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)
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
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 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
BEAR PUT SPREAD OPTION NATGAS 23 APRIL EXPIRY CALL
BUY 290PE 13.85, SELL 280PE 9.10
MAX LOSS 5938 MAX PROFIT 6563
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
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
(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
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
IndusInd Bank: The bank’s internal audit department reviewing bank microfinance portfolio. The audit is about certain concerns which have been brought to the bank’s attention. EY is set to assist the internal audit team and will not be conducting any forensic audit.
Negative
U.S. President Donald Trump indicated that final tariffs on Chinese exports to the U.S. “won’t be anywhere near as high as 145%.” However, he added that the duties “won’t be 0%.”
Trump also said he has “no intention” to fire Federal Reserve chair Jerome Powell before his term ends, alleviating investors’ concerns over the central bank’s independence.
*HCL Tech ltd. Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Long Term Positive*
*## Deal Pipeline is strong amidst global uncertainty. AI to be saviour.*
• Revenues de-grew 0.8% due to seasonality in the software business vis-a-vis affecting margins which de-grew 150 bps qoq to 18%;
• Did not see any cancellations in the past Qtr.; infact saw incremental renewal deals.
• Pipeline is at all time high; conversions have been good both is US and Europe markets.
• Macroeconomic situation is uncertain and almost all the sectors could be affected. AI deals would be the saviour.
• Discretionary spending might be subdued during the next quarter;
• Revenue Guidance for FY26 is 2-5% growth. Ebit margins to be at ~18-19%.
• Q1 - wud be better yoy; but usually small seasonality will be seen.
*Stock is trading at P/E of 19.6x FY27E EPS*
*News Headlines from Business News Agencies:*
*Business Standard*
📝 India poised to benefit from supply chain realignments: RBI bulletin
📝 Ericsson Antenna System expands local manufacturing footprint in India
📝 India localisation norms for software procurement need rationalisation: BSA
📝 ITC Hotels signs 14 Fortune Hotels, opens 7 new properties in FY25
📝 Net $1.6 billion sold in spot FX market in February: RBI bulletin
📝 Safeguard duty of 12% on steel may halt imports, hit MSMEs, says GTRI
📝 India sweetens oil block bids with lease reform, arbitration freedom
📝 Oil prices rebound on short-covering amid ongoing tariff concerns
📝 India's small steel mills pause job cuts after China import curbs
📝 India's heritage site footfall up 19% since 2019, ticket revenue down 2.83%
📝 Arkade Developers Q4 sales bookings up 11% at Rs 217 cr; FY25 rises 20%
📝 Russian oil drives Opec share in India's imports to record low
*Economic Times*
📝 Indian banks outpace global average in digital banking services: Deloitte report
📝 Cement prices to grow up to 4 pc in FY26, demand may rise 7 pc: Report
📝 Ather Energy cuts IPO fresh issue size to Rs 2,626 crore
📝 Dr Reddy's, Lupin recall products in US due to labelling, manufacturing errors: USFDA
📝 Mumbai tops realty equity inflows at $6.9 billion between 2022-24, highest in India
📝 Akasa Air crosses 17 million passengers and 100,000 departures in under 3 years
📝 Fintechs must build collection muscle to scale lending business: Cred founder Kunal Shah
📝 Hyundai partners with IndianOil to explore viability of mass-use of Hydrogen fuel cell vehicles
📝 Volkswagen planning exports from China to Asia, South America, Middle East
📝 Govt proposes greenhouse gas emission reduction targets for aluminium companies
📝 Reliance imported 17.3% more Russian oil in March as against Feb
📝 Novo Nordisk to discontinue Human Mixtard, India's largest selling insulin brand
*Mint*
📝 Google in talks with Foxconn, Dixon to expand Pixel production in India: Report
📝 Bharti Airtel to acquire 400 MHz spectrum in 26 GHz band from Adani group firm
📝 Global trade shifts offer new opportunities for India–US ties: FM Sitharaman
📝 Adani Ports’ international expansion gets a leg up with Abbot Point deal
📝 IndusInd Bank denies reports on appointing EY for forensic audit
Negative
U.S. President Donald Trump indicated that final tariffs on Chinese exports to the U.S. “won’t be anywhere near as high as 145%.” However, he added that the duties “won’t be 0%.”
Trump also said he has “no intention” to fire Federal Reserve chair Jerome Powell before his term ends, alleviating investors’ concerns over the central bank’s independence.
*HCL Tech ltd. Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Long Term Positive*
*## Deal Pipeline is strong amidst global uncertainty. AI to be saviour.*
• Revenues de-grew 0.8% due to seasonality in the software business vis-a-vis affecting margins which de-grew 150 bps qoq to 18%;
• Did not see any cancellations in the past Qtr.; infact saw incremental renewal deals.
• Pipeline is at all time high; conversions have been good both is US and Europe markets.
• Macroeconomic situation is uncertain and almost all the sectors could be affected. AI deals would be the saviour.
• Discretionary spending might be subdued during the next quarter;
• Revenue Guidance for FY26 is 2-5% growth. Ebit margins to be at ~18-19%.
• Q1 - wud be better yoy; but usually small seasonality will be seen.
*Stock is trading at P/E of 19.6x FY27E EPS*
*News Headlines from Business News Agencies:*
*Business Standard*
📝 India poised to benefit from supply chain realignments: RBI bulletin
📝 Ericsson Antenna System expands local manufacturing footprint in India
📝 India localisation norms for software procurement need rationalisation: BSA
📝 ITC Hotels signs 14 Fortune Hotels, opens 7 new properties in FY25
📝 Net $1.6 billion sold in spot FX market in February: RBI bulletin
📝 Safeguard duty of 12% on steel may halt imports, hit MSMEs, says GTRI
📝 India sweetens oil block bids with lease reform, arbitration freedom
📝 Oil prices rebound on short-covering amid ongoing tariff concerns
📝 India's small steel mills pause job cuts after China import curbs
📝 India's heritage site footfall up 19% since 2019, ticket revenue down 2.83%
📝 Arkade Developers Q4 sales bookings up 11% at Rs 217 cr; FY25 rises 20%
📝 Russian oil drives Opec share in India's imports to record low
*Economic Times*
📝 Indian banks outpace global average in digital banking services: Deloitte report
📝 Cement prices to grow up to 4 pc in FY26, demand may rise 7 pc: Report
📝 Ather Energy cuts IPO fresh issue size to Rs 2,626 crore
📝 Dr Reddy's, Lupin recall products in US due to labelling, manufacturing errors: USFDA
📝 Mumbai tops realty equity inflows at $6.9 billion between 2022-24, highest in India
📝 Akasa Air crosses 17 million passengers and 100,000 departures in under 3 years
📝 Fintechs must build collection muscle to scale lending business: Cred founder Kunal Shah
📝 Hyundai partners with IndianOil to explore viability of mass-use of Hydrogen fuel cell vehicles
📝 Volkswagen planning exports from China to Asia, South America, Middle East
📝 Govt proposes greenhouse gas emission reduction targets for aluminium companies
📝 Reliance imported 17.3% more Russian oil in March as against Feb
📝 Novo Nordisk to discontinue Human Mixtard, India's largest selling insulin brand
*Mint*
📝 Google in talks with Foxconn, Dixon to expand Pixel production in India: Report
📝 Bharti Airtel to acquire 400 MHz spectrum in 26 GHz band from Adani group firm
📝 Global trade shifts offer new opportunities for India–US ties: FM Sitharaman
📝 Adani Ports’ international expansion gets a leg up with Abbot Point deal
📝 IndusInd Bank denies reports on appointing EY for forensic audit
📝 For Oberoi Realty, timely launches and leaner inventory key catalysts in FY26
📝 Recycling should lead India’s quest for critical minerals like lithium
📝 SK Capital-Backed Chemical Business Ascend Files Bankruptcy
📝 A91 Partners launches its largest-ever fund at $665 mn to back growth startups
📝 Xiaomi India shifts focus to premium smartphones to boost sales, profit
📝 Rebel Foods gets $25 mn from Qatar Investment Authority for restaurant expansion
Currency/Bond
Rupee closed 7 paise weaker at 85.20 against US dollar.
The yield on the 10-year government bond closed flat at 6.32%.
Securities in the ban period:
Manappuram Finance,
RBL Bank
Trading Tweaks
Price Band changes from 20% to 10%: Spandana Sphoorty Financial.
Ex-Dividend: CIE Automotive India, Schaeffler India.
List of securities shortlisted in Short-Term ASM Framework Stage 1: GNA Axles, Liberty Shoes, Sanghvi Movers.
List of securities to be excluded from ASM Framework: Prudent Corporate Advisory Services, Swaraj Engines.
Stocks To Watch
Bharti Airtel: The company's arm Bharti Hexacom has signed an agreement with Adani Data Networks to acquire 400 MHz Spectrum In 26 GHz Band from the company.
PFC, Gensol Engineering: Out of the Rs 587-crore loan sanctioned to Gensol Engineering by Power Finance Corp, Rs 352 crore was disbursed. Out of which Gensol has paid Rs 45 crore in interest payments. A total of Rs 307 crore is pending as of April 18 and PFC is actively trying to recover the pending payment.
IndusInd Bank: The bank’s internal audit department reviewing bank microfinance portfolio. The audit is about certain concerns which have been brought to the bank’s attention. EY is set to assist the internal audit team and will not be conducting any forensic audit.
Balrampur Chini Mills: The company crushed sugarcane at 99.16 lakh MT for the sugar season 2024-25. The net sugar produced was at 9.24 lakh MT and sugar sacrificed at 1.94 lakh MT for the season that ended on April 20.
Ashoka Buildcon: The company received letter of acceptance worth Rs 569 crore from the Central Railway.
Infosys: The company has incorporated step-down of wholly owned subsidiary Infosys Energy Consulting Services.
Aditya Birla Capital Insurance Regulatory and Development Authority of India has granted the Certificate of Registration to act as Corporate Agent under the IRDAI.
Bank of India: The bank will consider fundraising via bonds by the end of this month.
Dow +1017
Nasdaq +430
Dax +88
Nikkei +603
Hangseng +480
Gift Nifty +216 (24380)
Dowfut +453
Nasdaqfut +301
Crude Oil 68 15
Dollar Index 98.98
📝 Recycling should lead India’s quest for critical minerals like lithium
📝 SK Capital-Backed Chemical Business Ascend Files Bankruptcy
📝 A91 Partners launches its largest-ever fund at $665 mn to back growth startups
📝 Xiaomi India shifts focus to premium smartphones to boost sales, profit
📝 Rebel Foods gets $25 mn from Qatar Investment Authority for restaurant expansion
Currency/Bond
Rupee closed 7 paise weaker at 85.20 against US dollar.
The yield on the 10-year government bond closed flat at 6.32%.
Securities in the ban period:
Manappuram Finance,
RBL Bank
Trading Tweaks
Price Band changes from 20% to 10%: Spandana Sphoorty Financial.
Ex-Dividend: CIE Automotive India, Schaeffler India.
List of securities shortlisted in Short-Term ASM Framework Stage 1: GNA Axles, Liberty Shoes, Sanghvi Movers.
List of securities to be excluded from ASM Framework: Prudent Corporate Advisory Services, Swaraj Engines.
Stocks To Watch
Bharti Airtel: The company's arm Bharti Hexacom has signed an agreement with Adani Data Networks to acquire 400 MHz Spectrum In 26 GHz Band from the company.
PFC, Gensol Engineering: Out of the Rs 587-crore loan sanctioned to Gensol Engineering by Power Finance Corp, Rs 352 crore was disbursed. Out of which Gensol has paid Rs 45 crore in interest payments. A total of Rs 307 crore is pending as of April 18 and PFC is actively trying to recover the pending payment.
IndusInd Bank: The bank’s internal audit department reviewing bank microfinance portfolio. The audit is about certain concerns which have been brought to the bank’s attention. EY is set to assist the internal audit team and will not be conducting any forensic audit.
Balrampur Chini Mills: The company crushed sugarcane at 99.16 lakh MT for the sugar season 2024-25. The net sugar produced was at 9.24 lakh MT and sugar sacrificed at 1.94 lakh MT for the season that ended on April 20.
Ashoka Buildcon: The company received letter of acceptance worth Rs 569 crore from the Central Railway.
Infosys: The company has incorporated step-down of wholly owned subsidiary Infosys Energy Consulting Services.
Aditya Birla Capital Insurance Regulatory and Development Authority of India has granted the Certificate of Registration to act as Corporate Agent under the IRDAI.
Bank of India: The bank will consider fundraising via bonds by the end of this month.
Dow +1017
Nasdaq +430
Dax +88
Nikkei +603
Hangseng +480
Gift Nifty +216 (24380)
Dowfut +453
Nasdaqfut +301
Crude Oil 68 15
Dollar Index 98.98
*Vardhman Special Steels Ltd.* | *CMP* Rs. 208 | *M Cap* Rs. 1696 Cr | *52 W H/L* 345/178
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 428 Cr (0.3% QoQ, -2.6% YoY) vs QoQ Rs. 426.8 Cr, YoY Rs. 439.4 Cr
EBIDTA came at Rs. 31.4 Cr (-10.4% QoQ, -35.6% YoY) vs QoQ Rs. 35.1 Cr, YoY Rs. 48.8 Cr
EBITDA Margin came at 7.3% vs QoQ 8.2%, YoY 11.1%
Adj. PAT came at Rs. 19.7 Cr vs QoQ Rs. 21.5 Cr, YoY Rs. 32.8 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 18.2x TTM EPS
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 428 Cr (0.3% QoQ, -2.6% YoY) vs QoQ Rs. 426.8 Cr, YoY Rs. 439.4 Cr
EBIDTA came at Rs. 31.4 Cr (-10.4% QoQ, -35.6% YoY) vs QoQ Rs. 35.1 Cr, YoY Rs. 48.8 Cr
EBITDA Margin came at 7.3% vs QoQ 8.2%, YoY 11.1%
Adj. PAT came at Rs. 19.7 Cr vs QoQ Rs. 21.5 Cr, YoY Rs. 32.8 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 18.2x TTM EPS
BULK DEAL 22-04-2025
KESORAMIND
-32.57 LK @ 3.23 MUNDHRA HOMES PRIVATE LIMITED
KINETICENG
+1.62 LK @ 186.63 KIRAN ANIL SHAH
-2.03 LK @ 186.16 RELIANCE CORPORATE ADVISORY SERVICES LIMITED
NITCO
+8.12 LK @ 120 KAMATH ASSOCIATES
-14 LK @ 120.02 SETU SECURITIES PRIVATE LIMITED
RBLBANK
-2.31 CRORE @ 184.74 BRITISH INTERNATIONAL INVESTMENT PLC
SELAN
+78 K @ 576.80 BNP PARIBAS FINANCIAL MARKETS
STALLION
-5.52 LK @ 72 ASHIKA GLOBAL SECURITIES PRIVATE LIMITED
-5.52 LK @ 72 CRAFT EMERGING MARKET FUND PCC- CITADEL CAPITAL FUND
+14.90 LK @ 71.99 NEOMILE CORPORATE ADVISORY LIMITED
+10 LK @ 72 NEOMILE GROWTH FUND - SERIES I
KESORAMIND
-32.57 LK @ 3.23 MUNDHRA HOMES PRIVATE LIMITED
KINETICENG
+1.62 LK @ 186.63 KIRAN ANIL SHAH
-2.03 LK @ 186.16 RELIANCE CORPORATE ADVISORY SERVICES LIMITED
NITCO
+8.12 LK @ 120 KAMATH ASSOCIATES
-14 LK @ 120.02 SETU SECURITIES PRIVATE LIMITED
RBLBANK
-2.31 CRORE @ 184.74 BRITISH INTERNATIONAL INVESTMENT PLC
SELAN
+78 K @ 576.80 BNP PARIBAS FINANCIAL MARKETS
STALLION
-5.52 LK @ 72 ASHIKA GLOBAL SECURITIES PRIVATE LIMITED
-5.52 LK @ 72 CRAFT EMERGING MARKET FUND PCC- CITADEL CAPITAL FUND
+14.90 LK @ 71.99 NEOMILE CORPORATE ADVISORY LIMITED
+10 LK @ 72 NEOMILE GROWTH FUND - SERIES I