely to accelerate. Maintain HOLD
Q1 revenue grew by ~16% YoY to Rs 101.4bn, driven by strong volume gains of ~14% YoY and realisations gains of 2% YoY
View Report
13-Aug-24
VST Tillers Tractors (SELL): Weakness persists; downgrade to SELL
Q1 revenue fell ~23% YoY to Rs 1.9bn, dragged by lower volume at 7.38k units and down by ~30% YoY due to weak overall activity
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13-Aug-24
Cera Sanitaryware (SELL): Another lacklustre quarter on soft demand
Dull Q1 due to weak demand environment on account of the extreme heatwave and impact of general elections across India
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12-Aug-24
Star Cement (HOLD): Weak quarter; but performance to improve in medium term
Revenue stayed flat as volume fell marginally, and realisations remained flat YoY/QoQ at Rs 6,508/t
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12-Aug-24
JSW Steel (HOLD): Access to prime coking coal in Australia at an attractive price
JSTL acquired access to Illawarra prime hard coking coal, equivalent to 7-9% of its hard coking coal requirements today for the next 14 years
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12-Aug-24
Hindware Home Innovation (BUY): Dismal quarter on muted demand and sales force rationalisation
Dull Q1 on weak bathware performance due to muted demand environment and impact of sales force rationalisation
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10-Aug-24
Gujarat State Petronet (HOLD): Transmission volume pick up not value accretive
Q1 EBITDA was in line with consensus. Factoring in beat to our Q1 estimate and gas consumption pick up, we raise our FY25-26 estimates
View Report
10-Aug-24
SAIL (SELL): Discount to peers is not unjustified
While SAIL clocked sequential improvement in 1Q, the performance fell short of consensus and our expectations
View Report
09-Aug-24
Astral (HOLD): Weak quarter; guidance downgrade across segment
Strong pipe volume growth of 16.4% YoY in Q1FY25, but still lags closest peer SI for the tenth straight quarter
View Report
09-Aug-24
Eicher Motors (HOLD): Steady performance; new launches to drive growth momentum
Q1 revenue increased ~9% YoY to Rs 42.3bn, driven by realisation gains of 9.3% YoY to Rs 187.2k per motorcycle
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08-Aug-24
Godrej Consumer Products (HOLD): Sales miss but margin beat
GCPL missed on sales and EBITDA but business is commoditised and volume growth was in line with high single digits guidance
View Report
08-Aug-24
Reliance Industries (BUY): Quick pointers from FY24 Annual Report
Retail market share at ~3.5% and targeting growth rate double that of market; Digital Services positioned to lead in FWAs and 5G
View Report
07-Aug-24
Shree Cement (HOLD): Performance weak though current valuations capture the same
Realisation dent drags revenue growth by 3%5% in Q1FY25, partially offset by healthy volume growth of 8%/1% YoY/QoQ
View Report
07-Aug-24
Century Plyboards (HOLD): Near-term pain to persist; positive medium-term outlook
CPBI’s topline came broadly in line; EBITDA sharply missed our estimates in Q1 due to loss incurred on newly commissioned AP units
View Report
07-Aug-24
Blue Star (BUY): Strong quarter; outlook bright
Topline jumps 28.7% in Q1, with gross margin rising 140bps and EBITDA margin 180bps
View Report
07-Aug-24
TVS Motor (HOLD): No challenges in performance; valuations gain pace
Q1 revenue increased by 16% YoY driven by volume growth of 14.1% YoY to ~1.1mn units
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06-Aug-24
Orient Cement (SELL): No major performance triggers; valuations stretched
Q1 reported revenue declined 16% YoY to Rs 1.35mn/t, impacted by ~15% YoY fall in volumes
View Report
06-Aug-24
Marico (SELL): Downgrade to SELL on Bangladesh – 22% EBITDA contribution
Marico Bangladesh (MB), operating in Household and Personal Care, accounts for 11% of MRCO’s consolidated sales
View Report
06-Aug-24
Syrma SGS (HOLD): Robust revenue; drag on margins apparent
Strong Q1 topline growth was offset by GM contraction due to higher RM costs; dip in EBITDA margin caused by unfavourable product mix
View Report
06-Aug-24
Marico (HOLD): Focus on long term
Compared to consensus, sales were in line and EBITDA 1% higher. Volumes were +4%, an acceleration vs +2% in the Mar’24 quarter
View Report
06-Aug-24
Britannia Industries (BUY): Leading by example – Topline focus amidst macro tailwinds
Sales were 2% higher, EBITDA 3% lower vs Bloomberg consensus. Volumes +8% along with rise in both EBITDA margins and A&P
View Report
05-Aug-24
State Bank Of India (BUY): Strong performance aided by operational efficiencies
PAT declined on subdued topline and higher credit cost, while operational efficiency offset some of its adverse impact
View Report
03-Aug-24
JK Lakshmi Cement (SELL): Changed dynamics lead to challenges; maintain SELL
Q1 revenue fell 11.5% YoY on the back of low volume growth, down 8%, and weak realisations that fell by 4.6% YoY
View Report
03-Aug-24
Zydus Wellness (HOLD): 1QFY25 result review: Risk from La Nina
Sales (+20%) were 7% higher on heatwave but EBITDA was in line with Bloomberg consensus. We forecast +13% sales growth in FY25
View Report
03-Aug-24
Prince Pipes & Fittings (BUY): In-line Q1; focus on market share gain and better cash flow
PRINCPIP’s Q1 result came broadly in line with our estimate; gained market share even after tightening credit period in Q1
View Report
03-Aug-24
Somany Ceramics (BUY): Near-term pain, medium-term outlook positive
Misses our revenue/EBITDA estimate by 2%/8% mainly due to lower-than-expected tiles volume
View Report
03-Aug-24
Escorts Kubota (SELL): Weakness persists, maintain SELL
Q1 tractors volume dipped 3.2% YoY as weakness persisted in export markets and domestic market lost market share
View Report
03-Aug-24
Maruti Suzuki (HOLD): Healthy show continues; maintain HOLD on elevated valuations
Q1 revenue grew 10% YoY driven by demand in SUVs and realisations which improved 5%/4% YoY/QoQ
View Report
02-Aug-24
Mahindra & Mahindra (BUY): Healthy performance to continue; upgrade to BUY
Automotive segment grew by ~14% YoY and tractor volume an encouraging 5% YoY in a dull quarter
View Report
02-Aug-24
Orient Electric (HOLD): Modest quarter; Hyderabad facility gears up for growth
Modest 7% topline growth with 240bps gross margin boost; EBITDA hit by rising staff costs
View Report
02-Aug-24
Ambuja Cements (HOLD): Weak present but promising future; retain HOLD
Volume-driven revenue growth as realisation weakens by 6.5% YoY owing to weak demand in key markets
View Report
02-Aug-24
ITC (BUY): 1QFY25 earnings review
Hotels and Agri segments drove sales with subdued performances in FMCG and cigarettes
View Report
02-Aug-24
Tata Steel (HOLD): Project delivery and transition to support earnings growth
Q1 results confirmed a rebound in Netherlands for recovery from losses in Europe and stable profitability in India operations
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02-Aug-24
Dabur India (BUY): Rural recovery, potential upside from intense/extended winters
1QFY25 underlying result was broadly in line with consensus with in-line sales but 1% lower EBITDA and EPS
View Report
01-Aug-24
ACC (HOLD): 1Q below expectations, but leaves room for improvement
Q1FY25 revenue stayed flat YoY as 8.5% uptick in volume was offset by realisation drop of 8.3%
View Report
01-Aug-24
Birlasoft (NOT RATED): Among the weakest performers this quarter
Big miss on revenue and margins. Significant shifts in cost items on a QoQ basis help prevent collapse in margins
View Report
01-Aug-24
Indian Oil Corp (SELL): Visibility on growth delivery low, downgrade to SELL
IOCL’s Q1 reflected weaker core refining margin and impact of LPG under-recovery, although it had healthy fuel marketing margins
View Report
01-Aug-24
Crompton Greaves (BUY): Strong quarter; healthy outlook
Strong Q1 topline from higher fan, B2B lighting and pump sales, and GM expansion of 110bps driven by strategic pricing actions
View Report
31-Jul-24
Greenply Industries (HOLD): Strong Q1; upbeat outlook in a challenging environment
Strong Q1 due to better-than-expected plywood volume and sharp improvement in MDF segment margin on better product mix
View Report
31-Jul-24
IDFC First Bank (BUY): Business performance in line with guidance
Management maintained its strong business growth target with major focus on operational leverage to improve return, C/I Ratio <65% by 2027
View Report
31-Jul-24
Hindustan Petroleum Corp (BUY): Growth delivery remains on track, maintain BUY
Q1 results was below consensus. However, underlying margins show benefit of progress at Vizag and healthy fuel margins
View Report
31-Jul-24
Tata Consumer Products (BUY): 1QFY25 results review – Above expectations
TATACONS reported sales and EBITDA beat on improved margins in the unbranded business and M&A
View Report
31-Jul-24
Dixon Technologies (BUY): Beats estimates; mobile dials growth
Q1 revenue jumped 101% YoY, driven by mobile and EMS growth; EBITDA margin slid 20bps on input cost hike
View Report
30-Jul-24
Greenpanel Industries (HOLD): Dismal Q1; MDF margin bottoms out, but recovery to take time
Sharp contraction in GREENP EBITDA (-45% YoY) for seventh straight quarter on supply overhang in MDF industry and rising timber prices
View Report
30-Jul-24
KEI Industries (HOLD): In-line quarter; guidance retained
KEII’s Q1 revenue jumped 16% YoY with 40bps EBITDA margin expansion, and driven by robust infrastructure and real estate demand
View Report
30-Jul-24
Apollo Pipes (HOLD): Weak Q1FY25; return ratio to remain weak over medium term
Weak Q1FY25 as APOLP continued to lose market share even after selling its products at a discount to its peers
View Report
29-Jul-24
Canara Bank (BUY): Despite seasonality performance remained almost stable
Stable business growth coupled with change in credit mix likely aided margin. CBK targets NIM of 2.9-3.0% and opex of 47% over FY25
View Report
29-Jul-24
Finolex Industries (HOLD): Mixed Q1FY25; market share loss on capacity constraints
Topline miss driven by market share loss in pipe segment on capacity constraints; EBITDA beat on improved pipe margin
View Report
29-Jul-24
Bandhan Bank (BUY): Strong business growth across segments aided PAT growth
Strong business growth despite seasonality led healthy NII growth, while lower provision on high base aided PAT growth of 47% YoY
View Report
29-Jul-24
ICICI Bank (HOLD): Modest business; other income increases aid PAT
Moderate business growth led to subdued NII (2%/7% QoQ/YoY), while PAT grew 3%/15% QoQ/YoY aided by higher other income (24% QoQ)
View Report
29-Jul-24
IndusInd Bank (BUY): Stable performance
Business growth moderate on seasonality with credit/deposit growth of 15%16% YoY vs. target 18-23% (guidance intact) leading to flat QoQ NII
View Report
29-Jul-24
Mphasis (NOT RATED): Weak quarter but bullish commentary
Weak quarter despite talk of BFSI bottoming out. Significant TCV uptick QoQ from a very weak base. Much discussion on expanded pipelines
View Report
27-Jul-24
Amber Enterprises (HOLD): Strong quarter; margin expansion sustainable
Q1 sees 41% YoY topline growth and 140bps EBITDA margin expansion from improved product mix
View Report
27-Jul-24
Indraprastha Gas (HOLD): Getting back on track but needs time; downgrade to HOLD
IGL’s Q1 recovery was ahead of our forecasts with a sharper reduction in gas purchase costs partly due to opportune use of cheaper spot gas
View Report
27-Jul-24
Mahanagar Gas (HOLD): Recent run-up raises bar on growth, downgrade to HOLD
MAHGL breaks out of modest growth history, clocking 12% YoY volume growth over past six months
View Report
27-Jul-24
Ashok Leyland (BUY): Good show in a challenging quarter; retain BUY
Q1FY25 revenue grew 5% YoY to Rs 85.9bn, despite a challenging quarter, aided by 6% volume growth
View Report
26-Jul-24
Federal Bank (BUY): Higher other income supports PAT growth
Continued strong (20% YoY) business growth momentum; NII/PAT grew 20%/18% YoY on higher other income and lower opex
View Report
26-Jul-24
Axis Bank (HOLD): Moderate business growth; higher provision dragged PAT
Seasonally weak quarter with moderate business growth coupled with higher stress dragged profitability. PAT declined 15% QoQ, up 4% YoY
View Report
26-Jul-24
Tech Mahindra (NOT RATED): On track with its FY27 objectives
1QFY25 was broadly along expected lines and the first positive but modest step in achieving its FY27 objectives
View Report
26-Jul-24
The Ramco Cements (SELL): Challenges resurface; downgrade to SELL
Q1 revenue showed degrowth of 7% due to weak volume growth amid extreme weather and elections; pricing pressures affected realisations
View Report
25-Jul-24
Nestle India (HOLD): Weak sales growth profile over the next 12 months
Compared to Bloomberg consensus, NEST’s sales were 6% lower and EBITDA 10% lower
View Report
25-Jul-24
V-Guard Industries (HOLD): Summer products drive revenue
Q1 saw a 22% YoY increase in topline, driven by CD and Electronics, fuelled by nationwide demand for cooling products amid a heatwave
View Report
25-Jul-24
Petronet LNG (SELL): Volume growth ahead but watch for downside factors
Q1 underlying EBITDA was up 19% QoQ on 12% volume growth and Rs 0.6bn of trading gain
View Report
25-Jul-24
Jindal Steel & Power (HOLD): Expansion to deliver material growth even after delays
Q1 result was ahead of consensus. Company announced another 6-9 months delay of Angul expansion project
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24-Jul-24
Greenlam Industries (HOLD): Soft quarter; margin pressure to persist in near future
Weak Q1 on sharp margin compression in laminate segment and slow ramp-up of plywood and veneer segments
View Report
24-Jul-24
Coforge (NOT RATED): CEO indicates demand bottoming out. Tepid recovery
CEO believes demand has bottomed out. Industry demand commentary turns positive for the first time in the current cycle
View Report
24-Jul-24
Zensar Technologies (NOT RATED): Starts FY25 well on revenue. But challenges ahead?
1Q growth was better than expected though margins were weak because of one-off client bankruptcy
View Report
24-Jul-24
Hindustan Unilever (BUY): Sales growth in line; expect rebound in 2H
Sales growth of 2% YoY was in line with Bloomberg consensus. Underlying volumes rose 4% on Home Care & Personal Care (Hair Care)
View Report
23-Jul-24
Kajaria Ceramics (HOLD): In-line Q1; downgrade to HOLD on expensive valuations
Q1 operating profit came broadly in line with our estimates, but missed our APAT estimate by 11.5% on lower other income and higher tax rate
View Report
23-Jul-24
RBL Bank (BUY): Healthy loan growth, stable asset quality; maintain BUY
Healthy loan growth led NII to grow 6%20% QoQ/YoY. Lower provision aided PAT growth of 5%/29% QoQ/YoY
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23-Jul-24
Kotak Mahindra Bank (BUY): Healthy business despite higher CoF/provision dragging PAT
Healthy credit growth driven by corporate; deposits remained muted due to slowdown in low-cost deposit mobilisation
View Report
23-Jul-24
JK Cement (HOLD): Valuations run up faster than earnings; downgrade to HOLD
Grey cement volumes at 4.3mt (excluding clinker volumes) grew by ~6% YoY (-7% QoQ) owing to listless demand
View Report
22-Jul-24
Supreme Industries (HOLD): Misses estimates on destocking of pipe channel inventory
Q1 misses our estimates on lower-than-expected pipe performance due to destocking of pipe inventories in the channel in the month of Jun’24
View Report
22-Jul-24
JSW Steel (HOLD): Higher volume growth is priced in
Q1 EBITDA was below consensus and down sequentially on lower volumes and flat margins despite lower coking coal costs
View Report
21-Jul-24
HDFC Bank (BUY): Continued focus on business realignment impedes growth
NII growth remained healthy, while fall in other income was offset by lower opex, provision, and adj PAT. NIM increased 3bps QoQ to 3.7%
View Report
21-Jul-24
Bharat Petroleum Corp (HOLD): Growth hiatus, downgrade to HOLD
Q1 normalisation in line with consensus. Underlying fuel margin surprised on upside. Timing of compensation for LPG loss uncertain
View Report
20-Jul-24
Ultratech Cement (BUY): Firmly on growth path; maintain BUY
Higher single digit volume growth with 80%+ capacity utilisation aids UTCEM’s revenue growth despite realisation dent in a challenging Q1
View Report
20-Jul-24
Reliance Industries (BUY): Structural position to tide over near-term hiccups
RIL missed consensus; while slowdown was anticipated in Retail and O2C, the extent was bit higher
View Report
20-Jul-24
Wipro (NOT RATED): Disappointing outlier
Underwhelming 1Q revenue performance and 2Q guidance. Cautious demand commentary compared to peers
View Report
20-Jul-24
Dalmia Bharat (HOLD): Growth setback in the shorter term; downgrade to HOLD
Volume growth takes a back seat as focus shifts to tackling steep fall in realisation, which leads to flat revenue growth. EBITDA up by 10%
View Report
19-Jul-24
Persistent Systems (NOT RATED): Worry around true underlying margin
Good revenue growth QoQ. Partly helped by passthrough items and delivery shift to onsite
View Report
19-Jul-24
Polycab India (HOLD): Decent quarter across; eyes on project LEAP revisions
Revenue growth reasonable at 21% YoY, but EBITDA margin falls on lower exports and change in business mix
View Report
19-Jul-24
Infosys (NOT RATED): Better-than-expected showing
Revenue comes in 100bps higher than expected as US BFS surprised positively. INFO sees volume growth for the first time in many quarters
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18-Jul-24
Havells India (HOLD): Capacity expansion fuels growth
Robust 20% topline growth with a 160bps EBITDA margin expansion in Q1, despite ongoing raw material price volatility
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18-Jul-24
LTIMindtree (NOT RATED): Current momentum could put FY25 growth a bit ahead of FY24
Better-than-expected revenue growth in 1QFY25. Indicates growth momentum to sustain in 2QFY25. Did not offer its view on 2HFY25
View Report
17-Jul-24
Bajaj Auto (HOLD): Driving a strong path with favourable portfolio mix
BJAUT’s Q1FY25 revenue jumped 16% YoY (4% QoQ) to Rs 119bn aided by volume growth of 7% and favourable mix aiding faster growth
View Report
13-Jul-24
HCL Technologies (NOT RATED): 1QFY25 broadly in line. No material change in demand
1QFY25 revenue and margins were broadly along expected lines. Full-year revenue and growth guidance maintained
View Report
12-Jul-24
Tata Consultancy Services (NOT RATED): Modest growth improvement in FY25 over FY24 likely
Results were better than expected, more so on margins. Broad-based growth seen. However, international growth was much weaker
View Report
08-Jul-24
Marico (HOLD): Business update – Distributor response to Project SETU
Marico noted continued improving demand trend with likely further acceleration through FY25. Volume trend improved despite destocking
View Report
08-Jul-24
Dabur India (BUY): 1QFY25 business update – Slightly improving domestic demand
Dabur’s 1QFY25 business update showed improving trends in sales (+MSD to HSD) and earnings growth slightly ahead of sales
View Report
04-Jul-24
Patanjali Foods (NOT RATED): Home and Personal Care – Rising competition on the horizon
Patanjali Foods acquired Patanjali Ayurved’s HPC business for Rs 11bn. It expects to close the transaction by 15 Aug 2024
View Report
01-Jul-24
Polycab India (HOLD): Annual report analysis – Maintained market leadership
Remains market leader in core wires & cables business; market share expanded 2-3% to reach 25-26% of India’s organised market in FY24
View Report
28-Jun-24
Reliance Industries (BUY): Jio delivers on tariff hike; reiterate BUY
Jio delivers on our expectation of a tariff increase a quarter earlier. We now factor in 9%/11% tariff hikes over FY25/FY26
View Report
24-Jun-24
Canara Bank (BUY): Consistent recovery in business performance
Stable business growth coupled with change in credit mix likely to aid margin. CBK targets NIM of 2.9-3.0% and opex of 47% over FY25
View Report
21-Jun-24
Mahindra & Mahindra (HOLD): Investor day takeaways – Poised to tap growth opportunities
Shifts gears to tap auto segment growth with planned capex to increase capacity by 3.5x in FY26 (vs FY20) with focus on SUVs (ICE + EV)
View Report
21-Jun-24
Voltas (HOLD): Annual report analysis – Beko to fuel growth
Despite denting market share, VOLT notched sales of more than 2mn AC units
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14-Jun-24
Cipla (HOLD): Valuations fully priced in; downgrade to HOLD
Strong traction in North America business and consistent performance in One-India; South Africa and Global Access business stabilising
View Report
13-Jun-24
360 One (HOLD): ET Money acquisition – beneficial in long term
360 One acquired ET Money for a total payment of Rs 3.7bn, partially paid in cash and partly through shares
View Report
05-Jun-24
Havells India (HOLD): Annual report analysis – Product innovation driving growth
Healthy FY24 performance; EBITDA margin expansion of 40bps YoY; Lloyd turns profitable in Q4
View Report
01-Jun-24
Tata Steel (HOLD): Stock price largely captures transition; downgrade to HOLD
Q4 results ahead of consensus on beat in India operations and lower losses in Europe partly due to carbon credits in the UK
View Report
29-May-24
Alkem Labs (SELL): Misses estimates; steep sequential margin decline
ALKEM reported a weak fourth quarter with EBITDA/PAT missing Bloomberg consensus by 9%/16% to Rs 4.0bn/2.9bn
View Report
29-May-24
Hindware Home Innovation (BUY): In-line quarter; upbeat outlook across segments
Beat our EBITDA estimate by 4.5% mainly due to better-than-expected plastic pipe sales volume
View Report
29-May-24
Greenlam Industries (HOLD): Soft quarter; particleboard project cost revised up again
Missed our EBITDA estimates by 4% for Q4FY24 on weak laminates demand from export market
View Report
29-May-24
JK Lakshmi Cement (SELL): Margins gain, volume flat; no major respite, retain SELL
Q4 volumes fell 5% YoY as capacity constraints restricted volume even to cater to steady demand; realisations flat YoY despite weak volumes
View Report
28-May-24
LIC (BUY): Decent quarter; upgrade to BUY
APE and net premium grew 11% and 16% YoY respectively in Q4; EV grew 25% YoY in FY24
View Report
27-May-24
Century Plyboards (HOLD): In-line quarter; weak near-term outlook
CPBI’s Q4 broadly in line; EBITDA fell by 9.4% YoY in Q4 due to weak performance across segments
View Report
27-May-24
Aurobindo Pharma (HOLD): Strong quarter; OAI at Eugia-III an overhang
ARBP reported strong Q4 with EBITDA/Adj. PAT beat of 10%/23%. Exceptional expense of Rs 1.2bn reduced reported PAT beat to 8%
View Report
25-May-24
Star Cement (HOLD): Steady show in a trying quarter; growth intact
Steady 11% growth in a challenging quarter assisted by 12% YoY volume increase; realisations softens
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25-May-24
Divi's Labs (SELL): Strong quarter; rich valuations
DIVI delivered a strong quarter with all round beat. EBITDA/PAT beat Bloomberg consensus estimate by 20% each
View Report
25-May-24
Petronet LNG (SELL): Volume growth visibility still low, downgrade to SELL
Q4 EBITDA missed consensus on provisions for delayed TOP recovery and inventory loss; provisions to muddle EBITDA reporting till FY26
View Report
25-May-24
Ashok Leyland (BUY): Healthy show, all set to continue momentum; retain BUY
Healthy base keeps revenue growth listless in Q4, strong growth of 22% QoQ; volume grew a sturdy ~20% YoY/QoQ
View Report
23-May-24
The Ramco Cements (HOLD): Steady quarter, aggressive capex plans; upgrade to HOLD
Q4 revenue growth muted at 4% YoY as weak demand in key operating regions continues; pricing pressure dampens realisations
View Report
23-May-24
Sun Pharma (HOLD): Gearing for higher R&D spend
SUNP missed consensus EBITDA estimate by 4% as higher R&D spend offset gross margin gains; higher other income & low tax aided PAT
View Report
22-May-24
Shree Cement (HOLD): Cost savings key driver of performance; valuations pricey
Q4 revenue growth of 7% YoY backed entirely by steady 7% volume as realisations stay listless
View Report
22-May-24
Greenply Industries (BUY): Misses estimate on weak plywood margin; upbeat outlook
MTLM missed our EBITDA estimate by 16% in Q4 on sharper-than-expected contraction in plywood margin on high timber prices
View Report
22-May-24
Eris Lifesciences (BUY): Strong revenue growth; integration ongoing
ERIS posted strong revenue performance in Q4 with a beat of 8%, but EBITDA came below BBG consensus due to higher opex and one-offs
View Report
22-May-24
Bandhan Bank (BUY): In line with recovery plan
Healthy business growth, improved asset quality and higher other income supported topline; increased provision dragged PAT
View Report
22-May-24
JK Cement (BUY): Focused on growth; earnings intact; upgrade to BUY
Q4 revenue grew 10% YoY to Rs 29.4bn as grey cement volumes gained 13% YoY/QoQ; realisation resilient YoY with 1% drop
View Report
21-May-24
Astral (HOLD): Weak quarter, strong outlook
EBITDA miss by 6% compared to our estimate on continued weak performance of paints and adhesives segment
View Report
21-May-24
Apollo Pipes (HOLD): Another disappointing quarter on all fronts
Weak Q4 performance on loss of market share due to rise in competitive intensity in the sector
View Report
18-May-24
Mahindra & Mahindra (HOLD): Growth trajectory captured in the valuations
Q4 revenue grew 11% YoY, led by 7% blended realisation gains and 4% volume growth (flat QoQ)
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18-May-24
Amber Enterprises (SELL): Ongoing challenges; maintain SELL
Subdued Q4 topline with EBITDA margin expansion of 110bps on better product mix
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18-May-24
V-Guard Industries (HOLD): Early summer sparks a robust quarter
Q4 topline up 18% YoY, fuelled by Consumer Durables segment, as the early onset of summer boosts overall performance
View Report
17-May-24
Prince Pipes & Fittings (HOLD): Mixed Q4FY24; positive demand outlook
Beats our revenue estimate by 3% on strong volume, but misses our EBITDA estimate by 6% on pricing pressure in the sector
View Report
17-May-24
Eicher Motors (HOLD): Powering growth momentum with new launches
Q4 revenue grew ~9% YoY driven by realisations higher by 5% due to better product mix, and 4% volume growth
View Report
16-May-24
Crompton Greaves (BUY): Healthy quarter, growth ahead
Q4 standalone topline growth ex-BGAL at 12% YoY in Q4, gross margin expanded 130bps and EBITDA margin 30bps ex-BGAL
View Report
16-May-24
Dixon Technologies (BUY): Backward integration to fuel growth; maintain BUY
Q4 revenue jumped 52% YoY, driven by mobile and EMS growth; EBITDA margin down 120bps on input cost hike
View Report
15-May-24
VST Tillers Tractors (HOLD): Tepid performance; no major stress in the medium term
Q4 revenue down 15% YoY driven by 19% volume decline due to slower-than-estimated rural demand recovery
View Report
15-May-24
Somany Ceramics (BUY): Strong show in a challenging environment
Beats our revenue/EBITDA estimate by 5%/14% due to better-than-expected tiles volume and improved margin
View Report
15-May-24
Siemens India (BUY): Robust quarter, fresh capex announced
Topline growth strong at 18.4% in Q2, with gross margin expanding 100bps and EBITDAM 250bps YoY
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14-May-24
Escorts (SELL): Weakness persists and likely to continue – maintain SELL
Q4 tractor volumes dipped 14% YoY, with domestic share recovered but overall market share recovery weak as exports volume declined
View Report
14-May-24
Indraprastha Gas (BUY): Growth focus improving, reiterate BUY
While Q4 EBITDA missed consensus on higher expense booking in a quarter, IGL gained traction in industrials, commercials and households
View Report
14-May-24
Cera Sanitaryware (HOLD): Another lacklustre quarter on soft demand
Sharp contraction in gross margin in Q4FY24 on higher discounts offered to dealers to push volumes in a weak demand environment
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14-May-24
AIA Engineering (HOLD): Uneventful quarter; capacities lined up
Q4 revenue down 9.7% YoY with gross margin expanding 160bps and EBITDA margin 220bps
View Report
13-May-24
ERRATA: State Bank Of India (BUY): Continued strong performance across segment
Strong PAT growth was led by one-off gain in other income and lower operational cost
View Report
13-May-24
Finolex Industries (HOLD): Broadly in-line Q4FY24; positive outlook
Strong pipe performance in Q4FY24, driven by healthy volume growth of 23% YoY as well as sharp margin improvement
View Report
13-May-24
Syrma SGS (HOLD): Strong topline, but margins remain subpar
Robust topline growth in Q4, but EBITDA margin dipped due to product mix
View Report
13-May-24
TVS Motor (BUY): Cruising on the right track; maintain BUY
ICE 2-wheeler volume grew 18% YoY, supporting 24% revenue growth in Q4. FY24 growth was 19% YoY vs. industry’s 13%
View Report
13-May-24
ABB India (HOLD): Margins swell; outlook strong
Strong topline growth of 27.8% with gross margin above 40% after 6 years; EBITDA margin expands 650bps YoY to 18.3% in Q1
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10-May-24
Polycab India (BUY): Strong quarter, strong outlook
Strong topline growth of 27.9% in FY24, with gross and EBIT margin expansion of 90bps and 70bps respectively
View Report
10-May-24
Godrej Consumer Products (HOLD): Strong volume-led growth across markets
India business remains on strong footing; international markets too registered strong volume growth with improvement in margins
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10-May-24
Orient Electric (HOLD): Strong revenue; profitability falters
Healthy 20% topline growth with gross margin expansion of 250bps in Q4; EBITDA lower on EPR provisioning
View Report
09-May-24
Hero Motocorp (HOLD): Healthy performance; await further clarity; maintain HOLD
Q4 revenue grew 15% YoY supported by double-digit volume gains YoY and realisation adding ~5%
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09-May-24
Alembic Pharma (HOLD): Strong margins; positives priced in
ALPM reported strong margin gains in Q4 on account of better utilisation of new facilities and traction in the US business
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09-May-24
Marico (BUY): Volume growth to pick up on improving demand scenario
Stable performance in domestic markets with consistent improvement in gross margins
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09-May-24
Kajaria Ceramics (BUY): Weak quarter on margin pressure, upbeat outlook
Q4 revenue/PAT short of our estimates by 3%/13% on intense competition from Morbi players in a weak demand environment
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09-May-24
HCL Technologies (HOLD): Weak guidance leads to subdued outlook
Revenue growth guidance of 3-5% for FY25, likely to be similar to FY24
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09-May-24
Dr Reddy's Labs (HOLD): Driven by North America; India continues to underperform
DRRD reported largely in-line revenue/EBITDA, but higher tax aided in PAT beat
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08-May-24
Voltas (HOLD): Margins falter; domestic business promising
Healthy topline growth of 42.1% in Q4 as summer sets in, but EBITDA margin contracted 280bps in Q4 and 220bps in FY24
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08-May-24
Ambuja Cements (HOLD): Cost savings key driver; upside priced in, retain HOLD
Standalone Q4 revenue grew 12% YoY backed by strong volume gains of 17%, partially offsetting weak realisations
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08-May-24
Lupin (HOLD): Stable margins; higher tax weighs on PAT
LPC delivered a healthy operational performance in Q4 with largely in-line revenue/PAT; higher tax impacted net profit
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08-May-24
KEC International (BUY): Good quarter, T&D to pull topline and margins; upgrade to BUY
Strong quarter with highest quarterly revenues of Rs 61.6bn, +11.6% YoY; management guides for 15% revenue growth in FY25
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08-May-24
Britannia Industries (BUY): Expect strong volume growth ahead
Subdued growth in Q4 and FY24; however, volume recovery seen in second half of FY25
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08-May-24
Mphasis (HOLD): Modest growth; BFSI yet to pick up
Regional banks and mortgages business will continue to draw down the overall BFSI segment
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07-May-24
Kotak Mahindra Bank (BUY): Healthy business growth; other income supports rise in PAT
Healthy business growth in Q4, deposits outpaced credit growth driven by TDs, NIIs remained modest while boost in other income aided PPOP
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07-May-24
Persistent Systems (HOLD): A discretionary push to drive the growth trajectory
Cost take-out projects and vendor consolidation to be the prime growth driver for PSYS in FY25
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04-May-24
ACC (HOLD): Healthy performance largely priced in; maintain HOLD
Q4 revenue growth of 13% YoY boosted by 22% uptick in volumes (unadjusted to MSA) while realisations moderated ~7%
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03-May-24
Dabur India (BUY): Steady performance during the quarter
Rural markets continue to grow ahead of urban owing to increased penetration and improved product portfolio
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03-May-24
KEI Industries (HOLD): Addressing capacity limitations; maintain HOLD
Q4 revenue jumps 19% YoY with 10bps EBITDA margin boost. FY24 revenue up 17%, driven by robust infrastructure and real estate demand
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03-May-24
Blue Star (BUY): UCP growth strong, margin outlook healthy
Topline growth of 21.4% achieved in FY24, with gross margin expanding 120bps and EBITDA margin 70bps
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03-May-24
Ajanta Pharma (BUY): Strong margins; growth momentum to continue
Strong quarter with EBITDA/PAT beat of 8% each, led by reduction in API prices, logistics costs and reduced intensity of US price erosion
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03-May-24
Orient Cement (SELL): Listless show; no major performance triggers
Q4 revenue growth subdued at 1% YoY as volumes stay flat YoY, guarding realisations a challenge
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02-May-24
Greenpanel Industries (HOLD): Dismal quarter; not out of the woods yet
Sharp contraction in operating profit (-33% YoY) for sixth consecutive quarter on supply overhang in MDF industry and higher timber prices
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02-May-24
ICICI Bank (HOLD): Higher operational efficiency/lower provision aid PAT
NII grew 2%/8% QoQ/YoY due to moderation in credit growth, while PAT grew 4%/17% QoQ /YoY supported by lower opex and provision
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30-Apr-24
Ultratech Cement (BUY): Strong growth; cost savings drive margins; maintain BUY
Strong volume gains of ~11% YoY push revenue growth of 9% even though realisation falls by 3.5%
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30-Apr-24
Havells India (HOLD): Healthy quarter; high valuations – downgrade to HOLD
Healthy 12% topline growth with EBITDA margin expansion of 90bps in Q4; though raw material prices have started inching up
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30-Apr-24
Gujarat State Petronet (HOLD): Downgrade to Hold, decoding HP Gas grid tariff order
Sharp tariff cut due to recognition of higher volumes, adjustment of past excess revenue and extension of pipeline’s economic life
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29-Apr-24
Indusind Bank (BUY): Stable performance
Healthy business growth supported by CFD aided 16% YoY rise in Q4 income, while higher opex led to flat PPOP (1% QoQ)
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29-Apr-24
Aditya Birla Sun Life AMC (HOLD): Better quarter
QAAUM grew 21% YoY to Rs 3.3tn in Q4 with equity assets rising even faster at 31%; however, market share declined
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29-Apr-24
SBI Card (HOLD): Trend of lower NIM, higher credit cost persists
Credit cost soared 50% YoY to Rs 9.4bn (7.9% of loans) in Q4; stress expected to continue in FY25 as well
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29-Apr-24
Axis Bank (HOLD): Moderate business growth; PAT supported by other income
NII growth remained subdued at 11% YoY on higher cost of funds in line with moderate business growth; credit/deposit grew 14%/13% YoY
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27-Apr-24
SBI Life (BUY): Expect market dominance to continue
FY24 APE growth strong at 17% YoY with ULIPs forming 60% of total; continues to lead the market with 23.3% share in individual APE
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27-Apr-24
UTI AMC (HOLD): Core profit in line; maintain HOLD
Q4 QAAUM grew 22% YoY to Rs 2.9tn, but equity and hybrid schemes combined saw sustained outflows
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27-Apr-24
Maruti Suzuki (HOLD): Steady performance, but steep valuations; downgrade to HOLD
Q4 volumes grew 13% YoY driven by healthy demand for SUVs; rural demand for lower-end segment shows no signs of revival
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27-Apr-24
Supreme Industries (HOLD): In-line Q4FY24; pipe volume guided to grow at healthy rate in FY25
Q4 broadly in line with our estimates as strong pipe volume offset the impact of weak pipe margin
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26-Apr-24
Hindustan Unilever (BUY): Subdued performance; expect gradual recovery
Volume growth remained at 2%; revenue growth flat owing to pricing action in key portfolios
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26-Apr-24
Bajaj Finance (BUY): Obstacles for a powerful player on a protracted journey
Rising cost of funds dent NIM; we factor in a further 43bps/13bps YoY decline in FY25/FY26
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26-Apr-24
Glenmark Life Sciences (HOLD): Weak quarter; maintain HOLD
Lower-than-expected 4Q due to Red Sea disruptions. EBITDA/PAT were 17% below consensus estimates
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26-Apr-24
Dalmia Bharat (BUY): Disappointments all over; but paving the way for growth
Q4 revenue grew at a steady 10% YoY supported by ~19% volume growth while realisations weakened 7% YoY/QoQ
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25-Apr-24
Nestle India (HOLD): Robust growth across portfolio
Strong growth witnessed across geographies driven by sustained growth in domestic markets and healthy double-digit growth in exports
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25-Apr-24
Reliance Industries (BUY): Aligned with India growth story through energy/consumer biz
Company delivered 26% EBITDA CAGR over FY21-FY24 clocking 29% CAGR in cyclical business and 22% in consumer businesses
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25-Apr-24
Infosys (HOLD): Muted performance; weak discretionary delays recovery
Cost optimisation/vendor consolidation to be the prime growth driver for Infosys in FY25
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25-Apr-24
Nippon Life India AMC (BUY): Onward and upward; upgrade to BUY
QAAUM growth robust at 47% YoY to Rs 4.3tn at end Q4 led by a strong equity segment (+63% YoY) constituting 49% of the total
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25-Apr-24
360 One (HOLD): Strong quarter, but price runup limits the upside
ARR AUM and ARR revenue grew 36% and 28% YoY respectively in Q4; strong commentary for growth in the medium term
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24-Apr-24
Tata Consumer Products (BUY): Strong performance in international markets
Growth businesses continue to maintain high growth trajectory; new acquisitions to fuel growth going ahead
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24-Apr-24
ICICI Prudential Life (HOLD): Strong growth but VNB margin dwindles
APE grew 10% YoY in Q4 (+5% YoY in FY24) beating our estimate; market share gain in individual APE is a key positive
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22-Apr-24
HDFC Bank (BUY): Realigning business dynamics in 4Q to improve profitability
Recovery in deposit mobilisation led to lower C/D ratio while better yield on asset helped NIM (R) stabilise; asset quality remains stable
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20-Apr-24
HDFC AMC (HOLD): Another robust quarter but rich valuation caps upside
Higher equity share drove strong overall QAAUM growth of 36% YoY in FY24; expansion in equity QAAUM market share a key positive
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19-Apr-24
Bajaj Auto (SELL): Spotless performance priced in by rich valuations
Q4 revenue grew 29% YoY backed by healthy domestic 2W volume growth and decent realisation gains. Export volume was steady
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18-Apr-24
HDFC Life (BUY): Subdued quarter
HDFC Life’s APE growth muted in FY24 despite traction in Tier-2/-3 cities; cut our estimates by 8% each for FY25/FY26
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16-Apr-24
Tata Consultancy Services (HOLD): Strong deal flow but near-term softness to continue
TCS gained market share through vendor consolidation/cost optimisation programmes
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28-Mar-24
Pricol (NOT RATED): Management meet note – Balancing margins and growth
PRICOL is a global-level manufacturer of instrument clusters and fuel-level sensors for 2/3W with ~70% of its revenue from cluster segment
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28-Mar-24
Dalmia Bharat (BUY): All set for healthy growth; upgrade to BUY
DBL gears up for healthy business growth backed by 20% clinker capacity addition by FY26 across its operations
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27-Mar-24
Jai Balaji Industries (NOT RATED): Management meet takeaways – Jai Balaji’s new avatar
JBIL turned around operations improving plant utilisation and efficiency, and restored its balance sheet by restructuring debt
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27-Mar-24
Crompton Greaves (BUY): Crompton 2.0 on track
ECD segment expected to do well on the back of a strong summer and fans premiumisation; solar pumps a big opportunity
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26-Mar-24
Prince Pipes & Fittings (HOLD): Faucetware acquisition to accelerate bathware growth engine
PRINCPIP acquired the faucetware brand Aquel and the manufacturing facility from Klaus Waren Fixtures for Rs 600mn
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21-Mar-24
Rushil Decor (NOT RATED): Management meet takeaways – Aggressive growth plan
RDL maintained its guidance of trebling revenue over the next five years by increasing its presence across wood panel segments
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20-Mar-24
ICICI Prudential Life (HOLD): Green shoots of growth
Individual APE market share grew to 10%/12.4% in Jan/Feb’24 from 8.7% in 9MFY24 – a positive surprise
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11-Mar-24
IDFC First Bank (BUY): Ambitious growth outlook
Management targets credit/deposit CAGR of 20%/25% over FY24-FY29; NIM to stabilise at current mark with upward bias (6.4% in Q3FY24)
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26-Feb-24
Greenlam Industries (HOLD): Management meet – Topline to strengthen post capex drive
Greenfield laminate plant in Andhra Pradesh to aid market share gains for GRLM in both export and domestic markets
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21-Feb-24
ABB India (HOLD): Ends the year on a high note
Healthy Q4 led by growth across segments; order inflows swelled 35% YoY and backlog held strong at Rs 84bn
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19-Feb-24
JK Lakshmi Cement (SELL): Volumes slow, headwinds continue – retain SELL
Q3 volumes grew only 2% YoY due to cold weather and construction halt in northern markets; realisations only steady despite weak volume
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16-Feb-24
IRM Energy (NOT RATED): Management meet takeaways – Volume growth potential
Potential to double volumes to close to 1mmscmd in FY25 and grow to 1.5mmscmd in FY27, as per management
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15-Feb-24
Mahindra & Mahindra (BUY): Healthy volume-led growth
Q3 revenue grew 17% YoY led by 11% blended volume growth and supported by 5% higher realisations
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15-Feb-24
Crompton Greaves (BUY): Slowdown at BGAL weighs on quarter
Strong Q3 topline from higher fan, lighting and pump sales, but EBITDA margin fell 120bps YoY on ad expenses and weakness in BGAL
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13-Feb-24
Eicher Motors (HOLD): Launch momentum continues
Q3 revenue grew 13% YoY driven by 10% higher realisations from a better product mix; volume growth muted
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13-Feb-24
Hindware Home Innovation (BUY): Tough quarter but outlook healthy
EBITDA fell 35% short of our estimate due to tepid demand climate and steep margin compression across segments
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13-Feb-24
Cera Sanitaryware (HOLD): Weak quarter on soft demand, marketing expense
Q3 EBITDA fell 18% YoY and missed our estimate by 28% on subdued demand and higher brand & sales promotion expense
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13-Feb-24
Aurobindo Pharma (HOLD): Strong margin uptick
Q3 EBITDA/PAT surged 68%/90% YoY led by growth in US/EM revenue and ~700bps jump in operating margin
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13-Feb-24
Siemens India (BUY): Strong topline, margins waver
Robust December quarter order flows and revenue, though margins contracted due to weakness in digital industries segment
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12-Feb-24
Bandhan Bank (BUY): Recovery on track
Healthy business growth drives 21% YoY rise in Q3 NII, though muted other income induces 14% fall in PPOP
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12-Feb-24
Indraprastha Gas (BUY): Legacy UP, new GAs can offset slowdown, reiterate BUY
Factoring in faster e-transition for DTC buses and passenger vehicles in Delhi, we lower FY23-FY26 volume growth to 5.9% from 8.4%
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12-Feb-24
Zydus Wellness (HOLD): Seasonally weak quarter
Q3 revenue dipped 3% YoY owing to dismal performance in food & nutrition segment
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12-Feb-24
Amber Enterprises (SELL): Persistent near-term challenges; cut to SELL
Q3 a muted quarter with net loss of Rs 5mn due to lower revenue and higher interest and depreciation costs
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12-Feb-24
Thermax (HOLD): Improving order outlook; maintain HOLD
Q3 operating performance stable with EBITDA margin inching up 20bps YoY despite a Rs 100mn hit from cost overruns
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12-Feb-24
Hero Motocorp (HOLD): Healthy quarter but positives priced in
Q3 revenue grew 21% YoY steered by 17% growth in motorcycle volumes and 22% in scooters; realisations up 3%
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10-Feb-24
Divi's Labs (SELL): Healthy margin recovery, heady valuations
Q3 revenue grew 9% YoY on 25% rise in custom synthesis business; API and nutraceuticals stayed soft
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10-Feb-24
Alkem Labs (SELL): Good quarter; cut to SELL on stretched valuations
Revenue grew 9% YoY in Q3 backed by strong India and ROW growth that offset lower US business
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10-Feb-24
The Ramco Cements (SELL): Tepid quarter, high capex overhang – retain SELL
Q3 revenue growth muted at 6% YoY due to poor demand; pricing pressure dampens realisations
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09-Feb-24
Power Grid Corp (BUY): In-line quarter, FY25 capex hiked; maintain BUY
Q3 PAT met estimates at Rs 40bn; 20% bump-up in FY25 capex target to Rs 150bn a key positive
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09-Feb-24
Tata Consumer Products (BUY): Strong run continues
Sustained revenue growth (+ 9% YoY) and margin expansion in Q3, propelled by robust India business
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09-Feb-24
LIC (HOLD): Solid quarter; valuations overdone – cut to HOLD
VNB margin improved 200bps YoY to 16.6% at end-9M, leading us to increase our FY24-FY26 estimates by 100-150bps
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09-Feb-24
Torrent Power (HOLD): Dull quarter; high valuations – maintain HOLD
Q3 topline flattish with PAT contraction on lower RLNG trading gains; bright spots from higher PLFs and lower T&D losses
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09-Feb-24
Escorts (SELL): Weakness persists – maintain SELL
Q3 tractor volumes dipped 7% YoY, with loss of domestic share as fall was higher than industry decline
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09-Feb-24
Lupin (HOLD): All-round beat; margins sustain – raise to HOLD
Strong Q3 with EBITDA/PAT of Rs 10.2bn/Rs 6.1bn, beating consensus by 17%/42%
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08-Feb-24
Star Cement (HOLD): Cost savings commendable, growth intact
Steady growth in a challenging quarter aided by 7% YoY volume pickup; realisations softened
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08-Feb-24
Nestle India (BUY): Broad-based growth across product categories
Domestic sales continue to underpin growth, rising 8.9% YoY in the December quarter on better pricing, volumes and product mix
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08-Feb-24
Cummins India (BUY): Powering ahead; maintain BUY
Strong Q3 topline growth of 16% YoY despite lower exports, along with 330bps gross margin expansion as input costs eased
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07-Feb-24
Britannia Industries (BUY): Faster volume growth to boost profitability
Urban markets grew ahead of rural centres largely driven by premium portfolio; volume growth revived to ~5.5% YoY in Q3
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07-Feb-24
AIA Engineering (HOLD): Soft quarter, volume growth uncertain; cut to HOLD
Q3 topline and margins contracted due to change in product mix; FY24 volume guidance cut from 310,000t to 300,000t
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07-Feb-24
Syrma SGS (HOLD): Margin slide continues; retain HOLD
Q3 topline growth strong at 38% YoY but EBITDA margin shrank 380bps to 5.5% on weak product mix
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06-Feb-24
Orient Cement (SELL): Topline muted as volumes decline
Q3 revenue growth subdued at 3% YoY as volumes fell 3% amid state elections and festive season
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06-Feb-24
ERRATA: State Bank Of India (BUY): Pension one-off hurts profitability
Strong business growth in Q3 but one-off pension and ex-gratia provision of Rs 71bn saw net profit drop 36% YoY
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06-Feb-24
Ashok Leyland (BUY): Margins continue to improve, maintain BUY
Q3 revenue grew 3% YoY to Rs 92.7bn in a challenging quarter, aided by 3% higher realisation
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06-Feb-24
Prince Pipes & Fittings (HOLD): Lacklustre quarter on sustained market share loss
Q3 PAT came in 36% below our estimate on continued market share bleed and margin pressure
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06-Feb-24
Greenlam Industries (HOLD): Soft quarter on tepid demand environment
Q3 PAT missed our estimate by 31% on weak laminate volumes and sharp increase in capital charge
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05-Feb-24
VST Tillers Tractors (HOLD): Poor demand dampens performance
Q3 revenue down 20% YoY on steep 33% volume decline due to anaemic rural demand
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05-Feb-24
Alembic Pharma (HOLD): Healthy quarter; PAT beat on low tax rate
Q3 EBITDA ahead of consensus by 4% on healthy margins but strong PAT beat of 22% came from lower tax rate
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05-Feb-24
Century Plyboards (HOLD): Margin stress across segments
Weak Q3 came as a big negative surprise considering management’s upbeat outlook in last earnings call
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05-Feb-24
Ambuja Cements (HOLD): Healthy quarter, sustainability key; retain HOLD
Standalone Q3 revenue grew 7% YoY as volumes increased 7%, ushioning flattish realisations
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05-Feb-24
JSW Steel (HOLD): Progressing on expansion but valuations fair
Q3 below consensus and also weaker than peers amid higher competitive pressure from imports and lower exports
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03-Feb-24
Shree Cement (HOLD): Healthy quarter, expensive valuations
Q3 revenue growth of 20% YoY backed by sharp 11% volume uptick to 8.9mt
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03-Feb-24
Somany Ceramics (BUY): Lacklustre demand dulls performance
Q3 EBITDA miss of 7% on tepid demand environment and rise in competitive intensity from Morbi players
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03-Feb-24
Jindal Steel & Power (HOLD): Valuations overdone; downgrade to HOLD
Q3 results ahead on higher per unit EBITDA margin; first coil from HSM represents next milestone on Angul growth project
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