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
Navkar Urbanstructure Ltd
Stock Split From Rs.2/- to Rs.1/-
Ex-date : 09 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
Colab Platforms Ltd
Stock Split From Rs.2/- to Rs.1/-
Ex-date : 21 May 2025
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
Navkar Urbanstructure Ltd
Stock Split From Rs.2/- to Rs.1/-
Ex-date : 09 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
Colab Platforms Ltd
Stock Split From Rs.2/- to Rs.1/-
Ex-date : 21 May 2025
1-2 DAYS Derivatives Call Buy DLF 29MAY 690CE above 29 with SL 24 Target 40(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang).
1-2 DAYS Derivative Buy Call DLF 690CE MODIFY TO BULL CALL SPREAD Strategy by doing this,
Bought 1 Lot DLF 29MAY 690CE at 29
SELL 1 Lot DLF 29MAY 720CE at 14
TOTAL PREMIUM INCURRED 15POINTS
STOP LOSS- 9
Target- 15
Visit our website for disclosure. (Nirmal Bang).
Bought 1 Lot DLF 29MAY 690CE at 29
SELL 1 Lot DLF 29MAY 720CE at 14
TOTAL PREMIUM INCURRED 15POINTS
STOP LOSS- 9
Target- 15
Visit our website for disclosure. (Nirmal Bang).
*Bajaj Auto April 2025 Sales - Below Estimate*
(Nirmal Bang Retail Research)
Total Sales came at 365810 units vs expectation of 390300 units, YoY 388256 units (-6%) and MoM 369823 units (-1%)
*Ashok Leyland April 2025 Sales - Below Estimate*
(Nirmal Bang Retail Research)
Total Sales came at 13421 units vs expectation of 14660 units, YoY 14271 units (-6%) and MoM 24060 units (-44%)
(Nirmal Bang Retail Research)
Total Sales came at 365810 units vs expectation of 390300 units, YoY 388256 units (-6%) and MoM 369823 units (-1%)
*Ashok Leyland April 2025 Sales - Below Estimate*
(Nirmal Bang Retail Research)
Total Sales came at 13421 units vs expectation of 14660 units, YoY 14271 units (-6%) and MoM 24060 units (-44%)
JSW STEEL: SUPREME COURT REJECTS JSW STEEL'S RESOLUTION PLAN FOR BHUSHAN POWER AND STEEL LTD || SC SAYS RESOLUTION PLAN OF JSW WAS ILLEGAL AND SHOULD NOT HAVE BEEN ACCEPTED BY COC
*Newgen Software Technologies Ltd.* | *CMP* Rs. 1069 | *M Cap* Rs. 15140 Cr | *52 W H/L* 1799/626
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 429.9 Cr (12.8% QoQ, 14.6% YoY) vs expectation of Rs. 440.1 Cr, QoQ Rs. 381.1 Cr, YoY Rs. 375.3 Cr
EBIDTA came at Rs. 137.2 Cr (26.7% QoQ, 12% YoY) vs expectation of Rs. 143.6 Cr, QoQ Rs. 108.3 Cr, YoY Rs. 122.5 Cr
EBITDA Margin came at 31.9% vs expectation of 32.6%, QoQ 28.4%, YoY 32.7%
Adj. PAT came at Rs. 108.3 Cr vs expectation of Rs. 112.9 Cr, QoQ Rs. 89 Cr, YoY Rs. 105.3 Cr
Quarter EPS is Rs. 7.6
Stock is trading at P/E of 40.6x FY26E EPS
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 429.9 Cr (12.8% QoQ, 14.6% YoY) vs expectation of Rs. 440.1 Cr, QoQ Rs. 381.1 Cr, YoY Rs. 375.3 Cr
EBIDTA came at Rs. 137.2 Cr (26.7% QoQ, 12% YoY) vs expectation of Rs. 143.6 Cr, QoQ Rs. 108.3 Cr, YoY Rs. 122.5 Cr
EBITDA Margin came at 31.9% vs expectation of 32.6%, QoQ 28.4%, YoY 32.7%
Adj. PAT came at Rs. 108.3 Cr vs expectation of Rs. 112.9 Cr, QoQ Rs. 89 Cr, YoY Rs. 105.3 Cr
Quarter EPS is Rs. 7.6
Stock is trading at P/E of 40.6x FY26E EPS
02-05-2025
GODREJPROP
LASTYR 471 CR
LASTQTR 162 CR
MKTEXP 324 CR RESULT OK
MARICO
LASTYR 318 CR
LASTQTR 399 CR
MKTEXP 341 CR RESULT OK
03-05-2025
DMART
LASTYR 563 CR
LASTQTR 728 CR
MKTEXP 566 CR RESULT OK
INDIANBK
LASTYR 2247 CR
LASTQTR 2852 CR
MKTEXP 2640 CR RESULT OK
KOTAKBANK
LASTYR 4133 CR
LASTQTR 3305 CR
MKTEXP 3524 CR RESULT OK
SBIN
LASTYR 20698 CR
LASTQTR 16891 CR
MKTEXP 18650 CR RESULT OK
05-05-2025
CAMS
LASTYR 103 CR
LASTQTR 125 CR
MKTEXP 118 CR RESULT OK
COFORGE
LASTYR 229 CR CC -1.3%
LASTQTR 225 CR CC 1.8%
MKTEXP 282 CR CC 3.1% RESULT IMPROVED
INDHOTEL
LASTYR 418 CR
LASTQTR 582 CR
MKTEXP 541 CR RESULT IMPROVED
M&M
LASTYR 2038 CR
LASTQTR 2964 CR
MKTEXP 2432 CR RESULT IMPROVED
06-05-2025
BANKBARODA
LASTYR
LASTQTR
MKTEXP
CGPOWER
LASTYR 240 CR
LASTQTR 240 CR
MKTEXP 295 CR RESULT IMPROVED
GODREJCP
LASTYR 482 CR
LASTQTR 504 CR
MKTEXP 477 CR RESULT OK
HINDPETRO
LASTYR EBIDTA 4803 CR
LASTQTR EBIDTA 5970 CR
MKTEXP EBIDTA 4357 CR RESULT DECLINING
KEI
LASTYR 168 CR
LASTQTR 165 CR
MKTEXP 194 CR RESULT IMPROVED
MGL
LASTYR EBIDTA 394 CR
LASTQTR EBIDTA 315 CR
MKTEXP EBIDTA 372 CR RESULT IMPROVED
PAYTM
LASTYR -223 CR
LASTQTR -222 CR
MKTEXP -14 CR RESULT IMPROVED
PEL
LASTYR -1380 CR
LASTQTR -337 CR
MKTEXP NO EXP
POLYCAB
LASTYR 546 CR
LASTQTR 458 CR
MKTEXP 622 CR RESULT IMPROVED
GODREJPROP
LASTYR 471 CR
LASTQTR 162 CR
MKTEXP 324 CR RESULT OK
MARICO
LASTYR 318 CR
LASTQTR 399 CR
MKTEXP 341 CR RESULT OK
03-05-2025
DMART
LASTYR 563 CR
LASTQTR 728 CR
MKTEXP 566 CR RESULT OK
INDIANBK
LASTYR 2247 CR
LASTQTR 2852 CR
MKTEXP 2640 CR RESULT OK
KOTAKBANK
LASTYR 4133 CR
LASTQTR 3305 CR
MKTEXP 3524 CR RESULT OK
SBIN
LASTYR 20698 CR
LASTQTR 16891 CR
MKTEXP 18650 CR RESULT OK
05-05-2025
CAMS
LASTYR 103 CR
LASTQTR 125 CR
MKTEXP 118 CR RESULT OK
COFORGE
LASTYR 229 CR CC -1.3%
LASTQTR 225 CR CC 1.8%
MKTEXP 282 CR CC 3.1% RESULT IMPROVED
INDHOTEL
LASTYR 418 CR
LASTQTR 582 CR
MKTEXP 541 CR RESULT IMPROVED
M&M
LASTYR 2038 CR
LASTQTR 2964 CR
MKTEXP 2432 CR RESULT IMPROVED
06-05-2025
BANKBARODA
LASTYR
LASTQTR
MKTEXP
CGPOWER
LASTYR 240 CR
LASTQTR 240 CR
MKTEXP 295 CR RESULT IMPROVED
GODREJCP
LASTYR 482 CR
LASTQTR 504 CR
MKTEXP 477 CR RESULT OK
HINDPETRO
LASTYR EBIDTA 4803 CR
LASTQTR EBIDTA 5970 CR
MKTEXP EBIDTA 4357 CR RESULT DECLINING
KEI
LASTYR 168 CR
LASTQTR 165 CR
MKTEXP 194 CR RESULT IMPROVED
MGL
LASTYR EBIDTA 394 CR
LASTQTR EBIDTA 315 CR
MKTEXP EBIDTA 372 CR RESULT IMPROVED
PAYTM
LASTYR -223 CR
LASTQTR -222 CR
MKTEXP -14 CR RESULT IMPROVED
PEL
LASTYR -1380 CR
LASTQTR -337 CR
MKTEXP NO EXP
POLYCAB
LASTYR 546 CR
LASTQTR 458 CR
MKTEXP 622 CR RESULT IMPROVED
*Godrej Properties Ltd.* | *CMP* Rs. 2206 | *M Cap* Rs. 66435 Cr | *52 W H/L* 3403/1870
(Nirmal Bang Retail Research)
Booking value in Q4FY25 was INR 10163 cr from the sale of 7.52 million sq. ft. of area, showing a growth of 7% YoY and 87% QoQ in booking value.
Company has guided forBooking value of Rs.32500cr for FY26 vs Rs.29444cr for FY25
*Result is inline with expectation*
Revenue from Operations came at Rs. 2121.7 Cr (119% QoQ, 48.8% YoY) vs expectation of Rs. 1276.6 Cr, QoQ Rs. 968.9 Cr, YoY Rs. 1426.1 Cr
EBIDTA came at Rs. 110 Cr (299.1% QoQ, -10.4% YoY) vs expectation of Rs. 174.3 Cr, QoQ Rs. 27.6 Cr, YoY Rs. 122.8 Cr
EBITDA Margin came at 5.2% vs expectation of 13.6%, QoQ 2.8%, YoY 8.6%
Adj. PAT came at Rs. 382 Cr vs expectation of Rs. 324.9 Cr, QoQ Rs. 162.6 Cr, YoY Rs. 471.3 Cr
Quarter EPS is Rs. 12.7
Stock is trading at P/E of 36.3x FY26E EPS
(Nirmal Bang Retail Research)
Booking value in Q4FY25 was INR 10163 cr from the sale of 7.52 million sq. ft. of area, showing a growth of 7% YoY and 87% QoQ in booking value.
Company has guided forBooking value of Rs.32500cr for FY26 vs Rs.29444cr for FY25
*Result is inline with expectation*
Revenue from Operations came at Rs. 2121.7 Cr (119% QoQ, 48.8% YoY) vs expectation of Rs. 1276.6 Cr, QoQ Rs. 968.9 Cr, YoY Rs. 1426.1 Cr
EBIDTA came at Rs. 110 Cr (299.1% QoQ, -10.4% YoY) vs expectation of Rs. 174.3 Cr, QoQ Rs. 27.6 Cr, YoY Rs. 122.8 Cr
EBITDA Margin came at 5.2% vs expectation of 13.6%, QoQ 2.8%, YoY 8.6%
Adj. PAT came at Rs. 382 Cr vs expectation of Rs. 324.9 Cr, QoQ Rs. 162.6 Cr, YoY Rs. 471.3 Cr
Quarter EPS is Rs. 12.7
Stock is trading at P/E of 36.3x FY26E EPS
*Dhampur Bio Organics Ltd.* | *CMP* Rs. 70 | *M Cap* Rs. 465 Cr | *52 W H/L* 164/57
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 464.3 Cr (0% QoQ, 0.3% YoY) vs QoQ Rs. 464.3 Cr, YoY Rs. 463 Cr
EBIDTA came at Rs. 95.7 Cr (500.6% QoQ, 17.9% YoY) vs QoQ Rs. 15.9 Cr, YoY Rs. 81.2 Cr
EBITDA Margin came at 20.6% vs QoQ 3.4%, YoY 17.5%
Adj. PAT came at Rs. 44.8 Cr vs QoQ Rs. -5.1 Cr, YoY Rs. 39.4 Cr
Quarter EPS is Rs. 6.7
Stock is trading at P/E of 28.3x TTM EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 464.3 Cr (0% QoQ, 0.3% YoY) vs QoQ Rs. 464.3 Cr, YoY Rs. 463 Cr
EBIDTA came at Rs. 95.7 Cr (500.6% QoQ, 17.9% YoY) vs QoQ Rs. 15.9 Cr, YoY Rs. 81.2 Cr
EBITDA Margin came at 20.6% vs QoQ 3.4%, YoY 17.5%
Adj. PAT came at Rs. 44.8 Cr vs QoQ Rs. -5.1 Cr, YoY Rs. 39.4 Cr
Quarter EPS is Rs. 6.7
Stock is trading at P/E of 28.3x TTM EPS
*Ami Organics Ltd.* | *CMP* Rs. 1180 | *M Cap* Rs. 9657 Cr | *52 W H/L* 1322/507
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 308.5 Cr (12.2% QoQ, 37.1% YoY) vs QoQ Rs. 275 Cr, YoY Rs. 225 Cr
EBIDTA came at Rs. 85 Cr (23.7% QoQ, 96.8% YoY) vs QoQ Rs. 68.7 Cr, YoY Rs. 43.2 Cr
EBITDA Margin came at 27.5% vs QoQ 25%, YoY 19.2%
Adj. PAT came at Rs. 62.7 Cr vs QoQ Rs. 45 Cr, YoY Rs. 25.5 Cr
Quarter EPS is Rs. 7.7
Stock is trading at P/E of 48.5x FY26E EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 308.5 Cr (12.2% QoQ, 37.1% YoY) vs QoQ Rs. 275 Cr, YoY Rs. 225 Cr
EBIDTA came at Rs. 85 Cr (23.7% QoQ, 96.8% YoY) vs QoQ Rs. 68.7 Cr, YoY Rs. 43.2 Cr
EBITDA Margin came at 27.5% vs QoQ 25%, YoY 19.2%
Adj. PAT came at Rs. 62.7 Cr vs QoQ Rs. 45 Cr, YoY Rs. 25.5 Cr
Quarter EPS is Rs. 7.7
Stock is trading at P/E of 48.5x FY26E EPS
*Latent View Analytics Ltd.* | *CMP* Rs. 413 | *M Cap* Rs. 8527 Cr | *52 W H/L* 575/340
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 232.2 Cr (1.9% QoQ, 35.3% YoY) vs QoQ Rs. 227.8 Cr, YoY Rs. 171.6 Cr
EBIDTA came at Rs. 54.9 Cr (9.1% QoQ, 36% YoY) vs QoQ Rs. 50.3 Cr, YoY Rs. 40.4 Cr
EBITDA Margin came at 23.7% vs QoQ 22.1%, YoY 23.5%
Adj. PAT came at Rs. 53.5 Cr vs QoQ Rs. 41.9 Cr, YoY Rs. 45.2 Cr
Quarter EPS is Rs. 2.6
Stock is trading at P/E of 37.4x FY26E EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 232.2 Cr (1.9% QoQ, 35.3% YoY) vs QoQ Rs. 227.8 Cr, YoY Rs. 171.6 Cr
EBIDTA came at Rs. 54.9 Cr (9.1% QoQ, 36% YoY) vs QoQ Rs. 50.3 Cr, YoY Rs. 40.4 Cr
EBITDA Margin came at 23.7% vs QoQ 22.1%, YoY 23.5%
Adj. PAT came at Rs. 53.5 Cr vs QoQ Rs. 41.9 Cr, YoY Rs. 45.2 Cr
Quarter EPS is Rs. 2.6
Stock is trading at P/E of 37.4x FY26E EPS
*Jindal Saw Ltd.* | *CMP* Rs. 245 | *M Cap* Rs. 15681 Cr | *52 W H/L* 384/211
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 5046.6 Cr (-4.3% QoQ, -7% YoY) vs QoQ Rs. 5271.3 Cr, YoY Rs. 5425.2 Cr
EBIDTA came at Rs. 736.2 Cr (-21.6% QoQ, -20% YoY) vs QoQ Rs. 939.4 Cr, YoY Rs. 920.3 Cr
EBITDA Margin came at 14.6% vs QoQ 17.8%, YoY 17%
Adj. PAT came at Rs. 291.3 Cr vs QoQ Rs. 506.4 Cr, YoY Rs. 502.2 Cr
Quarter EPS is Rs. 4.6
Stock is trading at P/E of 7.5x FY26E EPS
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 5046.6 Cr (-4.3% QoQ, -7% YoY) vs QoQ Rs. 5271.3 Cr, YoY Rs. 5425.2 Cr
EBIDTA came at Rs. 736.2 Cr (-21.6% QoQ, -20% YoY) vs QoQ Rs. 939.4 Cr, YoY Rs. 920.3 Cr
EBITDA Margin came at 14.6% vs QoQ 17.8%, YoY 17%
Adj. PAT came at Rs. 291.3 Cr vs QoQ Rs. 506.4 Cr, YoY Rs. 502.2 Cr
Quarter EPS is Rs. 4.6
Stock is trading at P/E of 7.5x FY26E EPS
*V-Mart Retail Ltd.* | *CMP* Rs. 3462 | *M Cap* Rs. 6855 Cr | *52 W H/L* 4520/2029
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 780.1 Cr (-24% QoQ, 16.7% YoY) vs expectation of Rs. 787.1 Cr, QoQ Rs. 1026.7 Cr, YoY Rs. 668.6 Cr
EBIDTA came at Rs. 68.1 Cr (-60.2% QoQ, 69.4% YoY) vs expectation of Rs. 68.5 Cr, QoQ Rs. 171.4 Cr, YoY Rs. 40.2 Cr
EBITDA Margin came at 8.7% vs expectation of 8.7%, QoQ 16.7%, YoY 6%
Adj. PAT came at Rs. 18.5 Cr vs expectation of Rs. -25.8 Cr, QoQ Rs. 71.6 Cr, YoY Rs. -38.9 Cr
Quarter EPS is Rs. 9.3
Stock is trading at P/E of 149.8x TTM EPS
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 780.1 Cr (-24% QoQ, 16.7% YoY) vs expectation of Rs. 787.1 Cr, QoQ Rs. 1026.7 Cr, YoY Rs. 668.6 Cr
EBIDTA came at Rs. 68.1 Cr (-60.2% QoQ, 69.4% YoY) vs expectation of Rs. 68.5 Cr, QoQ Rs. 171.4 Cr, YoY Rs. 40.2 Cr
EBITDA Margin came at 8.7% vs expectation of 8.7%, QoQ 16.7%, YoY 6%
Adj. PAT came at Rs. 18.5 Cr vs expectation of Rs. -25.8 Cr, QoQ Rs. 71.6 Cr, YoY Rs. -38.9 Cr
Quarter EPS is Rs. 9.3
Stock is trading at P/E of 149.8x TTM EPS
Book partial spread at current spread 580 initiated at 735-SPREAD CALL BUY GOLD AUG AT 96153 AND SELL GOLD JUNE AT 95418 SPREAD AT (+735) SL ABV +901 TGT (+500 AND +430)
(Bloomberg) -- China has quietly started to exempt some US goods from tariffs that likely cover around $40 billion worth of imports, in what looks like an effort to soften the blow of the trade war on its own economy.
*Aether Industries Ltd.* | *CMP* Rs. 829 | *M Cap* Rs. 10996 Cr | *52 W H/L* 1066/737
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 240 Cr (9.3% QoQ, 104.2% YoY) vs QoQ Rs. 219.7 Cr, YoY Rs. 117.5 Cr
EBIDTA came at Rs. 79.7 Cr (23.1% QoQ, 679% YoY) vs QoQ Rs. 64.7 Cr, YoY Rs. 10.2 Cr
EBITDA Margin came at 33.2% vs QoQ 29.5%, YoY 8.7%
Adj. PAT came at Rs. 53.1 Cr vs QoQ Rs. 46.1 Cr, YoY Rs. 6 Cr
Quarter EPS is Rs. 4
Stock is trading at P/E of 49.7x FY26E EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 240 Cr (9.3% QoQ, 104.2% YoY) vs QoQ Rs. 219.7 Cr, YoY Rs. 117.5 Cr
EBIDTA came at Rs. 79.7 Cr (23.1% QoQ, 679% YoY) vs QoQ Rs. 64.7 Cr, YoY Rs. 10.2 Cr
EBITDA Margin came at 33.2% vs QoQ 29.5%, YoY 8.7%
Adj. PAT came at Rs. 53.1 Cr vs QoQ Rs. 46.1 Cr, YoY Rs. 6 Cr
Quarter EPS is Rs. 4
Stock is trading at P/E of 49.7x FY26E EPS
*Archean Chemical Industries Ltd.* | *CMP* Rs. 604 | *M Cap* Rs. 7454 Cr | *52 W H/L* 832/408
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 345.6 Cr (42.6% QoQ, 21.7% YoY) vs expectation of Rs. 372.7 Cr, QoQ Rs. 242.3 Cr, YoY Rs. 283.9 Cr
EBIDTA came at Rs. 88.3 Cr (10.4% QoQ, 1.3% YoY) vs expectation of Rs. 118.4 Cr, QoQ Rs. 79.9 Cr, YoY Rs. 87.1 Cr
EBITDA Margin came at 25.5% vs expectation of 31.8%, QoQ 33%, YoY 30.7%
Adj. PAT came at Rs. 53.5 Cr vs expectation of Rs. 76.9 Cr, QoQ Rs. 48 Cr, YoY Rs. 57.6 Cr
Quarter EPS is Rs. 4.3
Stock is trading at P/E of 19.9x FY26E EPS
*Gravita India Ltd.* | *CMP* Rs. 1806 | *M Cap* Rs. 13330 Cr | *52 W H/L* 2700/884
(Nirmal Bang Retail Research)
*Result is broadly inline with expectations*
Revenue from Operations came at Rs. 1037.1 Cr (4.1% QoQ, 20.1% YoY) vs expectation of Rs. 1025 Cr, QoQ Rs. 996.4 Cr, YoY Rs. 863.4 Cr
EBIDTA came at Rs. 92.2 Cr (14.2% QoQ, 27.8% YoY) vs expectation of Rs. 107.7 Cr, QoQ Rs. 80.7 Cr, YoY Rs. 72.2 Cr
EBITDA Margin came at 8.9% vs expectation of 10.5%, QoQ 8.1%, YoY 8.4%
Adj. PAT came at Rs. 95.1 Cr vs expectation of Rs. 91.1 Cr, QoQ Rs. 77.9 Cr, YoY Rs. 69 Cr
Quarter EPS is Rs. 12.9
Stock is trading at P/E of 29.9x FY26E EPS
*Avenue Supermarts Ltd.* | *CMP* Rs. 4060 | *M Cap* Rs. 264198 Cr | *52 W H/L* 5485/3337
(Nirmal Bang Retail Research)
*Result Below Expectation*
Revenue from Operations came at Rs. 14402.4 Cr (-7.5% QoQ, 16.2% YoY) vs expectation of Rs. 14467.4 Cr, QoQ Rs. 15565.2 Cr, YoY Rs. 12393.5 Cr
Gross Margin came at 13.1% vs QoQ 14.1% YoY 13.7%
EBIDTA came at Rs. 981.4 Cr (-20.5% QoQ, 4.4% YoY) vs expectation of Rs. 1051.5 Cr, QoQ Rs. 1235.2 Cr, YoY Rs. 940.2 Cr
EBITDA Margin came at 6.8% vs expectation of 7.3%, QoQ 7.9%, YoY 7.6%
Adj. PAT came at Rs. 619.7 Cr vs expectation of Rs. 664.5 Cr, QoQ Rs. 784.7 Cr, YoY Rs. 604.2 Cr
Quarter EPS is Rs. 9.5
Stock is trading at P/E of 75.5x FY26E EPS
*Voltamp Transformers Ltd.* | *CMP* Rs. 7717 | *M Cap* Rs. 7807 Cr | *52 W H/L* 14800/5900
(Nirmal Bang Retail Research)
Order Book came at Rs.1129cr vs QoQ Rs.1114cr YoY Rs.841cr
*Result inline with Expectation*
Revenue from Operations came at Rs. 624.8 Cr (29.2% QoQ, 23.9% YoY) vs expectation of Rs. 554.3 Cr, QoQ Rs. 483.5 Cr, YoY Rs. 504.2 Cr
EBIDTA came at Rs. 116.4 Cr (17.5% QoQ, 15.5% YoY) vs expectation of Rs. 110.2 Cr, QoQ Rs. 99.1 Cr, YoY Rs. 100.7 Cr
EBITDA Margin came at 18.6% vs expectation of 19.9%, QoQ 20.5%, YoY 20%
Adj. PAT came at Rs. 96.8 Cr vs expectation of Rs. 92.7 Cr, QoQ Rs. 73.4 Cr, YoY Rs. 93.5 Cr
Quarter EPS is Rs. 95.7
Stock is trading at P/E of 23.2x FY26E EPS
*Privi Speciality Chemicals Ltd.* | *CMP* Rs. 2049 | *M Cap* Rs. 8005 Cr | *52 W H/L* 2054/1040
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 613.6 Cr (25% QoQ, 26.7% YoY) vs QoQ Rs. 490.9 Cr, YoY Rs. 484.3 Cr
EBIDTA came at Rs. 132.6 Cr (17.5% QoQ, 45.7% YoY) vs QoQ Rs. 112.8 Cr, YoY Rs. 91 Cr
EBITDA Margin came at 21.6% vs QoQ 23%, YoY 18.8%
Adj. PAT came at Rs. 66.5 Cr vs QoQ Rs. 44.4 Cr, YoY Rs. 31 Cr
Quarter EPS is Rs. 17
Stock is trading at P/E of 42.8x TTM EPS
*Vardhman Textiles Ltd.* | *CMP* Rs. 465 | *M Cap* Rs. 13447 Cr | *52 W H/L* 592/361
(Nirmal Bang Retail Research)
*Result is ok*
Gross margin Stable qoq
Revenue from Operations came at Rs. 2508.6 Cr (1.8% QoQ, 2% YoY) vs QoQ Rs. 2465.3 Cr, YoY Rs. 2459.4 Cr
EBIDTA came at Rs. 286.9 Cr (-8.3% QoQ, -6.9% YoY) vs QoQ Rs. 312.8 Cr, YoY Rs. 308.2 Cr
EBITDA Margin came at 11.4% vs QoQ 12.7%, YoY 12.5%
Adj. PAT came at Rs. 237.3 Cr vs QoQ Rs. 210.6 Cr, YoY Rs. 200.6 Cr
Quarter EPS is Rs. 8.2
Stock is trading at P/E of 13.3x FY26E EPS
*Kotak Mahindra Bank Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*#The bank's performance in FY25 was affected by the normalization of NIM and rising credit costs in the unsecured sector. FY26 guidance expects asset growth between 1.5 to 2x the nominal GDP growth.*
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 345.6 Cr (42.6% QoQ, 21.7% YoY) vs expectation of Rs. 372.7 Cr, QoQ Rs. 242.3 Cr, YoY Rs. 283.9 Cr
EBIDTA came at Rs. 88.3 Cr (10.4% QoQ, 1.3% YoY) vs expectation of Rs. 118.4 Cr, QoQ Rs. 79.9 Cr, YoY Rs. 87.1 Cr
EBITDA Margin came at 25.5% vs expectation of 31.8%, QoQ 33%, YoY 30.7%
Adj. PAT came at Rs. 53.5 Cr vs expectation of Rs. 76.9 Cr, QoQ Rs. 48 Cr, YoY Rs. 57.6 Cr
Quarter EPS is Rs. 4.3
Stock is trading at P/E of 19.9x FY26E EPS
*Gravita India Ltd.* | *CMP* Rs. 1806 | *M Cap* Rs. 13330 Cr | *52 W H/L* 2700/884
(Nirmal Bang Retail Research)
*Result is broadly inline with expectations*
Revenue from Operations came at Rs. 1037.1 Cr (4.1% QoQ, 20.1% YoY) vs expectation of Rs. 1025 Cr, QoQ Rs. 996.4 Cr, YoY Rs. 863.4 Cr
EBIDTA came at Rs. 92.2 Cr (14.2% QoQ, 27.8% YoY) vs expectation of Rs. 107.7 Cr, QoQ Rs. 80.7 Cr, YoY Rs. 72.2 Cr
EBITDA Margin came at 8.9% vs expectation of 10.5%, QoQ 8.1%, YoY 8.4%
Adj. PAT came at Rs. 95.1 Cr vs expectation of Rs. 91.1 Cr, QoQ Rs. 77.9 Cr, YoY Rs. 69 Cr
Quarter EPS is Rs. 12.9
Stock is trading at P/E of 29.9x FY26E EPS
*Avenue Supermarts Ltd.* | *CMP* Rs. 4060 | *M Cap* Rs. 264198 Cr | *52 W H/L* 5485/3337
(Nirmal Bang Retail Research)
*Result Below Expectation*
Revenue from Operations came at Rs. 14402.4 Cr (-7.5% QoQ, 16.2% YoY) vs expectation of Rs. 14467.4 Cr, QoQ Rs. 15565.2 Cr, YoY Rs. 12393.5 Cr
Gross Margin came at 13.1% vs QoQ 14.1% YoY 13.7%
EBIDTA came at Rs. 981.4 Cr (-20.5% QoQ, 4.4% YoY) vs expectation of Rs. 1051.5 Cr, QoQ Rs. 1235.2 Cr, YoY Rs. 940.2 Cr
EBITDA Margin came at 6.8% vs expectation of 7.3%, QoQ 7.9%, YoY 7.6%
Adj. PAT came at Rs. 619.7 Cr vs expectation of Rs. 664.5 Cr, QoQ Rs. 784.7 Cr, YoY Rs. 604.2 Cr
Quarter EPS is Rs. 9.5
Stock is trading at P/E of 75.5x FY26E EPS
*Voltamp Transformers Ltd.* | *CMP* Rs. 7717 | *M Cap* Rs. 7807 Cr | *52 W H/L* 14800/5900
(Nirmal Bang Retail Research)
Order Book came at Rs.1129cr vs QoQ Rs.1114cr YoY Rs.841cr
*Result inline with Expectation*
Revenue from Operations came at Rs. 624.8 Cr (29.2% QoQ, 23.9% YoY) vs expectation of Rs. 554.3 Cr, QoQ Rs. 483.5 Cr, YoY Rs. 504.2 Cr
EBIDTA came at Rs. 116.4 Cr (17.5% QoQ, 15.5% YoY) vs expectation of Rs. 110.2 Cr, QoQ Rs. 99.1 Cr, YoY Rs. 100.7 Cr
EBITDA Margin came at 18.6% vs expectation of 19.9%, QoQ 20.5%, YoY 20%
Adj. PAT came at Rs. 96.8 Cr vs expectation of Rs. 92.7 Cr, QoQ Rs. 73.4 Cr, YoY Rs. 93.5 Cr
Quarter EPS is Rs. 95.7
Stock is trading at P/E of 23.2x FY26E EPS
*Privi Speciality Chemicals Ltd.* | *CMP* Rs. 2049 | *M Cap* Rs. 8005 Cr | *52 W H/L* 2054/1040
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 613.6 Cr (25% QoQ, 26.7% YoY) vs QoQ Rs. 490.9 Cr, YoY Rs. 484.3 Cr
EBIDTA came at Rs. 132.6 Cr (17.5% QoQ, 45.7% YoY) vs QoQ Rs. 112.8 Cr, YoY Rs. 91 Cr
EBITDA Margin came at 21.6% vs QoQ 23%, YoY 18.8%
Adj. PAT came at Rs. 66.5 Cr vs QoQ Rs. 44.4 Cr, YoY Rs. 31 Cr
Quarter EPS is Rs. 17
Stock is trading at P/E of 42.8x TTM EPS
*Vardhman Textiles Ltd.* | *CMP* Rs. 465 | *M Cap* Rs. 13447 Cr | *52 W H/L* 592/361
(Nirmal Bang Retail Research)
*Result is ok*
Gross margin Stable qoq
Revenue from Operations came at Rs. 2508.6 Cr (1.8% QoQ, 2% YoY) vs QoQ Rs. 2465.3 Cr, YoY Rs. 2459.4 Cr
EBIDTA came at Rs. 286.9 Cr (-8.3% QoQ, -6.9% YoY) vs QoQ Rs. 312.8 Cr, YoY Rs. 308.2 Cr
EBITDA Margin came at 11.4% vs QoQ 12.7%, YoY 12.5%
Adj. PAT came at Rs. 237.3 Cr vs QoQ Rs. 210.6 Cr, YoY Rs. 200.6 Cr
Quarter EPS is Rs. 8.2
Stock is trading at P/E of 13.3x FY26E EPS
*Kotak Mahindra Bank Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*#The bank's performance in FY25 was affected by the normalization of NIM and rising credit costs in the unsecured sector. FY26 guidance expects asset growth between 1.5 to 2x the nominal GDP growth.*
*#With the embargo lifted, a new strategy for credit cards is now in place.*
*Outlook: Positive*
* The annualized credit cost came at 0.64%, slightly down from 0.68% QoQ. The bank anticipates this elevated credit cost will persist for the next two quarters.
* Stress in personal loans shows a declining trend, with the credit card portfolio stabilizing and expectations of a decrease in the latter half of the year. In addition, they are completely re-evaluating their credit card business strategy to align it to provide the right products to the right customers.
* Business banking advances increased by 18% YoY in FY25. Management stated that this is consistent with their cautious approach to achieving growth of about 1.5 to 2x nominal GDP growth.
* The bank successfully finalized the acquisition of StanChart's personal loan portfolio in Q4 of FY25.
* With the embargo effect removed, liquidity conditions are improving, prompting the bank to restart its card and 811 acquisition processes.
* The bank has taken proactive steps to reduce the retail microfinance portfolio by 33% YoY, which now makes up only 1.6% of total net advances. Unsecured retail advances stood at 10.5% as of March '25, down from 11.8% due to a slowdown in disbursement within the microfinance and credit card sectors as a result of the embargo. Over time, they aim to reach the mid-teens growth in this area.
* NIM for the quarter increased to 4.97% QoQ, benefiting from a reduction in savings account rates and higher average current account balances. NIM for the full year is 4.96%, reflecting a decrease of 36 bps YoY, primarily due to higher funding costs and a lower proportion of retail unsecured advances.
* Fees and services revenue grew by 11% QoQ in the current quarter, driven by distribution income. However, the fee income growth associated with credit cards and 811 products in FY25 faced challenges due to the embargo, leading to reduced acquisitions and increased product costs.
* In Q4FY25, operating costs included expenses related to the Kotak brand campaign "Hausla Hai Toh Ho Jayega," as they prepare to relaunch their products and services targeting customers affected by the embargo.
* Slippage decreased in Q4 to Rs. 1,488 cr from Rs. 1,657 cr in Q3, mainly due to reductions in secured and personal loan sectors.
*Subsidiaries:*
Non-bank divisions contributed 29% to the profits, showing strong growth in capital markets and asset management.
*Kotak Securities*: Rs.1,640 Cr profit (+34% YoY), which includes Rs.115 Cr MTM gain in Q4.
* *Kotak AMC & Trusteeship:* Rs.977 Cr profit (+86% YoY), with equity AUM rising by 49% to ~Rs. 3L Cr.
* *Kotak Capital (IB):* Rs.361 Cr profit (+68% YoY), supported by robust IPO/QIP deals.
* *Kotak Alternate Assets:* AUM increased by 6% YoY to Rs. 48,000 Cr.
* *Kotak Prime:* Rs.1,015 Cr profit for the year (+14% YoY), with Rs. 297 Cr (+34%) in Q4.
* *Kotak Life:* Profit of Rs. 73 Cr (a decrease from ₹109 Cr YoY), with a solvency ratio of 2.45x and an embedded value rising 16% to Rs.17,612 Cr.
The stock is trading at 3.8x trailing P/Adj. BV
*Ami Organics Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*Guidance – 25% revenue growth to be maintained for FY26E, with margins on upward trajectory*
*Capex of Rs. 195 cr is planned – of which Rs. 130 cr to be spent on electrolyte additives (Rs. 35 cr already spent) and ~Rs. 70 cr to be spent on solar pilot plant and maintenance*
*Renaming the company to “Ecotas Chemicals Ltd” in order to build a new brand identity for its next phase of growth*
*Outlook: Positive*
*Key Highlights*
• The management has highlighted stable demand for pharma intermediates and observed increased inquiries for CDMO. On the generic side within its core generic intermediate portfolio, it expects benefit from patent expiration in 2025 and 2026 which will drive the growth.
*Outlook: Positive*
* The annualized credit cost came at 0.64%, slightly down from 0.68% QoQ. The bank anticipates this elevated credit cost will persist for the next two quarters.
* Stress in personal loans shows a declining trend, with the credit card portfolio stabilizing and expectations of a decrease in the latter half of the year. In addition, they are completely re-evaluating their credit card business strategy to align it to provide the right products to the right customers.
* Business banking advances increased by 18% YoY in FY25. Management stated that this is consistent with their cautious approach to achieving growth of about 1.5 to 2x nominal GDP growth.
* The bank successfully finalized the acquisition of StanChart's personal loan portfolio in Q4 of FY25.
* With the embargo effect removed, liquidity conditions are improving, prompting the bank to restart its card and 811 acquisition processes.
* The bank has taken proactive steps to reduce the retail microfinance portfolio by 33% YoY, which now makes up only 1.6% of total net advances. Unsecured retail advances stood at 10.5% as of March '25, down from 11.8% due to a slowdown in disbursement within the microfinance and credit card sectors as a result of the embargo. Over time, they aim to reach the mid-teens growth in this area.
* NIM for the quarter increased to 4.97% QoQ, benefiting from a reduction in savings account rates and higher average current account balances. NIM for the full year is 4.96%, reflecting a decrease of 36 bps YoY, primarily due to higher funding costs and a lower proportion of retail unsecured advances.
* Fees and services revenue grew by 11% QoQ in the current quarter, driven by distribution income. However, the fee income growth associated with credit cards and 811 products in FY25 faced challenges due to the embargo, leading to reduced acquisitions and increased product costs.
* In Q4FY25, operating costs included expenses related to the Kotak brand campaign "Hausla Hai Toh Ho Jayega," as they prepare to relaunch their products and services targeting customers affected by the embargo.
* Slippage decreased in Q4 to Rs. 1,488 cr from Rs. 1,657 cr in Q3, mainly due to reductions in secured and personal loan sectors.
*Subsidiaries:*
Non-bank divisions contributed 29% to the profits, showing strong growth in capital markets and asset management.
*Kotak Securities*: Rs.1,640 Cr profit (+34% YoY), which includes Rs.115 Cr MTM gain in Q4.
* *Kotak AMC & Trusteeship:* Rs.977 Cr profit (+86% YoY), with equity AUM rising by 49% to ~Rs. 3L Cr.
* *Kotak Capital (IB):* Rs.361 Cr profit (+68% YoY), supported by robust IPO/QIP deals.
* *Kotak Alternate Assets:* AUM increased by 6% YoY to Rs. 48,000 Cr.
* *Kotak Prime:* Rs.1,015 Cr profit for the year (+14% YoY), with Rs. 297 Cr (+34%) in Q4.
* *Kotak Life:* Profit of Rs. 73 Cr (a decrease from ₹109 Cr YoY), with a solvency ratio of 2.45x and an embedded value rising 16% to Rs.17,612 Cr.
The stock is trading at 3.8x trailing P/Adj. BV
*Ami Organics Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*Guidance – 25% revenue growth to be maintained for FY26E, with margins on upward trajectory*
*Capex of Rs. 195 cr is planned – of which Rs. 130 cr to be spent on electrolyte additives (Rs. 35 cr already spent) and ~Rs. 70 cr to be spent on solar pilot plant and maintenance*
*Renaming the company to “Ecotas Chemicals Ltd” in order to build a new brand identity for its next phase of growth*
*Outlook: Positive*
*Key Highlights*
• The management has highlighted stable demand for pharma intermediates and observed increased inquiries for CDMO. On the generic side within its core generic intermediate portfolio, it expects benefit from patent expiration in 2025 and 2026 which will drive the growth.