INDIAN ARMY OPERATIONS UNDERWAY AT UNDISCLOSED LOCATION: TV9

OPTIEMUS INFRACOM: TAIWAN-BASED ASROCK PARTNERS OPTIEMUS ELECTRONICS TO MANUFACTURE MADE-IN-INDIA MOTHERBOARDS || OPTIEMUS ELECTRONICS EXPANDS MANUFACTURING PRODUCT PORTFOLIO IN THE IT HARDWARE SEGMENT

OLA ELECTRIC: SEBI PROBES INTO OLA ELECTRIC'S FEB SALES -CNBC TV18

BUY ALUMINIUM 235.60-235 SL ABLOE 233.50 TG 238-238.50

1-2 DAYS Technical call Buy ABSLAMC above 673 with SL 655 Target 710(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

BUY NATGAS 285.20-284.70 SL BELOW 278 TG 292-295

*PCBL Chemical Ltd.* | *CMP* Rs. 380 | *M Cap* Rs. 14344 Cr | *52 W H/L* 585/209
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 2087.5 Cr (3.9% QoQ, 8.2% YoY) vs expectation of Rs. 2019.1 Cr, QoQ Rs. 2010 Cr, YoY Rs. 1928.8 Cr
EBIDTA came at Rs. 297.7 Cr (-6.2% QoQ, -3.8% YoY) vs expectation of Rs. 321.4 Cr, QoQ Rs. 317.3 Cr, YoY Rs. 309.5 Cr
EBITDA Margin came at 14.3% vs expectation of 15.9%, QoQ 15.8%, YoY 16%
Adj. PAT came at Rs. 100.2 Cr vs expectation of Rs. 111.3 Cr, QoQ Rs. 93.6 Cr, YoY Rs. 111.3 Cr
Quarter EPS is Rs. 2.7
Stock is trading at P/E of 22.8x FY26E EPS

29-04-2025
AMBUJACEM
LASTYR EBIDTA 1699 CR
LASTQTR EBIDTA 1712 CR
MKTEXP EBIDTA 1828 CR RESULT IMPROVED

BAJAJFINANCE
LASTYR 3825 CR
LASTQTR 4308 CR
MKTEXP 4572 CR RESULT IMPROVED

BAJAJFINSVC
LASTYR 3824 CR
LASTQTR 4308 CR
MKTEXP NO EXP RESULT DEPEND ON BAJAJFINANCE

BPCL
LASTYR 6022 CR
LASTQTR 4649 CR
MKTEXP 2768 CR RESULT DECLINING

JSFB
LASTYR 322 CR
LASTQTR 111 CR
MKTEXP NO EXP

TRENT
LASTYR EBIDTA 470 CR
LASTQTR EBIDTA 842 CR
MKTEXP EBIDTA 674 CR RESULT IMPROVED

VMM
LASTYR NO NUMBER
LASTQTR 505 CR
MKTEXP 293 CR RESULT OK

30-04-2025
BANDHANBK
LASTYR 55 CR
LASTQTR 426 CR
MKTEXP 582 CR RESULT IMPROVED

EXIDEIND
LASTYR 284 CR
LASTQTR 245 CR
MKTEXP 293 CR RESULT OK

FEDERALBK
LASTYR 906 CR
LASTQTR 955 CR
MKTEXP 944 CR RESULT OK

INDUSTOWER
LASTYR EBIDTA 3710 CR
LASTQTR EBIDTA 3934 CR
MKTEXP EBIDTA 4297 CR RESULT IMPROVED

IOC
LASTYR EBIDTA 10435 CR
LASTQTR EBIDTA 7117 CR
MKTEXP EBIDTA 7277 CR RESULT OK

JINDALSTL
LASTYR EBIDTA 2444 CR
LASTQTR EBIDTA 2184 CR
MKTEXP EBIDTA 2482 CR RESULT IMPROVED

JSWINFRA
LASTYR EBIDTA 581 CR
LASTQTR EBIDTA 586 CR
MKTEXP EBIDTA 704 CR RESULT IMPROVED

PHOENIXMILL
LASTYR 326 CR
LASTQTR 248 CR
MKTEXP 231 CR RESULT OK

SONACOMS
LASTYR 249 CR
LASTQTR 156 CR
MKTEXP 142 CR RESULT OK

SKIPPER
LASTYR 25 CR
LASTQTR 36 CR
MKTEXP NO EXP

VBL
LASTYR 537 CR
LASTQTR 185 CR
MKTEXP 738 CR RESULT IMPROVED

VEDL
LASTYR EBIDTA 8768 CR
LASTQTR EBIDTA 11104 CR
MKTEXP EBIDTA 12797 CR RESULT IMPROVED

*BEYOND MARKET*
Volume 17, Issue 4 (Issue 227)

*PDF*
https://bit.ly/3EHSDux
*FLIP*
https://bit.ly/3YVvifF

*Capital Small Finance Bank Ltd. | CMP Rs. 306 | M Cap Rs. 1382 Cr | 52 W H/L 406/250*
(Nirmal Bang Retail Research)
*Result is ok*
Advances came at Rs. 7090 Cr (17% YoY, 5.4% QoQ)
Net Interest Income came at Rs. 103 Cr vs YoY Rs. 87 Cr, QoQ Rs. 101 Cr
NIM came at 4.1% vs QoQ 4.3%
Non Interest Income came at Rs. 26 Cr vs YoY Rs. 21 Cr, QoQ Rs. 18 Cr
PBP came at Rs. 47 Cr vs YoY Rs. 39 Cr, QoQ Rs. 48 Cr
Provisions came at Rs. 2 Cr vs YoY Rs. 2 Cr, QoQ Rs. 2 Cr
Adj. PAT came at Rs. 34 Cr vs YoY Rs. 28 Cr, QoQ Rs. 34 Cr
Gross NPA came at Rs. 185 Cr vs QoQ Rs. 182 Cr at 2.58% vs QoQ 2.67%
Net NPA came at Rs. 92 Cr vs QoQ Rs. 91 Cr at 1.3% vs QoQ 1.35%
Slippage came at Rs. 25 Cr vs QoQ Rs. 22 Cr at 1.39% vs QoQ 1.29%
ROA came at 1.4% vs flat 1.4% & YoY 1.2%
Quarter EPS is Rs. 7.6
Stock is trading at P/E 8x FY26E EPS and trailing P/Adj BV of 1.1x

*Ambuja Cements Ltd.* | *CMP* Rs. 539 | *M Cap* Rs. 132651 Cr | *52 W H/L* 707/453
(Nirmal Bang Retail Research)

Sales volume came at 18.7 mnT vs expectation of 18.8 mnT , QoQ 16.5 mnT (+13.3%) and YoY 16.6 mnT(+12.7%)
EBITDA/tn came at 977.7 vs QoQ 1037 (-5.8%) YoY 1023 (-4.5%)
Realisation/tn came at 5288 vs QoQ 5653.7 (-6.5%) YoY 5357.8 (-1.3%)

*Result is in-line with expectations*
Revenue from Operations came at Rs. 9888.6 Cr (6% QoQ, 11.2% YoY) vs expectation of Rs. 9820.8 Cr, QoQ Rs. 9328.6 Cr, YoY Rs. 8894 Cr
EBIDTA came at Rs. 1867.6 Cr (9.1% QoQ, 9.9% YoY) vs expectation of Rs. 1828.3 Cr, QoQ Rs. 1711.9 Cr, YoY Rs. 1698.7 Cr
EBITDA Margin came at 18.9% vs expectation of 18.6%, QoQ 18.4%, YoY 19.1%
Adj. PAT came at Rs. 821.5 Cr vs expectation of Rs. 842.3 Cr, QoQ Rs. 2115.3 Cr, YoY Rs. 843.6 Cr
Quarter EPS is Rs. 3.3
Stock is trading at P/E of 32x FY26E EPS

*Capital Small Finance Bank Ltd. | CMP Rs. 306 | M Cap Rs. 1382 Cr | 52 W H/L 406/250*
(Nirmal Bang Retail Research)
*Result is ok*
Advances came at Rs. 7090 Cr (17% YoY, 5.4% QoQ)
Net Interest Income came at Rs. 103 Cr vs YoY Rs. 87 Cr, QoQ Rs. 101 Cr
NIM came at 4.1% vs QoQ 4.3%
Non Interest Income came at Rs. 26 Cr vs YoY Rs. 21 Cr, QoQ Rs. 18 Cr
PBP came at Rs. 47 Cr vs YoY Rs. 39 Cr, QoQ Rs. 48 Cr
Provisions came at Rs. 2 Cr vs YoY Rs. 2 Cr, QoQ Rs. 2 Cr
Adj. PAT came at Rs. 34 Cr vs YoY Rs. 28 Cr, QoQ Rs. 34 Cr
Gross NPA came at Rs. 185 Cr vs QoQ Rs. 182 Cr at 2.58% vs QoQ 2.67%
Net NPA came at Rs. 92 Cr vs QoQ Rs. 91 Cr at 1.3% vs QoQ 1.35%
Slippage came at Rs. 25 Cr vs QoQ Rs. 22 Cr at 1.39% vs QoQ 1.29%
ROA came at 1.4% vs flat 1.4% & YoY 1.2%
Quarter EPS is Rs. 7.6
Stock is trading at P/E 8x FY26E EPS and trailing P/Adj BV of 1.1x

*Trent Ltd.* | *CMP* Rs. 5440 | *M Cap* Rs. 193385 Cr | *52 W H/L* 8346/3801
(Nirmal Bang Retail Research)
*Result is broadly inline with expectations*
Revenue from Operations came at Rs. 4216.9 Cr (-9.4% QoQ, 27.9% YoY) vs expectation of Rs. 4407.1 Cr, QoQ Rs. 4656.6 Cr, YoY Rs. 3297.7 Cr
EBIDTA came at Rs. 652 Cr (-22.6% QoQ, 38.8% YoY) vs expectation of Rs. 674.4 Cr, QoQ Rs. 841.9 Cr, YoY Rs. 469.6 Cr
EBITDA Margin came at 15.5% vs expectation of 15.3%, QoQ 18.1%, YoY 14.2%
Adj. PAT came at Rs. 311.6 Cr vs expectation of Rs. 360.9 Cr, QoQ Rs. 497.3 Cr, YoY Rs. 128.2 Cr
Quarter EPS is Rs. 8.8
Stock is trading at P/E of 86.5x FY26E EPS

*Indiamart Intermesh Ltd.* | *CMP* Rs. 2331 | *M Cap* Rs. 13993 Cr | *52 W H/L* 3199/1850
(Nirmal Bang Retail Research)
*Result broadly inline with Expected*
Revenue from Operations came at Rs. 355.1 Cr (0.2% QoQ, 12.8% YoY) vs expectation of Rs. 359.2 Cr, QoQ Rs. 354.3 Cr, YoY Rs. 314.7 Cr
EBIDTA came at Rs. 130.4 Cr (-5.7% QoQ, 47.5% YoY) vs expectation of Rs. 134.4 Cr, QoQ Rs. 138.3 Cr, YoY Rs. 88.4 Cr
EBITDA Margin came at 36.7% vs expectation of 37.4%, QoQ 39%, YoY 28.1%
Adj. PAT came at Rs. 180.6 Cr vs expectation of Rs. 120.6 Cr, QoQ Rs. 121 Cr, YoY Rs. 99.6 Cr
Quarter EPS is Rs. 30.1
Stock is trading at P/E of 27.4x FY26E EPS

SPREAD CALL : BUY GOLD AUG AT 96153 and SELL GOLD JUNE AT 95418 SPREAD AT {+735 } SL ABV +901 TGT {+ 500 and +430}

Option BUY NATAGS 280 CE BT 25.3-24 SL BELOW 21.60 TGT 30-33

*Bharat Petroleum Corporation Ltd.* | *CMP* Rs. 312 | *M Cap* Rs. 135361 Cr | *52 W H/L* 376/234
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 111179 Cr (-1.7% QoQ, -4.6% YoY) vs expectation of Rs. 107578.7 Cr, QoQ Rs. 113135.8 Cr, YoY Rs. 116555.1 Cr
EBIDTA came at Rs. 7764.9 Cr (2.4% QoQ, -15.7% YoY) vs expectation of Rs. 5842.4 Cr, QoQ Rs. 7580.4 Cr, YoY Rs. 9213.1 Cr
EBITDA Margin came at 7% vs expectation of 5.4%, QoQ 6.7%, YoY 7.9%
Adj. PAT came at Rs. 4988 Cr vs expectation of Rs. 2768.1 Cr, QoQ Rs. 4649.2 Cr, YoY Rs. 6022.2 Cr
Quarter EPS is Rs. 11.5
Stock is trading at P/E of 9.9x FY26E EPS

OPTION BUY GOLDM 95K PE 1930-1870 SL BELOW 1619 TG 2350-2450

SELL CRUDE AROUND 5250-5270 SL ABOVE 5346 TG 5063-5000 CMP 5225

*Jana Small Finance Bank Ltd.* | *CMP* Rs. 524 | *M Cap* Rs. 5499 Cr | *52 W H/L* 760/364
(Nirmal Bang Retail Research)
*Result has improved*
Advances came at Rs. 29545 Cr (19% YoY, 5.6% QoQ)
Net Interest Income came at Rs. 597 Cr vs YoY Rs. 591 Cr, QoQ Rs. 593 Cr
NIM came at 7.4% vs QoQ 7.3%
Non Interest Income came at Rs. 234 Cr vs YoY Rs. 180 Cr, QoQ Rs. 177 Cr
PBP came at Rs. 293 Cr vs YoY Rs. 342 Cr, QoQ Rs. 279 Cr
Provisions came at Rs. 173 Cr vs YoY Rs. 175 Cr, QoQ Rs. 174 Cr
Credit Cost came at 2.3% vs YoY 2.8%, QoQ 2.5%
Adj. PAT came at Rs. 123 Cr vs expectation of Rs. 37 Cr, YoY Rs. 322 Cr, QoQ Rs. 111 Cr
Gross NPA came at Rs. 750 Cr vs QoQ Rs. 758 Cr at 2.71% vs QoQ 2.8%
Net NPA came at Rs. 254 Cr vs QoQ Rs. 251 Cr at 0.94% vs Flat QoQ 
Slippage came at Rs. 469 Cr vs QoQ Rs. 437 Cr at 6.35% vs QoQ 6.25%
Quarter EPS is Rs. 11.8
Stock is trading at trailing P/Adj BV of 1.4x

*Jana SFB Q4FY25 Concall Update*
(Nirmal Bang Securities)

*# Secured book (70% mix) to continue its current high growth trajectory led by affordable housing, M-LAP, MSME, NBFC, 2W & Gold*
*# MFI mix declines to 30% vs 40% last year; trend expected to continue*
*# Growth in MFI book and lower interest reversal shall lead to some expansion in NIM in FY26*
*# Guidance for FY27: AUM/Deposits growth of 20%, ROA/ROE of 1.6-2.0%/15-18%*

*Outlook: Positive*

• AUM growth remained healthy at 19% YoY at Rs. 29,545 Cr (+5.6% QoQ)
~ Secured AUM grew 40% YoY, 8% QoQ to Rs. 20,633 Cr
~ MFI AUM declined -11% YoY, flat QoQ to Rs. 8,912 Cr
• MFI mix has declined from 40% in FY24 to 30% in FY25
• Gold & 2W will continue to grow at high rates on the back of small base 
• MFI book shall now start growing gradually
• CGFMU share in MFI increases to 28%, bank intends to cover the entire MFI book under CGFMU in FY26.
• 55-60% of MFI book is to individuals.
• GNPA came at 2.71% vs QoQ 2.80%
• MFI GNPA came at 4.0% vs QoQ 4.2%
• Secured GNPA came at 1.9% vs QoQ 2.0%
• GNPA has peaked out and credit cost is expected to decline hereon.
• Credit Cost came at 2.3% vs YoY 2.8%, QoQ 2.5%
• Co made accelerated prov. of Rs. 305 Cr (1.1%) in FY25.
• MFI book in TN is Rs. 1k Cr
• Co is adopting an over-cautious stance in MFI and shall not give a loan if any borrower has an o/s amount of more than Rs. 50k with any other borrower.
• Thus we expect MFI AUM growth to underperform industry, although it will post mid to high single digit growth in FY26.
• Cost to income increased in FY25 mainly due to (i) decline in revenue from MFI and (ii) investment in employees to drive growth in secured book in coming year.
• Bank wont need to raise capital in near term.
• Final year of DTA is FY27.

Stock is trading at FY26 P/B of 1.2x

*Vishal Mega Mart Ltd.* | *CMP* Rs. 108 | *M Cap* Rs. 49652 Cr | *52 W H/L* 127/96
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 2547.9 Cr (-18.8% QoQ, 23.2% YoY) vs expectation of Rs. 2466.3 Cr, QoQ Rs. 3135.9 Cr, YoY Rs. 2068.9 Cr
EBIDTA came at Rs. 357.1 Cr (-29.3% QoQ, 42.5% YoY) vs expectation of Rs. 292.8 Cr, QoQ Rs. 505 Cr, YoY Rs. 250.5 Cr
EBITDA Margin came at 14% vs expectation of 11.9%, QoQ 16.1%, YoY 12.1%
Adj. PAT came at Rs. 115.1 Cr vs expectation of Rs. 95.9 Cr, QoQ Rs. 262.7 Cr, YoY Rs. 61.2 Cr
Quarter EPS is Rs. 0.3
Stock is trading at 28x FY26 EV/EBITDA

*Bajaj Finance Ltd. -C* | *CMP* Rs. 9089 | *M Cap* Rs. 563428 Cr | *52 W H/L* 9709/6376
(Nirmal Bang Retail Research)
*Result is in line with expectations*
Total Income came at Rs. 11905 Cr vs  YoY Rs. 9709 Cr, QoQ Rs. 11649 Cr
PBP came at Rs. 7976.3 Cr (24.4% YoY) vs expectation of Rs. 8240.2 Cr, YoY Rs. 6411 Cr, QoQ Rs. 7808.8 Cr
Provision came at Rs. 2329 Cr vs expectation of Rs. 2080 Cr, YoY Rs. 1310 Cr, QoQ Rs. 2043 Cr
PAT came at Rs. 4545.6 Cr (18.9% YoY) vs expectation of Rs. 4572.2 Cr, YoY Rs. 3823.4 Cr, QoQ Rs. 4308.2 Cr