*Poonawalla Fincorp Ltd. -SA* | *CMP* Rs. 381 | *M Cap* Rs. 29666 Cr | *52 W H/L* 509/267
(Nirmal Bang Retail Research)

*Result is below expectations*
NII came at Rs. 707.9 Cr (11.7% YoY) vs expectation of Rs. 651.4 Cr, YoY Rs. 633.9 Cr, QoQ Rs. 672 Cr
PBP came at Rs. 238.4 Cr (-41.8% YoY) vs expectation of Rs. 398.8 Cr, YoY Rs. 409.4 Cr, QoQ Rs. 373.1 Cr
Provision came at Rs. 158 Cr vs YoY Rs. 24 Cr, QoQ Rs. 348 Cr
PAT (After MI) came at Rs. 62.3 Cr (-81.2% YoY) vs expectation of Rs. 138.4 Cr, YoY Rs. 331.4 Cr, QoQ Rs. 18.7 Cr
Gross NPA (%) came at 1.84% vs QoQ 1.85%
Net NPA (%) came at 0.85% vs QoQ 0.81%
Quarter EPS is Rs. 0.8
Stock is trading at P/E of 32.2x FY26E EPS & 3.6x trailing P/BV

Captain Technocast Ltd
Bonus issue 1:1
Ex-date : 29 Apr 2025

Max India Ltd
Right Issue of Equity Shares
Ex-date : 29 Apr 2025

Bannari Amman Spinning Mills Ltd
Right Issue of Equity Shares
Ex-date : 30 Apr 2025

Alan Scott Industries Ltd
Right Issue of Equity Shares
Ex-date : 02 May 2025

Info Edge (India) Ltd
Stock Split From Rs.10/- to Rs.2/-
Ex-date : 07 May 2025

Rajasthan Tube Manufacturing Company Ltd
Stock Split From Rs.10/- to Rs.1/-
Ex-date : 08 May 2025

Shantai Industries Ltd
Stock Split From Rs.10/- to Rs.2/-
Ex-date : 09 May 2025

Unison Metals Ltd
Right Issue of Equity Shares
Ex-date : 16 May 2025

DIXON TECH: CO WILL FORAY INTO THE ELECTRONICS COMPONENT MANUFACTURING SPACE AND USE THEM FOR CAPTIVE REQUIREMENTS BEFORE LOOKING AT EXPORTS - PTI


BULK DEAL AS ON 25-04-2025

E2E Networks Limited
+1.22 LK @ 2122.42 LARSEN & TOUBRO LIMITED

Vodafone Idea Limited
+59.86 CRORE @ 7.65 GOLDMAN SACHS (SINGAPORE) PTE - ODI
-102.70 CRORE @ 7.65 NOKIA SOLUTIONS AND NETWORKS INDIA PRIVATE LIMITED

Ind-Swift Labs Ltd.
-3 LK @ 81.43 WILSON HOLDINGS PRIVATE LIMITED

IRISDOREME
+4.20 LK @ 45 SAHARSH VINCOM PRIVATE LIMITED

Manaksia Steels Ltd
+4.15 LK @ 71.51 SHREE BAHUBALI STOCK BROKING LIMITED

*News Headlines from Business News Agencies :*
*Business Standard :*

📝 Microfinance provisionspeaked in Q4, says IDFC First Bank MD and CEO
📝 Drugmakers Glenmark Pharma, Cipla plan to step up US manufacturing
📝 Policy allowing captiveport berths to PSUs by nomination likely soon
📝 RIL to invest Rs 1.5 trillion in new energy, petrochemical expansion
📝 Stronger judicial datagrid can boost investments, says CII report
📝 ITC presses the pedal on acquisitions to build a future-ready portfolio
📝 Glenmark's research arm will be self-funded soon, says Glenn Saldanha
📝 Uttarakhand to strengthen startups, sets up venture fund of Rs 200 crore
📝 Electric bus supply to Mumbai's BEST lags with only 536 delivered in 3 yrs
📝 Axis Bank plans to raise Rs 20,000 cr through stake sale, debt issuance
📝 Shift in product mix will continue in FY26: SBI Life Insurance MD & CEO
*Economic Times :*

📝 Nissan cuts non-coreoperations to manage costs
📝 Dixon to manufacture electronic components; Tata Electronics may invest Rs 2,000 cr under ECMS
📝 Odisha may produce over1/3rd of steel in India by FY31: CM Mohan Charan Majhi
📝 NITI Aayog reviews role of central, state electricity regulators
📝 Govt may skip clearance process of IWT for 5 key J&K hydroelectric projects
📝 Tesla strengthens India presence with new office near Mumbai’s BKC
📝 After Bharti Airtel's demand experts call for checks in equity conversion of statutory dues
📝 Strategy to deal with tariffs is flexibility: Oliver Wyman's Pedro Oliveira
📝 Canara Bank to mobilise around Rs 500 crore via Canara Robeco IPO
📝 ADB pledges $5 billion for India's growth
📝 KPG Spices targets Rs 100 cr revenue in 2025-26 on network, product expansion
*Mint :*

📝 Accounting lapses inderivatives portfolio to cost IndusInd Bank ₹1,960 crore in FY25
📝 RBI predicts Indian economy to grow at 6.5%, Malhotra calls to invest
📝 IndusInd Bank board tore-align top management roles after ₹1,959.98 cr impact
📝 Saudi Arabia and Qatar to pay back Syrias debt to the World Bank
📝 Goyal criticises attempts to secure pharma patents through minor innovations
📝 Sebi partners with DigiLocker to protect nominee interest after investor's death
📝 Fortum exits India renewables market with sale to I Squared's Hexa Climate
📝 Macrotech Developers to invest ₹8,000 crore to buy land in Mumbai, Bengaluru
📝 Artificial Intelligence is about skill transformation, not job loss: TCS Global AI Head
📝 Finmin targets to introduce Insurance Amendment Bill in Parliament during monsoon session
Money Market Update
The rupee closed 18 paise weaker at 85.45 against the US dollar.

The yield on the benchmark 10-year government bond ended four bps higher at 6.36%
Securities in ban period: Nil
Trading Tweaks
Price Band changes from 10 to 5%: Nagreeka Capital and Infra.
Ex-Dividend: HCLTech.
Ex-Rights Issue: Lloyds Engineering Works.
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.
Stocks To Watch
Dixon Technologies: Arm IsmartU India to acquire KHY Electronics for Rs 121 crore.
GAIL: Signs MoU with CONCOR to explore LNG adoption as alternative fuel.
Axis Bank: Rajiv Anand to retire as Deputy MD after completion of third term.
Aditya Birla Sun Life: Plans to raise Rs 950 crore through bonds and shares.
Apollo Tyres: Netherlands-based arm to shut Enschede plant operations by summer 2026.
Mahindra & Mahindra: To acquire SML Isuzu for Rs 555 crore; to buy 43.96% stake from Sumitomo Corp. and 15% from Isuzu Motors; to make open offer for 26% at Rs 650 per share.
Aurobindo Pharma: Arm CuraTeQ Biologics gets positive opinion from EMA’s CHMP for trastuzumab biosimilar Dazublys® for HER2-positive breast cancer treatment.
Zydus Lifesciences: USFDA issues six observations after Gujarat API unit inspection; none related to data integrity.
Biocon: Arm Biocon Biologics receives positive EMA CHMP opinions recommending approval of denosumab biosimilars Vevzuo® and Denosumab BBL.
Harsha Engineers: Signs letter of intent with multinational company for supply of stamping products worth Rs 18 crore.
Alembic Pharmaceuticals: Commissions new formulations manufacturing facility in Madhya Pradesh.
Eicher Motors: Launches 2025 Hunter 350; price range Rs 1,49,900 to Rs 1,81,750.
RailTel Corporation: Receives Rs 90.08 crore order from Institute of Road Transport.
Avenue Supermarts: Opens new store in Karnataka; total store count at 417.
Ramkrishna Forgings: Audit committee approves appointment of external agencies to study inventory discrepancy.
Sundaram Finance Holdings:
Completes acquisition of 24.16% stake in Axles India for Rs 183 crore; Axles India becomes subsidiary.
Indian Overseas Bank: Board to meet on May 2 to consider capital raising plan for FY26.
Medplus Health Services: Arm Optival Health Solutions receives drug licence suspension order for Maharashtra store; potential revenue loss Rs 1.05 lakh.
Balrampur Chini Mills: Receives Rs 35 crore assessment order from Income Tax Department.
IndusInd Bank: Independent report identifies Rs 1,960 crore adverse P&L impact due to accounting discrepancies in internal derivative trades; to reflect impact in FY25 financials.
NRB Bearings: Board approves Rs 600 crore capacity expansion to support orders from BMW, Stellantis, and Renault for next-generation vehicle platforms.
Dow +20
Nasdaq +217
Dax +178
Nikkei +305
Hangseng +32
Gift Nifty +109(24229)
Dowfut -159
Nasdaqfut -128
Crude Oil 65.89
Dollar Index 99.46

Ramkrishna Forging has said that while physical verification of inventory they found discrepancies of around 4-5% of net worth (around Rs.100cr). This will be provided in the result.

Short term Negative

*Hindustan Zinc Ltd Q4 & FY25 Earnings Call Highlights*
*Outlook- Neutral*

- The company achieved its highest-ever mined and refined metal production in FY25, reinforcing its position as the world’s largest integrated zinc producer.
- Mined metal production for Q4 was 310,000 tonnes, the highest ever for a fourth quarter since the transition to underground mining, up 17% quarter-on-quarter.
- Refined metal production rose 4% QoQ, and silver output increased 10% QoQ.
- They crossed 13 million tonnes of metal reserves for the first time since moving underground, tripling reserves compared to FY20. Total reserves and resources now stand at 453.2 million tonnes, supporting a mine life of over 25 years.

- Zinc and silver prices rose 16% and 29% respectively over the year, driven by persistent supply deficits, with the deficit expected to continue into 2025.
- Zinc cost of production hit a 16-quarter low at $994/tonne in Q4 and a four-year low of $1,052/tonne for the full year.
- Mined Metal Production is expected at 1,125,000 tonnes (1.125 million tonnes) ±10,000 tonnes.
- Refined Metal Production is targeted at 1.1 million tonnes ±10,000 tonnes.
- Refined silver is projected in the range of 700 to 710 tonnes.
- The 160,000 tonnes per annum Roaster project is set for commissioning by mid-Q1 FY26.
- New technology to recover an additional 27 tonnes/year of silver and 6,000 tonnes/year of lead from smelter waste is scheduled for commissioning in Q4 FY26.
- The company has announced a $2.5 billion investment plan to double annual production capacity to 2 million tonnes over the next five years, with expansion work starting in Q1 FY26.
- Silver output is also expected to rise, with forecasts of up to 800 tonnes by FY27 as new technologies and capacity come online.
- Operating leverage, power cost savings, and higher production are expected to drive profit after tax to ₹11,402 crore by FY27.
- While global zinc prices have been volatile due to tariff uncertainties, they expect prices to average $2,800–2,900 per tonne in FY26.
- The company captured a 77% share of the domestic primary zinc market, its highest ever.
- Nearly 100% of silver and 70% of zinc sales in India were conducted via the Vedanta Metal Bazaar e-auction platform, improving transparency and market-linked pricing.
- The company delivered a total shareholder return of 68% in FY25, significantly outperforming the Nifty 50 (13x) and Nifty Metal Index (7x), ranking among the top three companies in the Nifty Metal Index by market cap.
- Stock is trading at FY26 EV/EBITDA of 9.89x

*RBL Bank Ltd.* | *CMP* Rs. 188 | *M Cap* Rs. 11416 Cr | *52 W H/L* 272/146
(Nirmal Bang Retail Research)

*Result is inline with expectations*
Advances came at Rs. 92618 Cr (10% YoY, 2.4% QoQ)
Net Interest Income came at Rs. 1563 Cr (-2.3% YoY) vs expectation of Rs. 1610 Cr, YoY Rs. 1600 Cr, QoQ Rs. 1585 Cr
NIM came at 4.89% vs QoQ 4.9%
Non Interest Income came at Rs. 1000 Cr vs expectation of Rs. 960 Cr, YoY Rs. 875 Cr, QoQ Rs. 1073 Cr
PBP came at Rs. 861 Cr (-2.9% YoY) vs expectation of Rs. 905 Cr, YoY Rs. 887 Cr, QoQ Rs. 997 Cr
Provisions came at Rs. 785 Cr vs expectation of Rs. 840 Cr, YoY Rs. 414 Cr, QoQ Rs. 1189 Cr
Credit Cost came at 3.6% vs YoY 2.1%, QoQ 5.6%
Adj. PAT came at Rs. 69 Cr (-80.5% YoY) vs expectation of Rs. 106 Cr, YoY Rs. 353 Cr, QoQ Rs. 33 Cr
Gross NPA came at Rs. 2465 Cr vs QoQ Rs. 2701 Cr at 2.6% vs QoQ 2.92%
Net NPA came at Rs. 271 Cr vs QoQ Rs. 482 Cr at 0.29% vs QoQ 0.53%
ROA came at 0.2% vs QoQ 0.1% & YoY 1.1%
Slippages came at Rs. 1058 Cr vs QoQ Rs. 1309 Cr with slippage ratio of 4.57% vs QoQ 5.79%
Net Restructured Book came at 0.29% vs QoQ 0.32%
Quarter EPS is Rs. 1.1
Stock is trading at P/E of 8.9x FY25E EPS & 0.8x trailing P/Adj. BV

*DCB Bank Ltd.* | *CMP* Rs. 127 | *M Cap* Rs. 3993 Cr | *52 W H/L* 145/101
(Nirmal Bang Retail Research)

*Result is ahead of expectations*
Advances came at Rs. 51047 Cr (25% YoY, 6.8% QoQ)
Net Interest Income came at Rs. 558 Cr (9.9% YoY) vs expectation of Rs. 571 Cr, YoY Rs. 507 Cr, QoQ Rs. 543 Cr
NIM came at 3.29% vs QoQ 3.3%
Non Interest Income came at Rs. 219 Cr vs expectation of Rs. 194 Cr, YoY Rs. 136 Cr, QoQ Rs. 184 Cr
PBP came at Rs. 305 Cr (30.7% YoY) vs expectation of Rs. 262 Cr, YoY Rs. 234 Cr, QoQ Rs. 271 Cr
Provisions came at Rs. 67 Cr vs expectation of Rs. 71 Cr, YoY Rs. 24 Cr, QoQ Rs. 67 Cr
Credit Cost came at 0.5% vs YoY 0.2%, QoQ 0.6%
Adj. PAT came at Rs. 177 Cr (13.7% YoY) vs expectation of Rs. 148 Cr, YoY Rs. 156 Cr, QoQ Rs. 151 Cr
Gross NPA came at Rs. 1554 Cr vs QoQ Rs. 1517 Cr at 2.99% vs QoQ 3.11%
Net NPA came at Rs. 572 Cr vs QoQ Rs. 562 Cr at 1.12% vs QoQ 1.18%
Slippages came at Rs. 366 Cr vs QoQ Rs. 396 Cr with slippage ratio of 2.87% vs QoQ 3.32%
O/s Restructured book stood at Rs. 945 Cr vs QoQ Rs. 998 Cr at 1.85% vs QoQ 2.09%
ROA came at 1% vs QoQ 0.9% & YoY 1%
Quarter EPS is Rs. 6
Stock is trading at P/E of 5.7x FY25E EPS & 0.8x trailing P/Adj. BV

*Reliance Industries Ltd.* | *CMP* Rs. 1300 | *M Cap* Rs. 1759208 Cr | *52 W H/L* 1609/1115
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 261388 Cr (8.9% QoQ, 10.5% YoY) vs expectation of Rs. 243414.1 Cr, QoQ Rs. 239986 Cr, YoY Rs. 236533 Cr
EBIDTA came at Rs. 43832 Cr (0.1% QoQ, 3.1% YoY) vs expectation of Rs. 43075.8 Cr, QoQ Rs. 43789 Cr, YoY Rs. 42516 Cr
EBITDA Margin came at 16.8% vs expectation of 17.7%, QoQ 18.2%, YoY 18%
Adj. PAT came at Rs. 19407 Cr vs expectation of Rs. 18150.4 Cr, QoQ Rs. 18540 Cr, YoY Rs. 18951 Cr
Quarter EPS is Rs. 14.3
Stock is trading at P/E of 21.5x FY26E EPS

*Jio*
Jio Reported ARPU of Rs.206.20 VS Exp of Rs.207 QoQ 203.3 YoY Rs.181.7
Subscriber increased by 01.3% QoQ and increased by 1.3% YoY to 488.2mn
Revenue came at Rs.33986cr up 2.8% QoQ and 17.7% YoY
EBITDA came at Rs.17016cr QoQ up 2.6% yoy up 18.5%
*Retail*
Retail Revenue came at Rs.78622cr grew 16.3% yoy and grew -1.2% QoQ
Retail EBITDA came at Rs.6510cr vs QoQ 6632cr YoY Rs.5680cr
EBITDA margin came at 8.3% vs QoQ 8.3% YoY 8.4%
Area under operation came at 77.4 mnsqft decrease by -2.1% yoy and flat by 0% QoQ
*O2C*
O2C Revenue increase by 10% QoQ and increased by 15.4% YoY to Rs.164613cr,
O2C EBITDA came at Rs.15080 cr vs QoQ 14402cr YoY Rs.16777cr
EBITDA margin came at 9.2% vs QoQ 9.6% YoY 11.8%
*Oil & Gas*
Revenue Came at Rs.6440cr +1.1% QoQ and -0.4% YoY
EBITDA margin came at 79.5% vs QoQ 87.4% YoY 86.7%
Production came at 66.4bcf vs QoQ 71.2bcf yoy 73.5bcf

*Zensar Technologies Ltd* | *CMP* Rs. 702 | *M Cap* Rs. 15633 Cr | *52 W H/L* 985/531
(Nirmal Bang Retail Research)
Rev CC QoQ growth came at 0.9% vs expectation of -0.1 %, QoQ -3.2%, YoY 1.9%
Dollar revenue came at 156.8 vs expectation of 157, QoQ 157, YoY 147.8%
*Result is marginally above expectation.*
Net sales came at $ 1358.9 Cr,(2.5% QoQ, 10.5% YoY) vs expectation of $ 1352.5 Cr, QoQ $ 1325.6 Mn, YoY $ 1229.7 Cr
EBIT came at Rs. 188.7 Cr (2.9% QoQ, 5.2% YoY) vs expectation of Rs. 185.2 Cr, QoQ Rs. 183.3 Cr, YoY Rs. 179.3 Cr
EBIT Margin % came at 13.9% vs expectation of 13.7%, QoQ 13.8%, YoY 14.6%
PAT came at 176.4 Cr vs expectation of 162.6 cr, QoQ 159.8 Cr, YoY 173.3 Cr
Quarter EPS is Rs. 0
Stock is trading at P/E of 19.2x EPS of FY27

*Mahindra Holidays & Resorts India Ltd.* | *CMP* Rs. 301 | *M Cap* Rs. 6081 Cr | *52 W H/L* 505/241
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 778.8 Cr (14.8% QoQ, -2.7% YoY) vs QoQ Rs. 678.4 Cr, YoY Rs. 800.2 Cr
EBIDTA came at Rs. 204.4 Cr (40.3% QoQ, 8.8% YoY) vs QoQ Rs. 145.7 Cr, YoY Rs. 187.8 Cr
EBITDA Margin came at 26.2% vs QoQ 21.5%, YoY 23.5%
Adj. PAT came at Rs. 73.1 Cr vs QoQ Rs. 34.8 Cr, YoY Rs. 82.4 Cr
Quarter EPS is Rs. 3.6
Stock is trading at P/E of 47.7x TTM EPS

*Oracle Financial Services Software Ltd.* | *CMP* Rs. 8608 | *M Cap* Rs. 74772 Cr | *52 W H/L* 13220/7023
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1716.3 Cr (0.1% QoQ, 4.5% YoY) vs QoQ Rs. 1715.2 Cr, YoY Rs. 1642.4 Cr
EBIDTA came at Rs. 764.7 Cr (7.1% QoQ, 4.1% YoY) vs QoQ Rs. 713.9 Cr, YoY Rs. 734.3 Cr
EBITDA Margin came at 44.6% vs QoQ 41.6%, YoY 44.7%
Adj. PAT came at Rs. 643.9 Cr vs QoQ Rs. 541.3 Cr, YoY Rs. 560.1 Cr
Quarter EPS is Rs. 74.1
Stock is trading at P/E of 31.4x TTM EPS

*IDFC First Bank Ltd.* | *CMP* Rs. 66 | *M Cap* Rs. 48433 Cr | *52 W H/L* 86/52
(Nirmal Bang Retail Research)

*Result is broadly in line with expectations*
Advances came at Rs. 238070 Cr (20% YoY, 4.8% QoQ)
Net Interest Income came at Rs. 4907 Cr (9.8% YoY) vs expectation of Rs. 5060 Cr, YoY Rs. 4469 Cr, QoQ Rs. 4902 Cr
NIM came at Rs. 5.95% vs QoQ 6.04%
Non Interest Income came at Rs. 1895 Cr vs expectation of Rs. 1750 Cr, YoY Rs. 1642 Cr, QoQ Rs. 1780 Cr
PBP came at Rs. 1812 Cr (8.9% YoY) vs expectation of Rs. 1892 Cr, YoY Rs. 1664 Cr, QoQ Rs. 1759 Cr
Provisions came at Rs. 1450 Cr vs expectation of Rs. 1450 Cr, YoY Rs. 722 Cr, QoQ Rs. 1338 Cr
Credit Cost came at 2.4% vs YoY 1.5%, QoQ 2.4%
Adj. PAT came at Rs. 304 Cr (-58% YoY) vs expectation of Rs. 485 Cr, YoY Rs. 724 Cr, QoQ Rs. 339 Cr
Gross NPA came at Rs. 4434 Cr vs QoQ Rs. 4399 Cr at 1.87% vs QoQ 1.94%
Net NPA came at Rs. 1230 Cr vs QoQ Rs. 1162 Cr at 0.53% vs QoQ 0.52%
ROA came at 0.5% vs QoQ 0.5% & YoY 1%
Slippages came at Rs. 2175 Cr vs QoQ Rs. 2192 Cr with slippage ratio of 3.65% vs QoQ 3.86%
Quarter EPS is Rs. 0.4
Stock is trading at P/E of 14.9x FY2E EPS & 1.3x trailing P/Adj. BV

*Force Motors Ltd.* | *CMP* Rs. 9161 | *M Cap* Rs. 12071 Cr | *52 W H/L* 10278/6125
(Nirmal Bang Retail Research)
No. of Vehicles Sold 10897 vs QoQ 6067,YoY 9118
*Result is Improving*
Revenue from Operations came at Rs. 2356 Cr (24.7% QoQ, 17.1% YoY) vs QoQ Rs. 1889.5 Cr, YoY Rs. 2011.2 Cr
EBIDTA came at Rs. 329.2 Cr (42.1% QoQ, 18.2% YoY) vs QoQ Rs. 231.7 Cr, YoY Rs. 278.6 Cr
EBITDA Margin came at 14% vs QoQ 12.3%, YoY 13.9%
Adj. PAT came at Rs. 40.1 Cr vs QoQ Rs. 115.3 Cr, YoY Rs. 140.3 Cr
Quarter EPS is Rs. 30.5
Stock is trading at P/E of 29.7x TTM EPS

*Mangalore Refinery And Petrochemicals Ltd.* | *CMP* Rs. 137 | *M Cap* Rs. 24046 Cr | *52 W H/L* 260/99
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 27601.3 Cr (7.8% QoQ, -5.4% YoY) vs expectation of Rs. 22498.9 Cr, QoQ Rs. 25600.8 Cr, YoY Rs. 29190.1 Cr

EBIDTA came at Rs. 1130 Cr (9.6% QoQ, -51.7% YoY) vs expectation of Rs. 715.7 Cr, QoQ Rs. 1031.2 Cr, YoY Rs. 2339.1 Cr
EBITDA Margin came at 4.1% vs expectation of 3.2%, QoQ 4%, YoY 8%
Adj. PAT came at Rs. 363.1 Cr vs expectation of Rs. 101.6 Cr, QoQ Rs. 304.2 Cr, YoY Rs. 1145.1 Cr
Quarter EPS is Rs. 2.1
Stock is trading at P/E of 13.3x FY26E EPS

*Tata Technologies Ltd.* | *CMP* Rs. 693 | *M Cap* Rs. 26510 Cr | *52 W H/L* 1135/595
(Nirmal Bang Retail Research)
*Result is marginally below expectation*
Revenue growth QoQ CC came at -3.3% vs expectation of -2.2%, QoQ 1.7%, YoY 0.3%
Dollar revenue came at $ 148.3 Mn,(-4.8% QoQ, -5.3% YoY) vs expectation of $ 150.3 Mn, QoQ $ 155.7 Mn, YoY $ 156.6 Mn
Net sales came at Rs. 1285.7 Cr (-2.4% QoQ, -1.2% YoY) vs expectation of Rs. 1300.8 Cr, QoQ Rs. 1317.4 Cr, YoY Rs. 1301.1 Cr
EBIT came at Rs. 202.3 Cr (-0.6% QoQ, -4.1% YoY) vs expectation of Rs. 200.2 Cr, QoQ Rs. 203.6 Cr, YoY Rs. 211 Cr
EBIT Margin came at 15.7% vs expectation of 15.4%, QoQ 15.5%, YoY 16.2%
Adj. PAT came at Rs. 188.9 Cr vs expectation of Rs. 168.4 Cr, QoQ Rs. 168.6 Cr, YoY Rs. 157.2 Cr
Quarter EPS is Rs. 4.7
Stock is trading at P/E of 36.9x FY26E EPS

*Manorama Industries Ltd.* | *CMP* Rs. 1217 | *M Cap* Rs. 7252 Cr | *52 W H/L* 1251/543
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 232.8 Cr (11.3% QoQ, 80% YoY) vs QoQ Rs. 209.2 Cr, YoY Rs. 129.3 Cr
EBIDTA came at Rs. 63.9 Cr (15.8% QoQ, 207.6% YoY) vs QoQ Rs. 55.2 Cr, YoY Rs. 20.8 Cr
EBITDA Margin came at 27.4% vs QoQ 26.4%, YoY 16.1%
Adj. PAT came at Rs. 42.3 Cr vs QoQ Rs. 29.5 Cr, YoY Rs. 12.5 Cr
Quarter EPS is Rs. 7.1
Stock is trading at P/E of 64.7x TTM EPS

*L&T Finance Holdings Ltd. -C* | *CMP* Rs. 173 | *M Cap* Rs. 43102 Cr | *52 W H/L* 194/129
(Nirmal Bang Retail Research)
*Result is below expectations*
NII came at Rs. 2150.1 Cr (8.2% YoY) vs expectation of Rs. 2300.2 Cr, YoY Rs. 1987.5 Cr, QoQ Rs. 2237.1 Cr
PBP came at Rs. 1329.2 Cr (40.6% YoY) vs expectation of Rs. 1562.4 Cr, YoY Rs. 945.3 Cr, QoQ Rs. 1552.9 Cr
Provisions came at Rs. 524 Cr vs expectation of Rs. 575 Cr, YoY Rs. 251 Cr, QoQ Rs. 729 Cr
PAT (After MI) came at Rs. 636.2 Cr (14.9% YoY) vs expectation of Rs. 627.5 Cr, YoY Rs. 553.9 Cr, QoQ Rs. 626.4 Cr
Loan Book came at Rs. 97762 Cr vs YoY Rs. 85565 Cr, QoQ Rs. 95120 Cr
Disbursements came at Rs. 14899 Cr vs YoY Rs. 15366 Cr, QoQ Rs. 15210 Cr
Gross NPA came at Rs. 3218 Cr vs QoQ Rs. 3075 Cr at 3.29% vs QoQ 3.23%
Net NPA came at Rs. 929 Cr vs QoQ Rs. 905 Cr at 0.97% vs QoQ 0.97%
Quarter EPS is Rs. 2.5
Stock is trading at P/E of 13.6x FY26E EPS & 1.7x trailing P/BV

*Tejas Networks Ltd.* | *CMP* Rs. 809 | *M Cap* Rs. 14258 Cr | *52 W H/L* 1495/647
(Nirmal Bang Retail Research)

Order book came in at Rs 1019cr(-88%YoY,-62%QoQ), QoQ Rs 2681 cr, YoY Rs 8221 cr.

*Result has declined*
Revenue from Operations came at Rs. 1907 Cr (-27.8% QoQ, 43.7% YoY) vs QoQ Rs. 2642.2 Cr, YoY Rs. 1326.9 Cr
EBIDTA came at Rs. 121.5 Cr (-67.3% QoQ, -60.4% YoY) vs QoQ Rs. 371.6 Cr, YoY Rs. 306.5 Cr
EBITDA Margin came at 6.4% vs QoQ 14.1%, YoY 23.1%
Adj. PAT came at Rs. -71.8 Cr vs QoQ Rs. 165.7 Cr, YoY Rs. 146.8 Cr
Quarter EPS is Rs. -4.1
Stock is trading at P/E of 34x TTM EPS

*Lloyds Metals & Energy Ltd.* | *CMP* Rs. 1282 | *M Cap* Rs. 67077 Cr | *52 W H/L* 1478/592
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 1193.3 Cr (-28.8% QoQ, -23.2% YoY) vs QoQ Rs. 1675.2 Cr, YoY Rs. 1554.3 Cr
EBIDTA came at Rs. 261.1 Cr (-51.3% QoQ, -43% YoY) vs QoQ Rs. 536.4 Cr, YoY Rs. 458.4 Cr
EBITDA Margin came at 21.9% vs QoQ 32%, YoY 29.5%
Adj. PAT came at Rs. 201.9 Cr vs QoQ Rs. 389.3 Cr, YoY Rs. 276.9 Cr
Quarter EPS is Rs. 3.9
Stock is trading at P/E of 13.9x FY26E EPS

*Jayaswal Neco Industries Ltd.* | *CMP* Rs. 35 | *M Cap* Rs. 3428 Cr | *52 W H/L* 59/26

(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 1675.3 Cr (1.1% QoQ, 18.7% YoY) vs QoQ Rs. 1656.8 Cr, YoY Rs. 1411.4 Cr
EBIDTA came at Rs. 341.5 Cr (29.5% QoQ, 46.9% YoY) vs QoQ Rs. 263.8 Cr, YoY Rs. 232.5 Cr
EBITDA Margin came at 20.4% vs QoQ 15.9%, YoY 16.5%
Adj. PAT came at Rs. 101.6 Cr vs QoQ Rs. 76.9 Cr, YoY Rs. 20.3 Cr
Quarter EPS is Rs. 1
Stock is trading at P/E of 30.4x TTM EPS

*Rossari Biotech Ltd.* | *CMP* Rs. 682 | *M Cap* Rs. 3776 Cr | *52 W H/L* 973/568
(Nirmal Bang Retail Research)
*Result is ahead of expectations*
Revenue from Operations came at Rs. 579.6 Cr (13% QoQ, 22.6% YoY) vs expectation of Rs. 518.8 Cr, QoQ Rs. 512.7 Cr, YoY Rs. 472.7 Cr
EBIDTA came at Rs. 69.5 Cr (7.3% QoQ, 9.3% YoY) vs expectation of Rs. 64.4 Cr, QoQ Rs. 64.8 Cr, YoY Rs. 63.6 Cr
EBITDA Margin came at 12% vs expectation of 12.4%, QoQ 12.6%, YoY 13.5%
Adj. PAT came at Rs. 34.4 Cr vs expectation of Rs. 30.1 Cr, QoQ Rs. 31.7 Cr, YoY Rs. 34.1 Cr
Quarter EPS is Rs. 6.2
Stock is trading at P/E of 22.7x FY26E EPS

*The India Cements Ltd.* | *CMP* Rs. 288 | *M Cap* Rs. 8923 Cr | *52 W H/L* 386/173
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 1197.3 Cr (27.3% QoQ, -5.5% YoY) vs QoQ Rs. 940.8 Cr, YoY Rs. 1266.7 Cr
EBIDTA came at Rs. -3 Cr (-98.4% QoQ, -108% YoY) vs QoQ Rs. -190.1 Cr, YoY Rs. 37.6 Cr
EBITDA Margin came at -0.2% vs QoQ -20.2%, YoY 3%
Adj. PAT came at Rs. -75.4 Cr vs QoQ Rs. -243.9 Cr, YoY Rs. -76.4 Cr
Quarter EPS is Rs. -2.4
Stock is trading at P/E of -14.5x TTM EPS

*IPO Snapshot – Ather Energy IPO*
(Nirmal Bang Retail Research)

*Recommendation – Neutral*

Bidding Date – 28th Apr – 30th Apr’ 2025.
Price Band - Rs. 304 – 321
Issue Size – Rs. 2981 Cr
Market Cap (Post Issue) - Rs. 11956 Cr

*Details of the Issue*
• Total issue of Rs 2981 Cr: i) Fresh issue of Rs. 2626 Cr, ii) OFS worth Rs. 355 Cr.
• Proceeds from the fresh issue to be utilised for –
1. Capex for establishment of an E2W factory in Maharashtra – 927 Cr.
2. Repayment of certain borrowings – 40 Cr.
3. Investment in research and development – 750 Cr.
4. Expenditure towards marketing initiatives – 300 Cr.

*About Company*
Ather Energy is a leading Indian electric two-wheeler (E2W) company focused on building high-performance EVs and a connected ecosystem, including in-house developed software, charging infrastructure, and smart accessories. Founded in 2013, Ather designs key components in-house and outsources their manufacturing, maintaining control over technology and design. It launched its first product, Ather 450, in 2018 and recently introduced the Ather Rizta line aimed at families. The company operates a fast-charging network called Ather Grid and has developed industry-first features through its software, Atherstack. With a strong R&D base, extensive IP portfolio, and manufacturing facilities in Tamil Nadu and Maharashtra, Ather is scaling up to meet rising demand. Its asset-light distribution model spans across India, Nepal, and Sri Lanka, aligned with its focus on innovation, sustainability, and capital efficiency.

*Investment Rational*
1. Pioneering Innovations in Electric Two-Wheelers: Ather has consistently led the Indian E2W market with first-in-segment innovations like touchscreen dashboards, fast charging, traction control, and smart helmets. Backed by strong in-house R&D, the company has developed proprietary technologies and holds a significant IP portfolio.
2. Premium Products Backed by Quality and Experience: Ather positions its scooters at premium prices by focusing on superior quality, customer experience, and technology integration. It runs extensive component testing, app-driven features, and fast service systems like Express Care. These initiatives drive customer satisfaction and sales, even at higher price points.

3. Fully Integrated Design for Agility and Control: Ather’s vertically integrated design approach gives it full control over its hardware and software, allowing rapid upgrades and cost optimizations. It responds swiftly to market changes, like the global chip shortage, while reducing costs through in-house innovations.
4. Capital-Light Model with Operational Flexibility: Ather follows a capital-efficient business model by outsourcing manufacturing of non-core components while focusing investments in R&D and final assembly. This reduces upfront costs and allows flexibility in adopting new technologies.

*Risks*
1. Heavy Dependence on External Component Suppliers: Except for battery packs, Ather relies on third-party vendors for all EV components. Any supplier disruption could delay production and affect deliveries.
2. Ongoing Losses and Uncertain Profitability: Ather has reported losses every year, including ₹1060 Cr in FY24. Continued expansion without strong returns may delay profitability further.
3. EV Market Growth Remains Uncertain: EVs still make up a small portion of two-wheeler sales in India. Slow adoption or rising competition could limit Ather’s growth prospects.
4. Reliance on Lithium-Ion Cell Imports: Ather sources lithium-ion cells from China and South Korea. Supply disruptions, price hikes, or geopolitical tensions may hurt operations.
5. Flat Market Share Growth: Despite a growing EV market, Ather’s market share has remained around 11%. Limited growth in share could impact scale and profitability.
6. Risks from High Competition in EV Space: Legacy players and new entrants are intensifying competition. Without constant innovation, Ather risks losing its competitive edge and customer base.
7. Uncertain Benefits from Subsidies and Government Policies: Changes in government incentives like FAME have already impacted sales. Future policy shifts could further affect pricing and customer demand.

*Valuation and Recommendation*
Ather Energy is a strong brand in the premium electric two-wheeler space, with a focus on innovation, in-house technology, and customer experience. Its capital-light model and integrated design offer agility, but ongoing losses, flat market share, and heavy dependence on external suppliers raise concerns. on the valuation front, Ather is commanding a premium, trading at an EV/Sales multiple of 5.1x versus Ola’s 3.7x. This indicates that Ather’s IPO is priced more aggressively despite its higher losses and lower scale. The steep valuation leaves limited room for near-term upside unless profitability improves meaningfully. Hence, we assign a *Neutral* rating to the IPO.

*Maruti Suzuki India Ltd – Q4 FY25 Concall Update*
(Nirmal Bang Retail Research)

*Outlook: - Neutral*

*Future Outlook:*
o Domestic Growth: Modest 1–2% industry growth expected in FY26; entry-level segment under pressure but Company aims to outperform with new SUV launches.
o Export Outlook: Robust 20% growth guided for FY26
o e-VITARA (first electric SUV) to launch in H1FY26 with target sales of 70,000 units (majority exports).
o Capex: ₹8,400 Cr in FY25; guidance of ₹8,000–9,000 Cr for FY26 (including SMG)
o Company emphasized a shift in focus to retail sales reporting (instead of wholesale) as a better indicator of actual demand.
o Acknowledged better growth in rural markets and plans to continue leveraging it.

*Other Highlights:*
o The Indian PV industry grew 2.5% in FY25 (vs. 8.4% in FY24) amid affordability pressures, while Maruti saw 2.7% domestic and 17.5% export growth.
o EV and hybrid penetration remain low at 2.7% and 2.4% respectively. Management admitted EVs will have structurally lower margins.
o Exported 3.32 lakh units (highest ever), retaining top PV exporter position in India for the 4th year.
o EBIT Margin: 8.7%, down from 10% QoQ, Margin pressures due to: (New plant overheads (-30 bps), Adverse product mix (-40 bps), Higher ad spends (-30 bps), Other expenses incl. CSR, R&M, R&D (-90 bps), Partially offset by lower sales promotions (+40 bps) and better operating leverage (+40 bps).

o *Stock is trading at P/E of 22.1x FY26E EPS*

*Tata Tech Concall Update*
(Nirmal Bang Retail Research)

*Outlook – Long Term Positive*

• Revenue growth QoQ CC came at -3.3%. Services business remained flat, while there was significant reduction in the product and education businesses.
• *Products business* typically performs better in Q3, making Q4 comparisons challenging.
• *Education business* faced delays in public sector infrastructure readiness. These delays, which began in Q3, continued into Q4, negatively affecting bookings. A gradual recovery is expected as these projects resume in fiscal '26.
• EBIT Margins improved 30 bps QoQ to 15.7% due to operational efficiencies.
• There are delays in decision makings.
• In US, there are intensifying trade tensions and tariff-related disruptions.
• In Europe, green shoots of improvement seen; however tariff uncertainty is playing spoiler.
• Chinese markets are immune to what’s happening to the rest of the world. They are focused to internationalize their products and IP’s.
• BMW JV which was launched in Nov with 100 people is scaling faster than expected and would soon touch four-digit headcount milestone. Co’s share of profit from this JV has seen a significant uplift in Q4 and expects this momentum to continue.
• Co is deploying an AI solution for a tier 1 automotive company that has the potential to extend to more than 100 plants.
• Overall improvement from Q2 to Q3 and to Q4 is expected.
• Stock is trading at P/E of 36.9x FY26E EPS