20-Sep-23
Orient Cement (SELL): Expansion woes, lofty valuations – cut to SELL
Expansion snags due to plant relocation to hamper medium-term growth as utilisation likely breaches 80% in FY25
View Report 
13-Sep-23
Avalon Technologies (NOT RATED): Export-focused EMS player
Electronics, engineering and design manufacturer largely catering to export markets; US a key geography at ~55% of revenue (FY23)
View Report 
13-Sep-23
RBL Bank (HOLD): Upside capped; HOLD
Expect pickup in retail loans and newer products to aid a 19% credit CAGR over FY23-FY25, with deposit CAGR of 15%
View Report 
08-Sep-23
JK Lakshmi Cement (SELL): AGM takeaways – Challenges persist; maintain SELL
Borrowing limit raised to Rs 70bn at AGM but resolution to hike inter-corporate transaction limit 4x to Rs 100bn rejected
View Report 
06-Sep-23
TTK Prestige (NOT RATED): Management call: Confident of demand recovery in H2
Management optimistic on festive-led demand revival in H2FY24; foresees no pricing action as commodity prices have eased
View Report 
01-Sep-23
Bajaj Finance (BUY): From strength to strength – initiate with BUY
Momentum across consumer, commercial, SME and mortgage lending to propel a 28% AUM CAGR over FY23-FY25E
View Report 
29-Aug-23
Reliance Industries (BUY): AGM takeaways – Long growth runway, reiterate BUY
Pivoted towards consumption and new-age technology in India and beyond for sustainable growth
View Report 
23-Aug-23
Crompton Greaves (BUY): Analyst meet – A full revamp
Lighting division moving to a new corporate structure, eyeing commercial orders, and pruning prices to spur volumes
View Report 
16-Aug-23
ITC (BUY): Robust growth and margins
Cigarettes business delivered sustained volume growth in Q1 at ~10% YoY; innovation remains in focus
View Report 
15-Aug-23
Aurobindo Pharma (HOLD): Broad-based growth; lower to HOLD post rally
Q1 revenue/EBITDA beat consensus by 4%/9% with adj. PAT (ex-one-off charge) running 15% ahead
View Report 
14-Aug-23
The Ramco Cements (SELL): Pressure on operational efficiencies to continue
New capacities (+2mt YoY) aid a 28% jump in Q1 volumes but pursuit of growth impacts realisations
View Report 
14-Aug-23
Crompton Greaves (BUY): Mixed quarter
ECD revenue growth at par with industry but lighting segment lagged peers in Q1
View Report 
12-Aug-23
SAIL (HOLD): Leverage remains an overhang; maintain HOLD
Q1 EBITDA/t drops 42% YoY to Rs 4.2k/t, reflecting the impact of high operating leverage
View Report 
12-Aug-23
Voltas (HOLD): UCP growth above industry, EMP losses continue
Q1 a mixed bag with UCP performing well (+ 16% YoY) while losses continued in the EMP segment
View Report 
11-Aug-23
ABB India (HOLD): Strong quarter, margins shine
Robust Q2 with revenue up 22% YoY and 420bps EBITDA margin expansion aided by the robotics and electrification segments
View Report 
11-Aug-23
Reliance Industries (BUY): FY23 annual report takeaways – Propelling growth
Key AR takeaways: an improving narrative for digital, missing granularity for retail and approaching target dates for new energy business
View Report 
11-Aug-23
Ambuja Cements (HOLD): Stepping on the pedal but growth priced in
Q1 consolidated topline grew 9% YoY as volumes increased 9% while realisations stayed flat
View Report 
11-Aug-23
LIC (BUY): Mixed quarter; maintain BUY
Q1FY24 individual APE declined 8% YoY but non-par business grew 22% (constituting 10.2% of individual APE vs. 7.8% in Q1FY23)
View Report 
10-Aug-23
Alkem Labs (SELL): International sales fuel growth; margin recovery positive
Q1 revenue/EBITDA a beat as international business outperformed; adj. PAT growth in line with consensus at 65% QoQ
View Report 
10-Aug-23
V-Guard Industries (HOLD): Strong quarter all through
All-round growth in Q1 led by non-South India markets that grew at 17% YoY
View Report 
09-Aug-23
ACC (HOLD): Synergies with Ambuja propel volumes
Robust volume-led performance in Q1 spurred by the MSA agreement between ACC and parent ACEM
View Report 
09-Aug-23
Siemens India (HOLD): All-round growth; clarity awaited on LV motors hive-off
Strong execution-led revenue growth of 14% YoY together with 190bps EBITDA margin expansion in Q3
View Report 
08-Aug-23
Dalmia Bharat (HOLD): Slow start; expected to catch up in H2
Q1 muted as DBL restricted supply to safeguard prices but still failed to stave off a decline in realisations (-3% YoY)
View Report 
08-Aug-23
Godrej Consumer Products (BUY): Strong volume-led growth with margin expansion
Volume-led growth continues in India business at 12% YoY in Q1; margin expansion seen across geographies
View Report 
08-Aug-23
360 One (BUY): Annual report analysis – Forging ahead
Shift from commission to recurring revenue model (ARR) paying off – the latter now contributes 61% of AUM and 67% of revenue at end-FY23
View Report 
07-Aug-23
Eris Lifesciences (BUY): In-line quarter; margins moving back on track
Q1 revenue/PAT in line but operating margin ahead of consensus at 36.4% (+395bps YoY)
View Report 
07-Aug-23
Mahanagar Gas (HOLD): Walking a tightrope; retain HOLD
Q1 ahead of consensus on margin surprise but soft CNG volumes for the third straight quarter worrying
View Report 
07-Aug-23
State Bank Of India (BUY): PAT surges on higher other income and cost control
Treasury gains buoyed the topline and together with lower opex and provisioning lifted Q1 PAT 178% YoY
View Report 
07-Aug-23
Britannia Industries (BUY): Increased regional competition hurts growth
Relatively soft quarter (revenue up just 8% YoY) due to stiffer local competition and sluggish rural growth
View Report 
07-Aug-23
Affle (India) (HOLD): Growth momentum to continue
Q1 revenue up 14% QoQ; device addition tepid but converted user base saw a sizeable ramp-up
View Report 
05-Aug-23
Lupin (SELL): Improvements visible; runup behind downgrade
Q1 a beat with revenue/EBITDA running 8%/25% ahead of consensus; gross margin improves to 65.9% (64.4 ex-licensing income)
View Report 
04-Aug-23
Orient Electric (HOLD): Reasonably healthy quarter
Q1 topline grew 14% YoY led by ECD, with gross margin up 290bps though EBITDA margin was flat on higher wages
View Report 
04-Aug-23
Blue Star (BUY): In-line numbers, steady growth ahead
Q1 UCP revenue beat the industry, rising 7% YoY on the back of B2B sales; EMP order book robust
View Report 
04-Aug-23
Zydus Wellness (HOLD): Poor showing in a seasonally strong quarter
Flattish revenue growth in Q1 largely driven by a subdued performance in Glucon-D and Complan
View Report 
04-Aug-23
Cummins India (BUY): Strong quarter; primed for rating transition
Domestic pre-buying buoys quarter; new emission norms delayed but KKC well positioned to manage the transition
View Report 
04-Aug-23
KEC International (HOLD): Healthy inflows, margin improvement ahead
Good Q1 with 28% YoY topline growth and 70bps EBITDA margin gains to 5.8%; management sees “improving trajectory of profitability”
View Report 
04-Aug-23
Dabur India (BUY): Volume growth visible in rural markets
Q1 revenue grew 11% YoY aided by strong growth across categories, except beverages that saw the impact of unseasonal rains
View Report 
03-Aug-23
Sun Pharma (HOLD): gRevlimid buoys performance; upside capped – cut to HOLD
Q1 revenue/EBITDA beat consensus by 2%/11%, but reported PAT missed estimates by 6% due to exceptional items
View Report 
02-Aug-23
AIA Engineering (BUY): Strong quarter, guidance maintained.
All-round beat with Q1 topline up 15% YoY, EBITDA margin expansion of 480bps and PAT up 43%
View Report 
02-Aug-23
Syrma SGS (BUY): Margin miss an aberration; guidance intact
Q1 topline growth robust at 54% YoY but margins falter on lower healthcare business
View Report 
02-Aug-23
Thermax (HOLD): Good quarter, healthy order flows
Good Q1 performance though legacy orders continue to weigh on infrastructure margins
View Report 
01-Aug-23
JK Lakshmi Cement (SELL): Another slow quarter; maintain SELL
Tepid volume growth of 5% YoY with little support from realisations kept Q1 revenue growth muted
View Report 
01-Aug-23
KEI Industries (HOLD): Capacity constraints mar quarter; lower to HOLD post runup
Core cables and wires business hampered by lack of capacity; likely to be addressed in coming quarters
View Report 
31-Jul-23
Marico (BUY): Soft performance; outlook remains strong
Q1 revenue dipped 3% YoY owing to destocking and trade scheme rationalisation
View Report 
29-Jul-23
Indraprastha Gas (BUY): Volume outlook soft near-term but healthy medium-term
Q1 results benefitted from uptick in margin above long-term guidance, but volumes were soft (+4% YoY)
View Report 
29-Jul-23
Ashok Leyland (BUY): Healthy growth trajectory; maintain BUY
Q1 revenue up 13% YoY despite weak seasonality, led by a mix of volume growth (+5%) and realisation gains (+8%)
View Report 
29-Jul-23
BOBCAPS Research | SBI Card (BUY): Higher provisions dent net profit
Q1 credit cost climbed 130bps YoY to 7.1% of loans (calc.) owing to stress from customers acquired in CY19, inducing a 5% fall in net profit
View Report 
28-Jul-23
Ajanta Pharma (BUY): Q1 beat sparked by sharp margin recovery
Strong Q1 beat with EBITDA/PAT of Rs 2.7bn/Rs 2.1bn coming in 17%/ 39% ahead of consensus due to margin recovery
View Report 
28-Jul-23
Nestle India (BUY): Healthy growth backed by market penetration
Q2 revenue up 15% YoY led by strong growth across categories and geographies; margins remained healthy
View Report 
28-Jul-23
Nippon Life India AMC (BUY): On a firm footing
QAAUM growth strong at 12% YoY in Q1 fuelled by 20% share of industry-wide net equity flows (ex-arbitrage and index)
View Report 
27-Jul-23
Tata Steel (BUY): Thrust on expansion capex, Europe breakeven key positives
Q1 EBITDA broadly in line as standalone operations continued to clock a high EBITDA margin of Rs 14k/t
View Report 
27-Jul-23
Axis Bank (BUY): Steady growth but costs elevated
Q1 PAT up 41% YoY supported by strong NII (+27%), fee income and treasury gains
View Report 
27-Jul-23
Aditya Birla Sun Life AMC (HOLD): Healthy quarter
QAAUM grew 5% YoY to Rs 2.9tn in Q1; market share inched up to 6.9% after a prolonged decline
View Report 
27-Jul-23
Tata Consumer Products (BUY): Momentum continues; outlook positive
Improved demand in core markets led to robust 16% YoY uptick in India business; rural recovery visible but still below pre-Covid levels
View Report 
27-Jul-23
Tech Mahindra (HOLD): Toughest quarter in recent times
CME a drag (-9% QoQ) in Q1 mainly due to lower network service and discretionary spends together with deal deferrals
View Report 
27-Jul-23
Cipla (BUY): Strong growth coupled with margin expansion
Q1 EBITDA/PAT beat estimates by 7%/16% on the back of growth in North America and One India
View Report 
27-Jul-23
Ultratech Cement (HOLD): On a strong pitch but positives priced in; revised to HOLD
Grey cement volumes grew 20% YoY to 28.6mt in Q1; utilisation healthy at ~86%
View Report 
26-Jul-23
UTI AMC (HOLD): Equity flows lacklustre; valuations full – downgrade to HOLD
MTM gains boosted Q1 net profit growth to ~150% YoY whereas core net profit fell 25% YoY
View Report 
26-Jul-23
Amber Enterprises (HOLD): Topline wavers, margins progressing
Q1 revenue weak given the “worst of bad seasons”, though margins improved on a better product mix
View Report 
26-Jul-23
Larsen & Toubro (BUY): Stellar quarter; solid outlook
Stellar Q1 led by inflows, execution and working capital efficiency; closed the quarter with a record Rs 4.1tn order book
View Report 
26-Jul-23
SBI Life (BUY): Mixed quarter; robust FY24 outlook maintained
Q1 APE growth softened to 4% YoY as non-par business slowed; management optimistic of a rebound
View Report 
26-Jul-23
Dixon Technologies (HOLD): Good quarter; cut to HOLD on limited upside
Q1 topline strong at Rs 32.7bn (+15% YoY) with improved margins; new customer additions provide healthy visibility
View Report 
25-Jul-23
JSW Steel (HOLD): Limited upside despite exciting growth ahead
Q1 ahead of consensus with Indian operations limiting the decline in margin and overseas business seeing improvement
View Report 
25-Jul-23
Hitachi Energy (HOLD): Supply side constraints persist; cut to HOLD
Q1 EBITDA margin at just 3.2% as supply chain constraints hampered profitability; chip shortage guided to recede gradually
View Report 
25-Jul-23
Kotak Mahindra Bank (HOLD): Non-core income drives up profitability
Strong core and non-core revenue supported Q1 net income growth of 50% YoY though NIM contracted 15bps sequentially
View Report 
25-Jul-23
HDFC AMC (HOLD): Strong quarter but upsides capped; maintain HOLD
Q1 AUM growth robust at 17% YoY with debt seeing inflows after several quarters of outflow; revenue and EBITDA impressive
View Report 
24-Jul-23
ICICI Bank (HOLD): High core income and lower provisions buoy PAT
NII growth of 38% YoY along with moderate provisioning aided 40% PAT growth in Q1
View Report 
24-Jul-23
Persistent Systems (HOLD): Resilient quarter but growth guided to soften near term
Top BFS client the driving force behind Q1 growth, but management expects weakness in the vertical for the next few quarters
View Report 
24-Jul-23
Reliance Industries (BUY): Steady she goes
Q1 results broadly in line as the energy business optimised operations and consumer business continued momentum
View Report 
23-Jul-23
Glenmark Life Sciences (HOLD): Another good quarter; cut to HOLD post rally
Strong Q1 with EBITDA/PAT beat of 10%/6% despite slight miss on revenue
View Report 
22-Jul-23
HDFC Life (HOLD): Healthy quarter but positives priced in; maintain HOLD
Key overhang dispelled with consummation of HDFC-HDFC Bank merger and parent’s stake raise to >50%
View Report 
22-Jul-23
Mphasis (HOLD): Tepid Q1; cut to HOLD post runup
Q1 missed estimates as dollar revenue slipped 3.4% QoQ following a slowdown in both direct business and DXC
View Report 
21-Jul-23
360 One (BUY): Strong set of numbers
ARR robust at Rs 130bn net flows in Q1, forming 80% of revenue from operations and 65% of AUM
View Report 
21-Jul-23
Hindustan Unilever (BUY): Modest quarter but improvement ahead
Q1 volume and value growth moderated; margins improved sequentially as inflation eased
View Report 
21-Jul-23
Coforge (HOLD): Miss on margins; deal momentum strong
Q1 revenue in line at US$ 272mn led by BFSI but EBIT margin at 10% fell short of estimates
View Report 
21-Jul-23
Infosys (BUY): Guidance cut a temporary blip
FY24 revenue growth guidance slashed from 4-7% to 1-3.5%, implying continued uncertainty – a sector-wide phenomenon
View Report 
20-Jul-23
Havells India (BUY): Margins falter
Q1 a miss due to soft EBIT margins in ECD (-220bps YoY to 10.9%) and lighting (-210bps to 14.3%)
View Report 
20-Jul-23
IndusInd Bank (BUY): Strong NII and lower provisions drive PAT
Q1 PAT growth robust at 30% YoY to Rs 21.2bn on NII growth and lower provisions which offset elevated opex
View Report 
19-Jul-23
Polycab India (BUY): Strong momentum continues
Impressive Q1 fuelled by 47% YoY growth in wires & cables business; FMEG set to improve
View Report 
19-Jul-23
HDFC Bank (BUY): Strong PAT on lower provisions
Q1 PAT grew 30% YoY backed by a strong topline and lower provisions. Deposits outpaced loan growth at 19% YoY
View Report 
18-Jul-23
ICICI Prudential Life (SELL): Some hits, some misses; maintain SELL
APE down 4% YoY to Rs 14.6bn in Q1 but up 4% ex-ICICIBC despite a soft demand environment
View Report 
14-Jul-23
Federal Bank (BUY): Strong business growth but margins under pressure
High-yield retail assets drove 42% YoY PAT growth; NIM (calc) dipped 13bps QoQ to 3.1% on a higher cost of funds
View Report 
14-Jul-23
Wipro (HOLD): Another muted quarter; BFSI the biggest drag
Q1 weaker than peers due to a higher mix of consulting services (Capco, Rizing), especially in BFSI and telecom
View Report 
13-Jul-23
HCL Technologies (HOLD): Weak Q1 but full-year guidance retained – a tall order
Q1 revenue missed estimates largely due to a slowdown in ER&D services and the telecom & media vertical
View Report 
13-Jul-23
Tata Consultancy Services (HOLD): Strong deal flow but near-term softness to continue
Management echoed Accenture’s commentary on temporary weakness due to project delays in the near term
View Report 
10-Jul-23
Reliance Industries (BUY): Consumer and new energy businesses key catalysts
Reliance Retail exit offer targeted at minority shareholders and does not reflect full retail business value
View Report 
30-Jun-23
Ashok Leyland (BUY): Analyst meet takeaways – Pursuing market share gains
Targeting ~35% MHCV market share in FY24 by growing to 50% of the southern market (vs. 40%) and holding at 35% in North/Central India
View Report 
28-Jun-23
Hero Motocorp (HOLD): Management meet takeaways: Climbing on the premium bandwagon
Upcoming launch of high-end 125cc motorcycle to help shore up market share (21% currently)
View Report 
28-Jun-23
ICICI Prudential Life (SELL): Stock runup unwarranted; cut to SELL
NBP and individual APE CAGR the lowest in the listed private space for FY17-FY23; underperformance continued in 2MFY24
View Report 
22-Jun-23
Gujarat State Petronet (BUY): Discount on standalone business excessive
Standalone business trading at FY24E P/B of 0.4x after adjusting for GUJGA stake at market value minus 30% holding discount
View Report 
18-Jun-23
ERRATA: RPG Life Sciences (NOT RATED): Investor day takeaways – Foundation in place; now targeting scale
FY23 a milestone year with revenue/EBITDA of Rs 5bn/1bn; Naprosyn brand crossed Rs 500mn
View Report 
15-Jun-23
KEC International (HOLD): Management meet takeaways – Guidance maintained
Management reiterated its FY24 order inflow (+15% YoY), revenue and EBITDA margin (~7%) guidance
View Report 
15-Jun-23
TTK Prestige (NOT RATED): Navigating troubled times with confidence
Management optimistic of strong demand recovery in H2FY24; foresees no requirement for price hikes in near term
View Report 
15-Jun-23
HDFC AMC (HOLD): Annual report analysis – Stable FY23; focus on growth
Product launches, top-tier scheme outperformance and phygital delivery channels remain key growth levers
View Report 
15-Jun-23
Crompton Greaves (BUY): Annual report analysis – Difficult year
New energy labelling norms hit the fans business and subdued demand dimmed lighting sales in FY23
View Report 
14-Jun-23
Voltas (HOLD): Management meet takeaways – Trying times
Q1FY24 growth likely to fall short of expectations as unseasonal showers dampened summer demand
View Report 
13-Jun-23
Tata Consultancy Services (HOLD): Annual report analysis – Macro headwinds cloud outlook
Key spending areas for FY23 included AI/ML, data & network services, cloud and managed security services
View Report 
13-Jun-23
Polycab India (BUY): Annual report analysis – Project Leap well on track
Remains market leader in core wires & cables business; FMEG segment tepid in FY23 but guided to return to form in FY24
View Report 
12-Jun-23
Infosys (BUY): Annual report analysis – Sentiments weak; Cobalt to drive growth
Key spending areas in FY23 included cloud, generative AI, cybersecurity, IoT, and immersive technologies
View Report 
08-Jun-23
Havells India (BUY): Annual report analysis – Continuity of strategy
Market share growth in Lloyd, rural markets and manufacturing remain strategic focus areas
View Report 
06-Jun-23
Voltas (HOLD): Annual report analysis – A challenging year
FY23 saw competition denting margins in VOLT’s AC business and provisioning losses in the projects business
View Report 
06-Jun-23
JK Cement (HOLD): Outlook intact; downgrade to HOLD on rich valuations
Volume growth healthy including contribution from the new Panna unit that has attained 60% capacity utilisation
View Report 
05-Jun-23
Hindustan Unilever (BUY): Annual report analysis – Weathering the storm
Growth momentum continues with 16% YoY topline growth in FY23 and market share gains in >75% of the portfolio
View Report 
31-May-23
V-Guard Industries (HOLD): Sunflame key for FY24
Flat quarter despite growth in non-core markets; Q4 gross margin improved but EBITDA margin still under pressure
View Report 
30-May-23
Sun Pharma (BUY): gRevlimid yields margin surprise; raise to BUY post correction
Q4 revenue in line but adj. PAT 9% above consensus at Rs 21.8bn (+46% YoY) on account of strong margins
View Report 
30-May-23
Mahindra & Mahindra (BUY): Healthy performance; strong show to continue
Robust Q4 volume growth of 22% YoY despite slow tractor sales; prudent product mix aids realisation gains of 13%
View Report 
29-May-23
SAIL (HOLD): Production gains momentum, higher debt a concern
Buildup of production momentum in Q4 but slower pickup in profitability on higher employee costs
View Report 
29-May-23
Tata Consumer Products (BUY): Annual report analysis: On a strong wicket
Strong FY23 performance with revenue/PAT up 11%/29%, underpinned by innovation, premiumisation and distribution
View Report 
29-May-23
Mphasis (BUY): Dull quarter; sequential recovery guided from Q2
Weak Q4 revenue print (-4.1% QoQ); DR and DXC remained a drag on growth
View Report 
29-May-23
LIC (BUY): Focused on profitable products
APE grew 12.5% YoY in FY23 led by strong 36% growth in non-par products; non-par constituted 8.9% of APE vs. 7.1% in FY22
View Report 
27-May-23
Ashok Leyland (BUY): Healthy performance continues
Q4 volumes grew 23% YoY with realisations up 9%, aiding 33% topline growth to Rs 116bn
View Report 
25-May-23
JK Lakshmi Cement (SELL): Challenging road ahead
Realisations led growth in Q4 while capacity constraints restricted volume gains (to 1% YoY)
View Report 
25-May-23
AIA Engineering (BUY): Robust performance
Q4 EBITDA margin expands to 24.8% on a better revenue mix; stronger margin coupled with higher other income aids a beat on PAT
View Report 
25-May-23
Cummins India (BUY): From strength to strength; upgrade to BUY
Operationally strong Q4 despite supply chain constraints, with EBITDA and PAT each up ~60% YoY; exports resilient
View Report 
25-May-23
Star Cement (BUY): Moving in the right direction
Q4 volume gains steady at 7% YoY; realisation gains at 3%, indicating healthy demand in key areas
View Report 
25-May-23
Hitachi Energy (BUY): Improving outlook
Q4 sequentially stronger as supply chain constraints eased; chip shortage guided to recede fully in next two quarters
View Report 
24-May-23
Shree Cement (HOLD): High-cost fuel inventory weighs on margins
Healthy Q4 revenue gains driven by both volumes (+10% YoY) and realisations (+6%)
View Report 
23-May-23
Dixon Technologies (BUY): In-line quarter; strong guidance reiterated
Q4 topline of Rs 30.7bn in line with our estimate while improved ODM contribution aided a margin beat
View Report 
23-May-23
Zydus Wellness (HOLD): Price-led growth in Q4; HFD category a concern
Q4 revenue grew 11.4% YoY on the back of continuous price hikes; volume growth muted at 4%
View Report 
22-May-23
Crompton Greaves (BUY): Mixed quarter
Q4 topline grew 16% YoY aided by a good ECD performance; lighting continues to disappoint
View Report 
20-May-23
The Ramco Cements (SELL): Strong volume push but pricing pressure persists
New capacities (+2mt YoY) aided 45% jump in Q4 volumes (28% net of added capacities)
View Report 
20-May-23
Alkem Labs (SELL): Margin improvement key for revival
Q4 EBITDA/PAT of Rs 3.5bn/Rs 710mn well short of consensus by 21%/ 79% primarily due to higher operating costs
View Report 
19-May-23
State Bank Of India (BUY): Sustaining growth and profitability
Lower provisioning supported robust 83% YoY PAT growth in Q4, though PPOP declined sequentially on higher opex
View Report 
19-May-23
Syrma SGS (BUY): Strong show; positive outlook intact
Q4 topline/PAT up 83%/160% YoY spurred by strong growth in the auto and consumer segments
View Report 
19-May-23
Siemens India (HOLD): Low-voltage deal appears unfavourable; cut to HOLD
Low-voltage and geared motors business divested to parent for Rs 22bn (2.1x revenue)
View Report 
19-May-23
ITC (BUY): Strong performance amid macro headwinds
Growth momentum continues with 330bps YoY EBITDA margin expansion; we expect 12% topline growth in FY24
View Report 
18-May-23
Thermax (HOLD): Cautious outlook continues
Order book has flattened with a lack of big orders in the pipeline; management outlook on FY24 cautious
View Report 
18-May-23
Eris Lifesciences (BUY): Integration costs weigh on quarter
Consolidated Q4 revenue/EBITDA growth of 32%/23% YoY missed consensus by 3%/10%
View Report 
18-May-23
Affle (India) (BUY): Seasonality impacts Q4; outlook remains healthy
Device addition remained tepid during the quarter but strong additions in converted users
View Report 
17-May-23
Jindal Steel & Power (BUY): Streamlining painful but useful, maintain BUY
Streamlining of operations by the new management led to Rs 94bn of impairments over H2 but is helping wipe the slate clean
View Report 
17-May-23
Amber Enterprises (HOLD): Strong performance on new client and capacity addition
Q4 a beat as all segments posted strong growth, led by electronics (+69% YoY) and RAC & components (+55%)
View Report 
16-May-23
VST Tillers Tractors (BUY): Solid quarter
Q4 volume gains of 32% YoY helped by preponement of festive season and tiller & other non-tractor sales
View Report 
15-May-23
Eicher Motors (HOLD): Overall healthy performance
Launches aided Q4 volume growth of 18% YoY and healthy revenue gains; both Hunter and Bullet pushed up realisations
View Report 
15-May-23
Polycab India (BUY): Cables business resilient
Wires & cables shore up growth in Q4 while FMEG business struggles; international sales at a record high
View Report 
15-May-23
Orient Electric (HOLD): Weak end to a challenging FY23
Growth in lighting & switchgears (+12% YoY) offset by decline in ECD business (-20%) as fans business underperformed in Q4
View Report 
13-May-23
Cipla (BUY): Key launches at least a year away
Q4 EBITDA/PAT grew 57%/45% YoY but missed consensus by 5%/30% on higher R&D spend, field force expansion and other costs
View Report 
12-May-23
Marico (BUY): Healthy volume-led growth; improved visibility
Q4 volume growth of 5% YoY in domestic markets backed by diversification and market development
View Report 
12-May-23
Escorts (SELL): Medium-term pain to continue
Unseasonal rains dented volumes (-12% QoQ) towards the end of Q4, offsetting momentum seen in the first half
View Report 
12-May-23
Coforge (BUY): Stellar quarter; buoyant outlook
Robust Q4 revenue of US$ 264mn (+4.7% QoQ CC) with US$ 1bn milestone reached in FY23
View Report 
12-May-23
Siemens India (BUY): Strong momentum continues
Robust execution and margins in Q2 led by smart infrastructure and mobility segments; base order inflow at Rs 57bn
View Report 
11-May-23
Godrej Consumer Products (BUY): Home and personal care segments perform well
Robust volume-led growth aided 12% YoY rise in India revenue; Indonesia business saw strong recovery
View Report 
11-May-23
Dr Reddy's Labs (HOLD): Core business remains sluggish
Q4 broadly in line as revenue/EBITDA grew 16%/35% YoY (-7%/-23% QoQ), albeit aided by one-offs
View Report 
11-May-23
Larsen & Toubro (BUY): Strong finish; robust outlook for FY24
Q4 in line; FY23 order inflow and revenue beat guidance while margins were on par and order book soared to a record Rs 4tn
View Report 
10-May-23
Mahanagar Gas (HOLD): Slow long-term growth prospects; cut to HOLD
Q4 beat consensus as EBITDA margin improved sharply by Rs 4.6/scm QoQ on limited passthrough of lower gas purchase costs
View Report 
08-May-23
Alembic Pharma (HOLD): No respite yet
ALPM reported in-line Q4 revenue at Rs 14bn (flat YoY), though negative tax and lower R&D expense resulted in a PAT beat
View Report 
08-May-23
Federal Bank (BUY): Strong PAT on higher other income and lower provisions
Higher other income plus lower provisions aided 67% YoY PAT growth in Q4; NIM contracted due to deposit repricing
View Report 
06-May-23
Ajanta Pharma (BUY): Margins appear to have bottomed out; raise to BUY
Strong India and US growth in Q4 (17% YoY each) offset by declines in other businesses
View Report 
06-May-23
Blue Star (BUY): Momentum continues; outlook bright
UCP business shines in Q4, delivering 20% YoY growth and an 8.4% EBIT margin
View Report 
06-May-23
Britannia Industries (BUY): Impressive all-around performance
Strong 13% YoY topline growth in Q4 fuelled by pricing, enhanced distribution reach and market share gains
View Report 
06-May-23
ABB India (HOLD): Strong showing but priced in
Robust Q1 with revenue up 23% YoY and EBITDA margin expansion of 230bps aided by the robotics and electrification segments
View Report 
05-May-23
Hero Motocorp (HOLD): Improved performance; sustainability to be seen
Q4 revenue grew 12% YoY backed by 5% higher net realisation per vehicle and volume gains of 7%
View Report 
05-May-23
360 One (BUY): Tough quarter
Q4 AUM/PAT 6%/10% below our expectations at Rs 2.7tn/Rs 1.6bn; ARR focus continues
View Report 
05-May-23
TVS Motor (HOLD): Steady quarter; fresh triggers awaited
Price pass thru availability helps realisation gains in Q4, taking revenue up 19% YoY (flattish QoQ) despite tepid volume growth
View Report 
05-May-23
Dabur India (BUY): Steady growth; improving demand visibility
Broad-based growth across categories in Q4, barring healthcare which is navigating the high Covid base
View Report 
04-May-23
Orient Cement (HOLD): Listless performance
Focus on realisation gains curbed Q4 volume growth at 5% YoY, indicating lacklustre demand in key areas
View Report 
04-May-23
KEC International (HOLD): Standalone margin remains weak
Q4 revenue/PAT ahead of estimates at Rs 55bn/Rs 722mn; revenue growth guidance of 15%+ for FY24 on strong order inflow
View Report 
04-May-23
Tata Steel (BUY): Project visibility improving, maintain BUY
Q4 demonstrated a strong comeback from a low point in India; Europe likely to recover gradually from Q2FY24
View Report 
04-May-23
Ambuja Cements (HOLD): Soft realisations weigh on margins
Q4 revenue growth muted at 8% YoY on tepid realisations and limited volumes owing to a labour strike
View Report 
03-May-23
Havells India (BUY): Moderate quarter; in-line performance
Q4 revenue up 10% YoY to Rs 48.6bn anchored by strong switchgear sales and consistent performance in cables & wires
View Report 
03-May-23
KEI Industries (BUY): Momentum continues; capacity addition to spur growth
Traction in cable business buoyed Q4 topline growth; EHV set to bounce back in FY24
View Report 
03-May-23
ACC (HOLD): Realisations soft; stock lacks strong triggers
Volume-led topline growth truncated by muted realisations (+1% YoY) in Q4, an indication of market share pressure
View Report 
02-May-23
Kotak Mahindra Bank (HOLD): Healthy quarter but positives priced in
Q4 PAT grew 26% YoY backed by a strong topline and lower opex; provisions stayed flat
View Report 
29-Apr-23
Ultratech Cement (BUY): On a strong pitch, Near term challenges fading away
Q4 revenue grew 20% YoY and QoQ aided by strong double-digit volume gains and supportive pricing
View Report 
29-Apr-23
Dalmia Bharat (HOLD): Volumes rise but realisations weak
Q4 revenue grew 16% YoY to Rs 39bn buoyed by higher volumes (+12% YoY); realisations up just 3%
View Report 
29-Apr-23
Maruti Suzuki (HOLD): Short-term pricing blip
Q4 volume growth soft due to an unfavourable mix; order book strong at 412k units (vs. 363k units in Q3FY23)
View Report 
29-Apr-23
SBI Card (BUY): Positive surprise; maintain BUY
Q4 PAT beat our estimate by 10% due to robust revenue (+32% YoY), partially offset by higher credit cost (+60% YoY)
View Report 
29-Apr-23
Glenmark Life Sciences (BUY): All-round beat
Q4 revenue of Rs 6.2bn (+21% YoY) beat our estimate by 14% driven by recovery in CDMO and growth in API
View Report 
28-Apr-23
Aditya Birla Sun Life AMC (HOLD): Soft numbers; weakness persists, maintain HOLD
QAAUM declined 7% YoY to Rs 2.8tn at end-FY23 with continued market share bleed
View Report 
28-Apr-23
Axis Bank (BUY): Valuations to play catch up
Lower provisioning aids strong Q4 PAT growth of 64% YoY (ex-one-off charge of Rs 125bn towards Citi deal
View Report 
28-Apr-23
Laurus Labs (HOLD): Dismal quarter
Q4 a miss on all fronts – revenue/EBITDA/PAT below consensus by 16%/35%/55%
View Report 
28-Apr-23
UTI AMC (BUY): Weak set of numbers
Equity outflows coupled with softer yields dampened Q4; core PAT flat YoY at Rs 571mn, well below our estimate
View Report 
28-Apr-23
Tech Mahindra (HOLD): Weak performance; near-term outlook cloudy
Q4 revenue flattish at US$ 1.7bn (+0.3% QoQ CC) with 10% growth in FY23 to US$ 6.6bn
View Report 
27-Apr-23
Wipro (HOLD): Consulting business likely to dampen near-term growth
Q4 revenue grew 0.6% QoQ CC to US$ 2.8bn due to a drag in technology consumer and communication verticals
View Report 
27-Apr-23
SBI Life (BUY): Strong FY23; maintain BUY
Strong performance in FY23 with gross premium up 15% YoY and APE growth of 18%
View Report 
27-Apr-23
Hindustan Unilever (BUY): Fair performance in a challenging environment
Underlying pricing growth tapered down in Q4 due to softening input cost; volume growth at 4% YoY
View Report 
27-Apr-23
Voltas (HOLD): EMP underperformance overshadows resilient cooling business
UCP EBIT margin returns to double digits in Q4 after languishing at 7-8% over the first three quarters
View Report 
27-Apr-23
Bajaj Auto (HOLD): Rural economy revival key for growth; Maintain HOLD
Despite 13% lower volumes YoY, realisations steered topline growth of 12% in Q4 on the back of a better product mix
View Report 
26-Apr-23
HDFC Life (HOLD): Strong quarter
Robust growth momentum in gross premium to Rs 196bn in Q4; NBP market share climbs to 22.9%
View Report 
26-Apr-23
Tata Consumer Products (BUY): Strategic initiatives in place; outlook upbeat
Strong 14% YoY revenue growth in Q4 as key businesses continued to outperform
View Report 
26-Apr-23
Nippon Life India AMC (BUY): MTM losses mar quarter
MTM loss on other income led to 7% sequential decline in Q4 total income and 10% drop in pre-tax profit
View Report 
26-Apr-23
Persistent Systems (BUY): Growth resilient
Q4 revenue up 3.9% QoQ CC to US$ 275mn, backed by services and top-client business
View Report 
25-Apr-23
HDFC AMC (HOLD): Q4 disappoints; cut to HOLD on multiple headwinds
Q4 net profit missed our estimate by 7% owing to below-expected revenue of Rs 6.4bn and QAAUM of Rs 4.5tn
View Report 
25-Apr-23
IndusInd Bank (BUY): Gearing up for the next leg of growth
Q4 PAT growth strong at 46% YoY backed by robust business growth that offset lower other income and higher opex
View Report 
25-Apr-23
Nestle India (BUY): Stellar performance; beats estimate
Highest quarterly growth in the last decade supported by a strong performance across product segments in Q1CY23
View Report 
24-Apr-23
Reliance Industries (BUY): Capital discipline targets positive; maintain BUY
Q4 beat led by O2C business; investor concerns appeased by introduction of a capital discipline target of 1x net debt/EBITDA
View Report 
24-Apr-23
HDFC Bank (BUY): RBI clears pitch for merger with HDFC
Central bank permits leeway on PSL norms post-merger which will aid HDFCB’s margins and asset quality in the immediate term
View Report 
24-Apr-23
ICICI Bank (HOLD): Strong NII and lower provisions aid healthy PAT
Growth across asset classes coupled with higher NIM led to strong NII in Q4, but the absence of treasury gains muted other income
View Report 
21-Apr-23
ICICI Prudential Life (HOLD): FY23 ends on a high note; cut to HOLD post rally
Strong Q4 growth lifts overall FY23 numbers; sustainability of growth and ability to arrest NBP market share loss key monitorables
View Report 
20-Apr-23
HCL Technologies (BUY): Software seasonality dampens dollar revenue growth
Q4 revenue down 0.3% QoQ CC, below our estimates
View Report 
18-Apr-23
Reliance Industries (BUY): Capex ramp-up likely in sync with structural growth
EBITDA momentum likely to continue in Q4 propelled by both cyclical and consumer engines
View Report 
17-Apr-23
HDFC Bank (BUY): Q4 healthy despite higher opex
Deposits outpaced loan growth YoY while a higher cost of funds led to 14bps contraction in NIM to 4.2% in Q4; FY24 NIM guided at 4.1%
View Report 
13-Apr-23
Infosys (BUY): All-round miss; sentiments worsening but Cobalt to drive growth
Q4 revenue declined 2.3% QoQ CC, weighed down by project cancellations
View Report 
12-Apr-23
Tata Consultancy Services (HOLD): Steady quarter but macro headwinds cloud outlook
Q4 dollar revenue growth of 1.7% QoQ in line with our estimate and broad-based across verticals
View Report 
12-Apr-23
ABB India (HOLD): Annual report highlights – Agile business model
CY22 order inflows strong at Rs 100bn (+31% YoY) and revenue growth robust at 24% YoY
View Report 
12-Apr-23
HDFC Bank (BUY): Q4 likely to see sustained growth momentum
Expect a healthy March quarter with deposits outpacing loan growth (196bps QoQ decline in CD ratio)
View Report 
06-Apr-23
[Initiation] LIC (BUY): Behemoth at a bargain; initiate with BUY
Extensive presence, brand equity and leadership in group life business serve as strong moats, supporting NBP market share of over 60%
View Report 
31-Mar-23
Nestle India (BUY): Annual report highlights – Stellar performance in a difficult year
Highest domestic revenue growth in a decade, at 14.8% in CY22, led by both volumes and pricing
View Report 
22-Mar-23
Bikaji Foods International (NOT RATED): Appetite for growth
Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks
View Report 
16-Mar-23
Kaynes Technology (NOT RATED): Expanding footprint
Budding electronics manufacturer that is expanding capacity to tap into India’s EMS boom
View Report 
01-Mar-23
Tech Mahindra (HOLD): Sandstorm a potential game changer
TECHM launches Sandstorm, a network monitoring service that allows clients to remotely measure customer experiences across devices
View Report 
28-Feb-23
Infosys (BUY): Private 5G-as-a-Service to see multiyear tailwinds
Private 5G expected to be a key enabler for the digital transformation of enterprises
View Report 
20-Feb-23
SAIL (HOLD): Higher production positive but legacy issues linger
Q3 marks recovery in line with peers; production uptick helped SAIL partly bridge the gap with existing capacity
View Report 
20-Feb-23
TVS Motor (HOLD): Steady performance; healthy outlook
Realisation-led performance aids ~70bps YoY rise in Q3FY23 EBITDA margin; judicious product mix behind better pricing
View Report 
16-Feb-23
Nestle India (BUY): Investing for growth
CY22 revenue increased 14.5% YoY with broad-based growth across categories
View Report 
16-Feb-23
Maruti Suzuki (HOLD): Focus shifts to high-margin segment
Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales
View Report 
15-Feb-23
PI Industries (BUY): Strong quarter spurred by custom synthesis business
Q3 robust with EBITDA/PAT growth of 40%/58% YoY on the back of margin improvement, low tax and higher other income
View Report 
15-Feb-23
CESC (BUY): Stable performance; DF circles disappoint
Stable Q3 with 4% YoY revenue growth to Rs 19bn and flattish net profit at Rs 1.9bn
View Report 
15-Feb-23
Siemens India (BUY): Stellar quarter
Strong Q1 beat aided by margin expansion across segments. C&S Electric turns a corner
View Report 
14-Feb-23
JK Lakshmi Cement (SELL): Cost overruns remain a concern
Q3 volumes surged 16% YoY on a weak base with realisations up 8%, aiding healthy topline growth
View Report 
13-Feb-23
LIC (NOT RATED): Strong 9MFY23 growth but margins moderate
9MFY23 net premium grew 21% YoY to Rs 3.4tn, lifting NBP market share 400bps YoY to 65.4%
View Report 
13-Feb-23
Thermax (HOLD): Scaling back on large project bids
Transitioning to smaller orders in a bid to eliminate lumpiness in large projects and lift profitability
View Report 
13-Feb-23
ABB India (HOLD): Q4 beat; retain HOLD on full valuations
Q4CY22 robust with revenue up 16% YoY and margins buoyed by motion and industrial automation businesses
View Report 
13-Feb-23
Alkem Labs (SELL): Quarter buoyed by seasonal tailwinds
Q3 revenue grew 16% YoY to Rs 30bn led by double-digit growth across markets; flu season drove US sales of US$ 92mn
View Report 
11-Feb-23
Shree Cement (HOLD): Cost efficiencies to aid performance
Volume-led (+23%) revenue growth of 15% YoY in Q3 as realisations fell due to weak pricing in key regions
View Report 
11-Feb-23
Ambuja Cement (HOLD): Steady growth continues, maintain HOLD
Q4 revenue growth of 11% YoY contributed by volume gains of 8% with realisations up 3%
View Report 
11-Feb-23
Aurobindo Pharma (BUY): Modest Q3; no respite on margin front
Q3 revenue up 7% YoY to Rs 64bn led by growth in the US and EMs along with recovery in ARV business
View Report 
11-Feb-23
Voltas (HOLD): Subpar quarter as EMP losses deepen
UCP revenue up 11% YoY but EBIT margin band seems to have softened to 7-9% from 12-14% earlier
View Report 
10-Feb-23
JK Cement (BUY): Steep costs likely to soften in Q4; maintain BUY
Grey cement volumes grew 23% YoY in Q3 backed by capacity addition in Central India and presence in remunerative areas guarding prices
View Report 
09-Feb-23
Cummins India (HOLD): Robust quarter; positives in the price
Q3 strong with revenue up 25% YoY despite supply chain constraints, as infrastructure-led demand improved; exports grew 23%
View Report 
09-Feb-23
Syrma SGS (BUY): Strong topline but margins soften
Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn
View Report 
08-Feb-23
Tata Steel (BUY): Weaker Q3 does not disrupt upcoming growth, maintain BUY
Q3 below consensus with softer recovery in India operations and acute losses in Europe
View Report 
08-Feb-23
The Ramco Cements (SELL): Performance driven by new capacity addition
Q3 revenue rose 29% YoY as utilisation improved to 69%; realisation gain of 9% came as a positive surprise
View Report 
07-Feb-23
Dalmia Bharat (HOLD): Strong quarter; capacity addition on track
Q3 revenue up 23% YoY backed by double-digit volume growth (11%) and equally strong realisation gains
View Report 
07-Feb-23
Hitachi Energy (BUY): Chip shortage takes a toll
Q3 revenue down 8% YoY due to the persistent chip shortage; EBITDA margin under pressure at 3.8%
View Report 
06-Feb-23
Star Cement (BUY): In-line performance; maintain BUY
Q3 volumes up 5% YoY to 0.9mt backed by healthy realisation gains; price hike impact to reflect fully in Q4
View Report 
06-Feb-23
ITC (BUY): Stellar show continues; outlook bright
Q3 revenue grew 3.5% YoY and gross margin expanded 700bps driven by a strong performance across categories
View Report 
05-Feb-23
Mahanagar Gas (BUY): Growth set to accelerate in medium term; maintain BUY
Q3 marginally ahead; priority HP-HT allocation to bridge APM gas shortfall and cap on APM gas price to improve competitiveness
View Report 
04-Feb-23
Tata Power (BUY): Growth aided by coal profits again
Q3 net profit jumped 2x YoY to Rs 9.5bn backed by high coal profits and strong power demand
View Report 
04-Feb-23
Divi's Labs (HOLD): Big miss on revenue and margins
Q3 disappoints as revenue/PAT of Rs 17bn/Rs 3bn missed consensus by 12%/38%
View Report 
03-Feb-23
Jindal Steel & Power (BUY): Streamlining management processes a positive; BUY
Q3 recovered in line with street estimates and revival set to continue in Q4 on policy support in China and India
View Report 
03-Feb-23
Tata Consumer Products (BUY): Subdued quarter; long-term story remains intact
Q3 revenue grew 8% YoY (3% QoQ), but margins contracted due to inflationary pressure and lag in pricing
View Report 
03-Feb-23
V-Guard Industries (HOLD): Topline intact while margin pressure persists
EBITDA margin deteriorated further to 6.7% in Q3; recovery on the anvil as high-cost inventory nearly exhausted
View Report 
03-Feb-23
Crompton Greaves (BUY): Weak lighting business dims performance
Lighting (-20% YoY) saw tepid demand and volatile pricing in Q3 amid stiff competition; pumps fell 10%
View Report 
02-Feb-23
Power Grid Corp (BUY): Steady quarter; upgrade to BUY post correction
Steady Q3 performance with 11% YoY growth each in revenue and net profit
View Report 
02-Feb-23
UTI AMC (BUY): Dull quarter on MTM losses; maintain BUY
MTM loss from subsidiary UTI International coupled with softer yields dampens Q3; core MF business market share intact at ~6%
View Report 
02-Feb-23
Britannia Industries (BUY): Strong performance in a challenging environment
Q3 revenue grew 17% YoY to Rs 42bn driven by price hikes, with adj. PAT up 50%
View Report 
01-Feb-23
KEC International (HOLD): Disappointing quarter – cut to HOLD
EBITDA margin muted for the second consecutive quarter at 4.6% in Q3, dragged down by muted profitability in standalone business
View Report 
01-Feb-23
Godrej Consumer Products (BUY): Broad-based growth; strong margin recovery
Q3 sales grew 9% INR and 15% CC YoY; underlying volume growth stood at 1%
View Report 
01-Feb-23
Blue Star (BUY): Buoyant performance; UCP margin expansion continues
UCP EBIT margin expands further to 7.4% (+100bps YoY) in Q3; outlook remains positive for Q4
View Report 
31-Jan-23
Orient Electric (HOLD): Back on track with Q3 rebound
Topline boosted by better ECD performance; profitability turns positive with sequential margin expansion
View Report 
31-Jan-23
Larsen & Toubro (BUY): Revenue beat; commentary optimistic
Q3 revenue ahead of estimates at Rs 464bn (+17% YoY); LT confident of exceeding 13-15% revenue and order growth guidance for FY23
View Report 
30-Jan-23
Tech Mahindra (HOLD): Weak performance; expect a muted FY23
Q3 revenue growth subdued at 0.2% QoQ CC, though marginally above our estimate vs street’s estimate of 0.4%QoQ CC
View Report 
30-Jan-23
Indraprastha Gas (BUY): Dull quarter; focus shifting to non-bus CNG volumes
Q3 results weak but in line with consensus; capping of APM gas price could help restore margins and reboot structural growth
View Report 
30-Jan-23
Nippon Life India AMC (BUY): Healthy quarter; retain BUY
Market share intact at ~7% with Q3 QAAUM up 4% YoY to Rs 2.9tn; competitive edge in ETFs maintained
View Report 
30-Jan-23
NTPC (BUY): Another strong quarter
Q3 revenue (+43% YoY) a beat and PAT in line; on track for 18GW capacity addition over 3Y at projected Rs 750bn capex
View Report 
28-Jan-23
Aditya Birla Sun Life AMC (HOLD): Challenges persist, maintain HOLD
Market share declines to 7% as Q3 QAAUM falls 6% YoY to Rs 2.8tn vs. 5% growth for the industry
View Report 
27-Jan-23
Glenmark Life Sciences (BUY): Sequential recovery in API business
Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits
View Report 
27-Jan-23
AIA Engineering (BUY): Stellar quarter despite challenging macro
Strong all-round beat; Q3 EBITDA margin boosted to 29.8% by a better mix and one-offs, with 20-22% levels seen as sustainable
View Report 
26-Jan-23
Dr Reddy's Labs (HOLD): Strong US sales; recovery in EM and PSAI businesses
Q3 revenue growth strong at 27% YoY to Rs 67.7bn, supported by US contribution and launches
View Report 
26-Jan-23
Cipla (BUY): US-led growth; margins strong
Q3 revenue grew 6% YoY to Rs 58bn (11% ex-Covid sales last year) driven by US business and despite a sharp decline in SAGA
View Report 
25-Jan-23
Dixon Technologies (BUY): Dull Q3 as mobiles business dials down
Q3 topline down 22% YoY with weakness across key segments; however, EBITDA margin a beat at 4.6%
View Report 
25-Jan-23
HDFC AMC (BUY): Muted growth; raise to BUY on price correction
Q3 net profit growth muted at 3% YoY owing to weak revenue pickup and higher operating expense
View Report 
25-Jan-23
SBI Card (BUY): Higher costs continue to dent profitability
Q3 PAT missed our estimate by 8% due to increased funding costs and high operating expenses
View Report 
24-Jan-23
JSW Steel (HOLD): Exciting growth but unfavourable risk-reward; maintain HOLD
Q3 EBITDA recovered ahead-of consensus expectations but net income was a miss on impact of higher net debt
View Report 
24-Jan-23
Amber Enterprises (HOLD): Strong topline but margins remain muted
Q3 topline grew 38% YoY but EBITDA margin disappoints at 5.8% (6.2% est.), dragging PAT well below expectations
View Report 
24-Jan-23
KEI Industries (BUY): Upbeat numbers
Strong performance in cables aids Q3 topline growth of 14% YoY; EHV drag transient
View Report 
24-Jan-23
Siemens India (BUY): Annual report highlights – Primed for accelerated growth
Well positioned to benefit from emerging opportunities in digitalisation and sustainable solutions
View Report 
24-Jan-23
Reliance Industries (BUY): Entry opportunity; upgrade to BUY
Q3 EBITDA recovers with capture of higher refining margin upside and improved natural gas realisation
View Report 
23-Jan-23
SBI Life (BUY): Upbeat quarter; maintain BUY
Strong 15% YoY growth in 9M gross premium with an in-line Q3; APE clocks robust 20% increase
View Report 
20-Jan-23
HDFC Life (BUY): Strong growth momentum; maintain BUY
Robust momentum in gross premium to Rs 146bn in Q3; NBP market share climbs to 20.9%
View Report 
20-Jan-23
360 One (BUY): Resilient model; high ROE – maintain BUY
ROAE up 160bps YoY and 60bps QoQ to 23.5% in Q3, showing a consistent expansion trend
View Report 
20-Jan-23
Polycab India (BUY): Buoyant quarter
Upbeat performance in wires & cables aided Q3 topline growth of 10% YoY despite a higher base
View Report 
19-Jan-23
Havells India (BUY): Modest performance amid a challenging environment
Middling Q3 revenue growth of 13% YoY owing to soft B2C demand; growth led purely by volumes as no price hikes undertaken on QoQ
View Report 
19-Jan-23
Hindustan Unilever (BUY): Growth momentum continues; margins improve sequentially
Q3 revenue grew 16% YoY with volume growth of 5%; EBITDA margin improved sequentially by 70bps
View Report 
19-Jan-23
IndusInd Bank (BUY): Recovery plan in play
Q3 PAT growth strong at 58% YoY backed by healthy core income coupled with stable opex and lower provisions
View Report 
18-Jan-23
Mahanagar Gas (BUY): Healthy medium-term outlook
Management aims to double the annual growth run-rate to 6% in the medium term by accelerating network buildout
View Report 
18-Jan-23
Eris Lifesciences (BUY): Oaknet continues to drive revenue growth
Q3 consolidated revenue grew 27% YoY led by Oaknet, but standalone growth modest at 9%
View Report 
18-Jan-23
ICICI Prudential Life (BUY): VNB strong but premium growth disappoints
9MFY23 VNB grew 23% YoY to Rs 17.1bn with margin profile strong at 32%
View Report 
16-Jan-23
HDFC Bank (BUY): Steady earnings growth
Q3 PAT grew 19% YoY (16% QoQ) to Rs 122.6bn aided by strong interest & other income and lower provisions
View Report 
13-Jan-23
Wipro (HOLD): Consulting business likely to dampen growth in the near term
Q3 revenue grew at a meagre 0.2% QoQ, underperforming our estimate
View Report 
12-Jan-23
Chemplast Sanmar (NOT RATED): Uptick in PVC prices could aid margin recovery
Management expects to see benefit of PVC price recovery from Q4 after a muted Q3
View Report 
12-Jan-23
HCL Technologies (BUY): Profit beat in seasonally weak quarter
Q3 revenue growth at 5% QoQ CC beat consensus as well as our estimates
View Report 
12-Jan-23
Infosys (BUY): Cobalt to drive near-term growth
Q3 revenue growth in line at 2.4% QoQ CC, supported by vendor consolidation
View Report 
09-Jan-23
Tata Consultancy Services (HOLD): Demand drivers intact with some pockets of slowdown
Q3 revenue growth of 2.9% QoQ CC beat consensus and came in higher than our estimate
View Report 
27-Dec-22
Indraprastha Gas (BUY): Growth levers intact despite EV
IGL targets 10% volume growth over FY23-25E, aims to offset loss from electric vehicles
View Report 
23-Dec-22
Solar Industries (NOT RATED): Growth focused
Dominant player in explosives, both in India and overseas, focused on expanding its competencies in defence
View Report 
20-Dec-22
JSW Steel (HOLD): Dolvi another growth milestone
Successful delivery of 5mtpa Dolvi expansion with operational stability achieved within a year of startup
View Report 
20-Dec-22
Syrma SGS (BUY): Capacity expansion on course
Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23
View Report 
12-Dec-22
Voltas (HOLD): Competition weighing on margins
Management does not anticipate return to double-digit RAC EBIT margins in medium term amid rising competition
View Report 
09-Dec-22
Siemens India (BUY): Buoyant outlook
Q4 in line; management now focused on aggressive growth, in a shift from consolidation
View Report 
08-Dec-22
Syrma SGS (BUY): Niche ODM player – initiate with BUY
Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins
View Report 
06-Dec-22
Greenpanel Industries (BUY): Long runway before takeoff
Increase in MDF imports could pose a threat to domestic price realisation, if not curbed
View Report 
01-Dec-22
NLC India (NOT RATED): Capacity addition largely on track
Higher capacities in power as well as mining to boost profitability and capitalise on the country’s strong power demand
View Report 
29-Nov-22
Mahindra & Mahindra (BUY): Performance to strengthen
Q2 net sales of Rs 208bn (+6% QoQ) driven entirely by realisation gains with NRPV at Rs 763k (+6% QoQ)
View Report 
28-Nov-22
TTK Prestige (NOT RATED): Banking on brand value to blunt competition
Demand for premium products buoyant but entry-level segment remains distressed
View Report 
21-Nov-22
Eicher Motors (HOLD): Volume gains encouraging; ASP revival key
Q2 revenue up 5% QoQ to Rs 33bn backed by 11% volume growth (MoM run-rate of 60k units), partly offset by 7% fall in ASP
View Report 
17-Nov-22
BOBCAPS Research | Ashok Leyland (BUY): Healthy performance all round
Q2 topline healthy at Rs 83bn backed by volume growth of 15% QoQ to 45.3k vehicles (+65% YoY on a weak base)
View Report 
14-Nov-22
TVS Motor (HOLD): Strong quarter but positives in the price
Q2 revenue at Rs 72bn (+29% YoY) backed by higher ASP (Rs 69.3k, +13%) and volumes (+14%)
View Report 
14-Nov-22
Aurobindo Pharma (BUY): Margin slippage continues; launches key for growth
Q2 revenue dipped 3% YoY (-8% QoQ) to Rs 57bn as decline in US/ Europe outweighed growth in other businesses
View Report 
14-Nov-22
LIC (NOT RATED): Strong growth; focused on raising persistency
Net premium grew 24% YoY to Rs 2.3tn in H1FY23, lifting NBP market share from 64.5% to 68.3%
View Report 
14-Nov-22
Alembic Pharma (HOLD): Broad-based growth; margin crunch persists
Q2 revenue increased 14% YoY supported by growth across businesses; commissioning of new facilities in Q4 to further propel topline
View Report 
14-Nov-22
Alkem Labs (SELL): Near-term outlook weak – cut to SELL
Revenue grew 10% YoY to Rs 31bn in Q2 led by India business, but US price erosion continued to weigh on margins
View Report 
11-Nov-22
Hero Motocorp (HOLD): Efforts on to capture premium market
Q2 revenue grew 7% YoY backed by realisation gains of 8%, which offset flat volumes on a weak base
View Report 
11-Nov-22
Astral (HOLD): Inventory loss, one-off expenses drag margin
Consolidated Q2 revenue declined 2% YoY with plumbing down 11% but paints & adhesives up 27%; pipe volumes dipped 4%
View Report 
11-Nov-22
Lupin (HOLD): Return to double-digit margins
Q2 revenue grew 11% QoQ (+1% YoY) with recovery in US business and continued momentum in India
View Report 
10-Nov-22
Somany Ceramics (BUY): Gas prices continue to weigh on margins
Q2 revenue growth at 9% YoY due to 24.5% increase in blended realisation (+13% QoQ); however, tile volumes declined 2% YoY
View Report 
10-Nov-22
Pidilite Industries (SELL): Margin expansion ahead but valuations lofty; reiterate SELL
Consolidated Q2 net revenue increased 15% YoY to Rs 30bn as the C&B/B2B segments grew 14%/17%
View Report 
10-Nov-22
Zydus Wellness (BUY): High commodity prices play spoilsport
Q2 revenue grew 12% YoY (-38% QoQ) to Rs 4.3bn aided by 5% volume growth
View Report 
09-Nov-22
VST Tillers Tractors (BUY): Gaining momentum slowly but surely
Q2 net revenue per vehicle grew ~5% YoY to Rs 0.22mn though volumes fell 4% due to poor tractor sales
View Report 
09-Nov-22
Cera Sanitaryware (HOLD): Steady demand trends
Consolidated Q2 revenue grew 3% YoY aided by demand from home renovation and upgrade projects
View Report 
09-Nov-22
Greenpanel Industries (BUY): Domestic demand remains healthy
Q2 revenue increased 8% YoY to Rs 4.6bn led by 14% growth in MDF, though plywood business was down 17%
View Report 
09-Nov-22
Divi's Labs (HOLD): Disappointing quarter
Q2 revenue fell 7% YoY to Rs 18.5bn, weighed down by a decline in custom synthesis business
View Report 
08-Nov-22
Greenply Industries (BUY): Stable quarter but margins disappoint
Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations
View Report 
05-Nov-22
Maruti Suzuki (HOLD): Healthy performance
Q2 gross margin improved to 27% (25% in Q1) due to softer raw material cost and better synergies; volumes up 11% QoQ on festive sales
View Report 
05-Nov-22
Cipla (BUY): Robust US and India sales
Q2 revenue up 6% YoY as US/India sales offset decline in other markets; growth at 12% YoY ex-Covid sales in base quarter
View Report 
04-Nov-22
Orient Electric (HOLD): One-offs mar performance
Q2 in the red as fans business remained a drag, marked by transition to new energy norms and one-time distribution exercise
View Report 
04-Nov-22
Blue Star (HOLD): Best Q2 performer among AC pack
Q2 unitary product margin up 110bps YoY to 6.2%; management commentary positive, unlike tepid outlook from peers
View Report 
04-Nov-22
Ajanta Pharma (HOLD): No respite from margin pressure; cut to HOLD
Q2 revenue growth muted at 6% YoY as lower Africa/US sales offset a strong uptick in India/Asia business
View Report 
02-Nov-22
Kajaria Ceramics (BUY): Demand sluggish; high gas cost weakens margins
Q2 revenue grew 11% YoY aided by a 10% rise in tile realisations while volume growth stayed flat at ~25msm
View Report 
02-Nov-22
Voltas (HOLD): Dismal Q2; UCP margins at decadal low
UCP EBIT margin at 10Y low of 7.3% with flat revenue; exit market share at 23% in Aug’22 vs. 24% in Jun’22
View Report 
01-Nov-22
Sun Pharma (HOLD): Strong Q2 but valuations full – cut to HOLD
Brisk Q2 revenue growth at 14% YoY to Rs 110bn backed by ramp-up in global specialty business and healthy India/EM sales
View Report 
01-Nov-22
Tata Steel (BUY): Integrated Indian operations to weather downturn
Weak Q2 results as cost adjustments lagged prices; European operations saw a sharper pullback from a stronger Q1
View Report 
31-Oct-22
Supreme Industries (HOLD): Muted quarter but H2 revival on track
Q2 revenue grew 8% YoY led by a 9% volume uptick despite seasonal weakness
View Report 
29-Oct-22
Dr Reddy's Labs (HOLD): US launch of gRevlimid buoys quarter
Q2 revenue up 9% YoY on sales of gRevlimid in the US; gross margin expansion aids EBITDA growth of 42% YoY
View Report 
28-Oct-22
JSW Steel (HOLD): Aggressive growth policy fuels earnings volatility
Q2 results weak as cost adjustment lagged price declines; we cut FY23E EBITDA by 20% as we now expect margin stabilisation in FY24
View Report 
28-Oct-22
V-Guard Industries (HOLD): Margin pressure dampens performance
Q2 subdued as EBITDA margin slid 310bps YoY to 7.4% amid absorption of high-cost inventory; RM recovery guided by Q4
View Report 
28-Oct-22
SBI Card (BUY): Dull quarter on high opex and credit costs
Operating expenses rose 33% YoY in Q2 on higher client acquisition cost; credit cost also moved up
View Report 
28-Oct-22
Reliance Industries (HOLD): Windfall tax limits cyclical upside; consumer business shines
Q2 EBITDA normalised with pullback in O2C profits from record levels; consumer business continued to deliver strong YoY growth
View Report 
28-Oct-22
Crompton Greaves (BUY): Q2 a minor blip; expect swift recovery
Q2 EBITDA margin subdued at 11.4% (-410bps YoY) despite in-line revenue; BGAL’s revenue back on track with double-digit margins
View Report 
25-Oct-22
Finolex Industries (HOLD): Revival slipped to Q4
Q2 revenue decreased 13% YoY as realisations in PVC resin/PVC pipes & fittings dropped 29%/17%
View Report 
22-Oct-22
Laurus Labs (HOLD): CDMO scale-up masks otherwise dismal Q2; cut to HOLD
Q2 revenue grew 31% YoY (+2% QoQ) led by synthesis division and other APIs; FDF revenue at record-low of Rs 1.5bn
View Report 
22-Oct-22
Amber Enterprises (HOLD): Structural growth overhang persists
Q2 topline meets estimates but bottomline disappoints with net loss of Rs 30mn owing to higher finance/forex cost
View Report 
22-Oct-22
SBI Life (BUY): Strong margin trajectory; better H2 expected
VNB growth strong with margin at 31% in H1FY23, leading us to raise margin estimates through FY25
View Report 
22-Oct-22
Glenmark Life Sciences (BUY): Slowdown in parent-led business weakens revenue
Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)
View Report 
21-Oct-22
HDFC Life (BUY): Merger with Exide Life completed; focus on growth
H1 gross premium grew 13% YoY; however, Q2 gross premium missed our estimate by 7%
View Report 
21-Oct-22
Dixon Technologies (BUY): Buoyant numbers, bright prospects
Strong Q2 beat with topline up 38% YoY to Rs 39bn and PAT 15% ahead of our estimates at Rs 777mn
View Report 
20-Oct-22
Havells India (BUY): Margins hit trough; expect recovery in H2
Muted margins in Q2 owing to poor profitability in both ECD and cables along with wider losses at Lloyd
View Report 
20-Oct-22
IIFL Wealth (BUY): Guidance maintained despite slower flows
Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact
View Report 
19-Oct-22
Bajaj Auto (HOLD): Steady performance in a challenging environment
Q2 revenue growth (16%) driven by realisation gains as volumes stayed flat YoY. Costs dented meaningful margin gains (17% vs. 16% YoY)
View Report 
19-Oct-22
Polycab India (BUY): Beat on all fronts
Strong performance in wires & cables boosts Q2 topline by 11% YoY to Rs 33bn; exports up 75%
View Report 
19-Oct-22
V-Mart Retail (BUY): LimeRoad deal positive but profitability could suffer
Value fashion marketplace LimeRoad.com acquired for Rs 0.7bn in a bid to strengthen online presence
View Report 
15-Oct-22
ICICI Prudential Life (BUY): Some hits, some misses – maintain BUY
H1FY23 VNB grew 25% YoY to Rs 10.9bn with margin profile strong at 31%; on course to double VNB by end-FY23 vs. FY19
View Report 
24-Sep-22
Tata Steel (BUY): Merger to simplify group structure
Proposed merger with 7 group entities will simplify the group structure and enable more efficient funding of NINL and mining expansions
View Report 
22-Sep-22
Syrma SGS Tech (NOT RATED): Niche player in EMS
Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers
View Report 
16-Sep-22
RPG Life Sciences (NOT RATED): Investor day takeaways – Chronic and specialty launch focus
EBITDA margin up 10ppt from FY19 levels to ~20% in FY22 as efforts to improve operational efficiency pay off
View Report 
15-Sep-22
IIFL Wealth (BUY): Annual report analysis: Recurring model bears fruit
Slew of fund launches by IIFL AMC a positive; AMC along with IIFL One remain focus segments, with the lens on up-and-coming tier-2/3 markets
View Report 
14-Sep-22
KEC International (NOT RATED): Analyst meet takeaways – Headwinds abating
FY23 order inflow (+15% YoY) and margin guidance remains broadly unchanged
View Report 
08-Sep-22
Greenpanel Industries (BUY): Structural tailwinds intact
Plans to expand MDF capacity by adding 231,000cbm at a capex of Rs 6bn, for commercial production in Q2FY25
View Report 
02-Sep-22
IIFL Wealth (BUY): NDR takeaways – Spotlight on recurring revenue and new clients
Management focused on driving recurring income and net fund flows to scale the business and curb cyclicality
View Report 
30-Aug-22
Reliance Industries (HOLD): AGM takeaways – Growth contours defined
Positives from the AGM include a clear succession plan, supercharged 5G rollout, restart of O2C investments, and targets in new energy
View Report 
30-Aug-22
SAIL (HOLD): Plodding quest for growth
Expect full benefits of Rs 600bn expansion to flow by FY25; doubling of capacity needed to align employee cost with peers
View Report 
25-Aug-22
Zydus Wellness (BUY): Management meet takeaways – Primed for growth
Product innovation, distribution expansion and international footprint expected to aid brisk PAT CAGR of 20% over FY22-FY24, in our view
View Report 
13-Aug-22
Divi's Labs (HOLD): No respite in sight for margins
Q1 revenue broadly in line with consensus at Rs 22.5bn (+15% YoY/-10% QoQ), but EBITDA 10% below
View Report 
12-Aug-22
Astral (HOLD): Good performance amid challenges; cut to HOLD post rally
Consolidated Q1 revenue grew 73% YoY with plumbing/paints & adhesives up 74%/72%; pipe volumes increased 49%
View Report 
12-Aug-22
Aurobindo Pharma (BUY): Healthy growth but margin pressure persists
Q1 revenue of Rs 62bn came in 5% above consensus as US business outperformed; however, EBITDA margin slid 570bps YoY to 15.5%
View Report 
11-Aug-22
Pidilite Industries (SELL): Sound business but valuations lofty; reiterate SELL
Consolidated Q1 net revenue increased 60% YoY to Rs 31bn as the C&B/B2B segments grew 64%/50%
View Report 
10-Aug-22
Somany Ceramics (BUY): Good quarter; long term outlook remains positive
Q1 revenue growth at 67% YoY due to 42% increase in tile volumes (+20% vs Q1FY20) &15.5% rise in blended realisation (+17% vs Q1FY20)
View Report 
10-Aug-22
Amber Enterprises (HOLD): Mixed quarter; challenges ahead
Q1 EBITDA margin down 100bps QoQ to 5.4% and adj. PAT below estimates at Rs 429mn
View Report 
09-Aug-22
V-Mart Retail (BUY): Growth off low base but yet to retrace to pre-Covid levels
Q1 revenue grew 230% YoY to Rs 5.9bn (80% from VMART, 20% from Unlimited stores); 3.8% growth (ex-Unlimited) vs. Q1FY20
View Report 
08-Aug-22
Greenply Industries (BUY): New capacities to form next leg of growth
Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations
View Report 
06-Aug-22
Alkem Labs (HOLD): Higher expenses and forex loss dent margins; cut to HOLD
Q1 revenue declined 6% YoY (+4% QoQ) to Rs 25.7bn on a high base, and EBITDA dropped 66% on weak margins
View Report 
05-Aug-22
Glenmark Life Sciences (BUY): Margins improve despite revenue decline
Q1 revenue fell 7% YoY on a high base (+6.5% ex-Covid portfolio) with CDMO/ API down 38%/7%; RM relief and PLI incentives boosted gross margin
View Report 
05-Aug-22
Blue Star (HOLD): Commendable margin performance
Q1 EBIT margin in cooling business relatively strong at 8.1%, outperforming peers
View Report 
05-Aug-22
Cera Sanitaryware (HOLD): Strong Q1; upside capped post rally – cut to HOLD
Consolidated Q1 revenue grew 74% YoY backed by high demand from home renovation projects, real estate launches and price hikes
View Report 
04-Aug-22
Voltas (HOLD): Competitive edge appears blunted; downgrade to HOLD
Subpar Q1 on double whammy of lower cooling business margins and provisioning-led losses in projects business
View Report 
04-Aug-22
ERRATUM: Tata Steel (BUY): Preferred pick as we look beyond volatility
TATA exposed to slower pickup in China but we expect Chinese demand to stabilise over H2, providing support to regional margins
View Report 
04-Aug-22
Dixon Technologies (BUY): Annual report analysis: Targeting higher EMS share
Key initiatives taken in FY22 to bolster business in electronic manufacturing services (EMS), including PLI initiatives
View Report 
29-Jul-22
Ajanta Pharma (BUY): Margin stress continues despite strong revenue growth
Q1 revenue growth robust at 27% YoY (13% ahead of consensus), supported by a low base in Asia/Africa and momentum in India
View Report 
29-Jul-22
Zydus Wellness (BUY): First normal quarter post-Covid; retain BUY
Q1 revenue grew 17% YoY (9% QoQ) to Rs 6.9bn aided by price hikes and 10.3% volume growth
View Report 
29-Jul-22
SBI Life (BUY): Standout performance by the market leader; BUY
Stellar growth as Q1 gross premium increased 35% YoY with NBP up 67% and renewal premium up 14%
View Report 
29-Jul-22
V-Guard Industries (HOLD): Margin blip in Q1
Q1 EBITDA margin hit by A&P spend and write-offs; ECD/electronics margins guided to recover to ~7%/16% in FY23
View Report 
28-Jul-22
SBI Card (BUY): Ticks most boxes; maintain BUY
Q1 credit card spends grew 79% YoY and cards in force 19% YoY, with strong asset quality
View Report 
28-Jul-22
Laurus Labs (BUY): Synthesis business saves the day
Q1 revenue/EBITDA came in 5%/8% above consensus and grew 20%/ 15% YoY to Rs 15.4bn/Rs 4.5bn
View Report 
27-Jul-22
Dixon Technologies (BUY): Strong Q1 topline; remains the best PLI play
Mobiles segment drove Q1 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially
View Report 
27-Jul-22
Reliance Industries (HOLD): Refining upside capped; roadmap for new energy next catalyst
RIL captured upsides in refining margin and gas prices in Q1, but an increase in tax rate and Jio depreciation resulted in a miss on net income
View Report 
26-Jul-22
IIFL Wealth (BUY): Decent set of numbers considering headwinds; Maintain ‘BUY’
Focus on expanding trail-based ARR model; recurring revenue constituted 68% share in Q1 and recurring AUM 57%
View Report 
26-Jul-22
Orient Electric (HOLD): Headwinds in core portfolio, maintain HOLD
Q1 gross margin maintained but EBITDA margin drained by higher A&P spend (+108% YoY) and logistics & warranty expense (+87% YoY)
View Report 
26-Jul-22
JSW Steel (HOLD): Aggressive growth policy a risk – cut to HOLD
With a weaker outlook for steel margins in H1, JSTL lowers capex plan for FY23 to manage leverage but maintains Rs 480bn plan over 3 years
View Report 
26-Jul-22
Supreme Industries (HOLD): Healthy topline but margins soft; downgrade to HOLD
Q1 revenue grew 64% YoY led by increased realisations (+8%) and volume recovery (+53%) on a soft base
View Report 
26-Jul-22
Finolex Industries (HOLD): Near-term pain ahead; downgrade to HOLD
Q1 revenue increased 23% YoY as volumes/realisations rose 29%/4% in PVC pipes & fittings and 25%/0.2% in PVC resin
View Report 
25-Jul-22
Crompton Greaves (BUY): Temporary margin miss; expect swift recovery
Q1 miss on margins due to one-time costs; expect margins to course correct in 9MFY23 against backdrop of lower commodity costs
View Report 
22-Jul-22
Greenpanel Industries (BUY): MDF remains in the driver’s seat
Q1 revenue climbed 51% YoY to Rs 4.6bn led by growth of 50%/57% YoY (-1.6%/0.4% QoQ) in MDF/plywood
View Report 
21-Jul-22
Kajaria Ceramics (BUY): Margins healthy despite cost inflation; retain BUY
Q1 revenue grew 80% YoY (-8.5% QoQ) spurred by a 15% (+2% QoQ) rise in tile realisations and 53% (-10% QoQ) volume growth
View Report 
21-Jul-22
Havells India (BUY): Short-term margin blip, better road ahead
Q1 EBITDA margin hit by absence of price hikes, while falling commodity prices hurt profitability in key cables and wires segment
View Report 
21-Jul-22
Century Plyboards (BUY): Impressive sequential performance
Q1 revenue/PAT came in at Rs 8.8bn/Rs 0.9bn led by healthy price realisations across segments (ex-plywood)
View Report 
20-Jul-22
Polycab India (BUY): Resilient margins offset moderation in revenue
Pricing action, cost-cutting initiatives and premiumization all helped to keep margins intact in Q1
View Report 
19-Jul-22
HDFC Life (BUY): Sustainable growth, high visibility – BUY
Q1 gross premium increased 23% YoY with NBP up 27% and renewal premium up 19%
View Report 
18-Jul-22
Jindal Steel & Power (BUY): Q1 beats estimates; look beyond uncertainty – BUY
Q1 results ahead of consensus but net debt reduction muted with higher working capital build
View Report 
18-Jul-22
ICICI Prudential Life (BUY): Strong APE growth and high margins but low premium growth
Q1 APE grew 25% YoY to Rs 15.2bn led by the savings segment at 25% and protection at 22%
View Report 
15-Jul-22
Larsen & Toubro (NOT RATED): Annual report analysis – In a good place
Strategic growth plan ‘Lakshya’ targets revenue of Rs 2.7tn and ROE of 18%+ by FY26
View Report 
12-Jul-22
[Initiation] IIFL Wealth (BUY): Juggernaut rolling; initiate with BUY
Sustainable model with diverse product offerings in HNI/UHNI category and focus on expanding trail-based recurring revenue streams
View Report 
04-Jul-22
Orient Electric (HOLD): Annual report analysis – Strategic initiatives paying off
Targeting key growth drivers such as greater reach in South India, channel diversification and innovation-led product development
View Report 
01-Jul-22
Cera Sanitaryware (BUY): Consistent Performer
We expect CRS to clock revenue CAGR of ~16.5% during FY22-24E aided by growth in sanitaryware and faucetware segments
View Report 
01-Jul-22
Crompton Greaves (BUY): Annual Report Analysis – Fortifying its market position
Leadership maintained in fans and pumps, while being a top player in lighting. BGAL acquisition to strengthen adjacency offerings
View Report 
30-Jun-22
Calcom Vision (NOT RATED): An upcoming ODM player in LEDs and fans
Calcom Vision Ltd, an ODM player, specializes in LED manufacturing and is expanding its competencies in BLDC fans
View Report 
29-Jun-22
Zydus Wellness (BUY): In a sweet spot !!!
Accelerated launch of innovative products, growing international footprint, and expanding customer base augur well for the company
View Report 
22-Jun-22
Dr Reddy's Labs (HOLD): Investor Day – Peek into the future
DRRD unveiled a framework to make its business future ready
View Report 
20-Jun-22
V-Mart Retail (BUY): Near-term pain gets accentuated
Due to disruptions in UP and Bihar, which form 65-70% of the top-line, the sale is expected to be adversely impacted in Q1FY23
View Report 
20-Jun-22
[Initiation] Glenmark Life Sciences (BUY): Niche API player with superior margins – initiate with BUY
Pure-play API company with robust market share in key high-value, low-volume chronic therapies, alongside budding CDMO business
View Report 
10-Jun-22
Havells India (BUY): Annual report analysis: Product innovation focus paying off
Management optimistic about margin recovery on the back of strong underlying demand across segments
View Report 
09-Jun-22
Greenpanel Industries (BUY): On a strong MDF-led growth trajectory – raise to BUY
Well placed to capitalise on near-term MDF demand traction, with strong guidance of 15-18%/15% volume growth in FY23/FY24
View Report 
08-Jun-22
Polycab India (BUY): Annual report analysis – W&C well capitalised; FMEG remains key
Maintains leadership in wires & cables with ~23% market share; growth momentum in FMEG business sustained in FY22 (5Y CAGR of 30%)
View Report 
06-Jun-22
Voltas (BUY): Market share partly recouped in April
Claws back ~200bps of market share in April over March, taking share to 21.6%
View Report 
06-Jun-22
[Initiation] SBI Card (BUY): A play on India’s cashless revolution – initiate with BUY
Major player in credit card domain with vast growth potential due to partnership with parent SBIN and customised offerings
View Report 
31-May-22
Aurobindo Pharma (BUY): Launch momentum to gather pace; valuations attractive
Q4 EBITDA margin stable QoQ at 16.8% but down 450bps YoY with 335bps YoY contraction in gross margin
View Report 
31-May-22
Sun Pharma (BUY): Strong India growth; cost normalisation impacts margins
Q4 EBITDA/adj. PAT declined 17%/28% QoQ (+6%/-5% YoY) due to 350bps QoQ contraction in operating margin
View Report 
31-May-22
Astral (BUY): Emerging as a one-stop building materials player; raise to BUY
Consolidated Q4 revenue grew 23% YoY with pipe/adhesive segments up 22%/27%; pipe volumes increased 11%
View Report 
30-May-22
Dixon Technologies (BUY): A play on PLI
Mobiles segment drove 40% YoY Q4 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially
View Report 
30-May-22
Crompton Greaves (BUY): Prudent cost management aids Q4
Q4 margin well maintained led by key initiatives of brand building, fortifying the distribution network and cost cutting
View Report 
30-May-22
Blue Star (HOLD): AC industry growth to double amid ‘golden era’
Management expects AC market to clock 20% CAGR over five years (vs. 7-10% historically) buoyed by increased affordability and reach
View Report 
30-May-22
Voltas (BUY): Annual report analysis: Reinforcing its #1 position
Retains leadership in RAC segment with 23.4% market share; bolstering supply chain through JV with Highly
View Report 
26-May-22
V-Mart Retail (BUY): Festive demand drives growth
Q4 revenue grew 30% YoY to Rs 4.6bn, with 84% coming from VMART and 16% from Unlimited stores
View Report 
23-May-22
Divi's Labs (HOLD): Strong all-round beat but growth unsustainable – cut to HOLD
Robust standalone Q4 revenue/EBITDA growth of 45%/57% YoY, ahead of consensus by 11%/17%
View Report 
22-May-22
Lupin (SELL): Operationally poor quarter; further weighed down by one-offs
LPC booked a loss of Rs. 5.2 bn in Q4 with weak operating performance and contraction in margins, EBITDA was ~50% below consensus
View Report 
20-May-22
V-Guard Industries (HOLD): Margin pressure continues
Q4 revenue growth strong at 24% YoY on the back of higher sales in electrical and consumer durables segments, but margins remain stressed
View Report 
20-May-22
Dr Reddy's Labs (HOLD): Operating performance in line; impairment weighs down profit
India, Russia, US and one-off opportunities drove 15% YoY sales growth in Q4; non-core brands divested in Russia and India
View Report 
20-May-22
Somany Ceramics (BUY): Another quarter of weak performance
Q4 revenue growth muted at 9.7% YoY due to a 5% decline in tile volumes, though blended realisation rose 14% to Rs 333/msm
View Report 
19-May-22
Pidilite Industries (SELL): Earnings miss, unabated cost inflation; downgrade to SELL
Consolidated Q4 net revenue increased 12% YoY to Rs 25bn as the C&B/B2B segments grew 11%/21%
View Report 
19-May-22
Finolex Industries (BUY): Higher volumes drive topline but PVC price volatility persists
Q4 revenue increased 28% YoY as volumes/realisations rose 4%/9% in PVC pipes & fittings and 32%/8% in PVC resin
View Report 
19-May-22
PI Industries (BUY): Healthy quarter
Q4 revenue growth healthy at 17% YoY driven by a 47%/11% increase in the AgChem/CSM segments
View Report 
18-May-22
Zydus Wellness (BUY): Revival underway; retain BUY
Q4 revenue grew 5.6% YoY (65% QoQ) to Rs 6.4bn aided by price hikes; volumes muted
View Report 
17-May-22
Kajaria Ceramics (BUY): Muted volume growth and higher gas prices play spoilsport
Q4 revenue grew 16% YoY (+3% QoQ) spurred by a 13% rise in tile realisations; volume growth was subdued at 2%
View Report 
17-May-22
Century Plyboards (BUY): Strong quarter; raise to BUY post correction
Q4 revenue/PAT came in at Rs 8.9bn/Rs 0.9bn led by robust price realisations across segments (ex-plywood)
View Report 
16-May-22
Greenply Industries (BUY): Steady revenue; new capacities to form next leg of growth
Consolidated Q4 revenue grew 13% YoY backed by an 8% rise in plywood volumes and 7% rise in price realisation for India operations
View Report 
14-May-22
Alkem Labs (BUY): Q4 revenue in line; margin guidance weak
Q4 revenue of Rs 24.8bn broadly in line with our estimate; PAT reduced 55% to Rs 1.1bn on account of prior years’ tax
View Report 
13-May-22
Amber Enterprises (HOLD): Components business remains in focus
Q4 topline strong but higher RM and operating costs dent margins and bottomline
View Report 
13-May-22
Tech Mahindra (BUY): In-line performance; Communication TCV strong
Q4 revenue growth in line at 4.9% QoQ USD, spearheaded by the enterprise segment; TCV robust at US$ 1.01bn
View Report 
12-May-22
Voltas (BUY): Strong strategy for southern market holds the key
Analysis of AC/cooler ownership shows higher product penetration in North India while the South lags
View Report 
11-May-22
Cera Sanitaryware (BUY): Highest-ever EBITDA margin with healthy demand outlook
Consolidated Q4 revenue up 7% YoY ex-one-offs of Anjani Tiles divestment and Ind AS-105 application; amounted to Rs 525mn
View Report 
11-May-22
Polycab India (BUY): Wired for growth
Strong quarter with the core cable and wire business performing well on revenue and margins, beside maintaining market leadership
View Report 
11-May-22
Cipla (BUY): Strong India and US growth marred by lower margins
Slight miss on Q4 revenue but EBITDA underperformed our estimate by 32% due to lower margins (incl. one-time charge of Rs 2bn)
View Report 
11-May-22
Orient Electric (HOLD): Premiumisation is key
ECD weakness hurt Q4 topline growth; aggressive price hikes helped to sustain gross margin despite RM cost pressure
View Report 
11-May-22
Ajanta Pharma (BUY): Margin stress continues
Q4 revenue 6% ahead of our estimate but margins disappointed with gross/EBITDA margin contraction of 530bps/1050bps YoY to ~72%/24%
View Report 
10-May-22
Reliance Industries (HOLD): Margin uptick in cyclicals; consumer business to drive growth
Q4 results in line with consensus – O2C and digital services performed well; we raise FY23/FY24 EBITDA by 8%/4%
View Report 
09-May-22
Voltas (BUY): Structural story intact
Below-expected quarter but strong portfolio and distribution coupled with low market penetration remain key structural drivers
View Report 
06-May-22
Greenpanel Industries (HOLD): Strong margin expansion despite lower MDF & plywood volumes
Q4 revenue climbed 21% YoY to Rs 4.7bn led by 31% growth in MDF but plywood revenue declined by 15%
View Report 
06-May-22
Blue Star (HOLD): Gunning for market share
Good quarter with strong room AC sales due to harsh summer and pent-up demand in target markets, aided by its broad product portfolio
View Report 
05-May-22
Tata Steel (BUY): Results in line; growth allocation to improve – BUY
Q4 results in line with consensus, dividend payout raised to 15% with improved gearing, and 10:1 stock split announced
View Report 
05-May-22
Havells India (BUY): Plenty of positives – BUY
Strong Q4 topline aided by Lloyd and the wires & cables business, though RM inflation remained a drag on margins
View Report 
04-May-22
Eris Lifesciences (BUY): Launch investments cramp margins; forays into derma
Q4 sales/EBITDA contracted 8%/20% QoQ (up 10%/3% YoY) due to structural decline in the cardiometabolic segment
View Report 
02-May-22
Alembic Pharma (HOLD): Mixed quarter; cut to HOLD amid rising margin pressure
Q4 revenue growth at 11% YoY led by broad-based domestic uptick and 17% growth in the US; ROW declined 19% YoY
View Report 
02-May-22
LIC (SUBSCRIBE): Insurance colossus with sharp growth focus – SUBSCRIBE
Steadfastly retains >60% market share despite stiff competition and is well positioned to capture opportunities in a growing industry
View Report 
29-Apr-22
Wipro (BUY): In-line performance; maintain BUY
Q4 revenue growth slightly ahead of estimates at 3.1% QoQ USD driven by manufacturing, retail and BFSI
View Report 
29-Apr-22
Supreme Industries (BUY): Healthy volumes but margins soft; raise to BUY post correction
Q4 revenue grew 23% YoY led by increased realisations (+6%) and volume recovery (+16%)
View Report 
29-Apr-22
Laurus Labs (HOLD): Mixed Q4; non-ARV business guided to drive $1bn in sales
Q4 topline growth 14% ahead of consensus as healthy CDMO, FDF and non-ARV API sales offset decline in ARV business
View Report 
28-Apr-22
Persistent Systems (HOLD): Stellar, all-round performance
Q4 revenue growth of 9.1% QoQ USD outperformed estimates led by services business; TCV at US$ 361mn rose 8% QoQ
View Report 
21-Apr-22
HCL Technologies (BUY): Growth muted; TCV and guidance robust
Q4 revenue growth of 0.5% QoQ USD underperformed our estimate owing to a double-digit slowdown in Mode-3 business
View Report 
20-Apr-22
L&T Infotech (BUY): Soft growth; maintain BUY on strong TCV
Q4 revenue growth of 3.6% QoQ CC below our estimate of 5%; however, net new TCV robust at US$ 80mn, up 21% YoY
View Report 
18-Apr-22
Mindtree (BUY): In-line quarter; robust TCV a key positive
Q4 revenue growth at 4.8% QoQ USD was largely in line with our estimate, driven by travel and BFSI verticals; manufacturing and retail slowed
View Report 
13-Apr-22
Infosys (BUY): Subpar quarter; FY23 guidance robust
Q4 revenue growth muted at 0.7% QoQ USD, below our (4.1%) and street estimates. TCV robust at US$ 2.3bn
View Report 
12-Apr-22
Tata Consultancy Services (BUY): Resilient margins
Q4 revenue growth at 3.2% QoQ CC beat consensus expectations of 2.3% but came in a tad lower than our estimate
View Report 
29-Mar-22
Aurobindo Pharma (BUY): Acquisition of Veritaz Healthcare marks India formulations
ARBP acquired Veritaz Healthcare at 1x FY22E sales (9.8x EBITDA), marking its foray into domestic formulations
View Report 
14-Mar-22
[Initiation] Zydus Wellness (BUY): Robust health and wellness portfolio – initiate with BUY
Product innovation, distribution expansion and Heinz India merger synergies expected to aid brisk PAT CAGR of 11% for FY21-FY24
View Report 
04-Mar-22
Greenpanel Industries (BUY): On a strong growth trajectory
GREENP well placed to capitalise on near-term MDF opportunity with management guiding for 15% volume growth in FY23E
View Report 
24-Feb-22
Sun Pharma (BUY): Alchemee acquisition to expand global branded derma portfolio
SUNP, through subsidiary Taro Pharma, to acquire Galderma’s skincare arm Alchemee in US$ 90mn all-cash deal
View Report 
18-Feb-22
Butterfly Gandhimathi Appliances (NOT RATED): Fast-growing, pan-India branded play
One of the fastest growing kitchen appliance companies in India with leadership in steel LPG stoves and tabletop wet grinders
View Report 
18-Feb-22
Oil & Gas: Expert call - Refining and shipping outlook
Current refining demand growth expectations may prove conservative, keeping refining and product markets tight
View Report 
18-Feb-22
Affle (India) (BUY): Limited impact from Google’s new privacy measures
Google plans to adopt new privacy initiatives (termed Privacy Sandbox) to curtail tracking across apps on Android smartphones
View Report 
15-Feb-22
Greenply Industries (BUY): New capacities to cater the growing demand
Consolidated Q3 revenue grew 24% YoY backed by 11% increase in plywood volumes and 7% rise in price realisation for India operations
View Report 
14-Feb-22
Reliance Industries (HOLD): Derisking the O2C business
RIL plans to restructure a part of its O2C business to address climate risks and open up new opportunities for value addition
View Report 
11-Feb-22
Divi's Labs (BUY): Remarkable quarter; upgrade to BUY
Q3 surpassed expectations on all fronts with revenue/EBITDA growth at 49%/62% YoY, ahead of consensus by 15%/26%
View Report 
11-Feb-22
V-Mart Retail (BUY): Well placed to capture value fashion opportunity; raise to BUY
Q3 revenue growth at 47% YoY to Rs 6.9bn, with 83% coming from VMART and 17% from Unlimited stores
View Report 
11-Feb-22
Alembic Pharma (BUY): US business weak but showing signs of stabilising
Q3 revenue dipped 3% YoY on a steep decline in US (-23%) and API (-8%) business, despite growth in India (+17%) and ROW (+13%)
View Report 
10-Feb-22
Aurobindo Pharma (BUY): Headwinds continue; Plans India formulations foray
Q3 revenue declined 6% YoY despite 48% growth in APIs as US (-13%) and ARV (-65%) business contracted
View Report 
07-Feb-22
Affle (India) (BUY): Record revenue growth aided by JAMPP
Q3 revenue growth at 24% QoQ and 126% YoY – the highest ever in AFFLE’s history led by rise in CPCU and user volumes
View Report 
05-Feb-22
Lupin (SELL): Major benefits remain back ended, 3Q disappoints
Q3 revenue growth modest at 4% YoY (+2% QoQ) despite strong US and India formulation business, as API revenue declined 25%
View Report 
05-Feb-22
Alkem Labs (HOLD): Strong domestic growth; weak margins
Robust traction in India formulations (+20% YoY) during Q3, partly offset by a 7% decline in US generic revenue
View Report 
05-Feb-22
Astral (HOLD): Decent quarter; FY24 outlook bright
Consolidated Q3 revenue grew ~23% YoY with pipe/adhesive segments up 25%/16%; pipe volumes dipped 4% due to dealer destocking
View Report 
02-Feb-22
eClerx Services (BUY): All-round outperformance; maintain BUY
Q3 revenue growth at 5.9% QoQ USD beat our estimate led by a sharp increase in offshoring
View Report 
01-Feb-22
Tech Mahindra (BUY): Mixed bag – growth outperforms, margin disappoints
Q3 revenue growth robust at 4.1% QoQ USD, outperforming our estimate of 3.6%, driven by the CME vertical
View Report 
01-Feb-22
Ajanta Pharma (BUY): Strong revenue growth but margins contract
Q3 revenue up 12% YoY spurred by branded formulations business in India and Africa; US sales down 14% QoQ to US$ 22mn
View Report 
01-Feb-22
Sun Pharma (BUY): Broad based growth; steady margins
Strong Q3 with YoY growth across geographies; flat sequential growth in domestic/ROW markets due to lower Covid portfolio contribution
View Report 
31-Jan-22
Info Edge (BUY): Impressive growth led by recruitment business
Q3 revenue growth of 14.7% QoQ and 48% YoY was INFOE’s highest in over a decade, led by its recruitment business
View Report 
31-Jan-22
Century Plyboards (BUY): Strong quarter but margin disappoints; raise to BUY post correction
Q3 revenue/PAT came in at Rs 8.5bn/Rs 0.9bn led by robust price realisations across segments (except plywood)
View Report 
31-Jan-22
Dr Reddy's Labs (HOLD): Stable quarter, US price erosion continues; cut to HOLD
Growth in Q3 driven by product launches and higher volumes, partly offset by US price erosion
View Report 
29-Jan-22
Eris Lifesciences (BUY): Cardio-metabolic segment headwinds hamper growth
Industry-wide slowdown in cardiometabolic segment (59% revenue share for ERIS) affected Q3 growth
View Report 
29-Jan-22
Laurus Labs (HOLD): PAT declines 44% on negative operating leverage
Inventory destocking in ARV API/FDF led to 20% YoY decline in revenue; guided to normalise from Q4
View Report 
28-Jan-22
Reliance Industries (HOLD): Broader growth canvas; raise to HOLD
Q3 results a mixed bag – retail and oil & gas performed well but digital services and O2C delivered muted sequential growth
View Report 
27-Jan-22
Coforge (BUY): Robust quarter – beat on margins
Q3 revenue grew 4.2% QoQ USD, roughly in line with estimate. Growth was driven by the BFS vertical with a modest uptick in travel
View Report 
27-Jan-22
Pidilite Industries (HOLD): Broad-based growth but sharp RM headwinds a drag
Consolidated Q3 net revenue up 24% YoY to Rs 28.5bn as C&B/B2B segments grew 23%/30%
View Report 
27-Jan-22
Finolex Industries (HOLD): Tepid earnings outlook; PVC prices volatile
Q3 revenue declined 6% YoY as volumes fell 15% in PVC pipes & fittings and 36% in PVC resin
View Report 
26-Jan-22
Cipla (BUY): Growth led by India business
Q3 sales growth modest at 6% YoY led by US and India formulations. API sales declined due to slowdown in orders from developed markets
View Report 
25-Jan-22
IndiaMart InterMesh (BUY): Below-expected Q3; retain BUY on deferred revenue growth
Q3 revenue up 3% QoQ, short of our estimates due to weak ARPU growth
View Report 
25-Jan-22
Cera Sanitaryware (BUY): Healthy demand traction with positive outlook
Q3 consolidated revenue grew 28% YoY with the sanitaryware/faucet segments increasing 51%/60%
View Report 
25-Jan-22
ICICI Bank (HOLD): Gaining traction; cut to HOLD on fair valuations
Augmented risk architecture to enhance overall performance with total CAR estimated at robust 19-20% levels, enabling growth
View Report 
25-Jan-22
Supreme Industries (BUY): Disappointing quarter; structural story intact
Q3 revenue grew 5.5% YoY led by high realisations (+31%) though volumes declined 18%
View Report 
24-Jan-22
Greenpanel Industries (BUY): Excellent quarter despite lower MDF volumes
Q3 revenue climbed 34% YoY to Rs 4.2bn led by 40% growth in MDF and 8% in plywood segment
View Report 
24-Jan-22
JSW Steel (BUY): Upgrade to BUY on favourable risk-reward
Q3 results broadly in line; we raise our earnings forecasts on consolidation of BPSL
View Report 
21-Jan-22
Kajaria Ceramics (BUY): Robust volume growth reflects strong demand; raise to BUY
Q3 revenue grew 27% YoY (+10% QoQ) driven by 14% volume growth to 25.6msm – the highest-ever volumes for KJC
View Report 
21-Jan-22
Persistent Systems (HOLD): Stellar quarter
Above-expected Q3 with revenue growth of 9.2% QoQ USD led by IP business
View Report 
21-Jan-22
Mphasis (HOLD): Strong growth, lukewarm margins
Q3 revenue growth robust at 7.6% QoQ USD, ahead of our estimate, driven by direct business, BCM and communications
View Report 
20-Jan-22
Just Dial (BUY): Disappointing Q3; Maintain BUY on RRVL led synergy potential
Just Dial (JUST) reported revenue growth of mere 1.9% QoQ-far below estimates, dragged by impact on SMEs from covid waves
View Report 
19-Jan-22
L&T Infotech (BUY): Growth spree continues; outperformance on all counts
L&T Infotech (LTI) reported strong growth beat with 8.7% QoQ USD growth. EBIT margin at 17.9% was up 70bps QoQ, was above estimates
View Report 
19-Jan-22
Errata: HDFC Bank (BUY): Balanced Growth
Bank remains reasonably stable during turbulence
View Report 
14-Jan-22
HCL Technologies (BUY): Major growth beat; mode-3 drives momentum
HCL Tech (HCLT) reported stellar growth of 6.7% QoQ USD, beating our estimate of 3.5%
View Report 
13-Jan-22
Mindtree (BUY): Margin beat despite supply constraints; upgrade to BUY
Mindtree (MTCL) reported growth of 4.7% QoQ USD, in-line with estimates. Momentum was driven by travel, CMT and BFSI
View Report 
21-Dec-21
Prataap Snacks (NOT RATED): Emerging contender in booming snacks business
Fast-growing player in savoury packaged snacks. Strengthening of processes (to stabilise RM cost) and distribution channels to spur growth
View Report 
16-Dec-21
AMI Organics (NOT RATED): Emerging pharma intermediate play; riding on Chinese import substitution
Company benefits from the best of two domains in chemical industry: Pharma intermediates and specialty chemicals
View Report 
06-Dec-21
Eris Lifesciences (BUY): Foray into India’s insulin market
ERIS enters ten-year, 70:30 JV with MJ Biopharm for marketing rh-insulin, insulin analogues, GLP1 agonists and biosimilars
View Report 
03-Dec-21
Tata Power (SELL): Stock rally too high, too fast
TPWR’s ~70% run-up in two months stems from power demand growth, international coal price rally and possible renewables business IPO
View Report 
22-Nov-21
Wipro (BUY): Transformed model paying off
WPRO’s analyst meet focused on highlighting results of a transformed business model and reiterating a “bold” strategy
View Report 
15-Nov-21
Info Edge (BUY): Strong real estate and recruitment business pickup
Q2 revenue grew 37% YoY, outperforming consensus, with broad-based uptick across Naukri, 99acres and other verticals
View Report 
12-Nov-21
Affle (India) (BUY): Growth shines aided by stellar JAMPP performance
Q2 revenue surged 104% YoY aided by above-expected rebound at JAMPP and strong native business growth
View Report 
12-Nov-21
Somany Ceramics (BUY): Strong recovery, positive outlook
Consolidated Q2 revenue grew 32% YoY to Rs 5.6bn with tile volumes up 25% and blended realisation up 6% YoY to Rs 306/msm
View Report 
12-Nov-21
Pidilite Industries (SELL): Broad-based growth but sharp RM headwinds a drag
Consolidated Q2 net revenue up 40% YoY to Rs 26.3bn. Like-to-like growth at 33% (ex-PAPL)
View Report 
12-Nov-21
Tech Mahindra (BUY): Positive commentary instils confidence; 5G outlook optimistic
TECHM’s analyst meet today focused on the 3Ps – Purpose, People and Performance
View Report 
11-Nov-21
CESC (HOLD): Fairly priced but upside if distribution is delicensed
Despite steady 8% YoY growth in Q2 pretax income, consolidated net income fell 11% due to lower tax rate in comparable quarter
View Report 
10-Nov-21
V-Mart Retail (HOLD): Well placed to capture value fashion opportunity; raise to HOLD
Q2FY22 revenue grew 93% YoY to Rs 3.4bn, marking 107% recovery vs. pre-Covid (Q2FY20) levels on consolidation of 74 ‘Unlimited’ stores
View Report 
10-Nov-21
Power Grid Corp (HOLD): Steady but limited growth drivers
Steady 1.9% YoY growth in Q2 pretax income and appreciable decline in outstanding payments
View Report 
10-Nov-21
IndiaMart InterMesh (BUY): Correction offers a good opportunity; upgrade to BUY
Stock looks attractive following ~25% correction from its Oct’21 peak – upgrade from HOLD to BUY with unchanged TP of Rs 8,430
View Report 
03-Nov-21
Century Plyboards (HOLD): Best quarter ever but valuations full
Q2 revenue/PAT came in at Rs 8.1bn/Rs 1bn led by robust price realisations across segments
View Report 
03-Nov-21
eClerx Services (BUY): Stellar Q2FY22 performance; upbeat demand environment
Q2 revenue grew 7.1% QoQ USD, delivering a strong beat. EBIT margin missed our estimate but outperformed consensus expectations
View Report 
02-Nov-21
VRL Logistics (BUY): Recovery, expansion and new customers driving growth
Q2 PAT increased 60% YoY as revenue grew 45% due to strong recovery in goods transport and bus service volumes
View Report 
01-Nov-21
Finolex Industries (HOLD): Strong realisation and volume growth aid profitability
Q2 revenue growth robust at 85% YoY as PVC realisations surged 63% and pipe volumes grew 27% YoY
View Report 
28-Oct-21
Greenpanel Industries (HOLD): Strong quarter led by MDF; cut to HOLD on limited upside
Q2 revenue climbed ~88% YoY to Rs 4.2bn led by ~103% growth in MDF and ~38% in plywood
View Report 
27-Oct-21
Cera Sanitaryware (HOLD): Healthy demand traction but priced in
Q2 consolidated revenue grew 24% YoY with the sanitaryware/faucet segments increasing 30%/63%
View Report 
27-Oct-21
Persistent Systems (HOLD): Growth outperformance continues
Stellar Q2 print with revenue growth of 9.3% QoQ USD (incl. Capiot) driven by BFSI and healthcare
View Report 
27-Oct-21
Cipla (BUY): Results better than expected; EBITDA margin resilient
Q2 revenue/EBITDA grew 10%/4% YoY to Rs 55bn/Rs 12bn, beating our estimates by 6%/4%
View Report 
26-Oct-21
Tech Mahindra (BUY): Growth outperforms; 5G demand outlook robust
Q2 revenue growth beat estimates at 6.4% QoQ USD on 6.3%/6.7% enterprise/communications business growth
View Report 
25-Oct-21
Coforge (BUY): Strong Q2 performance coupled with large deals
Robust Q2 revenue growth of 6.6% QoQ USD led by BFSI; EBIT margin in line at 14.8% (+230bps QoQ)
View Report 
25-Oct-21
Kajaria Ceramics (HOLD): Robust volume growth reflects strong underlying demand
Q2 revenue grew 37% YoY (+73% QoQ) driven by 25% volume growth to 24.8msm
View Report 
23-Oct-21
Supreme Industries (BUY): Long-term structural story intact; OPM disappoints
Strong Q2 revenue growth led by high realisations (+38% YoY) and healthy volumes in plastics (+9% YoY)
View Report 
23-Oct-21
IndiaMart InterMesh (HOLD): In-line results; on course for growth recovery
Q2 performance in line as sales grew 12% YoY and EBITDA margin stood at 46%
View Report 
23-Oct-21
TCI Express (HOLD): Strong volume-led growth
Robust volume growth in Q2 a reflection of improving macros. Network expansion and new sorting centre to sustain growth
View Report 
22-Oct-21
Mphasis (HOLD): Mixed bag
Q2 revenue grew 6.4% QoQ USD, outperforming our (4.9%) and street estimates; EBIT margin a miss at 15.1%
View Report 
21-Oct-21
Just Dial (BUY): Strategic refresh post Reliance takeover awaited
Disappointing Q2 with revenue contracting 6.9% YoY and miss on margins
View Report 
19-Oct-21
L&T Infotech (BUY): Outperformance on all counts
Best revenue growth ever at 8.3% QoQ USD in Q2, aided by secular uptick across verticals, clients, service lines and geographies
View Report 
15-Oct-21
HCL Technologies (BUY): Product business a drag on performance
Q2 a miss with subdued revenue growth of 2.6% QoQ USD due to 8.4% contraction in product business
View Report 
14-Oct-21
Infosys (BUY): Operational beat coupled with revenue guidance upgrade
Stellar Q2 with revenue growth at 5.7% USD QoQ vs. 4.2% estimated and resilient operating margin
View Report 
14-Oct-21
Wipro (BUY): Strong growth and confident commentary; upgrade to BUY
Q2 revenue growth beat estimates at 6.9% USD/8.1% CC QoQ and surpassed guided range of 5-7% CC QoQ
View Report 
14-Oct-21
Mindtree (SELL): Upbeat Q2 but valuations lofty
Strong Q2 beat led by significant revenue surprise and resilient operating margin
View Report 
12-Oct-21
IndiaMart InterMesh (HOLD): Takeaways from INMART management interaction
Pandemic-led boost to INMART’s outsourced client acquisition model (DSA-based) has improved sales engine efficiency
View Report 
09-Oct-21
Tata Consultancy Services (BUY): Management confident of strong medium-term demand
Q2 revenue grew 2.9% QoQ USD, in line with our estimate of 3%; TCV was healthy at US$ 7.6bn
View Report 
07-Sep-21
Affle (India) (BUY): Annual report analysis – Sustained R&D focus
Ecosystem-level partnerships fortify AFFLE’s defense against data/ privacy risk
View Report 
17-Aug-21
Info Edge (BUY): Naukri poised for accelerated growth; upgrade to BUY
In-line Q1 with revenue up 14% YoY (deferred revenue up 36%) and EBITDA margin at 31.2%
View Report 
14-Aug-21
eClerx Services (BUY): In-line quarter; robust outlook
Q1 revenue growth at 1.4% QoQ USD, roughly in line with our estimate of 1.7% QoQ USD
View Report 
13-Aug-21
Hero MotoCorp (HOLD): Lacklustre quarter
Q1 revenue fell 37% QoQ on reduced volumes and ASP. High RM cost and lower operating efficiency further dampened PAT
View Report 
13-Aug-21
Ashok Leyland (SELL): Margin stress ahead; maintain SELL
Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability
View Report 
12-Aug-21
Pidilite Industries (SELL): Raw material pressure hurts gross margin
Consolidated Q1 revenue grew 121% YoY, rebounding from a tepid base
View Report 
12-Aug-21
Eicher Motors (SELL): Dull quarter as volumes trend down; maintain SELL
Q1 revenue declined 35% QoQ on weak volumes (-40%). Lower operating efficiency further pulled down profitability
View Report 
11-Aug-21
Century Plyboards (HOLD): In-line quarter
Q1 standalone revenue growth robust at 124% YoY off a low base, with strong growth across segments
View Report 
09-Aug-21
Astral (SELL): Pipe volumes muted; valuations rich
Consolidated Q1 revenue grew 73% YoY with pipes/adhesives rising 63%/107% due to a low base; pipe volumes grew just 13%
View Report 
09-Aug-21
MRF (SELL): Margins to remain under pressure
Q1 revenue fell 13% QoQ, EBITDA margin shrank 400bps on gross margin pressure and adj. PAT fell 49% QoQ to Rs 1.6bn
View Report 
09-Aug-21
Affle (India) (BUY): Stellar quarter
Q1 revenue increased 70% YoY driven by 89% growth in CPCU business, with a broad-based uptick across E, F, G, H verticals
View Report 
09-Aug-21
VRL Logistics (BUY): Lower losses; volume recovery and price increase to drive growth
Q1 losses fell to below 10% of last year but declined from strong profits in Q4FY21 as volumes slowed and bus operations continued to bleed
View Report 
07-Aug-21
Cipla (BUY): Strong quarter
Q1 revenue/EBITDA grew 27%/28% YoY, beating consensus estimates by 7%/19%
View Report 
06-Aug-21
Somany Ceramics (BUY): In-line quarter; outlook stronger
Consolidated Q1 revenue grew 95% YoY with tile volumes up 94% due to a low base.
View Report 
06-Aug-21
Tata Power (BUY): Strong Q1 led by solar business; transmission reentry announced
Strong results driven by growth in solar products, award to CGPL under APTEL order and uptick in coal mining associates
View Report 
06-Aug-21
Balkrishna Industries (SELL): Valuations rich, maintain SELL
Q1 revenue beat our estimate at Rs 18.1bn but EBITDA margin dropped to 28.3% on lower gross margin and higher other expense
View Report 
06-Aug-21
JK Tyre & Industries (SELL): Weak Q1; maintain SELL
Q1 revenue in line but gross margin fell short of our estimate, denting operating performance. Adj. PAT a miss at Rs 567mn
View Report 
06-Aug-21
TVS Srichakra (SELL): Poor demand and high input cost hit profitability
Q1 revenue in line at Rs 4.8bn but EBITDA margin disappoints at 5.1% due to poor operating efficiency
View Report 
06-Aug-21
Cera Sanitaryware (HOLD): Growth picks up off a low base
Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%
View Report 
06-Aug-21
Greenply Industries (HOLD): Low base aids Q1; MDF foray to be beneficial in long run
Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business
View Report 
05-Aug-21
Mayur Uniquoters (BUY): Demand trends improving; upgrade to BUY
Standalone Q1 revenue tripled YoY as volumes surged 217% aided by a low base
View Report 
05-Aug-21
Hindustan Petroleum Corp (BUY): Q1 muted, project completion the key driver
Q1 reflects weak benchmark refining margin and impact of planned shutdowns but robust marketing margin
View Report 
05-Aug-21
Apollo Tyres (SELL): Dull quarter; maintain SELL
Q1 revenue in line but EBITDA margin disappoints at 12.4% due to gross margin pressure and lower operating efficiency
View Report 
03-Aug-21
Kajaria Ceramics (HOLD): In-line quarter
Consolidated Q1 revenue grew 102% YoY as tile volumes doubled, aided by a soft lockdown-hit base quarter
View Report 
02-Aug-21
Indian Oil Corp (BUY): Q1 muted but core refining earnings have bottomed out
Q1 earnings reflect a muted refining performance but recovery in marketing margin
View Report 
02-Aug-21
Finolex Industries (HOLD): Higher PVC resin prices aid profitability
Q1FY22 revenue growth robust at 72% YoY as PVC realisations surged 93% YoY
View Report 
31-Jul-21
Ajanta Pharma (BUY): Strong earnings growth; reiterate BUY
Q1 PAT robust at Rs 1.7bn, up 17% YoY. Sales grew 12% YoY while EBITDA declined 2%
View Report 
30-Jul-21
Eris Lifesciences (HOLD): Strong quarter; cut to HOLD post recent rally
Q1 EBITDA/PAT growth strong at 22%/20% YoY to Rs 1.3bn/Rs 1.1bn, meeting street estimates
View Report 
29-Jul-21
Tech Mahindra (BUY): Positive 5G-led traction in large deals
Q1 dollar revenue growth beat our estimate at 4.1% QoQ on 4.7% enterprise business growth and 3.2% recovery in communications
View Report 
29-Jul-21
TVS Motor (SELL): Dull quarter; maintain SELL
Q1 revenue met our estimate but EBITDA margin fell short at 7% and adj. PAT declined 70% QoQ to Rs 833mn
View Report 
29-Jul-21
Coforge (BUY): Yet another positive surprise; maintain BUY
Q1 strong with 16% QoQ USD revenue growth led by BFSI. EBIT margin in line at 12.6% (-107bps QoQ)
View Report 
28-Jul-21
Greenpanel Industries (BUY): MDF continues to witness strong growth
Q1 consolidated revenue growth robust at 242% YoY with 272%/132% rebound in MDF/plywood segments off a soft base
View Report 
28-Jul-21
Maruti Suzuki (HOLD): Weak Q1, volume outlook healthy; cut to HOLD on limited upside
MSIL’s Q1 revenue fell 26% QoQ while lower gross margin and higher staff cost capped EBITDA margin at 4.6%. Adj. PAT declined 62% QoQ
View Report 
28-Jul-21
Mahindra Logistics (BUY): Recovery in net income; focus on warehousing
Strong Q1 operating income of Rs 164mn in a challenging quarter vs. a loss of Rs 206mn in Q1FY21
View Report 
27-Jul-21
Alembic Pharma (HOLD): US disappoints; acute-led recovery in domestic business
ALPM reported a 42% YoY decline in Q1 EBITDA due to weak US sales led by increased competition in key molecules and launch delays
View Report 
26-Jul-21
GNA Axles (HOLD): Healthy Q1 but recent rally limits upside; maintain HOLD
GNA’s Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%
View Report 
24-Jul-21
Persistent Systems (HOLD): An all-round growth beat; upgrade to HOLD
PSYS reported stellar Q1FY22 numbers with dollar revenue growth of 9.1% QoQ (incl. Capiot) driven by BFSI and healthcare
View Report 
23-Jul-21
IndiaMart Intermesh (HOLD): Resilient showing in Covid-hit Q1
INMART reported a decent Q1FY22 performance with 20% YoY revenue growth and a 50% EBITDA margin
View Report 
23-Jul-21
Mphasis (HOLD): Direct business growth negates shortfall in DXC – raise to HOLD
MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impact
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22-Jul-21
Bajaj Auto (SELL): Input cost headwinds weaken margins
BJAUT’s Q1 revenue declined 14% QoQ on lower volumes (-14%) and flat ASP. High RM cost further pulled down profitability
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22-Jul-21
Ceat (SELL): Gross margin pressure and poor demand hit profitability
CEAT’s Q1 revenue fell below projections at Rs 19bn and gross margin declined, weakening EBITDA margin to 8.7%. Adj. PAT was at Rs 199mn
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21-Jul-21
Supreme Industries (HOLD): Volumes hit by lower agricultural pipe sales
SI’s Q1 volumes slipped 22% YoY as agri pipe demand slowed, but pass-along of higher RM prices aided consolidated revenue growth of 27% YoY
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19-Jul-21
HCL Technologies (BUY): Second Covid wave hinders growth
HCLT reported 0.9% QoQ dollar revenue growth in Q1FY22, underperforming our estimate of 1.5% due to the Covid2.0 impact
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19-Jul-21
Swaraj Engines (SELL): Healthy Q1; cut to SELL on recent stock rally
Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT
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17-Jul-21
Just Dial (BUY): Reliance Retail to acquire controlling stake; BUY
RRVL’s Rs21.6bn capital infusion to acquire 25% of JUST DIAL (JUST) to drive revenue growth was the key positive development
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16-Jul-21
L&T Infotech (BUY): Strong start to FY22
LTI’s Q1FY22 revenue grew 5.1% QoQ USD, its best first-quarter growth ever, due to an uptick in hi-tech and BFS
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16-Jul-21
Wipro (HOLD): Simplified operating model pays off
WPRO posted an upbeat QoQ performance in Q1FY22 with 12% CC revenue growth, ahead of our (8.9%) and street estimates
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14-Jul-21
Infosys (BUY): Strong start to FY22 fortifies growth leadership; upgrade to BUY
INFO’s Q1FY22 revenue growth of 4.8% CC QoQ outperformed our estimate of 3.8% CC and street expectations of 3.8% USD
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13-Jul-21
Mindtree (SELL): Demand robust; margin weighed down by supply constraints
Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates
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09-Jul-21
Tata Consultancy Services (BUY): India contraction plays spoilsport; core market growth intact
TCS reported 2.4% QoQ cc growth (vs. est. of 3.5%), impacted by contraction in India geography. Core market growth was intact at 4.1%
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07-Jul-21
Deepak Fertilisers (NOT RATED): Takeaways from company interaction
DPFCL’s FY21 performance was best ever for the company with EBITDA/PAT jump of 2.1x/4.6x YoY
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01-Jul-21
Spicejet (SELL): Liquidity crisis, rising fuel cost dampen outlook; SELL
SJET’s Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9
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28-Jun-21
Finolex Industries (HOLD): Higher PVC prices boost profitability
FNXP reported strong Q4FY21 revenue growth of 63% YoY as PVC prices surged 68% YoY, driving up realisations
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24-Jun-21
Cera Sanitaryware (HOLD): Near-term headwinds but outlook improving
CRS’s management expects unlocking to rejuvenate demand led by tier-2-and-below cities and targets 17-18% revenue growth for FY22
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21-Jun-21
Info Edge (SELL): Higher momentum in other verticals to weigh on profitability
INFOE reported below-expected Q4FY21 numbers with revenue down 10% YoY (-6.5% est.) and EBITDA margin at 18% (29% est.)
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21-Jun-21
NTPC (HOLD): Renewables target doubled but not giving up on coal yet
NTPC reported strong 31% YoY growth in Q4FY21 net income driven by capacity expansion
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21-Jun-21
Vst Tillers Tractors (HOLD): Limited upside; cut to HOLD
VSTT’s Q4 operating performance was in line. EBITDA margin fell 220bps QoQ on higher RM cost and adj. PAT declined 14% to Rs 264mn
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18-Jun-21
RPG Life Sciences (NOT RATED): Annual investor conference takeaways
RPGL reported revenue growth, margin expansion and debt reduction in FY21 despite Covid-led disruptions in the acute portfolio
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17-Jun-21
Somany Ceramics (BUY): Strong operational performance, BUY remains
SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last year
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17-Jun-21
Ceat (SELL): Endeavouring to gain market share in non-core segments
At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook
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15-Jun-21
Greenply Industries (ADD): Decent quarter; cut to ADD on limited upside
GIL reported Q4FY21 consolidated revenue growth of 15% YoY backed by a 21% uptick in India business
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15-Jun-21
Kajaria Ceramics (REDUCE): Strong quarter; maintain REDUCE due to rich valuations
KJC reported consolidated Q4FY21 revenue growth of 46% YoY as tile volumes grew 39%, aided by a soft lockdown-hit base quarter
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13-Jun-21
Mayur Uniquoters (ADD): Stellar quarter; recent rally caps upside – downgrade to ADD
MUNI’s standalone Q4FY21 revenue grew 35% YoY as volumes increased 26% aided by a low base
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11-Jun-21
Century Plyboards (SELL): Strong quarter; downgrade to SELL on rich valuations
CPBI reported robust standalone revenue growth of 41% YoY off a soft base, with the plywood/MDF/laminate segments growing 43%/41%/44%
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11-Jun-21
Cera Sanitaryware (REDUCE): Good quarter; cut to REDUCE on limited upside
CRS reported Q4FY21 consolidated revenue growth of 47% YoY off a tepid base, with the sanitaryware/faucet segments increasing 47%/62%
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10-Jun-21
eClerx Services (BUY): Upbeat FY22 outlook; upgrade to BUY
ECLX reported Q4FY21 revenue growth of 19.3% CC QoQ, including 6.3% organic growth and the balance from its Personiv acquisition
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09-Jun-21
InterGlobe Aviation (ADD): Strong balance sheet, leadership premium – upgrade to ADD
IndiGo’s Q4FY21 RASK came in at Rs 3.3, EBITDAR at Rs 7.3bn was hit by rising fuel costs and the company suffered a Rs 11.6bn net loss
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07-Jun-21
MRF (SELL): Margin headwinds to persist; maintain SELL
MRF’s Q4 revenue grew 4% QoQ to Rs 47bn, EBITDA margin shrank 530bps on gross margin pressure and adj. PAT fell 38% QoQ to Rs 3.2bn
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01-Jun-21
V-Mart Retail (SELL): Anaemic quarter, near-term outlook remains bleak – SELL
Despite a soft base, V-Mart Retail (VMART) reported weak 6% YoY Q4FY21 revenue growth due to sustained Covid-19 headwinds.
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28-May-21
Mahindra & Mahindra (SELL): Adverse sales mix and rising input cost to hurt earnings
M&M’s (MM) Q4FY21 revenue was in line at Rs 133.4bn (–5% QoQ).
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28-May-21
Eicher Motors (SELL): In-line quarter; maintain SELL
Eicher Motors (EIM) reported in-line Q4FY21 standalone revenue of Rs 29bn, a 22% EBITDA margin and adj. PAT of Rs 4.7bn.
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26-May-21
Alkem Labs (BUY): Poor US sales and inventory provision affect Q4
Alkem Labs reported a below-expected Q4FY21 with +7%/–4% YoY sales/EBITDA growth.
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26-May-21
Greenpanel Industries (BUY): Lockdown to subdue near-term demand but outlook upbeat
We present key takeaways from our interaction with the management of Greenpanel Industries (GREENP).
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25-May-21
TVS Srichakra (SELL): Bleak volume and margin outlook; SELL
TVS Srichakra (TVSS) posted a 5% QoQ increase in Q4FY21 revenue, with an above-expected EBITDA margin of 13.3% (11.2% est.).
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21-May-21
State Bank Of India (BUY): Strong show on asset quality – retain BUY
State Bank of India’s (SBIN) Q4FY21 PAT of Rs 64.5bn was backed by 19% YoY NII growth and strong non-interest income from a lumpy NPA recovery worth Rs 40bn.
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21-May-21
JK Tyre & Industries (SELL): Balance sheet concerns, margin headwinds ahead; maintain SELL
JK Tyre’s (JKI) Q4FY21 revenue increased 6% QoQ to Rs 29bn while operating margin contracted 260bps QoQ to 15.5%, albeit beating our estimate of 13.8% due to an above-expected gross margin.
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21-May-21
Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids
Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids
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19-May-21
Astral (SELL): Good performance but valuations lofty – SELL
Astral’s (ASTRA) Q4FY21 consolidated revenue grew 79% YoY, with 80%/78% growth in pipes/adhesives.
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19-May-21
Canara Bank (ADD): Operating performance stable
Canara Bank (CBK) reported Q4FY21 PAT of Rs 10bn aided by 6% QoQ growth in operating profit.
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19-May-21
Minda Corporation (BUY): Healthy Q4; upgrade to BUY
Minda Corp’s (MDA) Q4FY21 topline increased 7% QoQ to Rs 7.9bn.
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17-May-21
Federal Bank (BUY): Balance sheet resilient – upgrade to BUY
Federal Bank’s (FB) Q4FY21 PAT at Rs 4.8bn beat our/consensus estimates on below-expected provisions.
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15-May-21
Balkrishna Industries (SELL): Valuations rich; maintain SELL
Balkrishna Industries (BIL) posted healthy Q4FY21 volume growth of 17% YoY to 68k MT, 15% ahead of our projections.
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14-May-21
Greenpanel Industries (BUY): Stellar performance, maintain BUY
Greenpanel Industries’ (GREENP) consolidated Q4FY21 revenue grew 64% YoY aided by a 63%/65% increase in the MDF/plywood segments.
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14-May-21
Escorts (BUY): Fundamentals in place; valuations attractive – upgrade to BUY
Escorts (ESC) reported Q4FY21 revenue of Rs 22bn (+60% YoY) with above-expected ASP.
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14-May-21
Mphasis (SELL): DXC drag to continue; cut to SELL
Mphasis (MPHL) reported dollar revenue growth of 1.8% QoQ in Q4FY21, underperforming our estimate.
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13-May-21
Pidilite Industries (SELL): Higher RM cost to crimp margins; maintain SELL
Pidilite Industries (PIDI) reported consolidated Q4FY21 revenue growth of 45% YoY on a tepid base, with a 45%/26% rise in standalone C&B/B2B volumes.
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13-May-21
Apollo Tyres (SELL): Margin headwinds ahead; maintain SELL
Apollo Tyres (APTY) delivered an operational beat in Q4FY21 led by better margins in European operation.
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10-May-21
DCB Bank (ADD): Recoveries to improve gradually – upgrade to ADD
DCB Bank’s (DCBB) Q4FY21 PAT of Rs 0.8bn (+13% YoY) beat our estimate on below-expected provisions.
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08-May-21
Bandhan Bank (ADD): Aggressive write-offs prop up asset quality
Bandhan Bank (Bandhan) reported Q4FY21 PAT of Rs 1bn (–80% YoY), much below our and consensus estimates owing to a spike in provisions.
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07-May-21
Hero MotoCorp (REDUCE): Near-term headwinds; REDUCE
Hero MotoCorp’s (HMCL) Q4FY21 operating performance was marginally ahead of our estimates due to an above-expected gross margin.
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06-May-21
CEAT (SELL): Rising raw material costs to impact earnings; SELL
CEAT’s revenue was 8% ahead of our estimate at Rs 23bn in Q4FY21.
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06-May-21
Coforge (BUY): Bumper FY22 guidance; reiterate BUY
Coforge reported a strong Q4FY21 with 7.1% QoQ USD revenue growth led by the ‘other’ vertical, though EBIT margin underperformed at 13.6% (+63bps QoQ).
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05-May-21
L&T Infotech (BUY): Market-leading growth in FY21
L&T Infotech’s (LTI) Q4FY21 revenue growth was strong at 4.4% QoQ CC due to an uptick in the hi-tech, manufacturing and BFS verticals.
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04-May-21
RBL Bank (ADD): Heading in the right direction – upgrade to ADD
RBL Bank’s (RBK) Q4FY21 PAT of Rs 0.8bn declined 34% YoY due to an 11% fall in NII and accelerated provisions.
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03-May-21
Supreme Industries (SELL): Profit boosted by inventory gains, maintain SELL
Supreme Industries’ (SI) Q4FY21 revenue grew 46% YoY, aided by an 8% rise in volumes off a tepid base.
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03-May-21
Kotak Mahindra Bank (BUY): Q4 in line; well capitalised for growth
Kotak Bank’s (KMB) Q4FY21 PAT at Rs 16.8bn (+33% YoY) was largely in line with our estimates.
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03-May-21
Ajanta Pharma (BUY): Another good quarter
Ajanta Pharma (AJP) reported strong Q4FY21 revenue/EBITDA growth of 11%/56% YoY to Rs 7.6bn/Rs 2.6bn, surpassing consensus estimates by 3%/23%.
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01-May-21
Laurus Labs (BUY): Solid margins despite higher API mix
Laurus Labs reported yet another strong quarter on the back of high growth in the API (esp. ARV) and formulation segments.
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01-May-21
AU Small Finance Bank (BUY): Miss on asset quality
AU Small Finance Bank (AUBANK) reported below-estimated Q4FY21 PAT of Rs 1.7bn due to slower NII growth and one-off employee cost.
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01-May-21
IndusInd Bank (BUY): Steady operating performance; growth to pick up
IndusInd Bank (IIB) reported in-line Q4FY21 PAT of Rs 9.3bn with a steady operating performance marked by 9%/10% YoY growth in NII/operating profit.
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30-Apr-21
Mahindra Logistics (BUY): Earnings call takeaways – Management upbeat on growth
In its Q4FY21 earnings call, Mahindra Logistics’ (MLL) management spoke about its vision to triple revenue by FY26, driven by formalisation, auto recovery, service expansion and integrated solutions to customers.
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30-Apr-21
Persistent Systems (SELL): Good execution despite IP seasonality
Persistent Systems (PSYS) reported in-line Q4FY21 numbers, with dollar revenue growth at 4.6% QoQ.
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29-Apr-21
Mahindra Logistics (BUY): Strong quarter as SCM continues to deliver
Mahindra Logistics’ (MLL) Q4FY21 net income increased 58% YoY on 28% revenue growth in the SCM segment, even as the enterprise mobility business remained weak.
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29-Apr-21
BOBCAPS Research | Bajaj Auto (SELL): In-line Q4; maintain SELL
Bajaj Auto’s Q4FY21 revenue was ahead of estimates at Rs 86bn.
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28-Apr-21
TVS Motor (SELL): Upgrade estimates; maintain SELL on rich valuations
TVS Motor (TVSL) posted a Q4FY21 beat on all counts.
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27-Apr-21
Axis Bank (BUY): Good show on asset quality
Axis Bank (AXSB) delivered strong Q4FY21 PAT of Rs 27bn (+2.4x QoQ) on 17% YoY growth in operating profit.
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27-Apr-21
Maruti Suzuki (BUY): Strong growth outlook, attractive valuations – upgrade to BUY
Maruti (MSIL) posted in-line Q4FY21 revenue, but an a