1-2 DAYS Technical call Buy RAIN above 146.10 with SL 140 Target 158(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang).

1-2 Days Technical Call Book Partial Profits in UPL at 676-678, Target 692, Call initiated at 666.7(ANALYST VIKAS).  Visit our website for disclosure. (Nirmal Bang).

1-2 Days Technical Call Book Partial Profits in ELECTCAST at 106.20-107, Target 109, Call initiated at 102.80. (ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

Intraday Derivatives Call Buy SENSEX 22APR 79500 PE above 110 with SL 50 Target 220 (ANALYST NIRAV) Visit our website for disclosure (Nirmal Bang) 

Intraday Derivatives Call Revise SL in SENSEX 22APR 79500 PE to 30 Visit our website for disclosure (Nirmal Bang)

1-2 DAYS Technical call Buy LICI above 822.7 with SL 810 Target 848 (ANALYST VIKAS).  Visit our website for disclosure. (Nirmal Bang)

Intraday Derivatives Call SENSEX 22APR 79500 PE SL triggered at 30 Visit our website for disclosure (Nirmal Bang) 

Intraday Derivatives Call Buy BANKNIFTY 24APR 55800 PE above 260 with SL 160 Target 460 (ANALYST NIRAV) Visit our website for disclosure (Nirmal Bang) 

Intraday Derivatives Call Book Partial Profits in BANKNIFTY 24APR 55800 PE at 348-360, Target 460, Call initiated at 260(ANALYST NIRAV) Visit our website for disclosure (Nirmal Bang) 

SELL COPPER AT 845 SL ABOVE 850 TARGET 838-835

BUY GOLD M 99000 PE AT 1447-1427 SL BELOW 1300 TARGET 1700-1800

22-04-2025
AUBANK
LAST YR 433 CR
LAST QTR 528 CR
MKT EXP 542 CR RESULT OK

HAVELLS
LAST YR 447 CR
LAST QTR 278 CR
MKT EXP 481 CR RESULT OK

HCLTECH
LAST YR 3986 CR CC +0.3%
LAST QTR 4591 CR CC +3.8%
MKT EXP 4346 CR CC -0.7% RESULT DECLINING

M&MFIN
LAST YR 619 CR
LAST QTR 900 CR
MKT EXP 649 CR RESULT DECLINING

TATACOMM
LAST YR EBIDTA 1056 CR
LAST QTR EBIDTA 1181 CR
MKT EXP EBIDTA 1210 CR RESULT OK

23-04-2025
DALBHARAT
LAST YR EBIDTA 654 CR
LAST QTR EBIDTA 511 CR
MKT EXP EBIDTA 808 CR RESULT IMPROVED

LTIM
LAST YR 1169 CR CC 0.7%
LAST QTR 1251 CR CC 2.3%
MKT EXP 1161 CR CC 0.1% RESULT DECLINING

SPLPETRO
LAST YR 131 CR
LAST QTR 71 CR
MKT EXP NO EXP

SYNGENE
LAST YR 189 CR
LAST QTR 131 CR
MKT EXP 189 CR RESULT OK

TATACONSUMER
LAST YR EBIDTA 630 CR
LAST QTR EBIDTA 565 CR
MKT EXP EBIDTA 615 CR RESULT IMPROVED

24-04-2025
AXISBANK
LAST YR 7130 CR
LAST QTR 6304 CR
MKT EXP 6429 CR RESULT OK

CYIENT
LAST YR 173 CR
LAST QTR 173 CR
MKT EXP 162 CR RESULT DECLINING

HUL
LAST YR 2558 CR
LAST QTR 2984 CR
MKT EXP 2527 CR RESULT OK

IEX
LAST YR EBIDTA 105 CR
LAST QTR EBIDTA 113 CR
MKT EXP EBIDTA 135 CR RESULT IMPROVED

LAURUSLAB
LAST YR 76 CR
LAST QTR 92 CR
MKT EXP 202 CR RESULT IMPROVED

LTTS
LAST YR 336 CR CC 0.9%
LAST QTR 320 CR CC 3.4%
MKT EXP 350 CR CC 11%

MPHASIS
LAST YR 373 CR CC 1%
LAST QTR 423 CR CC 2.4%
MKT EXP 441 CR CC 2.8% RESULT IMPROVED

NESTLEIND
LAST YR 924 CR
LAST QTR 696 CR
MKT EXP 851 CR RESULT OK

PERSISTENT
LAST YR 286 CR CC 3.1%
LAST QTR 325 CR CC 5.1%
MKT EXP 393 CR CC 3.6% RESULT IMPROVED

SBICARD
LAST YR 663 CR
LAST QTR 383 CR
MKT EXP 519 CR RESULT IMPROVED

SBILIFE
LAST YR VNB 1510 CR
LAST QTR VNB 1870 CR
MKT EXP VNB 1492 CR RESULT OK

SUPREMEIND
LAST YR 354 CR
LAST QTR 187 CR
MKT EXP 267 CR RESULT OK

TECHM
LAST YR 644 CR CC 1.1%
LAST QTR 970 CR CC 0.7%
MKT EXP 852 CR CC -0.9% RESULT OK


25-04-2025
CHOLAFIN
LAST YR 1058 CR
LAST QTR 1086 CR
MKT EXP 1211 CR RESULT IMPROVED

LTF
LAST YR 553 CR
LAST QTR 626 CR
MKT EXP 628 CR RESULT OK

MARUTI
LAST YR 3878 CR
LAST QTR 3525 CR
MKT EXP 3645 CR RESULT OK

OFSS
LAST YR 560 CR
LAST QTR 541 CR
MKT EXP NO EXP

POONAWALLA
LAST YR 331 CR
LAST QTR 19 CR
MKT EXP 138 CR RESULT OK

RBLBANK
LAST YR 353 CR
LAST QTR 33 CR
MKT EXP 106 CR RESULT OK

SHRIRAMFIN
LAST YR 1946 CR
LAST QTR 3570 CR
MKT EXP 2288 CR RESULT OK

TATATECH
LAST YR 157 CR CC 0.3 %
LAST QTR 168 CR CC 1.7 %
MKT EXP 168 CR CC -2.2% RESULT OK

26-04-2025
IDFCBANK
LAST YR 724 CR
LAST QTR 431 CR
MKT EXP 485 CR RESULT OK

BLUESTAR, HAVELLS INDIA & VOLTAS: GOVT TO RELAX BIS NORMS - CNBC AWAAZ

BOOK PARTIAL PROFIT IN GOLD 99000 PE BUY CALL AT 1587

BOOK FULL PROFIT IN CARRIED EXPIRY CALL AT 290PE 30.5 280PE 20.35 PROFIT 5.20 POINTS -

BEAR PUT SPREAD OPTION NATGAS 23 APRIL EXPIRY CALL
BUY 290PE 13.85, SELL 280PE 9.10
MAX LOSS 5938 MAX PROFIT 6563

BUY GOLD M 98000 PE AT 722-700 SL BELOW 550 TARGET 1000

INDIA PM MODI TO ARAB NEWS: INDIA, SAUDI ARABIA EXPLORING JOINT PROJECTS IN REFINERIES AND PETROCHEMICALS

BOOK PROFIT IN GOLD M 98000 PE BUY CALL AT 988

RIKSY SELL SILVER 94630-94700 SL ABOVE 95350 TG 93740-93180

*HCL Technologies Ltd.* | *CMP* Rs. 1480 | *M Cap* Rs. 402423 Cr |  *52 W H/L* 2011/1235
(Nirmal Bang Retail Research)
TCV came at $ 2995 Mn , QoQ $ 2095 Mn, YoY $ 2290 Mn
CC QoQ came at -0.8% vs expectation of -0.5%, QoQ 3.8%, YoY 0.3%
*Result is inline with expectation*
Dollar revenue came at $ 3498.2 Mn,(-1% QoQ, 2% YoY)  vs expectation of $ 3502.2 Mn, QoQ $ 3532.9 Mn, YoY $ 3429 Mn
Net sales came at Rs. 30246 Cr (1.2% QoQ, 6.1% YoY) vs expectation of Rs. 30205.7 Cr, QoQ Rs. 29890 Cr, YoY Rs. 28499 Cr
EBIT came at Rs. 5442 Cr (-6.5% QoQ, 8.4% YoY) vs expectation of Rs. 5484 Cr, QoQ Rs. 5821 Cr, YoY Rs. 5018 Cr
EBIT Margin came at 18% vs expectation of 18.2%, QoQ 19.5%, YoY 17.6%
Adj. PAT came at Rs. 4307 Cr vs expectation of Rs. 4345.8 Cr, QoQ Rs. 4591 Cr, YoY Rs. 3986 Cr
Quarter EPS is Rs. 15.9
Stock is trading at P/E of 19.6x FY27E EPS

*AU Small Finance Bank Ltd.* | *CMP* Rs. 613 | *M Cap* Rs. 45655 Cr | *52 W H/L* 755/479
(Nirmal Bang Retail Research)
*Result is inline with Expectation*
Advances came at Rs. 108778 Cr (47% YoY, 7.7% QoQ)
Net Interest Income came at Rs. 2093.9 Cr vs YoY Rs. 1337 Cr, QoQ Rs. 2022.7 Cr
NIM came at 5.94% vs QoQ 5.9%
Non Interest Income came at Rs. 760.7 Cr vs YoY Rs. 541 Cr, QoQ Rs. 618.4 Cr
PBP came at Rs. 1292 Cr vs expectation of Rs. 1181 Cr, YoY Rs. 650 Cr, QoQ Rs. 1205 Cr
Provisions came at Rs. 635 Cr vs expectation of Rs. 585 Cr, YoY Rs. 118 Cr, QoQ Rs. 502 Cr
Adj. PAT came at Rs. 504 Cr vs expectation of Rs. 542 Cr, YoY Rs. 433 Cr, QoQ Rs. 528 Cr
Gross NPA came at Rs. 2477 Cr vs QoQ Rs. 2336 Cr at 2.28% vs QoQ 2.31%
Net NPA came at Rs. 791 Cr vs QoQ Rs. 906 Cr at 0.74% vs QoQ 0.91%
ROA came at 1.4% vs QoQ 1.5% & YoY 1.6%
Slippages came at Rs. 894 Cr vs QoQ Rs. 956 Cr with slippage ratio of 3.29% vs QoQ 3.79%
Quarter EPS is Rs. 6.8
Stock is trading at P/E 16.8x FY26E EPS and trailing P/Adj BV of 2.8x

 *Huhtamaki India Ltd.* | *CMP* Rs. 199 | *M Cap* Rs. 1503 Cr | *52 W H/L* 452/170
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 609.9 Cr (-1.5% QoQ, 0% YoY) vs QoQ Rs. 619.1 Cr, YoY Rs. 610.1 Cr
EBIDTA came at Rs. 38.7 Cr (47.6% QoQ, -5.7% YoY) vs QoQ Rs. 26.2 Cr, YoY Rs. 41.1 Cr
EBITDA Margin came at 6.3% vs QoQ 4.2%, YoY 6.7%
Adj. PAT came at Rs. 25.5 Cr vs QoQ Rs. 11.8 Cr, YoY Rs. 26 Cr
Quarter EPS is Rs. 3.4
Stock is trading at P/E of 26.6x TTM EPS
[22/04, 22:31] MR.-HO-S031 SUNIL JAIN: *Waaree Energies Ltd.* | *CMP* Rs. 2612 | *M Cap* Rs. 75034 Cr | *52 W H/L* 3743/1809
(Nirmal Bang Retail Research)
*Result is above expectations*
Order Book came at Rs.47000cr vs qoq Rs 50000cr
Managment has guided for EBITDA of Rs.5500-6000cr including other income vs Rs.3123cr in FY25 including other income
Revenue from Operations came at Rs. 4003.9 Cr (15.8% QoQ, 36.4% YoY) vs expectation of Rs. 4028.2 Cr, QoQ Rs. 3457.3 Cr, YoY Rs. 2935.8 Cr
EBIDTA came at Rs. 922.6 Cr (27.8% QoQ, 120.5% YoY) vs expectation of Rs. 736.1 Cr, QoQ Rs. 721.7 Cr, YoY Rs. 418.3 Cr
EBITDA Margin came at 23% vs expectation of 18.3%, QoQ 20.9%, YoY 14.2%
Adj. PAT came at Rs. 614.9 Cr vs expectation of Rs. 496.2 Cr, QoQ Rs. 492.7 Cr, YoY Rs. 753.8 Cr
Quarter EPS is Rs. 21.4
Stock is trading at P/E of 25.4x FY26E EPS

*Mahindra & Mahindra Financial Services Ltd. -S* | *CMP* Rs. 277 | *M Cap* Rs. 34237 Cr | *52 W H/L* 342/242
(Nirmal Bang Retail Research)
*Result is below expectations*
NII came at Rs. 1927.6 Cr (6.4% YoY) vs expectation of Rs. 2010.4 Cr, YoY Rs. 1812.1 Cr, QoQ Rs. 1911.3 Cr
PBP came at Rs. 1212.8 Cr (3.4% YoY) vs expectation of Rs. 1279.3 Cr, YoY Rs. 1173 Cr, QoQ Rs. 1221.7 Cr
Provision came at Rs. 457 Cr vs expectation of Rs. 430 Cr, YoY Rs. 341 Cr, QoQ Rs. 9 Cr
PAT came at Rs. 563.1 Cr (-9% YoY) vs expectation of Rs. 648.8 Cr, YoY Rs. 619 Cr, QoQ Rs. 899.5 Cr
O/s Loan Book came at Rs. 119672 Cr vs YoY Rs. 102597 Cr, QoQ Rs. 115126 Cr

Disbursements came at Rs. 15530 Cr vs YoY Rs. 15292 Cr, QoQ Rs. 16467 Cr
Gross NPA (%) came at 3.7% vs QoQ 3.93%
Net NPA (%) came at 1.8% vs QoQ 2%
Quarter EPS is Rs. 4.6
Stock is trading at P/E of 12.4x FY26E EPS & 1.8x trailing P/Adj. BV

*Cyient DLM Ltd.* | *CMP* Rs. 482 | *M Cap* Rs. 3823 Cr | *52 W H/L* 873/350
(Nirmal Bang Retail Research)
Order book came at Rs.1906cr vs QoQ Rs.2143cr YoY Rs.2171cr
*Result inline*
Q4 margins are significantly improved due to mix and oneoff impact (257bps).
Revenue from Operations came at Rs. 428.1 Cr (-3.6% QoQ, 18.3% YoY) vs expectation of Rs. 491.2 Cr, QoQ Rs. 444.2 Cr, YoY Rs. 361.8 Cr
EBIDTA came at Rs. 57.4 Cr (104.1% QoQ, 50.9% YoY) vs expectation of Rs. 52.7 Cr, QoQ Rs. 28.1 Cr, YoY Rs. 38 Cr
EBITDA Margin came at 13.4% vs expectation of 10.7%, QoQ 6.3%, YoY 10.5%
Adj. PAT came at Rs. 31 Cr vs expectation of Rs. 30.3 Cr, QoQ Rs. 11 Cr, YoY Rs. 22.7 Cr
Quarter EPS is Rs. 3.9
Stock is trading at P/E of 16x FY26E EPS

*Tata Communications Ltd.* | *CMP* Rs. 1598 | *M Cap* Rs. 45543 Cr | *52 W H/L* 2175/1291
(Nirmal Bang Retail Research)
*Result marginally below Expectation*
Revenue from Operations came at Rs. 5990.4 Cr (3.3% QoQ, 5.2% YoY) vs expectation of Rs. 5963.2 Cr, QoQ Rs. 5798.1 Cr, YoY Rs. 5691.7 Cr
EBIDTA came at Rs. 1122.1 Cr (-5% QoQ, 6.2% YoY) vs expectation of Rs. 1210.4 Cr, QoQ Rs. 1181 Cr, YoY Rs. 1056.3 Cr
EBITDA Margin came at 18.7% vs expectation of 20.3%, QoQ 20.4%, YoY 18.6%
Adj. PAT came at Rs. 183.4 Cr vs expectation of Rs. 296.8 Cr, QoQ Rs. 271.7 Cr, YoY Rs. 406.7 Cr
Quarter EPS is Rs. 6.4
Stock is trading at P/E of 26x FY26E EPS

*Shilchar Technologies Q4FY25 Concall Update*
(Nirmal Bang Securities)
*# Achieved full utilisation in Q4FY25 itself; ahead of earlier guidance of FY26*
*# Co will take a call soon for further expansion beyond 7500 MVA*
*# Guidance maintained at Rs. 750-800cr for FY26, which we believe will be surpassed comfortably*
*# There are no reciprocal tariffs by the US on export of transformers from India*
*Outlook: Positive*
• There was no one-off bunching up of execution in Q4FY25 revenue except for it being a seasonally strong quarter.
• The demand outlook continues to be positive across both domestic and export markets, supported by healthy order inquiries and business visibility.
• Order book is around Rs. 400 Cr.
• Co expects the domestic business to experience higher growth, driven by significant capital expenditure in India’s renewable energy and power transmission & distribution sectors.
• Export mix declined from 50% in FY24 to 43% in FY25.
• Currently, there are no reciprocal tariffs on the export of transformers from India to the US.
• Co utilised 77% of its 7500 MVA capacity in FY25. The new capacity of 3500 MVA had started from Aug 2024.
• Co can expand by more than 3x at current location itself (25k MVA).
• Once co decides to set up additional capacity; it can commence production in 1 year.
• Co supplies all types of transformers i.e. generation, power and distribution.
• In domestic market co supplies higher MVA orders of 10-15 MVA while for exports they are low.
• Exposure to US is < 20% of revenue. US market is very robust in terms of demand.
• China doesn’t supply transformers to US as there have been duties since many years on Chinese transformers.
• Contribution of IDT (invertor duty transformer) has remained at 60% mix. It mainly caters to the domestic market.
• There is one to one correlation of increase in Renewable capacity and demand of IDT capacity.
• Co mainly caters to 33 & 66 kV class in solar.
• Co is considering entry into higher MVA and higher kV transformers.
• Co doesn’t hedge its forex exposure and hence in majority of the years it has witnessed forex gains.
• Danish Power and TRIL are competitors.
Stock is trading at 18.3x FY27E EPS