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.
*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
*Sterling and Wilson Renewable Energy Ltd.* | *CMP* Rs. 327 | *M Cap* Rs. 7635 Cr | *52 W H/L* 828/216
(Nirmal Bang Retail Research)
Order Book came at Rs.9096cr vs QoQ Rs.10167cr Yoy Rs.8084cr
*Result Improved*
Revenue from Operations came at Rs. 2519.1 Cr (37.1% QoQ, 113.8% YoY) vs QoQ Rs. 1837.2 Cr, YoY Rs. 1178 Cr
EBIDTA came at Rs. 133.6 Cr (89.9% QoQ, 355.1% YoY) vs QoQ Rs. 70.3 Cr, YoY Rs. 29.4 Cr
EBITDA Margin came at 5.3% vs QoQ 3.8%, YoY 2.5%
Adj. PAT came at Rs. 55.4 Cr vs QoQ Rs. 14.8 Cr, YoY Rs. 1.4 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 21.7x FY26E EPS
*Accelya Solutions India Ltd.* | *CMP* Rs. 1384 | *M Cap* Rs. 2066 Cr | *52 W H/L* 1980/1218
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 136.8 Cr (2.7% QoQ, 4.4% YoY) vs QoQ Rs. 133.2 Cr, YoY Rs. 131 Cr
EBIDTA came at Rs. 46.4 Cr (-3.8% QoQ, -8.3% YoY) vs QoQ Rs. 48.3 Cr, YoY Rs. 50.7 Cr
EBITDA Margin came at 34% vs QoQ 36.2%, YoY 38.7%
Adj. PAT came at Rs. 29.8 Cr vs QoQ Rs. 32.4 Cr, YoY Rs. 33.8 Cr
Quarter EPS is Rs. 20
Stock is trading at P/E of 16.4x TTM EPS
*Indian Energy Exchange Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 17009 Cr | *52 W H/L* 244/134
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 141.3 Cr (7.6% QoQ, 16.5% YoY) vs expectation of Rs. 152.4 Cr, QoQ Rs. 131.3 Cr, YoY Rs. 121.3 Cr
EBIDTA came at Rs. 120.7 Cr (7% QoQ, 15.1% YoY) vs expectation of Rs. 135 Cr, QoQ Rs. 112.8 Cr, YoY Rs. 104.9 Cr
EBITDA Margin came at 85.5% vs expectation of 88.5%, QoQ 85.9%, YoY 86.5%
Adj. PAT came at Rs. 112 Cr vs expectation of Rs. 108.5 Cr, QoQ Rs. 103.1 Cr, YoY Rs. 95.1 Cr
Quarter EPS is Rs. 1.3
Stock is trading at P/E of 34.7x FY26E EPS
*Mphasis Ltd.* | *CMP* Rs. 2461 | *M Cap* Rs. 43124 Cr | *52 W H/L* 3239/2025
(Nirmal Bang Retail Research)
TCV ($ Mn) came at $ 390 Mn, QoQ $ 351 Mn, YoY $ 177 Mn
Revenue Growth CC QoQ came at 2.9% vs expectation of 2.9%, QoQ 0.2%, YoY 2.1%
*Result inline with expectation*
Dollar revenue came at $ 430.4 Mn,(2.6% QoQ, 4.7% YoY) vs expectation of $ 431 Mn, QoQ $ 419.3 Mn, YoY $ 411 Mn
Net sales came at Rs. 3710 Cr (4.2% QoQ, 8.7% YoY) vs expectation of Rs. 3707.6 Cr, QoQ Rs. 3561.3 Cr, YoY Rs. 3412.1 Cr
EBIT came at Rs. 567.2 Cr (4% QoQ, 11.6% YoY) vs expectation of Rs. 569.7 Cr, QoQ Rs. 545.6 Cr, YoY Rs. 508 Cr
EBIT Margin came at 15.3% vs expectation of 15.4%, QoQ 15.3%, YoY 14.9%
Adj. PAT came at Rs. 446.5 Cr vs expectation of Rs. 441.4 Cr, QoQ Rs. 427.8 Cr, YoY Rs. 393.2 Cr
Quarter EPS is Rs. 23.6
Stock is trading at P/E of 21.3x FY27E EPS
*Macrotech Developers Ltd.* | *CMP* Rs. 1320 | *M Cap* Rs. 131679 Cr | *52 W H/L* 1650/1035
(Nirmal Bang Retail Research)
Pre Sales came at Rs.4810cr vs QoQ Rs.4510cr YoY Rs.4230cr
Company has guided for pre sales of Rs.21000cr for FY26 vs Rs.17600cr in FY25 growth of 19%
*Result broadly inline with Expectation*
Revenue from Operations came at Rs. 4224.3 Cr (3.5% QoQ, 5.1% YoY) vs expectation of Rs. 4283.5 Cr, QoQ Rs. 4083 Cr, YoY Rs. 4018.5 Cr
(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
*Sterling and Wilson Renewable Energy Ltd.* | *CMP* Rs. 327 | *M Cap* Rs. 7635 Cr | *52 W H/L* 828/216
(Nirmal Bang Retail Research)
Order Book came at Rs.9096cr vs QoQ Rs.10167cr Yoy Rs.8084cr
*Result Improved*
Revenue from Operations came at Rs. 2519.1 Cr (37.1% QoQ, 113.8% YoY) vs QoQ Rs. 1837.2 Cr, YoY Rs. 1178 Cr
EBIDTA came at Rs. 133.6 Cr (89.9% QoQ, 355.1% YoY) vs QoQ Rs. 70.3 Cr, YoY Rs. 29.4 Cr
EBITDA Margin came at 5.3% vs QoQ 3.8%, YoY 2.5%
Adj. PAT came at Rs. 55.4 Cr vs QoQ Rs. 14.8 Cr, YoY Rs. 1.4 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 21.7x FY26E EPS
*Accelya Solutions India Ltd.* | *CMP* Rs. 1384 | *M Cap* Rs. 2066 Cr | *52 W H/L* 1980/1218
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 136.8 Cr (2.7% QoQ, 4.4% YoY) vs QoQ Rs. 133.2 Cr, YoY Rs. 131 Cr
EBIDTA came at Rs. 46.4 Cr (-3.8% QoQ, -8.3% YoY) vs QoQ Rs. 48.3 Cr, YoY Rs. 50.7 Cr
EBITDA Margin came at 34% vs QoQ 36.2%, YoY 38.7%
Adj. PAT came at Rs. 29.8 Cr vs QoQ Rs. 32.4 Cr, YoY Rs. 33.8 Cr
Quarter EPS is Rs. 20
Stock is trading at P/E of 16.4x TTM EPS
*Indian Energy Exchange Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 17009 Cr | *52 W H/L* 244/134
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 141.3 Cr (7.6% QoQ, 16.5% YoY) vs expectation of Rs. 152.4 Cr, QoQ Rs. 131.3 Cr, YoY Rs. 121.3 Cr
EBIDTA came at Rs. 120.7 Cr (7% QoQ, 15.1% YoY) vs expectation of Rs. 135 Cr, QoQ Rs. 112.8 Cr, YoY Rs. 104.9 Cr
EBITDA Margin came at 85.5% vs expectation of 88.5%, QoQ 85.9%, YoY 86.5%
Adj. PAT came at Rs. 112 Cr vs expectation of Rs. 108.5 Cr, QoQ Rs. 103.1 Cr, YoY Rs. 95.1 Cr
Quarter EPS is Rs. 1.3
Stock is trading at P/E of 34.7x FY26E EPS
*Mphasis Ltd.* | *CMP* Rs. 2461 | *M Cap* Rs. 43124 Cr | *52 W H/L* 3239/2025
(Nirmal Bang Retail Research)
TCV ($ Mn) came at $ 390 Mn, QoQ $ 351 Mn, YoY $ 177 Mn
Revenue Growth CC QoQ came at 2.9% vs expectation of 2.9%, QoQ 0.2%, YoY 2.1%
*Result inline with expectation*
Dollar revenue came at $ 430.4 Mn,(2.6% QoQ, 4.7% YoY) vs expectation of $ 431 Mn, QoQ $ 419.3 Mn, YoY $ 411 Mn
Net sales came at Rs. 3710 Cr (4.2% QoQ, 8.7% YoY) vs expectation of Rs. 3707.6 Cr, QoQ Rs. 3561.3 Cr, YoY Rs. 3412.1 Cr
EBIT came at Rs. 567.2 Cr (4% QoQ, 11.6% YoY) vs expectation of Rs. 569.7 Cr, QoQ Rs. 545.6 Cr, YoY Rs. 508 Cr
EBIT Margin came at 15.3% vs expectation of 15.4%, QoQ 15.3%, YoY 14.9%
Adj. PAT came at Rs. 446.5 Cr vs expectation of Rs. 441.4 Cr, QoQ Rs. 427.8 Cr, YoY Rs. 393.2 Cr
Quarter EPS is Rs. 23.6
Stock is trading at P/E of 21.3x FY27E EPS
*Macrotech Developers Ltd.* | *CMP* Rs. 1320 | *M Cap* Rs. 131679 Cr | *52 W H/L* 1650/1035
(Nirmal Bang Retail Research)
Pre Sales came at Rs.4810cr vs QoQ Rs.4510cr YoY Rs.4230cr
Company has guided for pre sales of Rs.21000cr for FY26 vs Rs.17600cr in FY25 growth of 19%
*Result broadly inline with Expectation*
Revenue from Operations came at Rs. 4224.3 Cr (3.5% QoQ, 5.1% YoY) vs expectation of Rs. 4283.5 Cr, QoQ Rs. 4083 Cr, YoY Rs. 4018.5 Cr
EBIDTA came at Rs. 1220.7 Cr (-6.5% QoQ, 16.6% YoY) vs expectation of Rs. 1184.9 Cr, QoQ Rs. 1305.9 Cr, YoY Rs. 1046.9 Cr
EBITDA Margin came at 28.9% vs expectation of 27.7%, QoQ 32%, YoY 26.1%
Adj. PAT came at Rs. 921.7 Cr vs expectation of Rs. 774.1 Cr, QoQ Rs. 944.4 Cr, YoY Rs. 665.5 Cr
Quarter EPS is Rs. 9.2
Stock is trading at P/E of 39.8x FY26E EPS
*Tanla Platforms Ltd.* | *CMP* Rs. 484 | *M Cap* Rs. 6515 Cr | *52 W H/L* 1086/409
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1024.4 Cr (2.4% QoQ, 1.9% YoY) vs QoQ Rs. 1000.4 Cr, YoY Rs. 1005.5 Cr
EBIDTA came at Rs. 163.5 Cr (0% QoQ, 1.9% YoY) vs QoQ Rs. 163.4 Cr, YoY Rs. 160.4 Cr
EBITDA Margin came at 16% vs QoQ 16.3%, YoY 16%
Adj. PAT came at Rs. 117.3 Cr vs QoQ Rs. 118.5 Cr, YoY Rs. 130.2 Cr
Quarter EPS is Rs. 8.7
Stock is trading at P/E of 10.8x FY26E EPS
*SBI Cards & Payments Company Ltd.* | *CMP* Rs. 927 | *M Cap* Rs. 88181 Cr | *52 W H/L* 930/649
(Nirmal Bang Retail Research)
*Result is in line with expectations*
NII came at Rs. 1619.9 Cr (14.5% YoY) vs expectation of Rs. 1590 Cr, YoY Rs. 1414.8 Cr, QoQ Rs. 1570.5 Cr
Income from fees and services came at Rs. 2417 Cr vs YoY Rs. 2336 Cr, QoQ Rs. 2367 Cr
Total Revenue came at Rs. 4036 Cr vs YoY Rs. 3751 Cr, QoQ Rs. 3938 Cr
PBP came at Rs. 1963.7 Cr (7.2% YoY) vs expectation of Rs. 1954.4 Cr, YoY Rs. 1832.6 Cr, QoQ Rs. 1830.8 Cr
Provisions came at Rs. 1245 Cr vs YoY Rs. 944 Cr, QoQ Rs. 1313 Cr
Credit Cost came at 9.9% vs YoY 8.5%, QoQ 10.7%
PAT came at Rs. 534.2 Cr (-19.4% YoY) vs expectation of Rs. 554.9 Cr, YoY Rs. 662.4 Cr, QoQ Rs. 383.2 Cr
Advances came at Rs. 55840 Cr vs YoY Rs. 50846 Cr, QoQ Rs. 54773 Cr
Gross NPA came at Rs. 1720 Cr vs QoQ Rs. 1775 Cr at 3.08% vs QoQ 3.24%
Net NPA came at Rs. 815 Cr vs QoQ Rs. 646 Cr at 1.46% vs QoQ 1.18%
No. of Cards in Force (in Crs) came at 2.08 Cr vs YoY 1.89 Cr, QoQ 2.02 Cr
Spend per card in force came at Rs. 42483 vs YoY Rs. 42144 , QoQ Rs. 42620
Quarter EPS is Rs. 5.6
Stock is trading at P/E of 30.6x FY26E EPS
*TechM Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
*## Co continues to exit non-core portfolios and is on track to realise FY27 set goals with EBIT margin target of 15%.*
1. Revenue declined 1.5% QoQ CC largely due to renewal delay in a Hi-tech client.
2. In an uncertain Macro situation, Co saw delay in deal closures, softness in discretionary spend.
3. Telecom Co’s not yet impacted with tariffs; however, capex has been slow due to higher interest rates. Growth in this vertical to come from consolidation rather than volumes.
4. Co continues to diversify in newer verticals like Aerospace and newer geographies like Japan.
5. EBIT margins expanded 40 bps QoQ to 10.5%. Wage hike impact was mitigated by operational efficiencies and forex gain.
6. Pipeline continues to remain strong.
7. Stock is available at a P/E of 18.9x its FY27E EPS.
*Axis Bank Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*# The quarter was subdued, with the bank maintaining a steady focus on deposit growth.*
*#While the credit card portfolio has stabilized, the personal loan book is expected to improve gradually. Management has provided no specific guidance for FY26, stating that strategic actions will be based on evolving market conditions*
*Outlook: Long Term Positive*
• Small businesses, SMEs, and mid-sized corporations collectively grew by 14% YoY and 3% QoQ, accounting for 23% of total bank loans.
• Total deposits increased by 10% YoY, with term deposits rising 14% YoY, current accounts by 6% YoY, and savings accounts by 3% YoY, respectively.
• The bank has initiated targeted measures to enhance engagement with its salaried customers, resulting in an 18% YoY growth in salary uploads within the new salary book by March 25.
EBITDA Margin came at 28.9% vs expectation of 27.7%, QoQ 32%, YoY 26.1%
Adj. PAT came at Rs. 921.7 Cr vs expectation of Rs. 774.1 Cr, QoQ Rs. 944.4 Cr, YoY Rs. 665.5 Cr
Quarter EPS is Rs. 9.2
Stock is trading at P/E of 39.8x FY26E EPS
*Tanla Platforms Ltd.* | *CMP* Rs. 484 | *M Cap* Rs. 6515 Cr | *52 W H/L* 1086/409
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1024.4 Cr (2.4% QoQ, 1.9% YoY) vs QoQ Rs. 1000.4 Cr, YoY Rs. 1005.5 Cr
EBIDTA came at Rs. 163.5 Cr (0% QoQ, 1.9% YoY) vs QoQ Rs. 163.4 Cr, YoY Rs. 160.4 Cr
EBITDA Margin came at 16% vs QoQ 16.3%, YoY 16%
Adj. PAT came at Rs. 117.3 Cr vs QoQ Rs. 118.5 Cr, YoY Rs. 130.2 Cr
Quarter EPS is Rs. 8.7
Stock is trading at P/E of 10.8x FY26E EPS
*SBI Cards & Payments Company Ltd.* | *CMP* Rs. 927 | *M Cap* Rs. 88181 Cr | *52 W H/L* 930/649
(Nirmal Bang Retail Research)
*Result is in line with expectations*
NII came at Rs. 1619.9 Cr (14.5% YoY) vs expectation of Rs. 1590 Cr, YoY Rs. 1414.8 Cr, QoQ Rs. 1570.5 Cr
Income from fees and services came at Rs. 2417 Cr vs YoY Rs. 2336 Cr, QoQ Rs. 2367 Cr
Total Revenue came at Rs. 4036 Cr vs YoY Rs. 3751 Cr, QoQ Rs. 3938 Cr
PBP came at Rs. 1963.7 Cr (7.2% YoY) vs expectation of Rs. 1954.4 Cr, YoY Rs. 1832.6 Cr, QoQ Rs. 1830.8 Cr
Provisions came at Rs. 1245 Cr vs YoY Rs. 944 Cr, QoQ Rs. 1313 Cr
Credit Cost came at 9.9% vs YoY 8.5%, QoQ 10.7%
PAT came at Rs. 534.2 Cr (-19.4% YoY) vs expectation of Rs. 554.9 Cr, YoY Rs. 662.4 Cr, QoQ Rs. 383.2 Cr
Advances came at Rs. 55840 Cr vs YoY Rs. 50846 Cr, QoQ Rs. 54773 Cr
Gross NPA came at Rs. 1720 Cr vs QoQ Rs. 1775 Cr at 3.08% vs QoQ 3.24%
Net NPA came at Rs. 815 Cr vs QoQ Rs. 646 Cr at 1.46% vs QoQ 1.18%
No. of Cards in Force (in Crs) came at 2.08 Cr vs YoY 1.89 Cr, QoQ 2.02 Cr
Spend per card in force came at Rs. 42483 vs YoY Rs. 42144 , QoQ Rs. 42620
Quarter EPS is Rs. 5.6
Stock is trading at P/E of 30.6x FY26E EPS
*TechM Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
*## Co continues to exit non-core portfolios and is on track to realise FY27 set goals with EBIT margin target of 15%.*
1. Revenue declined 1.5% QoQ CC largely due to renewal delay in a Hi-tech client.
2. In an uncertain Macro situation, Co saw delay in deal closures, softness in discretionary spend.
3. Telecom Co’s not yet impacted with tariffs; however, capex has been slow due to higher interest rates. Growth in this vertical to come from consolidation rather than volumes.
4. Co continues to diversify in newer verticals like Aerospace and newer geographies like Japan.
5. EBIT margins expanded 40 bps QoQ to 10.5%. Wage hike impact was mitigated by operational efficiencies and forex gain.
6. Pipeline continues to remain strong.
7. Stock is available at a P/E of 18.9x its FY27E EPS.
*Axis Bank Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*# The quarter was subdued, with the bank maintaining a steady focus on deposit growth.*
*#While the credit card portfolio has stabilized, the personal loan book is expected to improve gradually. Management has provided no specific guidance for FY26, stating that strategic actions will be based on evolving market conditions*
*Outlook: Long Term Positive*
• Small businesses, SMEs, and mid-sized corporations collectively grew by 14% YoY and 3% QoQ, accounting for 23% of total bank loans.
• Total deposits increased by 10% YoY, with term deposits rising 14% YoY, current accounts by 6% YoY, and savings accounts by 3% YoY, respectively.
• The bank has initiated targeted measures to enhance engagement with its salaried customers, resulting in an 18% YoY growth in salary uploads within the new salary book by March 25.