#ROCE
In FY25, the ROCE is expected to decline owing to subdued PBIT growth. In FY24, the ROCE declined to 15.1%, on account of capacity expansion. It increased significantly post 2021, as there was an increase in sales & operating profit from architectural & auto segment and company has been undergoing expansion since then.
In FY25, the ROCE is expected to decline owing to subdued PBIT growth. In FY24, the ROCE declined to 15.1%, on account of capacity expansion. It increased significantly post 2021, as there was an increase in sales & operating profit from architectural & auto segment and company has been undergoing expansion since then.
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#COMPANY #POTENTIAL
โข The Indian glass industry is set to witness substantial growth in the coming years, primarily propelled by the construction, automotive, and solar sectors. This growth will be further accentuated by the government's focus on infrastructure development, smart city projects, and sustainability initiatives. The burgeoning middle-class population and rise in consumer spending will drive the demand for home renovation, resulting in a higher adoption of glass products such as shelves, kitchen shutters, partitions, shower cubicles, and premium glass in the automotive sector. โข Another notable advancement is electrochromic glass, enabling passengers to adjust the transparency of the glass according to their specific needs. Additionally, suspended particle device glass utilises electricity to seamlessly transition between dark and light shades, making it an ideal choice for sunroofs and similar applications. The industry's growing focus on fuel efficiency and reducing emissions has resulted in the increased production of lightweight and electric vehicles. This trend is expected to drive the demand for glass and value-added glass in the automotive industry in the coming years. โข The glass industry in India presents significant growth opportunities. Increasing demand for glass products across diverse sectors, coupled with favorable government initiatives, particularly in construction, creates an encouraging business environment for manufacturers. Additionally, the implementation of the Goods and Services Tax (GST) has streamlined operations and reduced logistics costs, benefiting the industry as a whole. โข As the Indian real estate market expands, demand for architectural glass shall grow, driven by increasing construction projects. โข In terms of trends, the industry is witnessing a shift towards advanced glass products, such as low-emissivity (low-E) glass for energy-efficient buildings and automotive glass with advanced features like smart coatings and integration with sensors. This trend is driven by growing environmental concerns and the need for better thermal insulation and safety features.
โข The Indian glass industry is set to witness substantial growth in the coming years, primarily propelled by the construction, automotive, and solar sectors. This growth will be further accentuated by the government's focus on infrastructure development, smart city projects, and sustainability initiatives. The burgeoning middle-class population and rise in consumer spending will drive the demand for home renovation, resulting in a higher adoption of glass products such as shelves, kitchen shutters, partitions, shower cubicles, and premium glass in the automotive sector. โข Another notable advancement is electrochromic glass, enabling passengers to adjust the transparency of the glass according to their specific needs. Additionally, suspended particle device glass utilises electricity to seamlessly transition between dark and light shades, making it an ideal choice for sunroofs and similar applications. The industry's growing focus on fuel efficiency and reducing emissions has resulted in the increased production of lightweight and electric vehicles. This trend is expected to drive the demand for glass and value-added glass in the automotive industry in the coming years. โข The glass industry in India presents significant growth opportunities. Increasing demand for glass products across diverse sectors, coupled with favorable government initiatives, particularly in construction, creates an encouraging business environment for manufacturers. Additionally, the implementation of the Goods and Services Tax (GST) has streamlined operations and reduced logistics costs, benefiting the industry as a whole. โข As the Indian real estate market expands, demand for architectural glass shall grow, driven by increasing construction projects. โข In terms of trends, the industry is witnessing a shift towards advanced glass products, such as low-emissivity (low-E) glass for energy-efficient buildings and automotive glass with advanced features like smart coatings and integration with sensors. This trend is driven by growing environmental concerns and the need for better thermal insulation and safety features.
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#COMPANY #OUTLOOK
โข Asahi India would supply the rear and side windscreens, along with the sunroof glass, for the XEV 9e and BE 6 models of M&M. While the rear windscreen is made of standard laminated glass, both models are expected to feature laminated acoustic and solar side glass, which is thicker than conventional tempered glass. These side windows offer UV protection with a visual light transmission (VLT) of 70%. โข The company remains optimistic about the growing premiumisation of passenger vehicles in India, which is driving increased OEM demand for advanced glazing solutions such as UV-cut side window glass and rear windshields with integrated defoggers. With above ~70% share of the Indian passenger vehicle OEM market by the end of FY25, AIS continues to expand its product portfolio. Key growth drivers include laminated side glass with solar and acoustic insulation properties, and a next-generation sunroof solution being developed for one of its major Indian OEM clients. โข To align with the anticipated growth of the Indian automotive industry, AIS aims to expand its capacity to 10 million laminated windshields and 7.2 million tempered glass sets by FY28.
โข Asahi India would supply the rear and side windscreens, along with the sunroof glass, for the XEV 9e and BE 6 models of M&M. While the rear windscreen is made of standard laminated glass, both models are expected to feature laminated acoustic and solar side glass, which is thicker than conventional tempered glass. These side windows offer UV protection with a visual light transmission (VLT) of 70%. โข The company remains optimistic about the growing premiumisation of passenger vehicles in India, which is driving increased OEM demand for advanced glazing solutions such as UV-cut side window glass and rear windshields with integrated defoggers. With above ~70% share of the Indian passenger vehicle OEM market by the end of FY25, AIS continues to expand its product portfolio. Key growth drivers include laminated side glass with solar and acoustic insulation properties, and a next-generation sunroof solution being developed for one of its major Indian OEM clients. โข To align with the anticipated growth of the Indian automotive industry, AIS aims to expand its capacity to 10 million laminated windshields and 7.2 million tempered glass sets by FY28.
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Asahi India Glass Limited 735-815
Expected level 1000
Support 623
Expected level 1000
Support 623
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Sunteck Realty Ltd Company Details Report
Sunteck Realty Ltd is one of the fastest growing real estate development companies of the country based in Mumbai. SRL has its own in-house project management team and strategic tie-ups with domestic/international contractors, architects, engineers and brand partners. The company focuses on designing, developing, and managing commercial and premium residentials. The company focuses on a city centric development well spread-out across Mumbai Metropolitan Region (MMR). It has acquired more than 50 million sq ft with a Gross Developmental Value (GDV) of โน39,370 cr. The company has entered into various Joint development agreement (JDA) projects which has helped the company better manage its financials in a disciplined manner and remain asset light. The company has 50:50 JV with Piramal Realty called Piramal Sunteck Realty Pvt Ltd which was formed in 2007. Sunteck offers 6 brands under the name of Signature (Uber Luxury Residencies raging from โน30 cr - โน40 cr), Signia (Uber Luxury Residencies raging from โน5 cr - โน20 cr), Sunteck City, Sunteck Beach Residences and Sunteck Sky Park (Upper - Mid Income Large mixed-use development between โน1 cr - โน3 cr), Sunteck World (Lower Mid Income between โน25 lac - โน1.25 cr) & Sunteck (Commercial) which allows them to be present across pricing spectrum.
It is focusing on middle income and aspirational group where they intend to offer well designed and quality apartments the pre-sales mix also reflects. The company follows project completion method of revenue recognition as per IND AS 115 where presales and collections are based on bookings and customer advances. Presales convert to revenue at project completion. The collections for FY25 were โน1,255 cr of which โน421 cr came from Uber luxury, โน294 cr from Premium luxury, โน435 cr from Aspirational luxury and others at โน105 cr.
Sunteck Realty Ltd is one of the fastest growing real estate development companies of the country based in Mumbai. SRL has its own in-house project management team and strategic tie-ups with domestic/international contractors, architects, engineers and brand partners. The company focuses on designing, developing, and managing commercial and premium residentials. The company focuses on a city centric development well spread-out across Mumbai Metropolitan Region (MMR). It has acquired more than 50 million sq ft with a Gross Developmental Value (GDV) of โน39,370 cr. The company has entered into various Joint development agreement (JDA) projects which has helped the company better manage its financials in a disciplined manner and remain asset light. The company has 50:50 JV with Piramal Realty called Piramal Sunteck Realty Pvt Ltd which was formed in 2007. Sunteck offers 6 brands under the name of Signature (Uber Luxury Residencies raging from โน30 cr - โน40 cr), Signia (Uber Luxury Residencies raging from โน5 cr - โน20 cr), Sunteck City, Sunteck Beach Residences and Sunteck Sky Park (Upper - Mid Income Large mixed-use development between โน1 cr - โน3 cr), Sunteck World (Lower Mid Income between โน25 lac - โน1.25 cr) & Sunteck (Commercial) which allows them to be present across pricing spectrum.
It is focusing on middle income and aspirational group where they intend to offer well designed and quality apartments the pre-sales mix also reflects. The company follows project completion method of revenue recognition as per IND AS 115 where presales and collections are based on bookings and customer advances. Presales convert to revenue at project completion. The collections for FY25 were โน1,255 cr of which โน421 cr came from Uber luxury, โน294 cr from Premium luxury, โน435 cr from Aspirational luxury and others at โน105 cr.
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#SALES #GROWTH
In FY25, the company registered a revenue of โน853 cr backed by revenue recognition of Sunteck World projects and BKC (Bombay Kurla Complex) projects. They have launched a new phase at their Naigaon project in Sunteck UltraWorld with a potential GDV (gross developmental value) of โน600 crore. The launch price is ~โน10,000 per sq. ft. The total business development GDV (gross developmental value) for the company stands at ~โน40,000 crore, which has more than doubled in the last 2 years. In FY24, the Uber Luxury project at BKC generated sales of โน245 cr worth of stock v/s โน200 cr of stock sold together in last 3 years. Pre-sales for the year was lower than their guidance of ~โน2,000 cr due to delay in launch of new tower at Mira Road. The revenue registered during the year was โน565 cr. The company recognized revenue to the tune of โน284 cr from Sunteck Maxxworld at Naigaon with project level margin of 30%.
In FY25, the company registered a revenue of โน853 cr backed by revenue recognition of Sunteck World projects and BKC (Bombay Kurla Complex) projects. They have launched a new phase at their Naigaon project in Sunteck UltraWorld with a potential GDV (gross developmental value) of โน600 crore. The launch price is ~โน10,000 per sq. ft. The total business development GDV (gross developmental value) for the company stands at ~โน40,000 crore, which has more than doubled in the last 2 years. In FY24, the Uber Luxury project at BKC generated sales of โน245 cr worth of stock v/s โน200 cr of stock sold together in last 3 years. Pre-sales for the year was lower than their guidance of ~โน2,000 cr due to delay in launch of new tower at Mira Road. The revenue registered during the year was โน565 cr. The company recognized revenue to the tune of โน284 cr from Sunteck Maxxworld at Naigaon with project level margin of 30%.
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#EBITDA #GROWTH
In FY25, the EBITDA was โน185.8 cr. In FY24, the company reported an EBITDA of โน117.3 cr. Cost of construction and development contributes the highest of the total expense which majorly includes Land and development rights, contracting costs, Liaisoning and approval costs, design and consultancy fees. Whereas in case of other expenses, Advertisement and brokerage, legal and professional fees, rates and taxes and facility management are the major contributors.
In FY25, the EBITDA was โน185.8 cr. In FY24, the company reported an EBITDA of โน117.3 cr. Cost of construction and development contributes the highest of the total expense which majorly includes Land and development rights, contracting costs, Liaisoning and approval costs, design and consultancy fees. Whereas in case of other expenses, Advertisement and brokerage, legal and professional fees, rates and taxes and facility management are the major contributors.
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#EBITDA #MARGIN
The company has project EBITDA margin at ~35% and 15%-20% in the affordable segment which presently stands at 25%-30%. Because of following project completion method, expenses are accounted in the current year itself irrespective of the project getting completed or not. The EBITDA margin for FY25 was 21.8%.
The company has project EBITDA margin at ~35% and 15%-20% in the affordable segment which presently stands at 25%-30%. Because of following project completion method, expenses are accounted in the current year itself irrespective of the project getting completed or not. The EBITDA margin for FY25 was 21.8%.
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#SECTOR #POTENTIAL
โข The real estate market in India has grown by 11.3% CAGR from 2008 to 2020. It is expected to reach $1,000 bn by 2030. By 2025 end, the sector would contribute ~13% to Indiaโs GDP. โข In 2024, saleable area supply stood at 609 msf while absorption was 588 msf. In value terms, supply was โน5.3 lakh cr & absorption was โน5.7 lakh cr. In terms of supply of units amongst top 7 cities, MMR has an average share of 31% from 2019-2024. โข The share of affordable segment (less than โน40 lakh) has declined from 30% in 2020 to 16% in 2024. The combined share of midend (โน40-โน80 lakh) & high-end (โน80 lakh-โน1.5 cr) was 61% in 2020, which has moved down to 51% in 2024, with mid-end declining and high-end rising. The share of luxury (โน1.5-โน2.5 cr) and ultra-luxury (โน2.5 cr+) rose from 6% and 3%, respectively in 2020 to 14% and 17%. โข Mumbai, being the largest real estate market in the country is set for a major boom, which will further add to the overall surge. A new coastal road, a metro rail and a trans harbor link are among the many ongoing infrastructure projects that are meant to transform Indiaโs commercial capital into a modern and efficient city. As these projects complete over the next few years, new micro markets will open in and around Mumbai, as commuting would become easier. That will boost real estate development further. โข Sales: Residential sales across Indiaโs top 7 cities declined by 28% YoY in Q1 2025 to ~93,300 units, impacted by price resistance and geopolitical uncertainties. โข Launches: New launches stood at ~1,00,000 units, down 10% YoY, with a strong tilt toward premium and luxury segments in Q1 2025. โข Inventory: Despite slower sales, available inventory fell 4% YoY to ~5.6 lakh units, indicating healthy absorption in select markets Q1 2025 for top 7 cities of India.
โข The real estate market in India has grown by 11.3% CAGR from 2008 to 2020. It is expected to reach $1,000 bn by 2030. By 2025 end, the sector would contribute ~13% to Indiaโs GDP. โข In 2024, saleable area supply stood at 609 msf while absorption was 588 msf. In value terms, supply was โน5.3 lakh cr & absorption was โน5.7 lakh cr. In terms of supply of units amongst top 7 cities, MMR has an average share of 31% from 2019-2024. โข The share of affordable segment (less than โน40 lakh) has declined from 30% in 2020 to 16% in 2024. The combined share of midend (โน40-โน80 lakh) & high-end (โน80 lakh-โน1.5 cr) was 61% in 2020, which has moved down to 51% in 2024, with mid-end declining and high-end rising. The share of luxury (โน1.5-โน2.5 cr) and ultra-luxury (โน2.5 cr+) rose from 6% and 3%, respectively in 2020 to 14% and 17%. โข Mumbai, being the largest real estate market in the country is set for a major boom, which will further add to the overall surge. A new coastal road, a metro rail and a trans harbor link are among the many ongoing infrastructure projects that are meant to transform Indiaโs commercial capital into a modern and efficient city. As these projects complete over the next few years, new micro markets will open in and around Mumbai, as commuting would become easier. That will boost real estate development further. โข Sales: Residential sales across Indiaโs top 7 cities declined by 28% YoY in Q1 2025 to ~93,300 units, impacted by price resistance and geopolitical uncertainties. โข Launches: New launches stood at ~1,00,000 units, down 10% YoY, with a strong tilt toward premium and luxury segments in Q1 2025. โข Inventory: Despite slower sales, available inventory fell 4% YoY to ~5.6 lakh units, indicating healthy absorption in select markets Q1 2025 for top 7 cities of India.
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#COMPANY #OUTLOOK
โข In a significant move to address the acute affordable and mid-income housing shortage in India, IFC and Sunteck Realty are partnering to create a joint platform with a total investment of up to โน750 cr (US$90 million) to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR) in the state of Maharashtra. IFC's proposed investment is for up to โน330 cr. โข The project at Burj Khalifa Community, Downtown, Dubai is likely to be launched in next 12-15 months. It has a potential of over โน9,000 crore of gross development value (GDV). The investment in the project is ~โน250 crore for 50% of the profit share. The total cost of the project is ~โน2,000 crore. The project will be completed in 3-4 years. ft. โข They are also gearing up to launch a project in Bandra West with a GDV of โน1,000 crore. This is expected to be launched in FY26. โข It will focus to grow their GDV value i.e., double this in every 3 years. In FY24, their GDV pipeline was of โน26,465 crore which is expected to double to ~โน52,930 crore by FY27. Currently their GDV value pipeline is at โน40,225 crore. โข The company has added Nepean Sea Project - 2 with a GDV (gross developmental value) of โน2,400 crore. This takes up the total GDV of Nepean Sea Project to โน5,400 crore. They expect this GDV potential to grow further. The total area is 2,50,00-2,70,000 sq. โข They are preparing for a new tower launch in Sunteck Sky Park at Mira Road (GDV of โน700 crore) and Sunteck Beach Residences (GDV of โน400-โน450 crore), Sunteck Niagaon with a GDV value of โน350 crore in FY26. โข The company aims to sustain pre-sales growth and improved margins in FY26, with plans to launch the Dubai project by late FY26 or early FY27 and formally unveil the โน5,400 crore GDV Nepean Sea project.
โข In a significant move to address the acute affordable and mid-income housing shortage in India, IFC and Sunteck Realty are partnering to create a joint platform with a total investment of up to โน750 cr (US$90 million) to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR) in the state of Maharashtra. IFC's proposed investment is for up to โน330 cr. โข The project at Burj Khalifa Community, Downtown, Dubai is likely to be launched in next 12-15 months. It has a potential of over โน9,000 crore of gross development value (GDV). The investment in the project is ~โน250 crore for 50% of the profit share. The total cost of the project is ~โน2,000 crore. The project will be completed in 3-4 years. ft. โข They are also gearing up to launch a project in Bandra West with a GDV of โน1,000 crore. This is expected to be launched in FY26. โข It will focus to grow their GDV value i.e., double this in every 3 years. In FY24, their GDV pipeline was of โน26,465 crore which is expected to double to ~โน52,930 crore by FY27. Currently their GDV value pipeline is at โน40,225 crore. โข The company has added Nepean Sea Project - 2 with a GDV (gross developmental value) of โน2,400 crore. This takes up the total GDV of Nepean Sea Project to โน5,400 crore. They expect this GDV potential to grow further. The total area is 2,50,00-2,70,000 sq. โข They are preparing for a new tower launch in Sunteck Sky Park at Mira Road (GDV of โน700 crore) and Sunteck Beach Residences (GDV of โน400-โน450 crore), Sunteck Niagaon with a GDV value of โน350 crore in FY26. โข The company aims to sustain pre-sales growth and improved margins in FY26, with plans to launch the Dubai project by late FY26 or early FY27 and formally unveil the โน5,400 crore GDV Nepean Sea project.
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Sunteck Realty 250-310
Expected level 400
Support 200
Expected level 400
Support 200
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Apollo Hospital 6500-7000 Expected level 8800 Support 6000
8060๐๐๐
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Indigo company details
the management commentary ๏ฎ External Environment and Industry Context ๏ There were multiple external headwinds, such as the terrorist attack in Pahelgam, airspace closure in Pakistan, the tragic AI171 crash, and the Middle East conflict. However, despite these, INDIGO served 31m passengers, achieving a 12% YoY growthโdouble the industry rate (6%). ๏ฎ Fuel Costs and Lease Strategy: Fuel cost reduction was driven by a decline in ATF prices, retirement of high-cost damp lease, and better fuel procurement terms. ๏ฎ Aircraft Rentals & Income ๏ Aircraft rental costs decreased as 16 damp-leased aircraft were returned. ๏ However, the wide-body leases for international expansion will partially offset savings. ๏ Other income (previously elevated due to AOG claims) will decline with a drop in grounded aircraft (now ~40). ๏ฎ Domestic Network Growth- The company has launched new destinations and continued network densification through route and frequency additions across India. ๏ฎ Long-Haul & International Expansion ๏ The company signed an MoU with Airbus to convert 30 A350 purchase rights to firm orders (deliveries from 2032). ๏ INDIGO signed an agreement with North Atlantic for six wide-body aircraft to bridge the gap until Airbus delivers the orders. ๏ฎ Strategic Investments & Innovation ๏ IndiGo Ventures launched INR4.5b first fund. ๏ First investment in J Aerospace (Hyderabad-based aerospace & defense startup) ๏ฎ Fleet & Capacity Outlook ๏ Its FY26 capacity growth guidance remains in the early double-digits. ๏ 2QFY26 ASK growth to be mid-to-high single digits due to seasonal demand softness. ๏ Strong ramp-up planned in Q3 and Q4 via new deliveries and potential damp leases. ๏ฎ Cost & Profitability Outlook ๏ The company expects non-fuel ex-forex CASK to be flat in FY26 vs FY25. ๏ Natural inflation in airport fees and maintenance costs will be offset by damp lease reductions and efficiency gains. ๏ Yield decline in 1Q attributed to MayโJune disruptions; April was strong. ๏ฎ Management Commentary & Outlook ๏ Management remains confident in early double-digit ASK growth for FY26. ๏ 2Q ASK moderation is seasonal and planned; there was no revision in guidance by the company. ๏ 3Q and 4Q are expected to be strong demand quarters, backed by aircraft deliveries and reinstated capacity. ๏ IndiGo is focused on delivering affordable, reliable, and on-time travel, with disciplined growth, cost control, and value creation. ๏ The company is increasing its shift towards finance leases to build aircraft ownership.
the management commentary ๏ฎ External Environment and Industry Context ๏ There were multiple external headwinds, such as the terrorist attack in Pahelgam, airspace closure in Pakistan, the tragic AI171 crash, and the Middle East conflict. However, despite these, INDIGO served 31m passengers, achieving a 12% YoY growthโdouble the industry rate (6%). ๏ฎ Fuel Costs and Lease Strategy: Fuel cost reduction was driven by a decline in ATF prices, retirement of high-cost damp lease, and better fuel procurement terms. ๏ฎ Aircraft Rentals & Income ๏ Aircraft rental costs decreased as 16 damp-leased aircraft were returned. ๏ However, the wide-body leases for international expansion will partially offset savings. ๏ Other income (previously elevated due to AOG claims) will decline with a drop in grounded aircraft (now ~40). ๏ฎ Domestic Network Growth- The company has launched new destinations and continued network densification through route and frequency additions across India. ๏ฎ Long-Haul & International Expansion ๏ The company signed an MoU with Airbus to convert 30 A350 purchase rights to firm orders (deliveries from 2032). ๏ INDIGO signed an agreement with North Atlantic for six wide-body aircraft to bridge the gap until Airbus delivers the orders. ๏ฎ Strategic Investments & Innovation ๏ IndiGo Ventures launched INR4.5b first fund. ๏ First investment in J Aerospace (Hyderabad-based aerospace & defense startup) ๏ฎ Fleet & Capacity Outlook ๏ Its FY26 capacity growth guidance remains in the early double-digits. ๏ 2QFY26 ASK growth to be mid-to-high single digits due to seasonal demand softness. ๏ Strong ramp-up planned in Q3 and Q4 via new deliveries and potential damp leases. ๏ฎ Cost & Profitability Outlook ๏ The company expects non-fuel ex-forex CASK to be flat in FY26 vs FY25. ๏ Natural inflation in airport fees and maintenance costs will be offset by damp lease reductions and efficiency gains. ๏ Yield decline in 1Q attributed to MayโJune disruptions; April was strong. ๏ฎ Management Commentary & Outlook ๏ Management remains confident in early double-digit ASK growth for FY26. ๏ 2Q ASK moderation is seasonal and planned; there was no revision in guidance by the company. ๏ 3Q and 4Q are expected to be strong demand quarters, backed by aircraft deliveries and reinstated capacity. ๏ IndiGo is focused on delivering affordable, reliable, and on-time travel, with disciplined growth, cost control, and value creation. ๏ The company is increasing its shift towards finance leases to build aircraft ownership.
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