Swiggy is a crucial player in India’s hyerlocal delivery space due to its strong positioning in the duopolistic food delivery market as well as top three positioning in the fast expanding quick commerce market. Its food delivery business is likely to continue to outperform the organised food services market due to expanding consumer use-cases and improving quantity of restaurants on the platform.
IREDA reported strong performance in Q4FY25 with continued growth in AUM at 28% YoY to ₹76,282 crore. Operational performance remained robust (NII grew 21.2% YoY) driven by strong growth in AUM and ~42 bps YoY increase in margin at 3.27%. Resultantly, earnings grew at 49% YoY to ₹502 crore. Gross NPA improved by ~23 bps QoQ to 2.45%, though, credit cost remained higher at ₹129 crore in Q4FY25 vs ₹104 crore in Q3FY25
We like Genus Power Infrastructure, given its large size, its end-to-end services offerings, including setting up advanced metering infrastructure (AMI) and facility management systems (FMS) after installation. With only 25mn (including other scheme) smart meters installed as of Apr-25, we believe the growth opportunity is sizable, while execution remains the key
We expect stocks within our pharmaceutical universe to report low double-digit YoY revenue growth (~10%) during 4QFY25. Seasonal weakness in the domestic business could cause a QoQ slow down. We expect select companies in the US to benefit from the ramp up in generic Revlimid [Zydus Life (ZYDUSLIF IN) and Sun Pharmaceuticals (SUNP IN)]. While Cipla (CIPLA IN) may benefit from a revival in generic lanreotide sales (supply issues getting sorted), Lupin (LPC IN) may see a gain in its US portfolio from seasonality (flu and antibiotics).
ICICIBC is well on track for robust performance, driven by healthy credit growth, stable credit costs and a sustainable business model. RoA is likely to be in the 2.3-2.4% range and RoE 16.7-17.8% in FY25-FY28E. Given ICICIBC’s improved performance, we raise our SOTP-based TP to Rs 1,620 from Rs 1,415 set at 2.8x FY27E ABV
We believe HDFCLIFE is well placed to achieve its APE growth outlook of 17-19% and VNB margin of 26-27% in FY26-FY28; aided by better product mix and strong growth momentum. Incremental focus on agency channel growth, along with increasing penetration in Tier-2 and 3 cities bode well. We maintain BUY on HDFCLIFE with TP to Rs 900 (from Rs 893), implying 2.6x in FY27E P/EV and continue to prefer HDFCLIFE as our top pick
We estimate Inox Wind’s (INXW) 4QFY25 consolidated revenue of Rs 12.9bn (+144% YoY, +41% QoQ), driven by improving deliveries of 3MW WTG sets. We estimate 4QFY25 execution of 251MW, projecting a growth of 94%/33% YoY/QoQ. Consolidated EBITDA (excluding other income) is expected to reach Rs 2.57bn during the quarter, up 152% YoY and 24% QoQ. With our 4Q estimates, we expect FY25 annual execution to reach 720MW (+91% YoY) compared to management’s guidance of 800MW
Gokaldas Exports (Gokex), incorporated in 1979, is one of India’s largest manufacturers and exporters of apparel, exporting it to 50+ countries. Its vertical integrated business model makes it a one stop destination for leading apparel brands
Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20-25) while its improved scale and assets under management should help improve margins and earnings growth ahead (expect IFRS PAT CAGR of 53% over FY25-27E). The relative high growth could continue driven by diversified channel which in turn creates positive flywheel on loss ratios, especially when players across industry including Niva have taken multiple price hikes
We upgrade INDIGO to BUY as we believe that benign Brent crude prices amid the ongoing geopolitical turmoil and favorable domestic demand bode well for the company. We assign a TP of INR6,550 premised on 10x FY27E EV/EBITDAR. The stock currently trades at a P/E of 20x FY26 EPS and 9.7x FY26E EV/EBITDA. We estimate a CAGR of 28%/38% in EBITDA/PAT during FY25-27E
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