*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

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

*Havells India Ltd.* | *CMP* Rs. 1665 | *M Cap* Rs. 104370 Cr | *52 W H/L* 2106/1360
(Nirmal Bang Retail Research)
*Result Ahead of Expectation*
*Higher revenue growth is driven by Lloyd which grew by 40% YoY and Wire an Cable grew by 21% YOY*
Revenue from Operations came at Rs. 6543.6 Cr (33.8% QoQ, 20.2% YoY) vs expectation of Rs. 6271.9 Cr, QoQ Rs. 4889 Cr, YoY Rs. 5442 Cr
EBIDTA came at Rs. 757.1 Cr (77.5% QoQ, 19.3% YoY) vs expectation of Rs. 679.5 Cr, QoQ Rs. 426.5 Cr, YoY Rs. 634.6 Cr
EBITDA Margin came at 11.6% vs expectation of 10.8%, QoQ 8.7%, YoY 11.7%
Adj. PAT came at Rs. 517.8 Cr vs expectation of Rs. 481.4 Cr, QoQ Rs. 278.3 Cr, YoY Rs. 446.7 Cr
Quarter EPS is Rs. 8.3
Stock is trading at P/E of 57.3x FY26E EPS

1-2 DAYS Technical Call BALRAMCHIN Target Achieved 595, BUY Call Initiated @ 564.20(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang).

BUY GOLD M 96000 CE AT 605-595 SL BELOW 350 TARGET 950

1-2 Days Technical Call Book Partial Profits in NIITLTD at 137.7-139, Target 141, Call initiated at 132.7(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

1-2 Days Technical Call Target Achieved in NIITLTD at 141, Buy Call initiated at 132.7(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

1-2 Days Technical Call LICI SL Triggered @ 810. Visit our website for disclosure (Nirmal Bang). 

1-2 DAYS Technical call Buy GODREJCP above 1256.40 with SL 1220 Target 1330(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang). 

1-2 DAYS Call KALYANJIL 520CE SL TRIGGERED @9 Visit our website for disclosure. (Nirmal Bang).

1-2 DAYS Derivatives Call Buy ASTRAL 29MAY 1400CE above 67.5 with SL 54 Target 100(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang).