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May 23, 2025

Daily Morning Report Date: 23.05.2025
NIFTY OUTLOOK: 24,609.70 FII: –5,045.36 cr DII: 3,715.00 cr
As discussed yesterday, market behaviour remained on expected lines. Selling pressure opened Nifty near our support of 24,733. More selling emerged on the breakdown of 24,646, dragging it down to 24,462 before settling at 24,609.70 at close.
A bearish candle with a lower shadow formed on the daily chart, indicating immediate support around 24,457–447. If this zone fails to hold, the index may slip further towards 24,365 to 24,273. An interim support at 24,527 could emerge within the move from 24,609 to 24,447.
While the lower shadow hints at a bounce from intraday lows and some buying interest, resistance is likely around 24,773 to 24,833–855. If demand picks up, the index may test 24,935. An interim resistance at 24,691 may act between the range of 24,609 to 24,773.
Bank Nifty OUTLOOK
SPOT: 54,941.30 PCR: 0.73 Max CE OI: 63,000 Max PE OI: 55,000
On 22nd May 2025, Bank Nifty closed at 54,941.30, down 0.24% from the previous day. The index moved 419.50 points during the session, making a high of 54,996.10 and a low of 54,576.60.
Technical View on Daily Chart
The index has traded in a narrow range for two consecutive days. Key technical levels remain unchanged: resistance is at 55,645 and support at 54,750. A breakout above 55,645 may push it to 55,935, while a breakdown below 54,750 could drag it to 54,280.
The Relative Strength Index (RSI) stands at 56.40. (Below 30 is considered oversold, above 70 overbought.)
Bank Nifty Day SMA Analysis:
Bank Nifty is trading above 6 out of 8 SMAs (20, 30, 50, 100, 150, 200-day) and below 2 SMAs (5 and 10-day).
Two bullish candlestick patterns were identified in Bank Nifty.
• Dragonfly Doji
• Takuri
Macros.
1. Dollar index @ 99.53
2. Vix @ 20.28
3. Crude @ 64.08
4.10 years bond yield 4.533
Note:
U.S. stock index futures moved in a tight range on Thursday evening after Treasury yields paused their recent rise. However, concerns over the stretched U.S. debt levels and a sweeping tax cut bill kept investors on edge. The bill passed a key hurdle on Wednesday as the U.S. House of Representatives voted largely along party lines to begin debate ahead of Thursday’s vote. The bill is estimated to add $3.8 trillion to the U.S. government's existing $36.2 trillion debt over the next decade. Moody’s had already downgraded the U.S. credit rating last week due to the rising debt burden.
Some profit booking was seen in the U.S. markets, and Indian markets may react similarly. FIIs sold Rs. 11,450 cr across segments (cash, index, and stock futures) in Indian equities, reflecting caution over the U.S. tax bill. It is advisable to remain cautious, reduce positions, and book partial profits.
Contributed by
Ashok bhandari : INH000019549
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BEAT THE STREET BULLETIN
Date: 22-May-2025
Telegram: [t.me/beatthestreet10]
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ORDER WIN
GARDEN REACH: Emerges L1 bidder for ₹25,000 Cr Navy Corvette project, likely to build 5 ships.
CONFIDENCE FUTURISTIC: Bags ₹32.45 Cr cascade supply order via subsidiary.
SALZER: Wins ₹192 Cr BBMP LED project; re-enters energy saving after 5 years.
SANGHVI MOVERS: Wins ₹49.5 Cr EPC order from Deepak Fertilisers.
NTPC GREEN ENERGY: Wins 80MW/320MWh BESS project in Kerala under NHPC tender.
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ACQUISITION / STAKE INCREASE
BAJAJ AUTO: Subsidiary infuses €600M into KTM, eyes majority control for revival.
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COLLABORATION / PARTNERSHIPS
SBC EXPORTS: Subsidiary IPO proposed; partners with Amazon, Flipkart, Myntra, Meesho.
MACH CONFERENCES: Partners Cordelia Cruises to tap \$230M India cruise market.
FIRSTSOURCE: Partners with Sanas for AI-based real-time accent translation in CX.
ITCONS E-SOLUTIONS: Inks manpower deal with Zomato Hyperpure for 2 years.
TVS MOTOR: Signs MoU with OOR Cabs to deploy 500 electric 3-wheelers in Tamil Nadu.
ABB INDIA: Signs digital twin MoU with SAIL for Rourkela plant.
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LEADERSHIP CHANGE
CYIENT: Appoints Kavita Kurup as Chief People Officer.
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NEW PROJECTS / CAPACITY EXPANSION
SOM DISTILLERIES: Begins ₹600 Cr greenfield alco-bev expansion in UP via Woodpecker Greenagri.
ELECTRO FORCE: Approves ₹25 Cr new unit; production begins Q3 FY26.
TATA STEEL: Inaugurates ₹27,000 Cr Phase II expansion at Kalinganagar; capacity now 8 MTPA.
VENUS PIPES: Starts 3,600 MTPA welded tubes facility in Gujarat; enters high-margin segment.
INDIA CEMENTS: Adds 0.3 MTPA via Banswara de-bottlenecking; total 14.75 MTPA.
ULTRATECH CEMENT: Banswara de-bottlenecking adds 0.3 MTPA; total capacity 190.46 MTPA.
ORIENTAL TRIMEX: Gets 30-year black granite mining lease in Odisha.
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FUNDRAISING / CAPITAL RAISE
ADANI PORTS: Board approves ₹6,000 Cr NCD issue for capex and debt refinance.
EQUITAS SFB: To consider capital raise via equity, QIP or other routes on May 30.
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IPO / LISTING
SBC EXPORTS: Subsidiary IPO proposed; partners with Amazon, Flipkart, Myntra, Meesho.
BSE: SEBI chief says NSE IPO hurdle to resolve soon.
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BUYBACK
TRACXN TECHNOLOGIES: Board to consider FY25 results & share buyback on May 26.
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FINANCIAL GUIDANCE / REVENUE GOALS
WEALTH FIRST: Gets SEBI nod for AMC; FY25 revenue ₹60.1 Cr, AUA ₹11,623 Cr.
STRIDES PHARMA: Surpasses FY25 revenue guidance.
INTERARCH BUILDING: Guides 17.5–18% topline growth and 9.7–9.8% margin for FY26.
ASTRA MICROWAVE: FY25 revenue at ₹1,051 Cr vs guidance of ₹1,200–1,300 Cr.
DLF: Sticks to ₹22,000 Cr FY26 pre-sales goal; plans Mumbai entry.
RVNL: Targets ₹22,000 Cr FY26 revenue; 10.4% YoY growth.
TEAMLEASE: Expects Q1FY26 margin dip; 40K–45K headcount addition seen in FY26.
DEE DEVELOPMENT: Faces Punjab tariff cut; eyes green hydrogen to offset ₹54 Cr revenue hit.
GARDEN REACH: Eyes ₹70,000 Cr from upcoming Navy projects.
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QUARTERLY RESULTS (Q4)
BHARAT GEARS: Q4 net profit at ₹1.7 Cr vs loss YoY; revenue at ₹174 Cr.
DEEPAK FERTILISERS: Q4 net profit at ₹277 Cr vs ₹225 Cr YoY; revenue ₹2,667 Cr.
PREMIER EXPLOSIVES: Q4 profit down 44.6% YoY to ₹3.73 Cr; revenue falls 14.6%.
HONASA CONSUMER: Q4 profit drops 18% YoY to ₹2.49 Cr; revenue up 13.3%.
SUN PHARMA: Q4 profit down 19% YoY at ₹2,153 Cr; revenue up 8.1%.
ITC: Q4 net profit up 290% YoY to ₹19,561 Cr; revenue rises 10%.
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CLARIFICATIONS / REGULATORY
BLUE JET HEALTH: GST search conducted; no violations found, operations normal.
BSE: Hit as SEBI allows NSE expiry shift to Tuesday; BSE to lose share.
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PRODUCT LAUNCH
TATA MOTORS: Launches Altroz at ₹6.89–11.29 lakh.
EXICOM TELE: Launches Harmony Direct 2.0 & Tritium Tri-Flex DC fast chargers.
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PATENTS / INTERNATIONAL APPROVALS
@beatthestreet10
ARROW GREENTECH: Secures EU patent for anti-counterfeit dual-color security film.
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NAME CHANGE / REBRANDING
AK SPINTEX: Renamed as Sunrakshakk Industries to reflect FMCG vision.
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TECH IMPLEMENTATION / CLOUD
TCS: To lead 5-year cloud migration for Finnish telecom DNA.
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UNLISTED SHARES / MARKET INFO
BSE: NSE unlisted shares trading between ₹1,690–₹1,800, per reports.
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STAY UPDATED WITH BEAT THE STREET
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WALCHANDNAGAR IND Q4 :CONS NET LOSS AT 56.12 CR V 3.6 CR LOSS (YOY), 17.13 CR LOSS (QOQ)
REVENUE DOWN 42 % AT 53.08 CR (YOY) , DOWN 10 % (QOQ)
EBITDA LOSS AT 47.1 CR V 5.26 CR PROFIT (YOY), 5.68 CR LOSS (QOQ)
MARGINS AT -88.7 % V 5.75 % (YOY), -9.6 % (QOQ)
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VEEDOL ; Promoter Andrew Yule to Offload 2% Stake in Veedol via Offer for Sale (OFS) at Rs. 1,566 Floor Price ( 7 % Discount To Today's Price )
Schedule
May 23, 2025 (T Day): Non-retail investors bidding.
May 26, 2025 (T+1 Day): Retail investors + carried bids from T Day.
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US S&P MAY SERVICES PMI AT 52.3; EST. 50.8
*US S&P MAY COMPOSITE PMI AT 52.1; PREV. 50.6
*US S&P MAY MANUFACTURING PMI AT 52.3; EST. 50.1
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TV TODAY Q4 :CONS NET PROFIT DOWN 46 % AT 6.15 CR (YOY), DOWN 30 % (QOQ)
REVENUE UP 1 % AT 249 CR (YOY) ,UP 8 % (QOQ)
EBITDA DOWN 82 % AT 4.3 CR (YOY),DOWN 65 %(QOQ)
MARGINS AT 1.7 % V 9.6 % (YOY),5.25 % (QOQ)
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PNC Infratech ; Co. Sells Stake in 10 Road Assets to HIT for Rs. 1,827.6 Cr
Deal Completed: PNC Infratech & subsidiary sold equity in 10 road SPVs to Highways Infrastructure Trust (HIT), backed by KKR.
Transaction Value: Equity consideration of Rs. 1,827.6 crore; excludes Rs. 624 crore under Change of Scope and Rs. 200 crore in receivables.
Assets Sold: 10 HAM projects across UP, MP, Karnataka & Rajasthan; ~3,800 lane-km.
Equity Invested: Rs. 1,371 crore in the 10 assets.
Remaining Sale: Stake sale in 2 more assets expected in H1 FY26 after completion of conditions precedent.
Strategic Intent: Aims to recycle capital and reinvest in infrastructure opportunities.
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BSL Q4 :CONS NET PROFIT DOWN 89 % AT 0.28 CR (YOY),DOWN 91 % (QOQ)
REVENUE DOWN 1 % AT 155.5 CR (YOY) ,DOWN 8 % (QOQ)
EBITDA DOWN 24 % AT 12.44 CR (YOY), DOWN 23 %(QOQ)
MARGINS AT 8 % V 10.5 % (YOY), 9.5 % (QOQ)
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CARGOSOL LOGISTICS Q4 :CONS NET PROFIT DOWN 29 % AT 0.9 CR (YOY), 0.84 CR LOSS (QOQ)
REVENUE DOWN 15 % AT 60.8 CR (YOY) ,DOWN 15 % (QOQ)
EBITDA DOWN 12 % AT 4 CR (YOY),UP 138 %(QOQ)
MARGINS AT 6.57 % V 6.37 % (YOY), 2.35 % (QOQ)
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MANBA FINANCE Q4 : ST NET PROFIT DOWN 18 % TO 8.02 CR YOY, DOWN 38 % QOQ
NII UP 38 % TO 36.51 CR YOY,UP 1 % QOQ
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Trent, Bharat Electronics To Be Added On BSE Sensex Effective June 23
Nestle India, IndusInd Bank To Be Dropped From BSE Sensex Effective June 23
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CREDO BRANDS Q4 :CONS NET PROFIT UP 95 % AT 13.8 CR (YOY), DOWN 24 % (QOQ)
REVENUE UP 15 % AT 153.2 CR (YOY) ,DOWN 1 % (QOQ)
EBITDA UP 33 % AT 41 CR (YOY),DOWN 14 %(QOQ)
MARGINS AT 26.76 % V 23.14 % (YOY), 30.65 % (QOQ)
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FLAIR WRITING Q4 :CONS NET PROFIT DOWN 10 % AT 30.84 CR (YOY), UP 5 % (QOQ)
REVENUE UP 19 % AT 298 CR (YOY) ,UP 13 % (QOQ)
EBITDA DOWN 7 % AT 46.8 CR (YOY),UP 3 %(QOQ)
MARGINS AT 15.7 % V 20.2 % (YOY), 17.1 % (QOQ)
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FLAIR WRITING Q4 :CONS NET PROFIT DOWN 10 % AT 30.84 CR (YOY), UP 5 % (QOQ)
REVENUE UP 19 % AT 298 CR (YOY) ,UP 13 % (QOQ)
EBITDA DOWN 7 % AT 46.8 CR (YOY),UP 3 %(QOQ)
MARGINS AT 15.7 % V 20.2 % (YOY), 17.1 % (QOQ)
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ARIES AGRO Q4 :CONS NET LOSS AT 3.69 CR V 5.62 CR LOSS (YOY), 11.58 CR PROFIT (QOQ)
REVENUE UP 20 % AT 127.7 CR (YOY) ,DOWN 25 % (QOQ)
EBITDA OF 0.95 CR V 0.85 CR LOSS (YOY), DOWN 96 % (QOQ)
MARGINS AT 0.75 % V -0.8 % (YOY),12.6 % (QOQ)
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ARIES AGRO Q4 ; PROFIT BEFORE TAX AT 4.88 CR V 8.14 CR LOSS YOY , 14.6 CR PROFIT QOQ
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GANDHAR OIL Q4 : CONS. NET PROFIT DOWN 40 % AT 11.6 CR (QOQ) , UP 27 % (YOY)
REVENUE DOWN 4 % AT 961 CR (QOQ) , UP 2 % (YOY)
EBITDA DOWN 19 % AT 33.6 CR (QOQ) , FLAT % (YOY)
MARGINS AT 3.5 % V 4.1 % (QOQ) , 3.55 % (YOY)
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VINDHYA TELELINKS Q4 :CONS NET PROFIT UP 1 % AT 109.9 CR (YOY), UP 181 % (QOQ)
REVENUE DOWN 5 % AT 1231 CR (YOY) ,UP 19 % (QOQ)
EBITDA DOWN 1 % AT 88.3 CR (YOY),UP 35 %(QOQ)
MARGINS AT 7.17 % V 6.93 % (YOY), 6.3 % (QOQ)
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Vindhya Telelinks ; Co. renewed its RADOX® tech agreement with HUBER+SUHNER AG for 3 years (May 2025–May 2028).
Covers domestic manufacturing using licensed patents, trademarks, and technology for Indian Railways and metro/rolling stock projects.
Vindhya will pay 2.5% royalty on net ex-factory product sales.
Company must source RADOX polymer compound exclusively from H+S AG.
Agreement is not a related-party transaction.
Renewal possible every 3 years with mutual consent.
Expected to drive growth in railway and rolling stock product supply.
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GRASIM IND Q4 :CONS NET PROFIT DOWN 35 % AT 288 CR (YOY), UP 71 % (QOQ)
REVENUE UP 32 % AT 8925 CR (YOY) ,UP 10 % (QOQ)
EBITDA DOWN 58 % AT 220 CR (YOY),DOWN 18 %(QOQ)
MARGINS AT 2.5 % V 7.79 % (YOY), 3.33 % (QOQ)
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VALIANT ORGANICS Q4 :CONS NET PROFIT OF 4.19 V 20.18 CR LOSS (YOY), DOWN 23 (QOQ)
REVENUE UP 15 % AT 204 CR (YOY) ,UP 9 % (QOQ)
EBITDA OF 20.28 CR V 1.82 CR LOSS (YOY), UP 32 % (QOQ)
MARGINS AT 9.95 % V -1 % (YOY), 8.2% (QOQ)
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VALIANT ORGANICS Q4 ; LAST YEAR LOSS INCLUDING EXCEPTIONAL LOSS
PROFIT BEFORE EXCEPTIONAL ITEM AT 7.1 CR V 15.6 CR LOSS YOY , UP 28 % QOQ
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CORRECTION GRASIM IND Q4 :ST NET LOSS OF 287 CR V 440 CR LOSS (YOY), 168 CR LOSS (QOQ)
REVENUE UP 32 % AT 8925 CR (YOY) ,UP 10 % (QOQ)
EBITDA DOWN 58 % AT 220 CR (YOY),DOWN 18 %(QOQ)
MARGINS AT 2.5 % V 7.79 % (YOY), 3.33 % (QOQ)
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GRASIM IND Q4 V ESTIMATES
Net Loss At ₹288 Cr Vs EST ₹140 Cr Loss
Revenue At ₹8,926 Cr Vs EST ₹8,675 Cr
EBITDA At ₹221 Cr Vs EST ₹335 Cr
Margin At 2.5% Vs EST 3.9%
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CONTAINER CORP Q4 :CONS NET PROFIT DOWN 2 % AT 298 CR (YOY),DOWN 19 % (QOQ)
REVENUE DOWN 2 % AT 2287 CR (YOY) ,UP 4 % (QOQ)
EBITDA DOWN 10 % AT 526 CR (YOY),UP 1 %(QOQ)
MARGINS AT 23 % V 25.2 % (YOY), 23.7 % (QOQ)
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NGL FINE Q4 :CONS NET PROFIT DOWN 96 % AT 0.54 CR (YOY), DOWN 57 % (QOQ)
REVENUE DOWN 5 % AT 94.9 CR (YOY) ,UP 7 % (QOQ)
EBITDA DOWN 60 % AT 6.32 CR (YOY),UP 25 %(QOQ)
MARGINS AT 6.65 % V 15.85 % (YOY), 5.7 % (QOQ)
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GRASIM IND Q4 : Q4 INCLUDING EXCEPTIONAL LOSS OF 114 CR
LOSS BEFORE EXCEPTIONAL ITEM AT 254 CR V 327 CR PROFIT YOY, 230 CR LOSS QOQ
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RAMCO CEMENT Q4 :ST NET PROFIT DOWN 74 % AT 30.99 CR (YOY), DOWN 90 % (QOQ)
REVENUE DOWN 11 % AT 2391 CR (YOY) ,UP 21 % (QOQ)
EBITDA DOWN 23 % AT 320 CR (YOY),UP 15 %(QOQ)
MARGINS AT 13.4 % V 15.6 % (YOY), 14.13 % (QOQ)
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MTAR TECH Q4 :CONS NET PROFIT UP 185 % AT 13.7 CR (YOY), DOWN 14 % (QOQ)
REVENUE UP 28 % AT 183 CR (YOY) ,UP 5 % (QOQ)
EBITDA UP 87 % AT 34.1 CR (YOY),UP 3 %(QOQ)
MARGINS AT 18.6 % V 12.7 % (YOY), 19 % (QOQ)
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MTAR TECH ; . Board Gives In-principle approval of Merger of M/s. Gee Pee Aerospace and Defence Private Limited and M/s. Magnatar Aerosystems Private Limited, the wholly-owned subsidiaries of the Company with MTAR Technologies Limited (Holding Company)
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UNIVERSAL CABLES Q4 : CON NET PROFIT UP 2.3 % AT 49.69 CR (YOY), UP 214 % (QOQ)
REVENUE UP 16 % AT 674 CR (YOY) , UP 10 % (QOQ)
EBITDA UP 1 % AT 61.78 CR (YOY), UP 58.5 %(QOQ)
MARGINS AT 9.16 % V 10.51 % (YOY), 6.41 % (QOQ)
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CONCOR Q4 : RECOMENDS 1:4 BONUS ISSUE ( 1 BONUS SHARE FOR EVERY 4 SHARES )
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OLA ELECTRIC: Ola Electric to raise up to ₹1,700 crore via bonds on private placement basis
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RAMCO CEMENT Q4 V ESTIMATES
Net Profit At ₹31 Cr Vs EST ₹117 Cr
Revenue At ₹2,392 Cr Vs EST ₹2,682 Cr
EBITDA At ₹320.8 Cr Vs EST ₹430 Cr
Margin At 13.4% Vs EST 16.03%
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KRITI NUTRIENTS Q4 : CON NET PROFIT DOWN 43.8 % AT 4.91 CR (YOY), DOWN 40.4 % (QOQ)
REVENUE UP 16.1 % AT 200 CR (YOY) , UP 15.7 % (QOQ)
EBITDA DOWN 52.4 % AT 6.08 CR (YOY), DOWN 44.9 %(QOQ)
MARGINS AT 3.04 % V 7.42 % (YOY), 6.39 % (QOQ)
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Tega Industries: Internal Subsidiary Business Transfer in Australia
Tega Australia (wholly-owned subsidiary) sold its business to Losugen (step-down subsidiary).
Deal aims to streamline operations and enhance synergies in Australia.
Sale executed at fair valuation under a Business Sale Agreement.
Revenue contribution by Tega Australia in FY25: ₹277.34 Mn (1.69% of consolidated income).
Net worth: ₹94.91 Mn (0.68% of consolidated net worth).
Cash consideration: AUD 1.9 Mn.
Transaction is a related party deal, done at arm’s length.
Completion expected in ~45 days from May 22, 2025.
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TD POWER SYSTEMS : LARGE TRADE BSE
PROMOTER NIKHIL KUMAR SOLD 45 LKH SHARES ( 2.88 % STAKES) @ ₹ 460.95 /SHARE
PROMOTER SAPHIRE FINMAN SERVICES LLP SOLD 33 LKH SHARES ( 2.11% STAKES) @ ₹ 461.41 /SHARE
LAVANYA SANKARAN SOLD 16 LKH SHARES ( 1.02% STAKES) @ ₹ 463.28 /SHARE
PROMOTER HITOSHI MATSUO SOLD 21 LKH SHARES ( 1.34 % STAKES) @ ₹ 460.09 /SHARE
GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO BOUGHT 10.93 LKH SHARES ( 0.70 % STAKES ) @ ₹ 460 /SHARE
IRAGE BROKING SERVICES LLP BOUGHT 11.68 LKH SHARES ( 0.74 % STAKES ) @ ₹ 464.15 /SHARE
MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED BOUGHT 3 LKH SHARES ( 0.19 % STAKES ) @ ₹ 460.88 /SHARE
BLEND FUND 2 BOUGHT 13.04 LKH SHARES ( 0.83 % STAKES ) @ ₹ 460 /SHARE
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P S RAJ STEELS : LARGE TRADE NSE
VIKASA INDIA EIF I FUND - SHARE CLASS P SOLD 0.40 LKH SHARES ( 1.98 % STAKES) @ ₹ 137.20 /SHARE
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EXPLEO SOLUTIONS Q4 : CON NET PROFIT UP 53.4 % AT 24 CR (YOY), UP 21.7 % (QOQ)
REVENUE UP 0.2 % AT 255.7 CR (YOY) , DOWN 0.7 % (QOQ)
EBITDA UP 16.9 % AT 40 CR (YOY), UP 3.8 %(QOQ)
MARGINS AT 15.63 % V 13.39 % (YOY), 14.96 % (QOQ)
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SAURASHTRA CEMENT Q4 :CONS NET PROFIT UP 6 % AT 32.91 CR (YOY), 4.35 CR LOSS (QOQ)
REVENUE DOWN 4 % AT 478 CR (YOY) ,UP 27 % (QOQ)
EBITDA UP 18 % AT 53.2 CR (YOY),UP 626 %(QOQ)
MARGINS AT 11.1 % V 9.1 % (YOY), 1.95 % (QOQ)
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AKSH OPTIFIBRE Q4 :CONS NET LOSS AT 6.6 CR V 60.4 CR LOSS (YOY), 4.73 CR LOSS (QOQ)
REVENUE DOWN 34 % AT 32.97 CR (YOY) ,UP 14 % (QOQ)
EBITDA OF 0.11 CR V 0.78 CR LOSS (YOY), 0.85 CR LOSS (QOQ)
MARGINS AT 0.33 % V -1.5 % (YOY), -2.9 % (QOQ)
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HONASA CONSUMER Q4 HIGHLIGHTS
Q4FY25 revenue stood at INR 534 Cr, achieving double digit growth with 13.3% YoY, significantly ahead of the FMCG market.
The business continues to grow efficiently, delivering a INR 25 Cr PAT and EBITDA stood at 5.1% in Q4 FY25, reflecting stronger operational performance.
Gross profit margin improved to 70.7% in Q4 FY25, up 76 bps YoY, driven by an improved product mix and operational efficiencies.
Mamaearth's strategy shift shows green shoots with double-digit YoY growth in key categories across e-Commerce and Modern Trade in Q4 FY25, backed building leadership in focus categories, optimal media mix modelling, and awareness led brand building
NielsenIQ reported, Mamaearth sustained strong consumer demand with share gains across key categories; entered Top 5 in face wash market share, and expanded retail distribution by 26% YoY to 2.36 lakh outlets
Younger brands continued their growth momentum with 30%+ YoY growth in FY25
The Derma Co. hits 100 Cr ARR in offline channels, while continuing to lead on top online platforms.
The direct distribution-led strategy is strengthening reach, with over 1 lakh unique outlets billed in FY25 and direct distributor contribution surging from 38% in FY24 to 71% in Q4 FY25.
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HONASA CONSUMER Q4 HIGHLIGHTS
Modern trade showed a 20%+ YOY offtake growth.
Innovation-led growth continued to strengthen our focus category portfolio, marked by a foray into prestige skincare with The Derma Co.'s Vitamin C Microneedle and Ampoule Kit, and Dr. Sheth's PDRN and B'tox Serum
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HONASA CONSUMER Q4; CEO Says Outperformed broader FMCG market; strong momentum in key brands.
Mamaearth gained market share, now Top 5 in face wash category (NielsenIQ).
Double-digit growth in e-Commerce & Modern Trade channels.
The Derma Co. crossed ₹100 Cr ARR in offline sales; 30%+ growth for newer brands.
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Bajaj Auto to acquire majority stake in KTM with €800 million (₹7,756 crore) rescue package.
The move will gain deeper financial and operational control.
Bajaj will provide funding -
€450 million as form of secured loan
€150 million worth by subscribing bonds
€200 million already infused
Bajaj currently owns 37.5% stake in KTM (indirectly). KTM also owns and operates a factory MotoGP team. The Red Bull KTM Factory Racing Team competes in the premier MotoGP class, fielding top riders and developing their own race bikes.
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MERCURY EV Q4 :CONS NET PROFIT UP 478 % AT 1.33 CR (YOY), DOWN 69 % (QOQ)
REVENUE UP 451 % AT 30.68 CR (YOY) , DOWN 14 % (QOQ)
EBITDA LOSS OF 0.88 CR V 0.38 CR PROFIT (YOY), 6.05 CR PROFIT (QOQ)
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INDUS TOWER: Indus Towers Acquires 26% Stake in JSW Green Energy Eight for Renewable Power For Rs 38 Cr
Purpose: Procurement of solar power under captive model, supporting Net Zero goals.
Target entity is a newly incorporated SPV (Oct 2024) for renewable energy projects.
Acquisition not a related-party transaction.
Completion expected by July 2026, subject to regulatory approvals.
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GRASIM IND Q4 HIGHLIGHTS
■ Cellulosic Fibres Biz
Revenue: ₹4,051 Cr (up 8% YoY); EBITDA: ₹293 Cr (down 36% YoY)
Phase 1 of Lyocell Fibre project (55K TPA) started at Harihar, Karnataka; completion by mid-2027.
CSF prices in China improved slightly; average inventory holding rose to 14 days.
Domestic CSF sales up 4% YoY; total CSF volume flat.
CFY volumes grew 3% YoY, but pricing remained under pressure from cheap Chinese imports.
■ Chemicals Biz
Revenue: ₹2,302 Cr (up 10% YoY); EBITDA: ₹296 Cr (up 52% YoY)
Caustic soda spot prices hit 2-year high at $525/ton, up 16% YoY.
ECU restricted at ₹35,137/ton due to Chlorine oversupply.
Sales volume down 6% YoY to 290 KT due to plant shutdowns and power issues.
EBITDA up 52% driven by better caustic realizations and Chlorine Derivatives.
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GRASIM Q4 HIGHLIGHTS
■ Building Materials (Cement, Paints, B2B E-commerce) BIZ
Revenue: ₹25,232 Cr (up 21% YoY); EBITDA: ₹4,406 Cr (up 6% YoY)
Cement volumes rose 17% YoY to 41.02 Mt; RMC up 19% YoY to 3.98 Mn m³.
Grey cement capacity at 190.16 Mtpa, targeting 215+ Mtpa by FY27.
UBS outlets grew to 4,615; now contribute 21.3% of domestic sales.
Operating EBITDA/MT at ₹1,270, up 7% YoY.
Green power mix improved to 35.7% (vs. 25.7% YoY); renewable capacity reached 1.02 GW.
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GRASIM Q4 HIGHLIGHTS
PAINTS BIZ ; Combined Q4FY25 revenue of Birla Opus and Birla White Putty exceeds 10% share in organized decorative paints market.
5 of 6 plants operational; final plant (Kharagpur) to start H1FY26, taking capacity to 1,332 MLPA (~24% of industry).
FY25: Launched 176 products, 1,250 SKUs; strong demand across customer segments.
Became 2nd most visible paint brand; reach expanded to 6,600+ towns via 137 depots.
Capex till March 2025: ₹9,352 Cr (~94% of planned).
B2B BIZ ; B2B e-commerce platform Birla Pivot crossed ₹5,000 Cr ARR in Q4FY25.
Aims to reach ₹8,500 Cr revenue by FY27.
Expanding private labels in Tiles, Ply, Bathware.
Focused on B2C-like experience with real-time tracking and delivery modules.
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GMR AIRPORT Q4 :CONS NET LOSS AT 237 CR V 120 CR LOSS (YOY), 266 CR PROFIT(QOQ)
REVENUE UP 17 % AT 2863 CR (YOY) ,UP 8 % (QOQ)
EBITDA DOWN 7 % AT 1009 CR (YOY),UP 2 %(QOQ)
MARGINS AT 35.25 % V 44.4 % (YOY), 37.4 % (QOQ)
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HUBTOWN Q4 :CONS NET PROFIT OF 3.53 CR V 88.6 CR LOSS (YOY), DOWN 83 % (QOQ)
REVENUE DOWN 9 % AT 96.76 CR (YOY) ,UP 5 % (QOQ)
EBITDA OF 8.45 CR V 154 CR LOSS (YOY), DOWN 74 %(QOQ)
MARGINS AT 8.7 % V -145 % (YOY), 35.5 % (QOQ)
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MAX ESTATES Q4 :CONS NET PROFIT OF 17.34 CR V 4.73 CR LOSS (YOY), DOWN 12 %, (QOQ)
REVENUE UP 33 % AT 39.3 CR (YOY) ,DOWN 1 % (QOQ)
EBITDA UP 16 % AT 9.05 CR (YOY),DOWN 22 %(QOQ)
MARGINS AT 22.7 % V 25.96 % (YOY), 28.9 % (QOQ)
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SINGER INDIA Q4 :CONS NET PROFIT UP 74 % AT 4.05 CR (YOY), UP 168 % (QOQ)
REVENUE UP 7 % AT 121.7 CR (YOY) ,UP 15 % (QOQ)
EBITDA UP 93 % AT 4.14 CR (YOY),UP 411 %(QOQ)
MARGINS AT 3.4 % V 1.9 % (YOY), 0.7 % (QOQ)
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Bajaj Auto : Co.s Subsidiary BAIH BV Secures €100 Million Loan from Standard Chartered
Bajaj Auto International Holdings BV (Netherlands-based subsidiary) signed a €100 million (₹971.2 Cr) loan agreement.
Lender: Standard Chartered Bank; loan is unsecured and for a 1-year term.
Funds will support investment activities of BAIH BV.
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Citi on Sun Pharma
Maintain Buy; Hike target price to Rs 2,210 from Rs 2,080
Soft guidance reflects regulatory uncertainty rather than business reality
FY26E margins may remain flat; we expect sharp expansion in FY27E
Launch of Unloxcyt/Leqselvi; challenging the incumbents (Pfizer/Regeneron) is going to be the real test
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Morgan Stanley On Tata Power
Maintain Overweight; Hike target price to Rs 449 from Rs 425
Expect steady growth over the next few years despite some delays in RE commissioning
Underlying net debt/EBITDA will peak at 3.6x
This provides significant headroom for growth
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Jefferies on ONGC
Maintain Buy; Cut target price to Rs 360 from Rs 375
Q4 Review: Small miss; valuation discount weak crude price
Potential production growth in Mumbai High from BP contract poses upside risk
Stock is cheapest among global peers and is adequately discounting the weak crude price
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Nomura On Bajaj Auto
Maintain Neutral with target price of Rs 9,413
Believe the KTM acquisition comes with near-term risks but has long-term upside potential
KTM will need a strong revival effort in the face of macroeconomic challenges in the EU and tariffs in the US
On the positive side, Bajaj Auto gets access to global brand, R&D and technology
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MORGAN STNALEY ON GRASIM
Maintains 'Equal-Weight' Rating With Target Price Of ₹2,975
Q4 Results: Weak Core; Good Paints
Both Cellulose & Chemicals Businesses EBITDA Were Weaker Than Expected
While Pains+B2B E-Commerce EBITDA Was Slightly Better
Paints Business Ramping-Up Fast
Decoratives Market Share At High-Single-Digits Vs Mid-Single-Digits In Q3
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MACQUARIE ON TCS
Maintains 'Outperform' Rating & Cuts Target Price To ₹4,640 From ₹4,770
Margin Improvement Back To 26% Likely By Q4 FY26
Reiterate That Co Has Good Margin Upside From Utilisation
TCS To Be More Competitive In Deals As Margin Pressure Eases
Downside Protection From FY26 End Dividend Yield Of~4.1%
TCS Remains A Macquarie Marquee Buy Idea
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GOLDMAN SACHS ON HONASA CONSUMER
Maintains 'Neutral' Rating & Hikes Target Price To ₹275 From ₹250
Encouraging Green Shoots; Sequential Growth Recovery In Q4
Mamaearth's Improving Trends Driving The Growth Recovery
Offline Channel Revamp Showing Results
Co's Derma Skin Care Brands Continue To Post Strong Growth
EBITDA Margins To Recover, But Will Likely Cross FY24 Levels Only In FY27
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JPMORGAN ON CONCOR
Maintains 'Neutral' Rating With Target Price Of ₹790
Q4 Results: Sharp Miss Across The Board
Expect Significant Cuts To Consensus Numbers On Back Of Weak Revenue, EBITDA Print
Expect Significant Cuts To Consensus Numbers On Back Of Sharp Margin Contraction In Q4
Volume Growth Has Missed Guidance
Watch For Management Commentary On The Guidance For FY26
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GOLDMAN SACHS ON BSE
Maintains 'Neutral' With Target Price Of ₹5,340
Switch In Expiry Days May Reduce Market Share In Index Options Premium By 3-4 Percentage Points
Continue To Monitor For Details On Potential Change In Expiry Days
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BERNSTEIN ON I.T. SECTOR
Maintains Outperform On Infosys; Hikes Target Price To ₹1,760 From ₹1,680
Maintains 'Outperform' On TCS; Hikes Target Price To ₹3,910 From ₹3,740
Maintains 'Outperform' On Tech Mahindra; Hikes Target Price To ₹1,680 From ₹1,480
Maintains 'Outperform' On Coforge; Hikes Target Price To ₹9,530 From ₹8,630
Maintains 'Outperform' On KPIT Tech; Cuts Target Price To ₹1,390 From ₹1,400
Maintains 'Underperform' On L&T Tech; Cuts Target Price To ₹3,990 From ₹4,150
Indian IT Services Turning The Corner
Demand Outlook Stable, Finserv Strongest; Deal Activity Picking Up
Top Picks Include Infosys & Coforge
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MORGAN STANLEY ON SBI CARDS
Maintains 'Equal-Weight' Rating With Target Price Of ₹775
Co's April Spend Market Share Decreased MoM Το 16%
April Spend Decreased 9.4% MoM For SBI Cards Vs 8.6% Decrease For Industry
Co's Market Share In Number Of Credit Cards In Force Was 19% As Of April 2025
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MORGAN STANLEY ON ITC
Maintains 'Overweight' With Target Price Of ₹500
Overall Beat; Topline Ahead Across Businesses
Margins Better Across Businesses, Except Paper
Growth Aided By Portfolio & Micro Market Interventions, Countering Illicit Trade
Slower Cigarette EBIT Growth Owing To Inflation, Partly Mitigated By Improved Mix
Paper Impacted By Muted Domestic Demand, Chinese & Indonesian Supplies, Surge In Wood Prices
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GOLDMAN SACHS ON COLGATE
Maintains 'Sell' Rating & Cuts Target Price Colgate To ₹2,375 From ₹2,630
Near-Term Growth Headwinds To Continue In H1 FY26
Medium Term Focus On Premiumisation
EBITDA Margins Likely To Remain In Current Range
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ITC Q4 : CIGARETTE VOLUME GROWTH OF 5 % V EST 4-5 %
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MAX ESTATES SURPASSED FY25 GUIDANCE
FY25 PRE SALES AT 5321 CR V 4800-5200 CR GUIDANCE
LAUNCHES AT 5723 CR V 4800-5200 CR GUIDANCE
NET DEBT ZERO V < 1 GUIDANCE
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RBI BOARD MEET TODAY AFTERNOON TO DECIDE ON GOVT DIVIDEND
RBI Board 'Reviewed' Economic Capital Framework Ahead Of Dividend Payout Last Week - CNBCTV 18
Economists View: RBI Dividend Seen Higher On FX Operations, Bond Purchases
Economists View: RBI Dividend To Boost Liquidity, OMOs May Come Down
Economists View: Baseline RBI Dividend Seen Around ₹2.50 Lk Cr
Economists View: RBI Dividend Seen In Range Of ₹2.50-3.50 Lk Cr
Alert: RBI Dividend For FY25 Is Seen At 2.5-3.5 Lk Cr, 5-7% Of India's FY26 Budget Size Of ₹50.65 Lk Cr
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Syrma SGS : Co. to Manufacture Dynabook Laptops in India
Syrma SGS partners with Dynabook Singapore to locally manufacture laptops.
Alignment with Policy: Supports India's 'Make in India' initiative and government’s push for local IT hardware production.
Product Scope: Covers Dynabook’s B2B laptop range for enterprise, SMBs, and government sectors.
Milestone: Second global order won by Syrma SGS in 2025, highlighting its role as a trusted EMS partner.
Company Strength: Syrma SGS has over 30 years of experience, 300+ global clients, and a ₹3,836 Cr FY25 revenue.
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Jubilant Agri ; Launches New Fertilizer Product in India
Product: Ammonium Phosphate Sulphate (20:20:0:13)
Category: NP Complex Fertilizers
Market: Domestic (India only)
Purpose: Expansion of existing fertilizer portfolio under imported products.
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CREDO BRANDS Q4 ; Management Says MUFTI will maintain brand-building spends at ~5% of revenue in FY26.
Flagship stores are being upgraded to enhance premium positioning and customer experience.
The brand stays focused on quality, supported by an asset-light model, strong cash flows, and low debt.
Confident of delivering sustainable and profitable growth despite market fluctuations.
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