VRLL is focusing on maximising profitability, and has indicated normalised capex on vehicles while it continues to scout for more investments in warehouses. We are raising FY26E/27E EPS by 6%/10% to reflect higher margins, offsetting lower volume assumptions. Maintain ‘BUY’ with a Mar-26E TP of INR740 (earlier INR670)
Arvind’s bookings stood at Rs 381 Cr, reflecting a 70% QoQ /18% YoY growth. Collections for the quarter were flat at Rs 215 Cr vs Q4FY24 and down 6% QoQ. For FY25, bookings stood at Rs 1,270 Cr, up 15%, and collections stood at Rs 942 Cr, a 7% improvement YoY. Revenue for the quarter was Rs 163 Cr, up 39% YoY, EBITDA at Rs 34 Cr, up 7.2%, and PAT stood at Rs 22 Cr, up 11.8% YoY. For FY25, revenues clocked were Rs 713 Cr, up 109%, EBITDA was at Rs 168 Cr, up by 51%, and PAT stood at Rs 119 Cr, up 133% YoY
We believe DIXON is well-placed to benefit from the rising outsourcing of electronics manufacturing. Going ahead, growth will be driven by new client additions via JVs and expanded capabilities in electronic components. We model 35–40% revenue/EBITDA CAGR over FY25–27E and ascribe 70x on FY27E EPS and arrive at March FY26 TP of Rs 19,100 and we assume coverage with BUY
Healthy order book; The IPP revenue to pick up going ahead: The current book of the company as of Mar’25 stood at 2,958 MW comprising of 1,202 MW IPP and 1,756 MW CPP orders. The CPP orders are to be executed over the next 12-15 months while new IPP orders to be full executed by FY27. The company is targeting to execute 1.5 GW of IPP project by 1QFY27
Jubilant Pharmova (JPL) posted a strong showing in Q4FY25 with inline revenue, but beating our EBITDA/PAT estimates. EBITDA margins expanded 247bp YoY/213bp QoQ aided by a better product mix.
ETHOS will continue to register healthy growth in coming years, which should be driven by better volumes coupled with improvement in ASP led by annual price hikes from brands and increase in contribution from luxury & high luxury segment
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
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