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.
• Axis Bank will execute an aircraft financing deal, providing a long-term US dollar loan to acquire 34 training aircraft.
• The net interest margin stands at 3.97%, reflecting a 4 bps improvement due to enhanced asset quality and improved spreads and interest on income tax refunds.
• 72% of the loan book is secured. Unsecured loans are expected to normalize starting this quarter.
• Management indicated that future actions would depend on market conditions, and no specific guidance was provided for FY 26.
• The credit cards segment is stabilized, and the personal loan segment will start improving in FY26
• They added 500 branches in FY25.
• Enhanced digital features, including in-app OTP; significant growth in digital and technological investments, which account for 9.3% of operating expenses.
Consolidated ROA is at 1.88%, with a consolidated ROE of 17.11%. Subsidies contributed 5 bps to cons. ROA and 30 bps in cons. ROE
*Subsidiary Performance:*
• Axis Finance: PAT came at Rs.676 cr (+ 11% YoY); AUM increased by 22%YoY.
• Axis AMC: PAT came at Rs.501 cr (+ 21% YoY); AUM grew by 17%YoY.
• Axis Securities: PAT came at Rs.419 cr (+ 39% YoY); broking revenues surged by 45%.
• Axis Capital: PAT came at Rs. 161 cr (+7% YoY)
Stock is trading at P/E of 13.3x FY25E EPS & 2.1x trailing P/Adj. BV
*Cyient Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Neutral*
*## Q1 to be subdued amidst Europe seasonality and Macro Uncertainties.*
1. Revenues were down 1.9% QoQ CC affected by Macro environment vis-à-vis impact on margins.
2. Softness started from March and spilled into April; thus Q1 also would be softer.
3. However, Co not seeing any significant challenges; many deals are in ramp up phase.
4. Co has won a large deal in the Green Energy space and currently is in ramping up phase.
5. Deal Pipeline is good; however, decision making is slow.
6. Co is working towards predictable revenues and has deferred from giving guidance temporarily.
7. It is boosting overall leadership team under the new CEO.
8. Stock is available at a PE of 14.7x its FY27 EPS
*L&T Technology Services Ltd. Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
1. Revenues grew 10.5% QoQ CC inclusive of inorganic growth.
2. Co expected higher growth, however was affected by macro environment, delay in ramp ups.
3. 2 of the clients requested for deferment in billing.
4. In Q4, Co has won highest TCV large deal bookings, including one USD 80+ Mn, one USD 50+ Mn, along with a USD 30+ Mn, USD 20+ Mn, and three USD 10+ Mn deals.
5. EBIT margins were impacted by Intelliswift merger and Macro environment headwinds.
6. Co expects FY26 to be a better year than FY25, with a double-digit revenue growth in CC.
7. It has reaffirmed medium-term outlook of USD 2 bn revenue.
8. ER&D Industry to be beneficial amidst technological digital transformation.
9. Q1 to be robust with Co clogging good deals and winning market shares.
10. On Margins, Co is cautiously optimistic. It aspires to reach mid 16% by Q4FY27/Q1FY28.
11. Stock is trading at P/E of 26x FY27E EPS
Trading Tweaks
Price Band changes from no band to 20%: Berger Paints.
Ex-Dividend: Muthoot Finance, Sanofi India.
Ex-Stock Split: Ami Organics From 10 Rs To 5 Rs
List of securities shortlisted in Short-Term ASM Framework Stage 1: Cellecor Gadgets, Waaree Energies.
List of securities to be excluded from ASM Framework: One Point One Solutions.
Dow +487
Nasdaq +458
Dax +103
Nikkei +480
Hangseng +160
Gift Nifty +145(24530)
Dowfut +34
Nasdaqfut +124
Crude Oil 66.82
Dollar Index 99.37
BULK DEAL AS ON 24-04-2025
KINETICENG
+2.46 LK @ 180.9 ANIL LAXMICHAND SHAH
-2.56 LK @ 180.88 RELIANCE CORPORATE ADVISORY SERVICES LIMITED
Nitco Limited
+7 LK @ 131 KAMATH ASSOCIATES
-4.24 LK @ 131 LEADING LIGHT FUND VCC THE TRIUMPH FUND
*News Headlines from Business News Agencies:*
*Business Standard*
• The net interest margin stands at 3.97%, reflecting a 4 bps improvement due to enhanced asset quality and improved spreads and interest on income tax refunds.
• 72% of the loan book is secured. Unsecured loans are expected to normalize starting this quarter.
• Management indicated that future actions would depend on market conditions, and no specific guidance was provided for FY 26.
• The credit cards segment is stabilized, and the personal loan segment will start improving in FY26
• They added 500 branches in FY25.
• Enhanced digital features, including in-app OTP; significant growth in digital and technological investments, which account for 9.3% of operating expenses.
Consolidated ROA is at 1.88%, with a consolidated ROE of 17.11%. Subsidies contributed 5 bps to cons. ROA and 30 bps in cons. ROE
*Subsidiary Performance:*
• Axis Finance: PAT came at Rs.676 cr (+ 11% YoY); AUM increased by 22%YoY.
• Axis AMC: PAT came at Rs.501 cr (+ 21% YoY); AUM grew by 17%YoY.
• Axis Securities: PAT came at Rs.419 cr (+ 39% YoY); broking revenues surged by 45%.
• Axis Capital: PAT came at Rs. 161 cr (+7% YoY)
Stock is trading at P/E of 13.3x FY25E EPS & 2.1x trailing P/Adj. BV
*Cyient Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Neutral*
*## Q1 to be subdued amidst Europe seasonality and Macro Uncertainties.*
1. Revenues were down 1.9% QoQ CC affected by Macro environment vis-à-vis impact on margins.
2. Softness started from March and spilled into April; thus Q1 also would be softer.
3. However, Co not seeing any significant challenges; many deals are in ramp up phase.
4. Co has won a large deal in the Green Energy space and currently is in ramping up phase.
5. Deal Pipeline is good; however, decision making is slow.
6. Co is working towards predictable revenues and has deferred from giving guidance temporarily.
7. It is boosting overall leadership team under the new CEO.
8. Stock is available at a PE of 14.7x its FY27 EPS
*L&T Technology Services Ltd. Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
1. Revenues grew 10.5% QoQ CC inclusive of inorganic growth.
2. Co expected higher growth, however was affected by macro environment, delay in ramp ups.
3. 2 of the clients requested for deferment in billing.
4. In Q4, Co has won highest TCV large deal bookings, including one USD 80+ Mn, one USD 50+ Mn, along with a USD 30+ Mn, USD 20+ Mn, and three USD 10+ Mn deals.
5. EBIT margins were impacted by Intelliswift merger and Macro environment headwinds.
6. Co expects FY26 to be a better year than FY25, with a double-digit revenue growth in CC.
7. It has reaffirmed medium-term outlook of USD 2 bn revenue.
8. ER&D Industry to be beneficial amidst technological digital transformation.
9. Q1 to be robust with Co clogging good deals and winning market shares.
10. On Margins, Co is cautiously optimistic. It aspires to reach mid 16% by Q4FY27/Q1FY28.
11. Stock is trading at P/E of 26x FY27E EPS
Trading Tweaks
Price Band changes from no band to 20%: Berger Paints.
Ex-Dividend: Muthoot Finance, Sanofi India.
Ex-Stock Split: Ami Organics From 10 Rs To 5 Rs
List of securities shortlisted in Short-Term ASM Framework Stage 1: Cellecor Gadgets, Waaree Energies.
List of securities to be excluded from ASM Framework: One Point One Solutions.
Dow +487
Nasdaq +458
Dax +103
Nikkei +480
Hangseng +160
Gift Nifty +145(24530)
Dowfut +34
Nasdaqfut +124
Crude Oil 66.82
Dollar Index 99.37
BULK DEAL AS ON 24-04-2025
KINETICENG
+2.46 LK @ 180.9 ANIL LAXMICHAND SHAH
-2.56 LK @ 180.88 RELIANCE CORPORATE ADVISORY SERVICES LIMITED
Nitco Limited
+7 LK @ 131 KAMATH ASSOCIATES
-4.24 LK @ 131 LEADING LIGHT FUND VCC THE TRIUMPH FUND
*News Headlines from Business News Agencies:*
*Business Standard*
📝 India Inc revenue growth flat in Q4, but margins to widen: Crisil
📝 India confident of achieving steel production target by 2030: Poundrik
📝 Govt support key to growth of India's domestic comics industry, says ICA
📝 Jaypee Infratech to invest Rs 6,000 cr to finish 20,000 homes in 3 years
📝 PepsiCo cuts 2025 profit forecast amid trade tensions and cost pressures
📝 GreenGrahi raises ₹32 cr in a seed funding round led by Avaana Capital
📝 Laurus Labs Q4 results: Net profit rises three-fold to Rs 234 crore
📝 Indian Rupee reverses early losses to end 15 paise stronger at 85.27/$
📝 Devyani to acquire 80.72% stake in Sky Gate Hospitality for ₹419.6 cr
📝 NaBFID plans $2 billion overseas fundraise via loans, bonds in FY25
📝 IndiGo names ex-FAA administrator Michael Whitaker as independent director
📝 GreenLine, Bekaert partner to drive sustainable logistics with LNG trucks
*Economic Times*
📝 Zomato food delivery CEO Rakesh Ranjan still part of leadership team: Eternal
📝 Cisco bags networking gear deal from Vodafone Idea
📝 Tesla doubles down on robotaxi timeline; investors enthused and skeptical
📝 Bhartiya Urban ventures into GCC space with Bhartiya Converge
📝 India likely to export up to 700,000 tons of sugar this season, ISMA member says
📝 Macrotech Developers inks pact for 5-acre joint development in Pune’s Wakad
📝 NSE raises entry bar for SMEs seeking main board migration
📝 India's safeguard steel tariff will help check imports, JSW Steel CEO says
📝 NBFC's credit growth to moderate to 13-15% in FY25 and FY26 from 17% witnessed in last two fiscals: ICRA
📝 Andromeda crosses Rs 1.08 lakh crore in loan disbursals in FY25, eyes Rs 1.20 lakh crore in FY26
📝 First half of FY26 to be better than previous 6 months, gross margin to moderate further: HUL
*Mint*
📝 'India’s FY26 GDP may grow 6.5%; Trump tariffs to have limited impact'
📝 Sebi tweaks framework for ESG Rating Providers using subscriber-pays model
📝 Axis Bank Q4 Results: Profit comes flat; NII grows 6%, NIM declines YoY
📝 Tycoon Palmer Agrees to Iron Ore Mine Expansion by China’s Citic
📝 Adani Energy Solutions Q4 Results: Net profit surges 79% to ₹647.2 crore
📝 Nestle Q4 consolidated net profit at ₹873 crore declines 6.5% year on year
📝 Safety assessment rating for trucks, heavy vehicles on lines of Bharat NCAP soon: Gadkari
📝 Terai gin maker Globus Spirits eyes new categories in craft space
📝 Norway’s $1.7 Trillion Wealth Fund Reports Tech-Driven Loss
📝 Google Blocked Motorola Use of Perplexity AI, Witness Says.
Currency/Bond
Rupee closed 15 paise stronger at 85.27 against US dollar.
The yield on the benchmark 10-year government bond closed flat at 6.32%
Stocks in Ban: NIL
.Stocks To Watch
Power Grid Corp: The company's 85 MW Solar PV Power Plant that is located in Madhya Pradesh is set to start commercial operation.
Container Corp: The company signed an MoU with the Railway Ministry, Petroleum Ministry and GAIL to develop LNG infrastructure at various terminals.
BHEL: The company reported minor fire incident near its Bhopal unit. There is no damage to any machinery,plant or property and no injuries or casualties have been reported in the incident.
PB Fintech: The company is set to make an investment of Rs 539 crore into the unit PB Healthcare Services.
Rites: The company has received a railway order worth Rs 28 crore from Mahanadi Coalfields.
RBL Bank: The bank has approved the re-appointment of Deepak Kumar as Chief Risk Officer for one year from May 1, 2025
📝 India confident of achieving steel production target by 2030: Poundrik
📝 Govt support key to growth of India's domestic comics industry, says ICA
📝 Jaypee Infratech to invest Rs 6,000 cr to finish 20,000 homes in 3 years
📝 PepsiCo cuts 2025 profit forecast amid trade tensions and cost pressures
📝 GreenGrahi raises ₹32 cr in a seed funding round led by Avaana Capital
📝 Laurus Labs Q4 results: Net profit rises three-fold to Rs 234 crore
📝 Indian Rupee reverses early losses to end 15 paise stronger at 85.27/$
📝 Devyani to acquire 80.72% stake in Sky Gate Hospitality for ₹419.6 cr
📝 NaBFID plans $2 billion overseas fundraise via loans, bonds in FY25
📝 IndiGo names ex-FAA administrator Michael Whitaker as independent director
📝 GreenLine, Bekaert partner to drive sustainable logistics with LNG trucks
*Economic Times*
📝 Zomato food delivery CEO Rakesh Ranjan still part of leadership team: Eternal
📝 Cisco bags networking gear deal from Vodafone Idea
📝 Tesla doubles down on robotaxi timeline; investors enthused and skeptical
📝 Bhartiya Urban ventures into GCC space with Bhartiya Converge
📝 India likely to export up to 700,000 tons of sugar this season, ISMA member says
📝 Macrotech Developers inks pact for 5-acre joint development in Pune’s Wakad
📝 NSE raises entry bar for SMEs seeking main board migration
📝 India's safeguard steel tariff will help check imports, JSW Steel CEO says
📝 NBFC's credit growth to moderate to 13-15% in FY25 and FY26 from 17% witnessed in last two fiscals: ICRA
📝 Andromeda crosses Rs 1.08 lakh crore in loan disbursals in FY25, eyes Rs 1.20 lakh crore in FY26
📝 First half of FY26 to be better than previous 6 months, gross margin to moderate further: HUL
*Mint*
📝 'India’s FY26 GDP may grow 6.5%; Trump tariffs to have limited impact'
📝 Sebi tweaks framework for ESG Rating Providers using subscriber-pays model
📝 Axis Bank Q4 Results: Profit comes flat; NII grows 6%, NIM declines YoY
📝 Tycoon Palmer Agrees to Iron Ore Mine Expansion by China’s Citic
📝 Adani Energy Solutions Q4 Results: Net profit surges 79% to ₹647.2 crore
📝 Nestle Q4 consolidated net profit at ₹873 crore declines 6.5% year on year
📝 Safety assessment rating for trucks, heavy vehicles on lines of Bharat NCAP soon: Gadkari
📝 Terai gin maker Globus Spirits eyes new categories in craft space
📝 Norway’s $1.7 Trillion Wealth Fund Reports Tech-Driven Loss
📝 Google Blocked Motorola Use of Perplexity AI, Witness Says.
Currency/Bond
Rupee closed 15 paise stronger at 85.27 against US dollar.
The yield on the benchmark 10-year government bond closed flat at 6.32%
Stocks in Ban: NIL
.Stocks To Watch
Power Grid Corp: The company's 85 MW Solar PV Power Plant that is located in Madhya Pradesh is set to start commercial operation.
Container Corp: The company signed an MoU with the Railway Ministry, Petroleum Ministry and GAIL to develop LNG infrastructure at various terminals.
BHEL: The company reported minor fire incident near its Bhopal unit. There is no damage to any machinery,plant or property and no injuries or casualties have been reported in the incident.
PB Fintech: The company is set to make an investment of Rs 539 crore into the unit PB Healthcare Services.
Rites: The company has received a railway order worth Rs 28 crore from Mahanadi Coalfields.
RBL Bank: The bank has approved the re-appointment of Deepak Kumar as Chief Risk Officer for one year from May 1, 2025
Brokerage Update: -
Jefferies on Axis BK Buy, target price Rs 1450
CLSA on Axis BK O-P, target price Rs 1400
MS on Axis BK OW, target price Rs 1300
Jefferies on Can Fin Homes Buy, target price Rs 900
Jefferies on Laurus Labs U-P target price Rs 480
CLSA on SBI Cards U-P, target price Rs 800
GS on SBI Cards Buy, target price Rs 1006
MS on SBI Cards EW, TP raised to Rs 775
MS on Cyient UW, target price cut to Rs 1050
MS on Tech Mahindra EW, target price Rs 1550
Nomura on Tech Mahindra Buy, target price Rs 1630
CITI on Tech Mahindra Sell, target price Rs 1265
Nomura on SBI Life Buy, target price Rs 1800
Jefferies on SBI Life Buy, target price Rs 2000
InCred on Laurus Labs: Maintain Hold, target price - Rs 640
Antique on Cyient: Buy, target price cut to Rs 1675 vs Rs 1900
Nuvama on L&T Tech Services: Maintain Hold, target price - Rs 4300 vs 4320
MoSL on Persistent Systems: Maintains Buy, target price Rs 6,450
MoSL on Tech Mahindra: Maintains Buy, target price Rs 1,950
Nuvama on Persistent Systems: Buy, target price Rs 6250
MoSL on SBI Life: Reiterates Buy, target price Rs 2,000,
MoSL on Nestle: Reiterates Neutral, target price Rs 2,400
MoSL on HUL: Reiterates Buy, target price Rs 2,850
Nuvama on Nestle: Maintain Buy, target price - Rs 2825 vs 2845
Nuvama on HUL: Buy, target price cut to Rs 3055 vs Rs 3225
Nuvama on Axis Bank maintain Buy with target prices Rs 1,400 to Rs 1,450
Investec on Axis Bank maintain Buy with target prices Rs 1,400 to Rs 1,450
Nomura on Axis Bank maintain Buy with target prices Rs 1,400 to Rs 1,450
Jefferies on Axis BK Buy, target price Rs 1450
CLSA on Axis BK O-P, target price Rs 1400
MS on Axis BK OW, target price Rs 1300
Jefferies on Can Fin Homes Buy, target price Rs 900
Jefferies on Laurus Labs U-P target price Rs 480
CLSA on SBI Cards U-P, target price Rs 800
GS on SBI Cards Buy, target price Rs 1006
MS on SBI Cards EW, TP raised to Rs 775
MS on Cyient UW, target price cut to Rs 1050
MS on Tech Mahindra EW, target price Rs 1550
Nomura on Tech Mahindra Buy, target price Rs 1630
CITI on Tech Mahindra Sell, target price Rs 1265
Nomura on SBI Life Buy, target price Rs 1800
Jefferies on SBI Life Buy, target price Rs 2000
InCred on Laurus Labs: Maintain Hold, target price - Rs 640
Antique on Cyient: Buy, target price cut to Rs 1675 vs Rs 1900
Nuvama on L&T Tech Services: Maintain Hold, target price - Rs 4300 vs 4320
MoSL on Persistent Systems: Maintains Buy, target price Rs 6,450
MoSL on Tech Mahindra: Maintains Buy, target price Rs 1,950
Nuvama on Persistent Systems: Buy, target price Rs 6250
MoSL on SBI Life: Reiterates Buy, target price Rs 2,000,
MoSL on Nestle: Reiterates Neutral, target price Rs 2,400
MoSL on HUL: Reiterates Buy, target price Rs 2,850
Nuvama on Nestle: Maintain Buy, target price - Rs 2825 vs 2845
Nuvama on HUL: Buy, target price cut to Rs 3055 vs Rs 3225
Nuvama on Axis Bank maintain Buy with target prices Rs 1,400 to Rs 1,450
Investec on Axis Bank maintain Buy with target prices Rs 1,400 to Rs 1,450
Nomura on Axis Bank maintain Buy with target prices Rs 1,400 to Rs 1,450
1-2 DAYS CALL 3IINFOLTD EXIT @ 23.9 Visit our website for disclosure. (Nirmal Bang).
1-2 Days Technical Call HINDALCO SL Triggered @ 619. Visit our website for disclosure. (Nirmal Bang).
1-2 DAYS Derivatives Call Buy NIFTY 30APR 23800PE above 133 with SL 100 Target 180(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang).
HINDALCO: CO DELIVERS 10,000 ALUMINIUM BATTERY ENCLOSURES TO MAHINDRA FROM ITS NEW STATE-OF-THE-ART FACILITY IN CHAKAN
HINDALCO: THE FACILITY MARKS CO’S FORAY INTO THE EV COMPONENT SECTOR || CO PLANS TO DOUBLE PRODUCTION CAPACITY TO 160,000 ENCLOSURES PER YEAR
HINDALCO: THE FACILITY MARKS CO’S FORAY INTO THE EV COMPONENT SECTOR || CO PLANS TO DOUBLE PRODUCTION CAPACITY TO 160,000 ENCLOSURES PER YEAR
1-2 DAYS CALL MEDICO SL TRIGGER @ 57 Visit our website for disclosure. (Nirmal Bang).
1-2 Days Technical Call ASIANPAINT SL Triggered @ 2420.Visit our website for disclosure. (Nirmal Bang).
Intraday Derivatives Call Book Partial Profits in NIFTY 23800PE at 150-152, Target 180, Call initiated at 133(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang).
*Chennai Petroleum Corporation Ltd.* | *CMP* Rs. 654 | *M Cap* Rs. 9739 Cr | *52 W H/L* 1275/433
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 20580.6 Cr (59.2% QoQ, 16.1% YoY) vs QoQ Rs. 12925.4 Cr, YoY Rs. 17720.2 Cr
EBIDTA came at Rs. 784.8 Cr (224.4% QoQ, -24.7% YoY) vs QoQ Rs. 241.9 Cr, YoY Rs. 1041.7 Cr
EBITDA Margin came at 3.8% vs QoQ 1.9%, YoY 5.9%
Adj. PAT came at Rs. 450 Cr vs QoQ Rs. 10.5 Cr, YoY Rs. 612.4 Cr
Quarter EPS is Rs. 30.2
Stock is trading at P/E of 9.5x FY26E EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 20580.6 Cr (59.2% QoQ, 16.1% YoY) vs QoQ Rs. 12925.4 Cr, YoY Rs. 17720.2 Cr
EBIDTA came at Rs. 784.8 Cr (224.4% QoQ, -24.7% YoY) vs QoQ Rs. 241.9 Cr, YoY Rs. 1041.7 Cr
EBITDA Margin came at 3.8% vs QoQ 1.9%, YoY 5.9%
Adj. PAT came at Rs. 450 Cr vs QoQ Rs. 10.5 Cr, YoY Rs. 612.4 Cr
Quarter EPS is Rs. 30.2
Stock is trading at P/E of 9.5x FY26E EPS
*Atul Ltd.* | *CMP* Rs. 5204 | *M Cap* Rs. 15320 Cr | *52 W H/L* 8180/4752
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 1451.6 Cr (2.5% QoQ, 19.8% YoY) vs expectation of Rs. 1446.4 Cr, QoQ Rs. 1416.8 Cr, YoY Rs. 1212.2 Cr
EBIDTA came at Rs. 222.9 Cr (-0.5% QoQ, 51.1% YoY) vs expectation of Rs. 229.3 Cr, QoQ Rs. 224.1 Cr, YoY Rs. 147.6 Cr
EBITDA Margin came at 15.4% vs expectation of 15.9%, QoQ 15.8%, YoY 12.2%
Adj. PAT came at Rs. 126.5 Cr vs expectation of Rs. 117.3 Cr, QoQ Rs. 108.7 Cr, YoY Rs. 58.4 Cr
Quarter EPS is Rs. 43
Stock is trading at P/E of 23.7x FY26E EPS
*Maruti Suzuki India Ltd.* | *CMP* Rs. 11814 | *M Cap* Rs. 371435 Cr | *52 W H/L* 13680/10725
(Nirmal Bang Retail Research)
*Result below Expectation*
Revenue from Operations came at Rs. 40673.8 Cr (5.7% QoQ, 6.4% YoY) vs expectation of Rs. 41041.8 Cr, QoQ Rs. 38492.1 Cr, YoY Rs. 38234.9 Cr
EBIDTA came at Rs. 4234.7 Cr (-5.3% QoQ, -9.6% YoY) vs expectation of Rs. 4876.1 Cr, QoQ Rs. 4470.3 Cr, YoY Rs. 4685 Cr
EBITDA Margin came at 10.4% vs expectation of 11.9%, QoQ 11.6%, YoY 12.3%
Adj. PAT came at Rs. 3711.1 Cr vs expectation of Rs. 3644.9 Cr, QoQ Rs. 3525 Cr, YoY Rs. 3877.8 Cr
Quarter EPS is Rs. 118
Stock is trading at P/E of 22.1x FY26E EPS
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 1451.6 Cr (2.5% QoQ, 19.8% YoY) vs expectation of Rs. 1446.4 Cr, QoQ Rs. 1416.8 Cr, YoY Rs. 1212.2 Cr
EBIDTA came at Rs. 222.9 Cr (-0.5% QoQ, 51.1% YoY) vs expectation of Rs. 229.3 Cr, QoQ Rs. 224.1 Cr, YoY Rs. 147.6 Cr
EBITDA Margin came at 15.4% vs expectation of 15.9%, QoQ 15.8%, YoY 12.2%
Adj. PAT came at Rs. 126.5 Cr vs expectation of Rs. 117.3 Cr, QoQ Rs. 108.7 Cr, YoY Rs. 58.4 Cr
Quarter EPS is Rs. 43
Stock is trading at P/E of 23.7x FY26E EPS
*Maruti Suzuki India Ltd.* | *CMP* Rs. 11814 | *M Cap* Rs. 371435 Cr | *52 W H/L* 13680/10725
(Nirmal Bang Retail Research)
*Result below Expectation*
Revenue from Operations came at Rs. 40673.8 Cr (5.7% QoQ, 6.4% YoY) vs expectation of Rs. 41041.8 Cr, QoQ Rs. 38492.1 Cr, YoY Rs. 38234.9 Cr
EBIDTA came at Rs. 4234.7 Cr (-5.3% QoQ, -9.6% YoY) vs expectation of Rs. 4876.1 Cr, QoQ Rs. 4470.3 Cr, YoY Rs. 4685 Cr
EBITDA Margin came at 10.4% vs expectation of 11.9%, QoQ 11.6%, YoY 12.3%
Adj. PAT came at Rs. 3711.1 Cr vs expectation of Rs. 3644.9 Cr, QoQ Rs. 3525 Cr, YoY Rs. 3877.8 Cr
Quarter EPS is Rs. 118
Stock is trading at P/E of 22.1x FY26E EPS
*Dr. Lal Pathlabs Ltd.* | *CMP* Rs. 2811 | *M Cap* Rs. 23499 Cr | *52 W H/L* 3654/2166
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 602.6 Cr (1% QoQ, 10.5% YoY) vs expectation of Rs. 604 Cr, QoQ Rs. 596.7 Cr, YoY Rs. 545.4 Cr
EBIDTA came at Rs. 169 Cr (9.7% QoQ, 16.8% YoY) vs expectation of Rs. 158.3 Cr, QoQ Rs. 154 Cr, YoY Rs. 144.7 Cr
EBITDA Margin came at 28% vs expectation of 26.2%, QoQ 25.8%, YoY 26.5%
Adj. PAT came at Rs. 154.8 Cr vs expectation of Rs. 100.6 Cr, QoQ Rs. 96.7 Cr, YoY Rs. 84.5 Cr
Higher PAT is on account of write back of Tax
Quarter EPS is Rs. 18.5
Stock is trading at P/E of 46.9x FY26E EPS
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 602.6 Cr (1% QoQ, 10.5% YoY) vs expectation of Rs. 604 Cr, QoQ Rs. 596.7 Cr, YoY Rs. 545.4 Cr
EBIDTA came at Rs. 169 Cr (9.7% QoQ, 16.8% YoY) vs expectation of Rs. 158.3 Cr, QoQ Rs. 154 Cr, YoY Rs. 144.7 Cr
EBITDA Margin came at 28% vs expectation of 26.2%, QoQ 25.8%, YoY 26.5%
Adj. PAT came at Rs. 154.8 Cr vs expectation of Rs. 100.6 Cr, QoQ Rs. 96.7 Cr, YoY Rs. 84.5 Cr
Higher PAT is on account of write back of Tax
Quarter EPS is Rs. 18.5
Stock is trading at P/E of 46.9x FY26E EPS
*Hindustan Zinc Ltd.* | *CMP* Rs. 452 | *M Cap* Rs. 193097 Cr | *52 W H/L* 808/344
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 9087 Cr (5.5% QoQ, 20.4% YoY) vs expectation of Rs. 8654.5 Cr, QoQ Rs. 8614 Cr, YoY Rs. 7549 Cr
EBIDTA came at Rs. 4820 Cr (7.1% QoQ, 32.1% YoY) vs expectation of Rs. 4649.3 Cr, QoQ Rs. 4499 Cr, YoY Rs. 3649 Cr
EBITDA Margin came at 53% vs expectation of 53.7%, QoQ 52.2%, YoY 48.3%
Adj. PAT came at Rs. 3003 Cr vs expectation of Rs. 2669.7 Cr, QoQ Rs. 2678 Cr, YoY Rs. 2038 Cr
Quarter EPS is Rs. 7.1
Stock is trading at P/E of 16.6x FY26E EPS
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 9087 Cr (5.5% QoQ, 20.4% YoY) vs expectation of Rs. 8654.5 Cr, QoQ Rs. 8614 Cr, YoY Rs. 7549 Cr
EBIDTA came at Rs. 4820 Cr (7.1% QoQ, 32.1% YoY) vs expectation of Rs. 4649.3 Cr, QoQ Rs. 4499 Cr, YoY Rs. 3649 Cr
EBITDA Margin came at 53% vs expectation of 53.7%, QoQ 52.2%, YoY 48.3%
Adj. PAT came at Rs. 3003 Cr vs expectation of Rs. 2669.7 Cr, QoQ Rs. 2678 Cr, YoY Rs. 2038 Cr
Quarter EPS is Rs. 7.1
Stock is trading at P/E of 16.6x FY26E EPS
*Bank of Maharashtra Ltd.* | *CMP* Rs. 50 | *M Cap* Rs. 38765 Cr | *52 W H/L* 74/38
(Nirmal Bang Retail Research)
*Result has improved*
Advances came at Rs. 236084 Cr vs YoY Rs. 200240 Cr, QoQ Rs. 224961 Cr
Net Interest Income came at Rs. 3116 Cr vs YoY Rs. 2584 Cr, (20.6% YoY ) QoQ Rs. 2943 Cr
Non Interest Income came at Rs. 981 Cr vs YoY Rs. 1022 Cr, QoQ Rs. 788 Cr
PBP came at Rs. 2520 Cr vs YoY Rs. 2210 Cr,(14% YoY),QoQ Rs. 2303 Cr
Provisions came at Rs. 983 Cr vs YoY Rs. 942 Cr, QoQ Rs. 841 Cr
Adj. PAT came at Rs. 1493 Cr vs YoY Rs. 1218 Cr (22.6% YoY), QoQ Rs. 1406 Cr
Gross NPA came at Rs. 4185 Cr vs QoQ Rs. 4124 Cr at 1.74% vs QoQ 1.8%
Net NPA came at Rs. 432 Cr vs QoQ Rs. 443 Cr at 0.18% vs QoQ 0.2%
ROA came at 1.8% vs QoQ 1.8% & YoY 1.7%
Quarter EPS is Rs. 2
Stock is trading at 1.4x trailing P/Adj. BV
(Nirmal Bang Retail Research)
*Result has improved*
Advances came at Rs. 236084 Cr vs YoY Rs. 200240 Cr, QoQ Rs. 224961 Cr
Net Interest Income came at Rs. 3116 Cr vs YoY Rs. 2584 Cr, (20.6% YoY ) QoQ Rs. 2943 Cr
Non Interest Income came at Rs. 981 Cr vs YoY Rs. 1022 Cr, QoQ Rs. 788 Cr
PBP came at Rs. 2520 Cr vs YoY Rs. 2210 Cr,(14% YoY),QoQ Rs. 2303 Cr
Provisions came at Rs. 983 Cr vs YoY Rs. 942 Cr, QoQ Rs. 841 Cr
Adj. PAT came at Rs. 1493 Cr vs YoY Rs. 1218 Cr (22.6% YoY), QoQ Rs. 1406 Cr
Gross NPA came at Rs. 4185 Cr vs QoQ Rs. 4124 Cr at 1.74% vs QoQ 1.8%
Net NPA came at Rs. 432 Cr vs QoQ Rs. 443 Cr at 0.18% vs QoQ 0.2%
ROA came at 1.8% vs QoQ 1.8% & YoY 1.7%
Quarter EPS is Rs. 2
Stock is trading at 1.4x trailing P/Adj. BV
*Motilal Oswal Financial Services Ltd. -C* | *CMP* Rs. 704 | *M Cap* Rs. 42162 Cr | *52 W H/L* 1064/475
(Nirmal Bang Retail Research)
*Result is declining*
_Segmental Revenue_
Broking & Wealth came at Rs. 1107 Cr vs YoY Rs. 1173 Cr, QoQ Rs. 1136 Cr
Fund based activity came at Rs. -538 Cr vs YoY Rs. 406 Cr, QoQ Rs. 177 Cr
Asset management came at Rs. 684 Cr vs YoY Rs. 644 Cr, QoQ Rs. 756 Cr
Home Finance came at Rs. 179 Cr vs YoY Rs. 156 Cr, QoQ Rs. 163 Cr
_Segmental Results_
Broking & Wealth came at Rs. 340 Cr vs YoY Rs. 341 Cr, QoQ Rs. 335 Cr
Fund based activity came at Rs. -698 Cr vs YoY Rs. 286 Cr, QoQ Rs. 39 Cr
Asset management came at Rs. 277 Cr vs YoY Rs. 258 Cr, QoQ Rs. 312 Cr
Home Finance came at Rs. 46 Cr vs YoY Rs. 42 Cr, QoQ Rs. 48 Cr
PBT came at Rs. -27 Cr vs YoY Rs. 930 Cr, QoQ Rs. 741 Cr
PBT came at Rs. -26.7 Cr vs YoY Rs. 929.7 Cr (-103.6% YoY) QoQ Rs. 740.7 Cr
PAT (After MI) came at Rs. -64.8 Cr vs YoY Rs. 723.1 Cr (-111.5% YoY) QoQ Rs. 564.5 Cr
Quarter EPS is Rs. -1.1
Stock is trading at P/E of 12.8x FY26E EPS & 3.8x trailing P/BV
(Nirmal Bang Retail Research)
*Result is declining*
_Segmental Revenue_
Broking & Wealth came at Rs. 1107 Cr vs YoY Rs. 1173 Cr, QoQ Rs. 1136 Cr
Fund based activity came at Rs. -538 Cr vs YoY Rs. 406 Cr, QoQ Rs. 177 Cr
Asset management came at Rs. 684 Cr vs YoY Rs. 644 Cr, QoQ Rs. 756 Cr
Home Finance came at Rs. 179 Cr vs YoY Rs. 156 Cr, QoQ Rs. 163 Cr
_Segmental Results_
Broking & Wealth came at Rs. 340 Cr vs YoY Rs. 341 Cr, QoQ Rs. 335 Cr
Fund based activity came at Rs. -698 Cr vs YoY Rs. 286 Cr, QoQ Rs. 39 Cr
Asset management came at Rs. 277 Cr vs YoY Rs. 258 Cr, QoQ Rs. 312 Cr
Home Finance came at Rs. 46 Cr vs YoY Rs. 42 Cr, QoQ Rs. 48 Cr
PBT came at Rs. -27 Cr vs YoY Rs. 930 Cr, QoQ Rs. 741 Cr
PBT came at Rs. -26.7 Cr vs YoY Rs. 929.7 Cr (-103.6% YoY) QoQ Rs. 740.7 Cr
PAT (After MI) came at Rs. -64.8 Cr vs YoY Rs. 723.1 Cr (-111.5% YoY) QoQ Rs. 564.5 Cr
Quarter EPS is Rs. -1.1
Stock is trading at P/E of 12.8x FY26E EPS & 3.8x trailing P/BV
*Cholamandalam Investment & Finance Company Ltd. -S* | *CMP* Rs. 1525 | *M Cap* Rs. 128240 Cr | *52 W H/L* 1682/1146
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NII came at Rs. 3055.7 Cr (29.8% YoY) vs expectation of Rs. 3185.9 Cr, YoY Rs. 2354.8 Cr, QoQ Rs. 2886.9 Cr
PBP came at Rs. 2331.5 Cr (43.2% YoY) vs expectation of Rs. 2166.9 Cr, YoY Rs. 1627.8 Cr, QoQ Rs. 2127.6 Cr
Provision came at Rs. 625 Cr vs expectation of Rs. 560 Cr, YoY Rs. 191 Cr, QoQ Rs. 664 Cr
Credit Cost came at 1.4% vs QoQ 1.5% & YoY 0.5%
PAT came at Rs. 1266.7 Cr (19.7% YoY) vs expectation of Rs. 1211 Cr, YoY Rs. 1058.1 Cr, QoQ Rs. 1086.5 Cr
AUM came at Rs. 184746 Cr vs YoY Rs. 145572 Cr, QoQ Rs. 174567 Cr
Disbursement came at Rs. 26417 Cr vs YoY Rs. 24784 Cr, QoQ Rs. 25806 Cr
Gross NPA (%) came at 3.97% vs QoQ 4%
Net NPA (%) came at 2.63% vs QoQ 2.66%
Quarter EPS is Rs. 15.1
Stock is trading at P/E of 24x FY26E EPS & 5.4x trailing P/BV
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NII came at Rs. 3055.7 Cr (29.8% YoY) vs expectation of Rs. 3185.9 Cr, YoY Rs. 2354.8 Cr, QoQ Rs. 2886.9 Cr
PBP came at Rs. 2331.5 Cr (43.2% YoY) vs expectation of Rs. 2166.9 Cr, YoY Rs. 1627.8 Cr, QoQ Rs. 2127.6 Cr
Provision came at Rs. 625 Cr vs expectation of Rs. 560 Cr, YoY Rs. 191 Cr, QoQ Rs. 664 Cr
Credit Cost came at 1.4% vs QoQ 1.5% & YoY 0.5%
PAT came at Rs. 1266.7 Cr (19.7% YoY) vs expectation of Rs. 1211 Cr, YoY Rs. 1058.1 Cr, QoQ Rs. 1086.5 Cr
AUM came at Rs. 184746 Cr vs YoY Rs. 145572 Cr, QoQ Rs. 174567 Cr
Disbursement came at Rs. 26417 Cr vs YoY Rs. 24784 Cr, QoQ Rs. 25806 Cr
Gross NPA (%) came at 3.97% vs QoQ 4%
Net NPA (%) came at 2.63% vs QoQ 2.66%
Quarter EPS is Rs. 15.1
Stock is trading at P/E of 24x FY26E EPS & 5.4x trailing P/BV