BOOK PARTIAL PROFIT IN ZINC BUY CALL AT 259.40

*Correction*
*Garware Hi-Tech Films Ltd.* | *CMP* Rs. 3550 | *M Cap* Rs. 8247 Cr | *52 W H/L* 5378/1513
(Nirmal Bang Retail Research)
*Result Ok*
Revenue from Operations came at Rs. 547.9 Cr (17.5% QoQ, 22.7% YoY) vs QoQ Rs. 466.4 Cr, YoY Rs. 446.6 Cr
EBIDTA came at Rs. 104.5 Cr (28.7% QoQ, 33.6% YoY) vs QoQ Rs. 81.2 Cr, YoY Rs. 78.2 Cr
EBITDA Margin came at 19.1% vs QoQ 17.4%, YoY 17.5%
Adj. PAT came at Rs. 77.8 Cr vs QoQ Rs. 60.8 Cr, YoY Rs. 57.8 Cr
Quarter EPS is Rs. 33.5
Stock is trading at P/E of 19x FY26E EPS

*Rites Ltd.* | *CMP* Rs. 243 | *M Cap* Rs. 11655 Cr | *52 W H/L* 399/192
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 615.4 Cr (6.9% QoQ, -4.3% YoY) vs QoQ Rs. 575.8 Cr, YoY Rs. 643.3 Cr
EBIDTA came at Rs. 185.6 Cr (58.2% QoQ, 5.5% YoY) vs QoQ Rs. 117.3 Cr, YoY Rs. 176 Cr
EBITDA Margin came at 30.2% vs QoQ 20.4%, YoY 27.4%
Adj. PAT came at Rs. 132.7 Cr vs QoQ Rs. 100.1 Cr, YoY Rs. 126.1 Cr
Quarter EPS is Rs. 2.8
Stock is trading at P/E of 23.6x FY26E EPS

*Blue Jet Healthcare Ltd.* | *CMP* Rs. 769 | *M Cap* Rs. 13339 Cr | *52 W H/L* 969/347
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 340.4 Cr (6.9% QoQ, 85.1% YoY) vs expectation of Rs. 321.4 Cr, QoQ Rs. 318.4 Cr, YoY Rs. 183.9 Cr
EBIDTA came at Rs. 140 Cr (12.9% QoQ, 163.8% YoY) vs expectation of Rs. 130.4 Cr, QoQ Rs. 124 Cr, YoY Rs. 53.1 Cr
EBITDA Margin came at 41.1% vs expectation of 40.6%, QoQ 39%, YoY 28.8%
Adj. PAT came at Rs. 110.1 Cr vs expectation of Rs. 104.3 Cr, QoQ Rs. 99 Cr, YoY Rs. 39.7 Cr
Quarter EPS is Rs. 6.3
Stock is trading at P/E of 34.4x FY26E EPS

SL HIT IN GOLD M 93000 PE BUY CALLAT 1050

BUY LEAD AT 178.30 SL BELOW 177.30 TARGET 180

BHARAT ELECTRONICS LIMITED (BEL): CO PITCHES FOR THE AKASHTEER SYSTEM THAT PLAYED A KEY ROLE IN THWARTING PAKISTAN ATTACK

*Hikal Ltd.* | *CMP* Rs. 430 | *M Cap* Rs. 5296 Cr | *52 W H/L* 465/268
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 552.4 Cr (23.4% QoQ, 7.4% YoY) vs QoQ Rs. 447.7 Cr, YoY Rs. 514.1 Cr
EBIDTA came at Rs. 123.4 Cr (71.2% QoQ, 30.6% YoY) vs QoQ Rs. 72.1 Cr, YoY Rs. 94.5 Cr
EBITDA Margin came at 22.3% vs QoQ 16.1%, YoY 18.4%
Adj. PAT came at Rs. 50.2 Cr vs QoQ Rs. 17.2 Cr, YoY Rs. 34 Cr
Quarter EPS is Rs. 4.1
Stock is trading at P/E of 46.2x FY26E EPS

1-2 Days Technical Call Book Partial Profits in TATACOMM at 1620-1622, Target 1650, Call initiated at 1590.40(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang).

*V-Guard Industries Ltd.* | *CMP* Rs. 386 | *M Cap* Rs. 16799 Cr | *52 W H/L* 577/300
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 1538.1 Cr (21.2% QoQ, 14.5% YoY) vs expectation of Rs. 1491.7 Cr, QoQ Rs. 1268.7 Cr, YoY Rs. 1342.8 Cr
EBIDTA came at Rs. 143.1 Cr (37.4% QoQ, 11.9% YoY) vs expectation of Rs. 150.8 Cr, QoQ Rs. 104.1 Cr, YoY Rs. 127.9 Cr
EBITDA Margin came at 9.3% vs expectation of 10.1%, QoQ 8.2%, YoY 9.5%
Adj. PAT came at Rs. 91.1 Cr vs expectation of Rs. 92.9 Cr, QoQ Rs. 60.2 Cr, YoY Rs. 76.2 Cr
Quarter EPS is Rs. 2.1
Stock is trading at P/E of 40.9x FY26E EPS

*Westlife Foodworld Ltd* | *CMP* Rs. 701 | *M Cap* Rs. 10931 Cr | *52 W H/L* 960/641
(Nirmal Bang Retail Research)
*Result is broadly inline with expectations*
Revenue from Operations came at Rs. 603.1 Cr (-7.7% QoQ, 7.3% YoY) vs expectation of Rs. 613.3 Cr, QoQ Rs. 653.7 Cr, YoY Rs. 562.3 Cr
EBIDTA came at Rs. 77 Cr (-12.6% QoQ, 2.8% YoY) vs expectation of Rs. 80.2 Cr, QoQ Rs. 88.1 Cr, YoY Rs. 74.9 Cr
EBITDA Margin came at 12.8% vs expectation of 13.1%, QoQ 13.5%, YoY 13.3%
Adj. PAT came at Rs. 1.5 Cr vs expectation of Rs. -4.2 Cr, QoQ Rs. 7 Cr, YoY Rs. 0.8 Cr
Quarter EPS is Rs. 0.1
Stock is trading at P/E of 138.5x FY26E EPS

*Berger Paints India Ltd.* | *CMP* Rs. 556 | *M Cap* Rs. 64824 Cr | *52 W H/L* 630/438
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 2704 Cr (-9.1% QoQ, 7.3% YoY) vs expectation of Rs. 2646.9 Cr, QoQ Rs. 2975.1 Cr, YoY Rs. 2520.3 Cr
EBIDTA came at Rs. 427.8 Cr (-9.3% QoQ, 21.9% YoY) vs expectation of Rs. 399.4 Cr, QoQ Rs. 471.7 Cr, YoY Rs. 350.9 Cr
EBITDA Margin came at 15.8% vs expectation of 15.1%, QoQ 15.9%, YoY 13.9%
Adj. PAT came at Rs. 262.1 Cr vs expectation of Rs. 242.2 Cr, QoQ Rs. 295.1 Cr, YoY Rs. 222.1 Cr
Quarter EPS is Rs. 2.2
Stock is trading at P/E of 51.3x FY26E EPS

*Surya Roshni Ltd.* | *CMP* Rs. 299 | *M Cap* Rs. 6496 Cr | *52 W H/L* 372/205
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 2145.8 Cr (14.9% QoQ, 3.1% YoY) vs QoQ Rs. 1868 Cr, YoY Rs. 2080.5 Cr
EBIDTA came at Rs. 202.4 Cr (35.2% QoQ, 22% YoY) vs QoQ Rs. 149.7 Cr, YoY Rs. 165.9 Cr
EBITDA Margin came at 9.4% vs QoQ 8%, YoY 8%
Adj. PAT came at Rs. 130.1 Cr vs QoQ Rs. 89.9 Cr, YoY Rs. 103.9 Cr
Quarter EPS is Rs. 6
Stock is trading at P/E of 18.7x TTM EPS

*BASF India Ltd.* | *CMP* Rs. 4449 | *M Cap* Rs. 19257 Cr | *52 W H/L* 8748/3752
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 3286.7 Cr (-12.6% QoQ, -2.2% YoY) vs QoQ Rs. 3758.7 Cr, YoY Rs. 3360 Cr
EBIDTA came at Rs. 49.7 Cr (-70.9% QoQ, -79.8% YoY) vs QoQ Rs. 170.4 Cr, YoY Rs. 245.6 Cr
EBITDA Margin came at 1.5% vs QoQ 4.5%, YoY 7.3%
Adj. PAT came at Rs. 11.5 Cr vs QoQ Rs. 103.6 Cr, YoY Rs. 161.4 Cr
Quarter EPS is Rs. 2.7
Stock is trading at P/E of 42.8x TTM EPS

*Sharda Cropchem Ltd.* | *CMP* Rs. 587 | *M Cap* Rs. 5299 Cr | *52 W H/L* 887/345
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1828.5 Cr (96.8% QoQ, 39.4% YoY) vs expectation of Rs. 1506.4 Cr, QoQ Rs. 929.3 Cr, YoY Rs. 1312.1 Cr
EBIDTA came at Rs. 292.6 Cr (89.8% QoQ, 14.8% YoY) vs expectation of Rs. 272.6 Cr, QoQ Rs. 154.2 Cr, YoY Rs. 254.8 Cr
EBITDA Margin came at 16% vs expectation of 18.1%, QoQ 16.6%, YoY 19.4%
Adj. PAT came at Rs. 203.6 Cr vs expectation of Rs. 162.5 Cr, QoQ Rs. 31.1 Cr, YoY Rs. 143.5 Cr
Quarter EPS is Rs. 22.6
Stock is trading at P/E of 14.5x FY26E EPS

*Shree Cement Ltd.* | *CMP* Rs. 30850 | *M Cap* Rs. 111309 Cr | *52 W H/L* 31238/23500
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 5532 Cr (21% QoQ, 1.8% YoY) vs expectation of Rs. 5664.3 Cr, QoQ Rs. 4572.7 Cr, YoY Rs. 5432.8 Cr
EBIDTA came at Rs. 1428.6 Cr (48.1% QoQ, 0.5% YoY) vs expectation of Rs. 1326 Cr, QoQ Rs. 964.8 Cr, YoY Rs. 1421.8 Cr
EBITDA Margin came at 25.8% vs expectation of 23.4%, QoQ 21.1%, YoY 26.2%
Adj. PAT came at Rs. 574.3 Cr vs expectation of Rs. 506.8 Cr, QoQ Rs. 193.4 Cr, YoY Rs. 674.9 Cr
Quarter EPS is Rs. 159.2
Stock is trading at P/E of 60.7x FY26E EPS

*Edelweiss Financial Services Ltd. -C* | *CMP* Rs. 87 | *M Cap* Rs. 8265 Cr | *52 W H/L* 146/59
(Nirmal Bang Retail Research)
*Result is declining*

*_Segment Revenue_*
Capital Based Business came at Rs. 668 Cr vs YoY Rs. 1182 Cr, QoQ Rs. 883 Cr
Insurance came at Rs. 1137 Cr vs YoY Rs. 1222 Cr, QoQ Rs. 619 Cr
ARC came at Rs. 224 Cr vs YoY Rs. 331 Cr, QoQ Rs. 197 Cr
MF came at Rs. 58 Cr vs YoY Rs. 78 Cr, QoQ Rs. 56 Cr
Alternatives came at Rs. 186 Cr vs YoY Rs. 171 Cr, QoQ Rs. 186 Cr
Core Revenue came at Rs. 2136 Cr vs YoY Rs. 2051 Cr, QoQ Rs. 1753 Cr

*_Segment Result_*
Capital Based Business came at Rs. -49 Cr vs YoY Rs. 80 Cr, QoQ Rs. 33 Cr
Insurance came at Rs. 20 Cr vs YoY Rs. -48 Cr, QoQ Rs. -71 Cr
ARC came at Rs. 155 Cr vs YoY Rs. 134 Cr, QoQ Rs. 134 Cr
MF came at Rs. -0.4 Cr vs YoY Rs. 6 Cr, QoQ Rs. 15 Cr
Alternatives came at Rs. 59 Cr vs YoY Rs. 48 Cr, QoQ Rs. 67 Cr
Reported PBT came at Rs. 196 Cr vs YoY Rs. 218 Cr, QoQ Rs. 181 Cr
PAT came at Rs. 105 Cr vs YoY Rs. 169 Cr, QoQ Rs. 124 Cr
Quarter EPS is Rs. 1.1
Stock is trading at 1.8x trailing P/BV

INDIA INFORMATION MINISTER: CABINET APROVED SEMICONDUCTOR UNIT AT JEWAR IN UP AT 37.06 BLN RUPEES

HCL TECHNOLOGIES: CO AND FOXCONN JV GETS CABINET APPROVAL

*Shree Cement Ltd.* | *CMP* Rs. 30850 | *M Cap* Rs. 111309 Cr | *52 W H/L* 31238/23500
(Nirmal Bang Retail Research)

Off-take came at 9.84 MnT vs expectation of 10.3 MnT, QoQ 8.77 MnT (+12.2%), YoY 9.53 MnT (+3.25%)
EBITDA/tn came at 1452 , vs QoQ 1100 (+32%), YoY 1492 (-2.7%)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 5532 Cr (21% QoQ, 1.8% YoY) vs expectation of Rs. 5664.3 Cr, QoQ Rs. 4572.7 Cr, YoY Rs. 5432.8 Cr
EBIDTA came at Rs. 1428.6 Cr (48.1% QoQ, 0.5% YoY) vs expectation of Rs. 1326 Cr, QoQ Rs. 964.8 Cr, YoY Rs. 1421.8 Cr
EBITDA Margin came at 25.8% vs expectation of 23.4%, QoQ 21.1%, YoY 26.2%
Adj. PAT came at Rs. 574.3 Cr vs expectation of Rs. 506.8 Cr, QoQ Rs. 193.4 Cr, YoY Rs. 674.9 Cr
Quarter EPS is Rs. 159.2
Stock is trading at 24.8 TTM EV/EBITDA

*Kirloskar Brothers Ltd.* | *CMP* Rs. 1878 | *M Cap* Rs. 14917 Cr | *52 W H/L* 2685/1084
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1281.3 Cr (12% QoQ, 4.7% YoY) vs QoQ Rs. 1144.2 Cr, YoY Rs. 1223.8 Cr
EBIDTA came at Rs. 189.5 Cr (14.2% QoQ, -0.9% YoY) vs QoQ Rs. 165.9 Cr, YoY Rs. 191.2 Cr
EBITDA Margin came at 14.8% vs QoQ 14.5%, YoY 15.6%
Adj. PAT came at Rs. 138.9 Cr vs QoQ Rs. 123.4 Cr, YoY Rs. 152.5 Cr
Quarter EPS is Rs. 17.5
Stock is trading at P/E of 35.3x TTM EPS

*Jubilant FoodWorks Ltd.* | *CMP* Rs. 692 | *M Cap* Rs. 45661 Cr | *52 W H/L* 797/430
(Nirmal Bang Retail Research)
*Result inline with expectation*
Revenue from Operations came at Rs. 1587.2 Cr (-1.5% QoQ, 19.2% YoY) vs expectation of Rs. 1559.2 Cr, QoQ Rs. 1611.1 Cr, YoY Rs. 1331.3 Cr
EBIDTA came at Rs. 305.6 Cr (-2.3% QoQ, 20.2% YoY) vs expectation of Rs. 303.6 Cr, QoQ Rs. 312.8 Cr, YoY Rs. 254.3 Cr
EBITDA Margin came at 19.3% vs expectation of 19.5%, QoQ 19.4%, YoY 19.1%
Adj. PAT came at Rs. 49.5 Cr vs expectation of Rs. 41.5 Cr, QoQ Rs. 65.8 Cr, YoY Rs. 37.6 Cr
Quarter EPS is Rs. 0.7
Stock is trading at P/E of 94.6x FY26E EPS

*Eicher Motors Ltd.* | *CMP* Rs. 5451 | *M Cap* Rs. 149447 Cr | *52 W H/L* 5576/4138
(Nirmal Bang Retail Research)
No. of Vehicles Sold 311498 vs QoQ 293307,YoY 253405
Gross margin declined by 90 bps qoq
*Result is marginally below expectations*
Revenue from Operations came at Rs. 5241.1 Cr (5.4% QoQ, 23.1% YoY) vs expectation of Rs. 5184.7 Cr, QoQ Rs. 4973.1 Cr, YoY Rs. 4256 Cr
EBIDTA came at Rs. 1257.7 Cr (4.7% QoQ, 11.4% YoY) vs expectation of Rs. 1312.7 Cr, QoQ Rs. 1201.2 Cr, YoY Rs. 1128.6 Cr
EBITDA Margin came at 24% vs expectation of 25.3%, QoQ 24.2%, YoY 26.5%
Adj. PAT came at Rs. 1362.2 Cr vs expectation of Rs. 1244.7 Cr, QoQ Rs. 1170.5 Cr, YoY Rs. 1070.5 Cr
Quarter EPS is Rs. 49.7
Stock is trading at P/E of 29.2x FY26E EPS

SHORT STRANGLE SELL GOLD 27MAY 95500CE AT 495 AND SELL 27MAYGOLDPE 90K at 322 TOTAL iNFLOW 817 SL ABV 1288 TGT 100-0