*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.
• In specialty chemicals, battery chemicals are observing a positive sign despite moderate demand where manufacturers are diversifying supply chains away from China.
• With respect to semiconductors, demand for legacy semiconductors, industrial equipment and other devices remained subdued in recent months.
• During the year, specialty chemicals performance was mainly impacted by Baba fine chemicals business, which was offset by ~25% volume growth in commodity chemicals. Revamp in baba fine chem business is expected from FY26 where it has already provided samples to 6-8 customers across Japan, Korea and Taiwan.
• A new brownfield plant at Jagadia for electrolyte additives to commence production from H2FY26 and should reach full utilization over the next 3 years.
• The management has a target to achieve Rs. 1000 cr of CDMO revenue by FY28E.
• On the revenue front, H1:H2 will have a revenue contribution in a ratio of 40:60. The same will have an impact on H1 margins to an extent while overall margins are expected to improve on annual basis.
• For specialty chemicals, the management indicated ~150bps improvement in margins by Q4FY26 or Q1FY27 i.e. ~16%.
• Segment wise operating margin: i) advanced intermediate - 24.5% and ii) Specialty chemicals - 14.7%
• In terms of segment wise performance, revenue from advanced intermediates contributes ~85% of revenue and specialty chemicals ~15%
• In terms of solar pilot plants, 11MW solar plant is already completed and 5MW is expected to complete soon. With this, Rs. 16-18 cr of benefits are expected for an annual in electricity bill.
The stock is trading at P/E of 48.5x FY26E EPS.
• With respect to semiconductors, demand for legacy semiconductors, industrial equipment and other devices remained subdued in recent months.
• During the year, specialty chemicals performance was mainly impacted by Baba fine chemicals business, which was offset by ~25% volume growth in commodity chemicals. Revamp in baba fine chem business is expected from FY26 where it has already provided samples to 6-8 customers across Japan, Korea and Taiwan.
• A new brownfield plant at Jagadia for electrolyte additives to commence production from H2FY26 and should reach full utilization over the next 3 years.
• The management has a target to achieve Rs. 1000 cr of CDMO revenue by FY28E.
• On the revenue front, H1:H2 will have a revenue contribution in a ratio of 40:60. The same will have an impact on H1 margins to an extent while overall margins are expected to improve on annual basis.
• For specialty chemicals, the management indicated ~150bps improvement in margins by Q4FY26 or Q1FY27 i.e. ~16%.
• Segment wise operating margin: i) advanced intermediate - 24.5% and ii) Specialty chemicals - 14.7%
• In terms of segment wise performance, revenue from advanced intermediates contributes ~85% of revenue and specialty chemicals ~15%
• In terms of solar pilot plants, 11MW solar plant is already completed and 5MW is expected to complete soon. With this, Rs. 16-18 cr of benefits are expected for an annual in electricity bill.
The stock is trading at P/E of 48.5x FY26E EPS.
*Central Depository Services (India) Ltd.* | *CMP* Rs. 1325 | *M Cap* Rs. 27686 Cr | *52 W H/L* 1990/918
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 224.4 Cr (-19.3% QoQ, -6.8% YoY) vs QoQ Rs. 278.1 Cr, YoY Rs. 240.8 Cr
EBIDTA came at Rs. 110.2 Cr (-31.4% QoQ, -25.5% YoY) vs QoQ Rs. 160.6 Cr, YoY Rs. 147.9 Cr
EBITDA Margin came at 49.1% vs QoQ 57.8%, YoY 61.4%
Adj. PAT came at Rs. 100.4 Cr vs QoQ Rs. 130.1 Cr, YoY Rs. 129.3 Cr
Quarter EPS is Rs. 4.8
Stock is trading at P/E of 52.6x TTM EPS
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 224.4 Cr (-19.3% QoQ, -6.8% YoY) vs QoQ Rs. 278.1 Cr, YoY Rs. 240.8 Cr
EBIDTA came at Rs. 110.2 Cr (-31.4% QoQ, -25.5% YoY) vs QoQ Rs. 160.6 Cr, YoY Rs. 147.9 Cr
EBITDA Margin came at 49.1% vs QoQ 57.8%, YoY 61.4%
Adj. PAT came at Rs. 100.4 Cr vs QoQ Rs. 130.1 Cr, YoY Rs. 129.3 Cr
Quarter EPS is Rs. 4.8
Stock is trading at P/E of 52.6x TTM EPS
*Ceinsys Tech Ltd* | *CMP* Rs. 1580 | *M Cap* Rs. 2756 Cr | *52 W H/L* 2105/396
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 142.4 Cr (27.4% QoQ, 81.9% YoY) vs QoQ Rs. 111.8 Cr, YoY Rs. 78.3 Cr
EBIDTA came at Rs. 26.8 Cr (26% QoQ, 117.3% YoY) vs QoQ Rs. 21.2 Cr, YoY Rs. 12.3 Cr
EBITDA Margin came at 18.8% vs QoQ 19%, YoY 15.7%
Adj. PAT came at Rs. 21.9 Cr vs QoQ Rs. 17.8 Cr, YoY Rs. 11.6 Cr
Quarter EPS is Rs. 12.6
Stock is trading at a P/E of 43.6x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 142.4 Cr (27.4% QoQ, 81.9% YoY) vs QoQ Rs. 111.8 Cr, YoY Rs. 78.3 Cr
EBIDTA came at Rs. 26.8 Cr (26% QoQ, 117.3% YoY) vs QoQ Rs. 21.2 Cr, YoY Rs. 12.3 Cr
EBITDA Margin came at 18.8% vs QoQ 19%, YoY 15.7%
Adj. PAT came at Rs. 21.9 Cr vs QoQ Rs. 17.8 Cr, YoY Rs. 11.6 Cr
Quarter EPS is Rs. 12.6
Stock is trading at a P/E of 43.6x TTM EPS