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Below the Perspective on Markets 06th Nov 2025 by Mr. Vikram Kasat, Head - Advisory, PL Capital

Four-for-four: *All delivered strong results and raised guidance, keeping the rally alive*

SBI CMP 958

- 7 bps NIM improvement vs expected decline; management raised FY26 guidance to 12–14% loan growth and >3% NIMs.

*  Asset quality strong with credit cost at 0.5% and slippages below 50 bps; value unlocking expected via SBI AMC and SBI GI IPOs

IndiGo CMP 5637

* Beat operationally despite forex MTM losses; yields up 3.2%, load factor steady at 82.5%, ex-forex PAT of Rs 1 bn.

*  Management raised FY26 capacity growth guidance to early teens

Mahindra & Mahindra (M&M) CMP 3581

* EBITDA up 23% YoY despite weaker mix; margin expansion drove earnings beat.

* Tractor industry guidance revised to 10–12% growth (vs 5–7% earlier), highlighting rural recovery; UV demand remains strong.

Adani Ports CMP 1444

- ADSEZ targets capacity expansion from 633 MMT to 1–1.2 BMT within 5 years, positioning for long-term scale benefits.

* International port margins expected to rise from 26% to about 45% as Tanzania, NQXT, and Colombo operations mature.

*  Q2FY26 saw strong consolidated performance with 12% cargo growth, 28% market share, and stellar marine/logistics EBITDA growth (up 1.4x–3.8x YoY).

* Robust growth outlook: FY25–28E revenue/EBITDA/PAT CAGR of 17%/15%/20%; leverage remains comfortable at 1.8x; ‘Buy’ maintained with a TP of Rs1,777 (18x EV/EBITDA)

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