DIL’s strong brand recall coupled with deeper penetration and consumers shifting towards affordable branded quality products are strong macro tailwinds for the company. Currently the innerwear industry is witnessing a structural shift from unorganised to the organised sector. We expect DIL to benefit from this trend.
Greek philosopher Aristotle once said, “The secret to business is to know something that nobody else knows.” Blue Jet Healthcare (BLUEJET) is on the path to building a legacy business in line with this philosophy. With its niche product offerings in Contrast Media and Pharmaceutical Intermediaries & API, BLUEJET has been changing the way the healthcare industry caters to the therapeutic needs of patients around the globe
Piramal Pharma Limited (PPL) is part of the Piramal group of companies. The company operates in 3 major segments.
Raymond Lifestyle’s (RLL) reported tepid performance as the weak consumer sentiment was further exacerbated by a ransomware attack impacting revenue/EBITDA by ~INR2.5b/INR 0.7b. Although the overall demand environment remains challenging, there are signs of improvement, with stronger secondary sales and a 12-13% increase in autumn booking
In our view, the generic companies are unlikely to have any impact. Moreover, Sun Pharma with its specialty business (15-18% of sales) in the US may see some impact of MFN price ceiling for a few of its products like Ilumya, Winlevi, Odomzo, Cequa, which are marketed in other developed markets, whereas Sun’s other products like Levulan, Absorica, Bromsite, Xelpros, Yonsa, Sezaby, Sprinkle portfolio, and the recently-approved Leqselvi (Deuruxolitinib) are marketed only in the US.
Mayur Uniquoters (MUL) is a leading player in technical textile domain, manufacturing synthetic leather (PVC, PU) for auto, footwear & apparels.
Somany Ceramics is the second largest tiles manufacturer in the domestic tiles market having ~80 MSM capacity along with bath fittings and sanitaryware capacity of 1.3 mn pieces and 0.78 mn pieces, respectively. Riding on real estate strong cycle, the company has guided for high single/ low double digit tiles volumes ahead in FY26
The company has already repaid its full long-term debt and benefitted on the interest cost during the quarter. Interest cost reduced from ~Rs22mn in Q4FY24 to Rs7mn in Q4FY25. Exotech has commenced capacity expansion, with a new plant targeting commissioning by H1FY26
Despite minor discrepancies in Q4 PAT due to capacity addition and forex losses, HUDCO’S (HUDCO IN) FY25 earnings showcased robust business growth and superior asset quality. Sustained business growth, coupled with consistent asset resolution and NIM expansion, is anticipated to prop HUDCO’s RoE and RoA to 16% and 2.4%, respectively, in FY26E-FY27E, solidifying its position as a top-tier NBFC. Maintain BUY
POLYCAB has reported strong revenue growth across segments. EBITDA margin expansion was led by profits in the FMEG segment and improved margin in EPC business on the back of better execution. POLYCAB remains market leader in the C&W industry, benefitted from continuous capacity expansion and a strong margin trajectory
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