1-2 DAYS Technical Call book partial profit in RAIN @ 151-152 Target 158 BUY call initiated 146.10(ANALYST SWATI). Visit our website for disclosure (Nirmal Bang).
1-2 DAYS Technical Call book partial profit in RAIN @ 151-152 Target 158 BUY call initiated 146.10(ANALYST SWATI). Visit our website for disclosure (Nirmal Bang).
1-2 Days Technical Call Target Achieved in ELECTCAST at 109, Buy Call initiated at 102.8. (ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang).
*Laurus Labs Ltd.* | *CMP* Rs. 648 | *M Cap* Rs. 34944 Cr | *52 W H/L* 661/387
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 1720.3 Cr (21.6% QoQ, 19.5% YoY) vs expectation of Rs. 1636 Cr, QoQ Rs. 1415.1 Cr, YoY Rs. 1439.7 Cr
EBIDTA came at Rs. 420.6 Cr (47.5% QoQ, 74.2% YoY) vs expectation of Rs. 416.1 Cr, QoQ Rs. 285.2 Cr, YoY Rs. 241.5 Cr
EBITDA Margin came at 24.4% vs expectation of 25.4%, QoQ 20.2%, YoY 16.8%
Adj. PAT came at Rs. 233.7 Cr vs expectation of Rs. 201.6 Cr, QoQ Rs. 92.3 Cr, YoY Rs. 75.6 Cr
Quarter EPS is Rs. 4.3
Stock is trading at P/E of 59.6x FY26E EPS
*Adani Energy Solutions Ltd.* | *CMP* Rs. 954 | *M Cap* Rs. 114632 Cr | *52 W H/L* 1348/588
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 6374.6 Cr (9.3% QoQ, 35.4% YoY) vs QoQ Rs. 5830.3 Cr, YoY Rs. 4706.9 Cr
EBIDTA came at Rs. 2040 Cr (22.8% QoQ, 25.8% YoY) vs QoQ Rs. 1660.7 Cr, YoY Rs. 1621.1 Cr
EBITDA Margin came at 32% vs QoQ 28.5%, YoY 34.4%
Adj. PAT came at Rs. 647.2 Cr vs QoQ Rs. 561.8 Cr, YoY Rs. 361.4 Cr
Quarter EPS is Rs. 5.4
Stock is trading at P/E of 43.6x FY26E EPS
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 1720.3 Cr (21.6% QoQ, 19.5% YoY) vs expectation of Rs. 1636 Cr, QoQ Rs. 1415.1 Cr, YoY Rs. 1439.7 Cr
EBIDTA came at Rs. 420.6 Cr (47.5% QoQ, 74.2% YoY) vs expectation of Rs. 416.1 Cr, QoQ Rs. 285.2 Cr, YoY Rs. 241.5 Cr
EBITDA Margin came at 24.4% vs expectation of 25.4%, QoQ 20.2%, YoY 16.8%
Adj. PAT came at Rs. 233.7 Cr vs expectation of Rs. 201.6 Cr, QoQ Rs. 92.3 Cr, YoY Rs. 75.6 Cr
Quarter EPS is Rs. 4.3
Stock is trading at P/E of 59.6x FY26E EPS
*Adani Energy Solutions Ltd.* | *CMP* Rs. 954 | *M Cap* Rs. 114632 Cr | *52 W H/L* 1348/588
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 6374.6 Cr (9.3% QoQ, 35.4% YoY) vs QoQ Rs. 5830.3 Cr, YoY Rs. 4706.9 Cr
EBIDTA came at Rs. 2040 Cr (22.8% QoQ, 25.8% YoY) vs QoQ Rs. 1660.7 Cr, YoY Rs. 1621.1 Cr
EBITDA Margin came at 32% vs QoQ 28.5%, YoY 34.4%
Adj. PAT came at Rs. 647.2 Cr vs QoQ Rs. 561.8 Cr, YoY Rs. 361.4 Cr
Quarter EPS is Rs. 5.4
Stock is trading at P/E of 43.6x FY26E EPS
*Cyient Ltd.* | *CMP* Rs. 1243 | *M Cap* Rs. 13774 Cr | *52 W H/L* 1179/791
(Nirmal Bang Retail Research)
*Result is below expectation*
Order Intake came in at $184.2mn, QoQ $312.3mn, YoY $227.8mn
Dollar revenue came at $ 170 Mn,(-3% QoQ, -5.2% YoY) vs expectation of $ 172.7 Mn, QoQ $ 175.2 Mn, YoY $ 179.3 Mn
Revenue Growth QoQ CC came at -1.9% vs exp of -0.3%, QoQ 2.4%, YoY -0.5%.
Net sales came at Rs. 1471.9 Cr (-0.5% QoQ, -1.2% YoY) vs expectation of Rs. 1494.3 Cr, QoQ Rs. 1479.9 Cr, YoY Rs. 1489.2 Cr
EBIT came at Rs. 191.4 Cr (-4.1% QoQ, -19.7% YoY) vs expectation of Rs. 202.5 Cr, QoQ Rs. 199.5 Cr, YoY Rs. 238.5 Cr
EBIT Margin came at 13% vs expectation of 13.6%, QoQ 14.2%, YoY 16%
Adj. PAT came at Rs. 163 Cr vs expectation of Rs. 158 Cr, QoQ Rs. 179 Cr, YoY Rs. 186 Cr
Stock is trading at P/E of 14.7x its EPS of FY27.
(Nirmal Bang Retail Research)
*Result is below expectation*
Order Intake came in at $184.2mn, QoQ $312.3mn, YoY $227.8mn
Dollar revenue came at $ 170 Mn,(-3% QoQ, -5.2% YoY) vs expectation of $ 172.7 Mn, QoQ $ 175.2 Mn, YoY $ 179.3 Mn
Revenue Growth QoQ CC came at -1.9% vs exp of -0.3%, QoQ 2.4%, YoY -0.5%.
Net sales came at Rs. 1471.9 Cr (-0.5% QoQ, -1.2% YoY) vs expectation of Rs. 1494.3 Cr, QoQ Rs. 1479.9 Cr, YoY Rs. 1489.2 Cr
EBIT came at Rs. 191.4 Cr (-4.1% QoQ, -19.7% YoY) vs expectation of Rs. 202.5 Cr, QoQ Rs. 199.5 Cr, YoY Rs. 238.5 Cr
EBIT Margin came at 13% vs expectation of 13.6%, QoQ 14.2%, YoY 16%
Adj. PAT came at Rs. 163 Cr vs expectation of Rs. 158 Cr, QoQ Rs. 179 Cr, YoY Rs. 186 Cr
Stock is trading at P/E of 14.7x its EPS of FY27.
*L&T Technology Services Ltd.* | *CMP* Rs. 4480 | *M Cap* Rs. 44904 Cr | *52 W H/L* 5990/3855
(Nirmal Bang Retail Research)
Dollar Revenues came at $ 345.1 Mn vs expectation of $ 353 Mn, QoQ $ 312 Mn, YoY $ 305 Mn
CC QoQ came at 10.5% vs expectation of 12.7%, QoQ 3.1%, YoY 5.1%
*Result is below expectation*
Net sales came at Rs. 2982.4 Cr (12.4% QoQ, 17.5% YoY) vs expectation of Rs. 3059.8 Cr, QoQ Rs. 2653 Cr, YoY Rs. 2537.5 Cr
EBIT came at Rs. 393.9 Cr (-6.6% QoQ, -8% YoY) vs expectation of Rs. 451.1 Cr, QoQ Rs. 421.9 Cr, YoY Rs. 428.2 Cr
EBIT Margin came at 13.2% vs expectation of 14.7%, QoQ 15.9%, YoY 16.9%
Adj. PAT came at Rs. 311.1 Cr vs expectation of Rs. 360.4 Cr, QoQ Rs. 322.4 Cr, YoY Rs. 341.4 Cr
Quarter EPS is Rs. 29.4
Stock is trading at P/E of 26x FY27E EPS
(Nirmal Bang Retail Research)
Dollar Revenues came at $ 345.1 Mn vs expectation of $ 353 Mn, QoQ $ 312 Mn, YoY $ 305 Mn
CC QoQ came at 10.5% vs expectation of 12.7%, QoQ 3.1%, YoY 5.1%
*Result is below expectation*
Net sales came at Rs. 2982.4 Cr (12.4% QoQ, 17.5% YoY) vs expectation of Rs. 3059.8 Cr, QoQ Rs. 2653 Cr, YoY Rs. 2537.5 Cr
EBIT came at Rs. 393.9 Cr (-6.6% QoQ, -8% YoY) vs expectation of Rs. 451.1 Cr, QoQ Rs. 421.9 Cr, YoY Rs. 428.2 Cr
EBIT Margin came at 13.2% vs expectation of 14.7%, QoQ 15.9%, YoY 16.9%
Adj. PAT came at Rs. 311.1 Cr vs expectation of Rs. 360.4 Cr, QoQ Rs. 322.4 Cr, YoY Rs. 341.4 Cr
Quarter EPS is Rs. 29.4
Stock is trading at P/E of 26x FY27E EPS
*SBI Life Insurance Company Limited - S* | *CMP* Rs. 1609 | *M Cap* Rs. 161228 Cr | *52 W H/L* 1935/1307
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
APE came at Rs. 5450 Cr vs expectation of Rs. 5795 Cr, YoY Rs. 5330 Cr, QoQ Rs. 6940 Cr
Value of New Business (VNB) came at Rs. 1660 Cr vs expectation of Rs. 1492 Cr, YoY Rs. 1510 Cr, QoQ Rs. 1870 Cr
Value of New Business Margin (%) came at 27.8% vs expectation of 25.4%, YoY 28.1%, QoQ 26.9%
Net Premiums Earned came at Rs. 23861 Cr vs YoY Rs. 25116 Cr, QoQ Rs. 24828 Cr
PBT came at Rs. 841 Cr vs YoY Rs. 836 Cr, QoQ Rs. 572 Cr
PAT came at Rs. 813.5 Cr (0.3% YoY) vs YoY Rs. 810.8 Cr, QoQ Rs. 550.8 Cr
AUM came at Rs. 448040 Cr vs YoY Rs. 388920 Cr, QoQ Rs. 441680 Cr
13th month persistency came at 87.4% vs YoY 86.8%, QoQ 86.1%
61st month persistency came at 62.7% vs YoY 57.4%, QoQ 63.3%
Market Share (IRP) came at 22.8% vs YoY 23.3%, QoQ 25.3%
Quarter EPS is Rs. 8.1
Stock is trading at P/E of 60.1x FY26E EPS & 2.3x Mkt Cap/EV
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
APE came at Rs. 5450 Cr vs expectation of Rs. 5795 Cr, YoY Rs. 5330 Cr, QoQ Rs. 6940 Cr
Value of New Business (VNB) came at Rs. 1660 Cr vs expectation of Rs. 1492 Cr, YoY Rs. 1510 Cr, QoQ Rs. 1870 Cr
Value of New Business Margin (%) came at 27.8% vs expectation of 25.4%, YoY 28.1%, QoQ 26.9%
Net Premiums Earned came at Rs. 23861 Cr vs YoY Rs. 25116 Cr, QoQ Rs. 24828 Cr
PBT came at Rs. 841 Cr vs YoY Rs. 836 Cr, QoQ Rs. 572 Cr
PAT came at Rs. 813.5 Cr (0.3% YoY) vs YoY Rs. 810.8 Cr, QoQ Rs. 550.8 Cr
AUM came at Rs. 448040 Cr vs YoY Rs. 388920 Cr, QoQ Rs. 441680 Cr
13th month persistency came at 87.4% vs YoY 86.8%, QoQ 86.1%
61st month persistency came at 62.7% vs YoY 57.4%, QoQ 63.3%
Market Share (IRP) came at 22.8% vs YoY 23.3%, QoQ 25.3%
Quarter EPS is Rs. 8.1
Stock is trading at P/E of 60.1x FY26E EPS & 2.3x Mkt Cap/EV
*Aavas Financiers Ltd. - S* | *CMP* Rs. 2096 | *M Cap* Rs. 16591 Cr | *52 W H/L* 2238/1456
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 371.5 Cr vs YoY Rs. 324.5 Cr (14.5% YoY) QoQ Rs. 338 Cr
PBP came at Rs. 200.9 Cr vs YoY Rs. 181.8 Cr (10.5% YoY) QoQ Rs. 194.5 Cr
Provision came at Rs. 7.6 Cr vs YoY Rs. 4.3 Cr, QoQ Rs. 6.1 Cr
PAT came at Rs. 153.7 Cr (7.8% YoY) vs expectation of Rs. 152.2 Cr, YoY Rs. 142.6 Cr, QoQ Rs. 146.4 Cr
AUM came at Rs. 20420.2 Cr vs YoY Rs. 17312.6 Cr, QoQ Rs. 19238 Cr
Disbursements came at Rs. 2023.8 Cr vs YoY Rs. 1893.1 Cr, QoQ Rs. 1594.6 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.14%
Net NPA (%) came at 0.73% vs QoQ 0.81%
ROA came at 3.3% vs QoQ 3.3% & YoY 3.6%
Quarter EPS is Rs. 19.4
Stock is trading at P/E of 23.1x FY26E EPS & 3.8x trailing P/BV
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 371.5 Cr vs YoY Rs. 324.5 Cr (14.5% YoY) QoQ Rs. 338 Cr
PBP came at Rs. 200.9 Cr vs YoY Rs. 181.8 Cr (10.5% YoY) QoQ Rs. 194.5 Cr
Provision came at Rs. 7.6 Cr vs YoY Rs. 4.3 Cr, QoQ Rs. 6.1 Cr
PAT came at Rs. 153.7 Cr (7.8% YoY) vs expectation of Rs. 152.2 Cr, YoY Rs. 142.6 Cr, QoQ Rs. 146.4 Cr
AUM came at Rs. 20420.2 Cr vs YoY Rs. 17312.6 Cr, QoQ Rs. 19238 Cr
Disbursements came at Rs. 2023.8 Cr vs YoY Rs. 1893.1 Cr, QoQ Rs. 1594.6 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.14%
Net NPA (%) came at 0.73% vs QoQ 0.81%
ROA came at 3.3% vs QoQ 3.3% & YoY 3.6%
Quarter EPS is Rs. 19.4
Stock is trading at P/E of 23.1x FY26E EPS & 3.8x trailing P/BV
*Kirloskar Pneumatic Q4 FY25 Concall*
*Outlook:Positive*
1. *Future Guidance & Business Outlook (FY26 and Beyond):*
• Revenue Target for FY26: The company aims to cross INR 2,000 Cr in revenue in FY26, up from INR 1,629 Cr in FY25 (a 23% YoY growth).
• Medium-Term Guidance: Management expects to maintain a 20% revenue growth rate for several years.
• Margins Outlook: EBITDA margin stood at 19% in FY25, and the company aims to sustain or slightly improve it to around 20%, balancing growth with prudent margin trade-offs, especially for L1 government tenders.
• Execution Cycle Improvement: Average execution cycle has come down from 7 months to 5 months.
• Process Gas Systems (CNG, biogas, hydrogen) show growth potential but are currently patchy due to slow rollouts of mother stations and execution delays.
*2. Order Book Details:*
• Order Book at Start of FY26: INR 1,624 Cr, up from INR 1,475 Cr at the start of FY25 (a 12% increase).
• Order Inflows in FY25: Record high of INR 1,860 Cr, up by 23% YoY from INR 1,465 Cr in FY24.
• Order Mix Change: Equipment to package ratio has shifted to 60:40, compared to previous years, benefiting margins and reducing execution time.
*3. Products Driving Growth:*
• Tezcatlipoca (centrifugal compressors): Expected to cross INR 100 Cr in FY26; gaining traction in cement, carbon black, metals, and material conveying industries.
• KC series (ammonia reciprocating compressors) and KG series (CNG compressors): Consistently deliver over INR 100 Cr each year.
*Outlook:Positive*
1. *Future Guidance & Business Outlook (FY26 and Beyond):*
• Revenue Target for FY26: The company aims to cross INR 2,000 Cr in revenue in FY26, up from INR 1,629 Cr in FY25 (a 23% YoY growth).
• Medium-Term Guidance: Management expects to maintain a 20% revenue growth rate for several years.
• Margins Outlook: EBITDA margin stood at 19% in FY25, and the company aims to sustain or slightly improve it to around 20%, balancing growth with prudent margin trade-offs, especially for L1 government tenders.
• Execution Cycle Improvement: Average execution cycle has come down from 7 months to 5 months.
• Process Gas Systems (CNG, biogas, hydrogen) show growth potential but are currently patchy due to slow rollouts of mother stations and execution delays.
*2. Order Book Details:*
• Order Book at Start of FY26: INR 1,624 Cr, up from INR 1,475 Cr at the start of FY25 (a 12% increase).
• Order Inflows in FY25: Record high of INR 1,860 Cr, up by 23% YoY from INR 1,465 Cr in FY24.
• Order Mix Change: Equipment to package ratio has shifted to 60:40, compared to previous years, benefiting margins and reducing execution time.
*3. Products Driving Growth:*
• Tezcatlipoca (centrifugal compressors): Expected to cross INR 100 Cr in FY26; gaining traction in cement, carbon black, metals, and material conveying industries.
• KC series (ammonia reciprocating compressors) and KG series (CNG compressors): Consistently deliver over INR 100 Cr each year.