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Neutral The Ramco Cements Ltd for the Target Rs. 1,030 by Motilal Oswal Financial Services Ltd Price hikes in the South and debt reduction aid recovery * The Ramco Cements (TRCL) is expected to benefit from the sharp price hikes in the southern region along with a higher pace of consolidation in the region. The average cement price in the South has increased MoM by INR33/bag (~10%) in Apr’25. TRCL has a higher exposure in the southern region, with 78- 79% of its total volume being sold in the southern markets. * The Tamil Nadu (TN) government has imposed an INR160/t mining ...
Neutral The Ramco Cements Ltd for the Target Rs. 1,030 by Motilal Oswal Financial Services Ltd
Neutral The Ramco Cements Ltd for the Target Rs. 1,030 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 06:17:01 pm
Neutral Central Depository Services Ltd for the Target Rs. 1,150 by Motilal Oswal Financial Services Ltd Weak operating performance * CDSL’s operating revenue declined 7% YoY and 19% QoQ to INR2.2b (7% miss), primarily due to a 36%/29% YoY decline in transaction revenue/online data charges. For FY25, the company’s revenue grew 33% YoY to INR10.8b. * EBITDA declined 26% YoY and 32% QoQ to INR1.1b (10% miss), resulting in an EBITDA margin of 48.7% (vs. 61.4% in 4QFY24 and 57.8% in 3QFY25). For FY25, its EBITDA grew 28% YoY to INR6.2b. Operating expenses jumped 24% YoY to INR1.2b ...
Neutral Central Depository Services Ltd for the Target Rs. 1,150 by Motilal Oswal Financial Services Ltd
Neutral Central Depository Services Ltd for the Target Rs. 1,150 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 05:40:59 pm
Add Dalmia Bharat Ltd. For Target Rs.9,966 By Yes Securities Ltd Better Pricing, Strong Volumes, Lower Costs – Upgraded to BUY DALBHARA reported revenue of Rs40.91bn (–5% YoY, +28.6% QoQ), 16.3% above our est. The strong QoQ growth was driven by higher volume despite muted realizations. Volumes stood at 8.6mt (–2.3% YoY, +28.4% QoQ), while realizations dipped 2.8% YoY but remained flattish QoQ, aided by firmer pricing in Eastern markets. EBITDA in absolute number came in at Rs7.93bn (+21.3% YoY, +55.2% QoQ), and EBITDA/tn at Rs922 (+24...
Add Dalmia Bharat Ltd. For Target Rs.9,966 By Yes Securities Ltd
Add Dalmia Bharat Ltd. For Target Rs.9,966 By Yes Securities Ltd
Source: Yes Securities Ltd.
2025-05-18 05:26:17 pm
Buy Coforge Ltd for the Target Rs. 11,000 by Motilal Oswal Financial Services Ltd Deal TCV velocity anchors growth visibility Margins set to expand as one-offs subside * COFORGE reported a strong 4QFY25 revenue growth of 3.4% QoQ in CC terms, above our estimate of 3.0% QoQ CC. Reported revenue (adjusted for disc. operations) stood at USD404m (up 3.3% QoQ/43.6% YoY). The company reported an order intake of USD2.1b in 4Q with five large deals, resulting in a robust 12-month executable order book of USD1.5b (+47% YoY). Adj. EBITDA (pre-RSU) margin came in at 18.7% (est....
Buy Coforge Ltd for the Target Rs. 11,000 by Motilal Oswal Financial Services Ltd
Buy Coforge Ltd for the Target Rs. 11,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 05:26:04 pm
Buy Mahindra & Mahindra Ltd for the Target Rs. 3,482 by Motilal Oswal Financial Services Ltd FES performance impresses; drives margin beat Well-placed to outperform in both Auto and FES segments * MM reported a better-than-expected operating performance in 4QFY25, led by a strong margin beat in the FES segment (at 19.4% vs 17.3% estimated). The QoQ margin improvement was particularly commendable as it came in a seasonally weak quarter. Auto segment margins, adjusted for contract manufacturing at MEAL, came in at 10% (+30bp QoQ). * Given the sustained demand momentum in UVs a...
Buy Mahindra & Mahindra Ltd for the Target Rs. 3,482 by Motilal Oswal Financial Services Ltd
Buy Mahindra & Mahindra Ltd for the Target Rs. 3,482 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 03:57:23 pm
Buy Indian Hotels Ltd for the Target Rs. 940 by Motilal Oswal Financial Services Ltd Ending FY25 on strong footing; outlook remains positive Operating performance in line with our estimate * Indian Hotels (IH) reported strong consolidated revenue growth of 27% YoY in 4QFY25, led by healthy RevPAR growth of 16% (ARR up 14% and OR up 100bp YoY) in its standalone business. Like-for-like consol hotel revenue/ TajSats growth stood at ~13% each YoY. Management contract revenue rose 10% YoY to INR1.6b. * IH maintains its double-digit revenue guidance, supported by strong st...
Buy Indian Hotels Ltd for the Target Rs. 940 by Motilal Oswal Financial Services Ltd
Buy Indian Hotels Ltd for the Target Rs. 940 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 03:48:17 pm
Buy CAN FIN Homes Limited for Target Rs. 850 by Yes Securities Ltd A better quarter on growth and asset quality Can Fin delivered a healthy quarter with revival in disbursements, resilience in margins, significant reduction in SMA 0 and some correction in GNPLs. ECL provision release from SMA pool decline and reversal of prior-period tax were utilized for augmenting Management Overlay by Rs250mn and improving the PCR on Stage-3. Notwithstanding this, the RoA/RoE for Q4 FY25 stood at 2.6% and 18.5% respectively. Disbursements jumped from Rs18.8bn in Q3 ...
Buy CAN FIN Homes Limited for Target Rs. 850 by Yes Securities Ltd
Buy CAN FIN Homes Limited for Target Rs. 850 by Yes Securities Ltd
Source: Yes Securities Ltd.
2025-05-18 12:47:21 pm
Buy Godrej Agrovet Ltd for the Target Rs. 2,300 by Motilal Oswal Financial Services Ltd Operating performance a mixed bag, below our est. * Godrej Agrovet (GOAGRO) reported a subdued operating performance (EBIT marginally down 2% YoY) in 4QFY25, primarily due to a sharp 68%/ 66% YoY decline in Dairy/Poultry EBIT, while Animal Feed (AF)/Crop Protection (CP) EBIT dipped ~4%/2% YoY. These were partly offset by Palm Oil EBIT, which doubled YoY, fueled by higher realization. * Revenue remained flat YoY mainly due to a significant decline in AF/ Poultry business revenue (volume-...
Buy Godrej Agrovet Ltd for the Target Rs. 2,300 by Motilal Oswal Financial Services Ltd
Buy Godrej Agrovet Ltd for the Target Rs. 2,300 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 12:31:19 pm
Neutral Axis Bank Ltd for Target Rs. 1,475 by Yes Securities Ltd Reasonable outcomes on key parameters Our view – Balance sheet growth a key monitorable Asset Quality – Gross slippages declined on sequential basis partly on account of seasonality pertaining to agri slippages: Gross NPA additions amounted to Rs 48.05bn for 4QFY25, translating to an annualized slippage ratio of 1.9% for the quarter. Gross NPA additions had amounted to Rs 54.32bn during 3QFY25. Agri slippages are elevated in the first and third quarters of the Indian financi...
Neutral Axis Bank Ltd for Target Rs. 1,475 by Yes Securities Ltd
Neutral Axis Bank Ltd for Target Rs. 1,475 by Yes Securities Ltd
Source: Yes Securities Ltd.
2025-05-18 12:21:52 pm
Buy State Bank of India Ltd for the Target Rs. 915 by Motilal Oswal Financial Services Ltd Earnings in line; Treasury gains offset high opex, provisions Reduction in repo rate to keep margins under check * State Bank of India (SBIN) reported a 4QFY25 PAT of INR186.4b (in line) with robust treasury gains offsetting higher opex and provisions. * NII grew 3% YoY to INR427.7b (in line). NIM stood at 3.0% (1bp QoQ dip) with domestic NIM holding stable at 3.15%. * Opex grew 18% YoY to INR357b (19% higher than MOFSLe). This was led by a spike in overhead expenses, which stood ...
Buy State Bank of India Ltd for the Target Rs. 915 by Motilal Oswal Financial Services Ltd
Buy State Bank of India Ltd for the Target Rs. 915 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 12:13:51 pm
Neutral Aavas Financiers Limited for Target Rs. 2,050 by Yes Securities Ltd A mixed quarter A mixed quarter with usual business jump but less-than-usual asset quality pull-back The sequential disbursement jump for Aavas was on traditional lines and hence the annual growth in originations was 7%/10% for Q4/FY25. Growth in new business continues to be led by MSME loans (share rising in AUM) while the growth in HL disbursements was moderate at 2% yoy/7% yoy in Q4/FY25 (incremental ATS has grown by 6-7% yoy). The login-to-sanction ratio in HL has come-off due to un...
Neutral Aavas Financiers Limited for Target Rs. 2,050 by Yes Securities Ltd
Neutral Aavas Financiers Limited for Target Rs. 2,050 by Yes Securities Ltd
Source: Yes Securities Ltd.
2025-05-18 12:11:32 pm
Buy Kotak Mahindra Bank Ltd for the Target Rs. 2,500 by Motilal Oswal Financial Services Ltd PPoP in line; Prudential provisions lead to a slight earnings miss Asset quality steady; slippages decline QoQ * Kotak Mahindra Bank (KMB) reported a standalone 4QFY25 PAT of ~INR35.5b (6% miss on MOFSLe), because of higher provisions (to shore up PCR, partly due to AIF provisions of INR560m). Consol. PAT stood at INR49b (5% QoQ growth and 8% YoY decline) in 4QFY25. * NII grew 5.4% YoY to INR72.8b (largely in line). NIM expanded 4bp QoQ to 4.97% (MOFSLe: 4.92%). * Advances growth ...
Buy Kotak Mahindra Bank Ltd for the Target Rs. 2,500 by Motilal Oswal Financial Services Ltd
Buy Kotak Mahindra Bank Ltd for the Target Rs. 2,500 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 12:07:43 pm
Buy Avenue Supermarts Ltd for the Target Rs. 4,350 by Motilal Oswal Financial Services Ltd Intensified competition and rising COR lead to the miss * Avenue Supermarts (DMART) posted weak results in 4QFY25 as standalone EBITDA inched up 4% YoY (9% miss) due to weaker gross margin (GM; -25bp YoY) and higher cost of retailing (CoR; opex up 12% YoY on a per sqft basis). * DMART’s 4QFY25/FY25 standalone revenue grew ~17% YoY, driven by ~14% store area addition and like-for-like (LFL) growth for over two-year-old stores at 8.1%/8.4% in 4QFY25/FY25 (vs. ~10.3%/9.9% in 4QFY24/F...
Buy Avenue Supermarts Ltd for the Target Rs. 4,350 by Motilal Oswal Financial Services Ltd
Buy Avenue Supermarts Ltd for the Target Rs. 4,350 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 11:57:54 am
Reduce Asian Paints Ltd for Target Rs. 2,095 by Geojit Financial Srevices Ltd Demand and margin pressure to continue... Asian Paints Ltd. (APNT), is engaged in the business of manufacturing, selling and distribution of paints and related products for home décor. APNT is the market leader in the Indian paint manufacturing industry. • Volume growth remains muted at 1.8% in Q4FY25, due to weak demand and increased competition intensity. The company expects single digit value growth in FY26 owing no major sign of demand recovery. • APNT reported b...
Reduce Asian Paints Ltd for Target Rs. 2,095 by Geojit Financial Srevices Ltd
Reduce Asian Paints Ltd for Target Rs. 2,095 by Geojit Financial Srevices Ltd
Source: Geojit Financial Services Ltd
2025-05-18 11:51:28 am
Buy Marico Ltd for the Target Rs. 800 by Motilal Oswal Financial Services Ltd Robust topline growth; near-term margin pressure persists * Marico (MRCO) reported consol. revenue growth of 20% YoY (in line) in 4QFY25. Domestic revenue growth was 23% YoY, while volume growth was 7%. International growth was 11% YoY (16% CC growth). * Domestic revenue growth was driven by strong core category growth and sustained success for its new growth drivers. Parachute coconut oil (PCNO) posted 22% YoY value growth with a 1% volume decline, driven primarily by price hikes. With...
Buy Marico Ltd for the Target Rs. 800 by Motilal Oswal Financial Services Ltd
Buy Marico Ltd for the Target Rs. 800 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 11:50:29 am
Buy Coromandel International Ltd for the Target Rs. 2,600 by Motilal Oswal Financial Services Ltd Broad-based growth across segments Operating performance in line with estimates * Coromandel International (CRIN) reported a robust operating performance in 4QFY25 (EBIT up 62% YoY), aided by strong growth in both the Crop Protection business (EBIT up 60% YoY) and the Nutrients and Allied business (Adj. EBIT up 38% YoY; includes INR509.4m toward an adjustment for the write-down of certain assets across plants). Margin expansion was driven by improved manufactured fertilizer volume (up 2...
Buy Coromandel International Ltd for the Target Rs. 2,600 by Motilal Oswal Financial Services Ltd
Buy Coromandel International Ltd for the Target Rs. 2,600 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 11:43:00 am
Buy HDFC Bank Limited for Target Rs. 2,192 by Geojit Financial Services Ltd   Poised for Steady Growth Incorporated in August 1994, HDFC Bank provides a range of financial services including corporate and retail banking, custodial services, treasury and capital markets, project advisory services, and capital market products. • In Q4FY25, HDFC Bank saw a notable 9.2% YoY increase in interest income to Rs. 86,779cr. The growth was primarily fuelled by a significant rise in interest generated from lending activities that was up 4.8% YoY and substantia...
Buy HDFC Bank Limited for Target Rs. 2,192 by Geojit Financial Services Ltd
Buy HDFC Bank Limited for Target Rs. 2,192 by Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2025-05-18 11:38:05 am
Buy Atul Ltd for the Target Rs. 8,450 by Motilal Oswal Financial Services Ltd Stellar bounce-back in FY25; growth expected to continue * Atul’s (ATLP) 4QFY25 revenue came in line with our expectation. The Life Science Chemicals (LSC) segment’s revenue increased 18% YoY, while the Performance & Other Chemicals (P&OC) segment’s revenue rose 21% YoY. Gross margin came in at 49.7% (-10bp YoY), while EBITDAM expanded 320bp YoY to 15.4%. EBITDA grew 51% YoY to INR2.2b, and PAT jumped 121% YoY to INR1.3b. * The LSC segment maintained strong per...
Buy Atul Ltd for the Target Rs. 8,450 by Motilal Oswal Financial Services Ltd
Buy Atul Ltd for the Target Rs. 8,450 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 11:37:07 am
Buy Home First Finance Ltd for the Target Rs. 1,500 by Motilal Oswal Financial Services Ltd Operationally healthy quarter; sequential NIM expansion Asset quality stable even as bounce-rates inched up a little * HomeFirst’s 4QFY25 PAT grew 25% YoY to INR1.05b (in line). FY25 PAT grew ~25% YoY to INR3.8b. 4Q NII grew 26% YoY to INR1.7b (in line). Other income jumped 52% YoY to INR533m, aided by higher assignment income of INR300m * Opex grew 38% YoY to INR803m (in line). PPoP rose ~28% YoY to INR1.46b (in credit costs of ~25bp (PQ: ~34bp and PY: ~12bp). * In Apr&rsqu...
Buy Home First Finance Ltd for the Target Rs. 1,500 by Motilal Oswal Financial Services Ltd
Buy Home First Finance Ltd for the Target Rs. 1,500 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 11:31:13 am
Buy Indostar Capital Finance Ltd for the Target Rs. 360 by Motilal Oswal Financial Services Ltd Disbursements weak in vehicle finance; credit costs stable PAT rose ~3% YoY; asset quality improved, aided by the ARC transaction. Indostar Capital Finance (IndoStar) reported a mixed quarter. Although business momentum was subdued due to the tightening of underwriting policies, asset quality improved, aided by the ARC transaction, while credit costs remained stable QoQ. Key highlights: 1) Consolidated disbursements declined ~13% YoY to ~INR15.4b and retail AUM rose ~30% YoY to ~INR109b...
Buy Indostar Capital Finance Ltd for the Target Rs. 360 by Motilal Oswal Financial Services Ltd
Buy Indostar Capital Finance Ltd for the Target Rs. 360 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 10:47:19 am
Buy SIS Ltd for the Target Rs. 400 by Motilal Oswal Financial Services Ltd Margin rebuild in motion But labour constraints to weigh on international business * SIS (SECIS)’s 4QFY25 revenue was up 9.3% YoY/1.9% QoQ at INR34.27b, largely in line with our estimate of INR34.6b. Revenue growth was aided by 12.9% YoY growth in Facility management, whereas India Security/International security posted 9.6%/7.7% growth YoY. EBITDA margin came in at 4.8%, flat YoY (vs. est. 4.9%). India Security margin was up 10bp QoQ at 5.6%, while International Business margin w...
Buy SIS Ltd for the Target Rs. 400 by Motilal Oswal Financial Services Ltd
Buy SIS Ltd for the Target Rs. 400 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 10:41:13 am
Neutral Shoppers Stop Ltd for the Target Rs. 500 by Motilal Oswal Financial Services Ltd Growth remains tepid; INTUNE store additions guidance cut * Shoppers Stop (SHOP) reported in-line results, with muted 2% YoY revenue growth (vs. +8% YoY in 3Q) on a 3% LFL growth (4% YoY in 3Q). * EBITDA rose 3% YoY, as ~380bp gross margin expansion was largely offset by higher costs and operating deleverage (other opex up 21% YoY). * The company added a net of 15 stores during 4QFY25 across its formats, with INTUNE's presence rising to 71 stores in 30 cities. * However, manag...
Neutral Shoppers Stop Ltd for the Target Rs. 500 by Motilal Oswal Financial Services Ltd
Neutral Shoppers Stop Ltd for the Target Rs. 500 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 10:15:22 am
Buy State Bank of India Ltd For Target Rs. 923 By Religare Broking Limited Other income supports earnings amid margin headwinds: State Bank of India (SBI) reported a 2.7% YoY and 3.2% QoQ increase in net interest income, totaling Rs. 42,775 crore, which was slightly below expectations due to lower-than-anticipated advance growth. Treasury gains contributed to a 39.4% YoY and 119.3% QoQ rise in other income, reaching Rs. 24,210 crore. This led to a 12% increase in total income, both YoY and QoQ, bringing it to Rs. 28,467 crore. Pre-provision operating profit (PPOP) w...
Buy State Bank of India Ltd For Target Rs. 923 By Religare Broking Limited
Buy State Bank of India Ltd For Target Rs. 923 By Religare Broking Limited
Source: Religare Broking Ltd
2025-05-18 10:13:31 am
Buy Equitas Small Finance Bank Ltd for the Target Rs. 77 by Motilal Oswal Financial Services Ltd High provisions remain an overhang on earnings Margin contracts 26bp QoQ; estimate RoA to recover to 1.5% by FY27E * Equitas SFB (EQUITASB) reported 4QFY25 PAT of ~INR421m, down 37% QoQ and 43% below our est., due to lower other income and higher-thanexpected provisions. * NII grew 5.5% YoY/1.3% QoQ to INR8.3b (in line). NIMs contracted by 26bp QoQ to 7.13% in 4QFY25, mainly due to a drop in the MFI portfolio. * Advances growth was muted at 16.9% YoY/2.3% QoQ owing to a sharp decl...
Buy Equitas Small Finance Bank Ltd for the Target Rs. 77 by Motilal Oswal Financial Services Ltd
Buy Equitas Small Finance Bank Ltd for the Target Rs. 77 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 10:04:56 am
Buy Ambuja Cements Limited For Target Rs. 627 By Geojit Financial Services Ltd Cementing a promising outlook Ambuja Cements Ltd (Ambuja) is a leading cement company in India. Ambuja is a part of the Adani Group, the largest and fastest-growing portfolio of diversified sustainable businesses. • Consolidated revenue from operations increased 11.2% YoY to Rs. 9,889cr, with cement segment growing 10.5% YoY in Q4FY25. • The revenue growth is attributed to the effective implementation of micro-market management strategies, expansion of ground network, consi...
Buy Ambuja Cements Limited For Target Rs. 627 By Geojit Financial Services Ltd
Buy Ambuja Cements Limited For Target Rs. 627 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2025-05-18 10:01:25 am
Buy CEAT Ltd for the Target Rs. 3,818 by Motilal Oswal Financial Services Ltd Margins set to improve with softening input costs Replacement to be a key growth driver, expect a steady recovery in OE * Ceat Ltd (CEAT)’s 4QFY25 performance was ahead of estimates as it posted 100bp margin expansion QoQ to 11.3% (vs. an estimate of 10.5%) led by a marginal reduction in input costs and price hikes taken in Q4. Management expects the international mix to improve to 26% from ~19% currently, fueled by the Camso acquisition, focus on OHT, and expanded distribution, e...
Buy CEAT Ltd for the Target Rs. 3,818 by Motilal Oswal Financial Services Ltd
Buy CEAT Ltd for the Target Rs. 3,818 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 09:43:24 am
Buy Havells India Ltd For Target Rs. 1,903 By Geojit Financial Services Ltd A strong Q4…discretionary spending to pick-up Havells India Ltd. (HAVL) is a leading player in electrical consumer goods in India. Its key verticals include switchgears, cables & wires, lighting fixtures, and consumer appliances. • Revenue grew by robust 20% YoY exceeding our expectation, led by cables & wires and Lloyd, which grew by 21% & 40% YoY respectively. • The switchgear and appliance segments saw modest growth, while emerging businesses continued...
Buy Havells India Ltd For Target Rs. 1,903 By Geojit Financial Services Ltd
Buy Havells India Ltd For Target Rs. 1,903 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2025-05-18 09:34:45 am
Buy UTI AMC Ltd for the Target Rs. 1,250 by Motilal Oswal Financial Services Ltd Steady SIP flows amid volatile markets Lower-than-expected other income and higher costs led to PAT miss   * UTI AMC’s 4QFY25 operating revenue stood at INR3.6b (in line), up 13% YoY/down 4% QoQ. For FY25, it grew 22% YoY to INR14.5b. Yield on management fees stood at 42.4bp in 4QFY25 vs. 43.7bp in 4QFY24 and 42.6bp in 3QFY25. * Total opex was up 10% YoY/12% QoQ to INR2.1b. As bp of QAAUM, costs decreased YoY to 24.3bp from 25.8bp in 4QFY24 (vs. 21bp in 3QFY25). EBIDTA ...
Buy UTI AMC Ltd for the Target Rs. 1,250 by Motilal Oswal Financial Services Ltd
Buy UTI AMC Ltd for the Target Rs. 1,250 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 09:26:20 am
Buy Astral Ltd For Target Rs. 1,600 By Geojit Financial Services Ltd Fundamental View Astral Ltd. (Astral), incorporated in 1996, is one of the fastest growing and leading companies in the category of building materials with presence across pipes & bathware (71%) and adhesives(25%) and Paints (4%) as of 9MFY25. It is among India's leading players in the high -margin CPVC pipes and fittings business. • Revenue grew modestly by ~3%YoY to ?4,151cr in 9MFY25, supported by aggregate volume growth in the plumbing business of ~4%, despite moderatio...
Buy Astral Ltd For Target Rs. 1,600 By Geojit Financial Services Ltd
Buy Astral Ltd For Target Rs. 1,600 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2025-05-18 09:21:23 am
Buy CIE Automotive India Ltd for the Target Rs. 463 by Motilal Oswal Financial Services Ltd Performance marred by weakness in Europe Ongoing tariff war adds further uncertainty to European demand * CIEINDIA’s 1QCY25 EBITDA/PAT of INR3.4b/INR2.1b came in ahead of our estimates of INR3.2b/INR1.9b. While Europe demand remained weak and was down 19% YoY, it was still better than our estimate. With EU demand remaining uncertain, management continues to focus on driving growth in India through capacity expansion, deeper customer engagements, and leveraging its existing product...
Buy CIE Automotive India Ltd for the Target Rs. 463 by Motilal Oswal Financial Services Ltd
Buy CIE Automotive India Ltd for the Target Rs. 463 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 09:18:43 am
Buy Supreme Industries Ltd For Target Rs. 4,107 By Geojit Financial Services Ltd Muted Q4 volumes; recovery ahead Supreme Industries Ltd. (SIL) is India’s leading player in plastic products; the company’s wide range of offerings include plastic piping systems, packaging, industrial and consumer products. • Revenue was flat YoY, primarily due muted volume growth of 2.3% YoY and a 3% YoY decline in realisations due to the volatility in PVC resin prices. • The combination of reduced government infrastructure spending, a slowdown in the real est...
Buy Supreme Industries Ltd For Target Rs. 4,107 By Geojit Financial Services Ltd
Buy Supreme Industries Ltd For Target Rs. 4,107 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2025-05-18 09:13:46 am
Buy Five Star Business Finance Ltd for the Target Rs. 840 by Motilal Oswal Financial Services Ltd Disruption in Karnataka affects AUM growth and collections AUM growth moderated to ~23% YoY; asset quality deteriorated * FIVESTAR’s 4QFY25 PAT grew 18% YoY to INR2.8b (in line). FY25 PAT grew ~28% YoY to INR10.7b. * 4Q NII grew ~21% YoY to INR5.6b (in line), while PPoP rose ~19% YoY to INR4b (in line). Other income grew 26% YoY to INR250m, primarily due to higher fee income. Opex grew 26% YoY to INR1.9b (in line). Credit costs stood at INR254m (~9% lower than MOFSLe). Annualiz...
Buy Five Star Business Finance Ltd for the Target Rs. 840 by Motilal Oswal Financial Services Ltd
Buy Five Star Business Finance Ltd for the Target Rs. 840 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 09:09:39 am
Buy Star Health Ltd for the Target Rs. 460 by Motilal Oswal Financial Services Ltd Weak underwriting profitability due to elevated claims * Star Health (STARHEAL)’s net earned premium rose 12% YoY to INR38b (inline) in 4Q. For FY25, the net earned premium grew 15% YoY to INR148b. * The claims ratio at 69.2% (vs. our est. of 68.1%) grew 510bp YoY in 4QFY25, with a 21% YoY increase in net claims incurred to INR26.3b (in-line). The rise was due to a higher claim frequency and severity. Operating expenses were in line, with the expense ratio (incl. commission ratio)...
Buy Star Health Ltd for the Target Rs. 460 by Motilal Oswal Financial Services Ltd
Buy Star Health Ltd for the Target Rs. 460 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 08:52:07 am
Neutral Bandhan Bank Ltd for the Target Rs. 170 by Motilal Oswal Financial Services Ltd Modest quarter; high provisions dent earnings MFI mix moderated to 41% * Bandhan Bank (BANDHAN) reported 4QFY25 PAT of INR3.2b (up 480% YoY), 29% below our estimate due to lower other income and higher provisions. * NII declined 4% YoY/3% QoQ to INR27.6b (in line). Margins contracted 21bp QoQ to 6.7% due to a change in the product mix toward secured advances and higher slippages/interest reversals. * Opex grew 9.4% YoY to INR18.8b (in line). C/I ratio thus rose to 54.5%. * Net ...
Neutral Bandhan Bank Ltd for the Target Rs. 170 by Motilal Oswal Financial Services Ltd
Neutral Bandhan Bank Ltd for the Target Rs. 170 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 04:08:04 pm
Neutral SONA BLW Precision Forging Ltd for the Target Rs. 490 by Motilal Oswal Financial Services Ltd Margins hurt by adverse mix Multiple global headwinds to restrain growth * SONA BLW (SONACOMS)’s adjusted EBITDA margin came in below our estimates in 4QFY25 due to a model changeover at one of its key OEMs as well as an adverse mix. Adjusted PAT exceeded our estimates because of higher-than-expected other income from surplus funds. The company continues to win new orders, especially in its core division, resulting in its ever-increasing order backlog at INR242b (6.8x revenue in F...
Neutral SONA BLW Precision Forging Ltd for the Target Rs. 490 by Motilal Oswal Financial Services Ltd
Neutral SONA BLW Precision Forging Ltd for the Target Rs. 490 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 03:53:10 pm
Buy Ajanta Pharma Ltd for the Target Rs. 3,260 by Motilal Oswal Financial Services Ltd Domestic formulation/US outperforms for the quarter  Efforts across segments to sustain growth momentum * Ajanta Pharma (AJP) exhibited largely in-line operational performance for the quarter. Superior performance in Domestic Formulation (DF)/US was partly offset by the weak institutional anti-malaria business. * The high base of the previous year impacted YoY growth in the branded generics export segment. That said, AJP continues to strengthen its positioning in the chronic por...
Buy Ajanta Pharma Ltd for the Target Rs. 3,260 by Motilal Oswal Financial Services Ltd
Buy Ajanta Pharma Ltd for the Target Rs. 3,260 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 03:48:06 pm
Neutral Federal Bank Ltd for the Target Rs. 230 by Motilal Oswal Financial Services Ltd NII and PPoP in line; lower provisions drive earnings beat Asset quality remains steady * Federal Bank (FB) reported 4QFY25 earnings of INR10.3b (12% beat) amid lower provisions and healthy other income. * NII was in line, while NIM stood broadly flat (up 1bp QoQ to 3.12%), as the bank focused on reorienting its asset mix with the goal of improving yields and increasing its CASA deposits. * Advances grew 12% YoY/ 2% QoQ, while deposits grew 12.3% YoY/6.5% QoQ, largely driven by CA...
Neutral Federal Bank Ltd for the Target Rs. 230 by Motilal Oswal Financial Services Ltd
Neutral Federal Bank Ltd for the Target Rs. 230 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 03:33:49 pm
Neutral Phoenix Mills Ltd for the Target Rs. 1,672 by Motilal Oswal Financial Services Ltd Earnings lag; retail portfolio resilient LFL consumption grows 8% in FY25 * The company reported revenue of INR10.2b, -22%/+4% YoY/QoQ (16% below estimate), while EBITDA came in at INR5.6b, -11%/+1% YoY/QoQ (27% below estimate). Margin stood at 55.1%, +708bp/-163bp YoY/QoQ (848bp below our estimate). * Adj. PAT stood at INR2.7b, -17%/+3% YoY/QoQ (25% below estimate). Margin stood at 26.7%, +170bp/-43bp YoY/QoQ (315bp below estimate). * In FY25, revenue was down 4% YoY at INR38b, b...
Neutral Phoenix Mills Ltd for the Target Rs. 1,672 by Motilal Oswal Financial Services Ltd
Neutral Phoenix Mills Ltd for the Target Rs. 1,672 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 03:26:28 pm
Buy JSW Infrastructure Ltd for the Target Rs. 370 by Motilal Oswal Financial Services Ltd Operating performance in line; lower tax outgo drives APAT Outlook remains bright with expansion underway * JSW Infrastructure (JSWINFRA) has completed the acquisition of a 70.37% share of Navkar Corporation Limited through its subsidiary, JSW Port Logistics Private Limited (consolidation effective from 11th Oct’24). As such, the results of 4QFY25 are not comparable with those of the corresponding periods. * Consolidated revenue grew 17% YoY to INR12.8b. During the quarter, the...
Buy JSW Infrastructure Ltd for the Target Rs. 370 by Motilal Oswal Financial Services Ltd
Buy JSW Infrastructure Ltd for the Target Rs. 370 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 02:52:36 pm
Buy Jindal Steel & Power Ltd for the Target Rs. 1050 by Motilal Oswal Financial Services Ltd Volume-driven outperformance; margins in line * Jindal Steel & Power (JSP)’s revenue grew 12% QoQ to INR132b (-2% YoY) vs. our estimate of INR121b, fueled by a robust volume growth (9% beat). * Adj. EBITDA stood at INR24.8b up 14% QoQ and 2% YoY, against our est. of INR22.7b (10% beat). EBITDA/t stood at INR11,650/t in line with our est. of INR11,599/t during the quarter. * In 4QFY25, JSP’s reported EBITDA included an FX gain of INR200m and oneoffs under other costs o...
Buy Jindal Steel & Power Ltd for the Target Rs. 1050 by Motilal Oswal Financial Services Ltd
Buy Jindal Steel & Power Ltd for the Target Rs. 1050 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 02:44:01 pm
Neutral Indus Towers Ltd for the Target Rs. 395 by Motilal Oswal Financial Services Ltd Operationally in line; dividend deferral disappointing * Indus Towers (Indus)’ 4QFY25 reported financials were impacted by several one-offs on account of the consummation of tower purchases from Bharti Airtel, prior period revenue, and provision reversals. * Adjusted for one-offs, operational performance was broadly in line with the pick-up in tenancy additions. Indus’ 4Q recurring EBITDA grew 4% QoQ (+10% YoY) to ~INR41b and was largely in line with our estimate * D...
Neutral Indus Towers Ltd for the Target Rs. 395 by Motilal Oswal Financial Services Ltd
Neutral Indus Towers Ltd for the Target Rs. 395 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 02:24:42 pm
Neutral Vedanta Ltd for the Target Rs. 470 by Motilal Oswal Financial Services Ltd Operational performance in line * Vedanta (VEDL) reported consolidated net sales of INR405b (+14% YoY and +3% QoQ), in line with our estimates. The QoQ growth was driven by favorable market prices and higher premiums. * VEDL’s consolidated EBITDA stood at INR115b (+31% YoY and +3% QoQ) against our estimate of INR108b. EBITDA was driven by higher volumes and premiums, partially offset by input commodity inflation. * EBITDA margin for 4QFY25 stood at 28.3%, compared to 28.4% in 3...
Neutral Vedanta Ltd for the Target Rs. 470 by Motilal Oswal Financial Services Ltd
Neutral Vedanta Ltd for the Target Rs. 470 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 02:02:27 pm
Buy Varun Beverages Ltd for the Target Rs. 665 by Motilal Oswal Financial Services Ltd Double-digit volume growth in domestic market despite intensifying competition In-line operating performance * Varun Beverages (VBL) reported a revenue growth of 29% YoY in 1QCY24, led by volume growth of 30% YoY, which was driven by organic volume growth of ~15.5% YoY and consolidation of South Africa & DRC in the current quarter. Realization remained flat YoY at INR178/case. * VBL maintained its volume growth trajectory in the domestic market and its expansion in international ...
Buy Varun Beverages Ltd for the Target Rs. 665 by Motilal Oswal Financial Services Ltd
Buy Varun Beverages Ltd for the Target Rs. 665 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 01:51:41 pm
Buy Adani Ports & SEZ Ltd for the Target Rs. 1,550 by Motilal Oswal Financial Services Ltd Performance broadly in line; focus on becoming an integrated transport utility company * Adani Ports & SEZ (APSEZ) reported a revenue growth of 23% YoY to INR85b in 4QFY25 (in-line). Cargo volumes grew 8% YoY to 118mmt. The growth was primarily led by containers. In FY25, APSEZ managed ~27% of the country’s total cargo and ~45% of container cargo. * EBITDA margin came in at 59% in 4QFY25 vs. our estimate of 63.6% (+30bp YoY, -130bp QoQ). EBITDA grew 24% YoY to INR50b (6% ...
Buy Adani Ports & SEZ Ltd for the Target Rs. 1,550 by Motilal Oswal Financial Services Ltd
Buy Adani Ports & SEZ Ltd for the Target Rs. 1,550 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 12:26:48 pm
Buy Eternal Ltd for the Target Rs. 260 by Motilal Oswal Financial Services Ltd Blinkit profits remain elusive * Eternal reported 4QFY25 revenues of INR58b, up 8% QoQ, in line with our estimate. Growth was led by Blinkit (GOV up 20% QoQ/134% YoY). The food delivery business delivered 16% YoY growth in GOV with a steady increase in margins. * Adj. EBITDA as a % of GOV margin was up 10bp QoQ at 4.4%. PAT came in at INR360m (est. INR1.8b), down 78% YoY, primarily attributed to increased investments in accelerated dark-store openings and customer acquisitions in the Qu...
Buy Eternal Ltd for the Target Rs. 260 by Motilal Oswal Financial Services Ltd
Buy Eternal Ltd for the Target Rs. 260 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 12:10:21 pm
Buy IndiaMART Ltd for the Target Rs. 2,650 by Motilal Oswal Financial Services Ltd ARPU anchors growth amid subdued collections Churn in silver accounts continues to haunt; reiterate BUY * IndiaMART (INMART) reported 4QFY25 revenue growth of 13% YoY, vs our estimate of 15.8% YoY growth. Deferred revenue rose 17% YoY to INR16.7b. EBITDA margin was down ~240bp QoQ to 36.7%, below our estimates of 38.5%, due to increased manpower expense and outsourced sales cost. PAT stood at INR1,802m, up 49% QoQ/81% YoY, beating our estimate of INR1,056m due to higher other income. Fo...
Buy IndiaMART Ltd for the Target Rs. 2,650 by Motilal Oswal Financial Services Ltd
Buy IndiaMART Ltd for the Target Rs. 2,650 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 11:14:39 am
Buy Castrol Ltd for the Target Rs. 250 by Motilal Oswal Financial Services Ltd Volume growth outlook remains stable * Castrol (CSTRL) 1QCY25 results were in line with our estimates. EBITDA margin contracted 55bp YoY/615bp QoQ due to a rise in other expenses. 1Q volumes stood in line with our estimate at 62m liters. * Management highlighted that it remains focused on brand building, widening the distribution network, and launching new products, all of which we believe will drive volume growth and market share expansion. * Management maintains a bullish outlook o...
Buy Castrol Ltd for the Target Rs. 250 by Motilal Oswal Financial Services Ltd
Buy Castrol Ltd for the Target Rs. 250 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 10:50:17 am
Neutral KFin Technologies Ltd for the Target Rs. 1,150 by Motilal Oswal Financial Services Ltd Performance in line across parameters * KFin Technologies (KFINTECH) reported a 24% YoY growth in operating revenue to INR2.8b in 4QFY25 (in line), driven by 23%/35%/16% YoY growth in domestic MF solutions/issuer solutions/international solutions. For FY25, revenue grew 30% YoY to ~INR10.9b. * Total operating expenses grew 30% YoY to INR1.6b (in line), resulting in 17% YoY growth in EBITDA to INR1.2b (in line), with EBITDA margin at 43.2% (45.8% in 4QFY24). For FY25, EBITDA grew 31% YoY...
Neutral KFin Technologies Ltd for the Target Rs. 1,150 by Motilal Oswal Financial Services Ltd
Neutral KFin Technologies Ltd for the Target Rs. 1,150 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-17 10:38:23 am