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Autos: 2W wholesales rose 6% YoY with strong export growth and PV wholesales grew 10% YoY led by strong growth in M&M, Kia, and Skoda. MHCV is expected to grow 8% YoY but LCV may decline 2%. OEM and tyre company margins are likely to stay flattish amid higher commodity cost pressures. Domestic auto ancillaries serving 2W and PVs are expected to perform well YoY.

Building Materials: Demand generation for late-stage Building materials like Ceramic Tiles and Bathware + Wood panel, from new construction, continues to remain elusive. Demand has also remained volatile due to seasonality in construction stages, ban on construction activities in some major markets due to pollution and continued challenges in Labour availability.

Cement: 4Q25 started on a better note vs. 9MFY25 as spending push from govt. finally reflect in volume growth. Cement price hikes taken in Dec’24 sustained in most regions with few regions seeing small price hikes coming in Jan’25. EBITDA/t for our coverage universe to recover in the range of Rs 150-200/t sequentially for majority of the coverage universe

Chemicals : Coverage universe to report a healthy EBITDA growth in 4QFY25E driven by normalisation in channel demand with base quarter seeing impact of destocking. Expect our coverage universe to report 42% EBITDA growth of 42% yoy driven by margin expansion.

Consumer Durables: Expect strong primary as well as secondary growth for cooling product categories while demand in Refs and WM remains under pressure. In C&W, expect strong growth during the quarter led by both wires and cables division in both volume & value (~6-7% price hikes).

Consumer Staples: Expect sales/EBITDA yoy growth of +7%/flattish (ex-aqua/agri). Broader demand trends remain akin to 3Q, gradual improvement in rural demand offset by soft demand in urban markets. Paint companies would continue to post soft nos despite a favourable base as demand conditions remain weak and an adverse price-mix. Margins would remain soft.

Financials: 4QFY25 should be a soft quarter as business momentum will be softer than historical 4Q trends. Asset quality/ Credit cost in MFI, credit cards and unsecured business loans will remain key monitoarble. We expect NIMs to marginally compress for Pvt banks and slightly more for SOE Banks. Capital market companies to see qoq decline on account of lower revenues as well as lower other income. For RTAs, we expect EBITDA margins to decline sequentially

Industrials : We expect continued strong margin performance for product-based companies as they have already absorbed RM inflation through adequate price hikes so far. However, margins could moderate a little bit on Qoq basis from abnormally high levels achieved in some specific cases.

IT : Considering increased macro concerns and some seasonal weakness, we expect soft growth (- 0.7% to +0.6%) in US$ Sales in CC terms for the top 6 large caps in 4QFY25E on a qoq basis. Expect healthy sales performance from some of the midcap stocks with expected organic US$ Sales growth in the range of 2.6% to 7.1% qoq in CC terms.

Internet: While Zomato and Swiggy are likely to sustain their segment-leading growth, aggressive dark store expansion and rising competitive intensity could weigh on margins. Nykaa is expected to post strong BPC growth, though the Fashion segment may remain subdued.

Oil & Gas: CGD companies to witness sequential margin improvement in price hike taken in CNG segment and partial restoration of APM gas allocation. PLNG and GAIL to see qoq decline in volume.

Healthcare : 4Q has been usually a weak quarter for pharmaceuticals owing to soft domestic biz led by seasonality. However, this time with US biz expected to be strong on account of pick-up in gRevlimid revenues and increasing share of Chronic biz within domestic biz and USD appreciation, 4Q sequential impact to be minimal.

Metals: Expect steel prices to remain flat sequentially while cost savings due to lower coking coal costs are likely to drive sequential improvement in profitability. On Iron ore we expect a sequential decline in realisations driven by price cuts taken during Jan’25; however higher volumes in NMDC and GPIL are likely to lead to improvement in EBITDA on a qoq basis

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