OCCL reported much better performance & stronger margins than our estimates. The performance was better because of higher sulphuric acid margins & lower operational cost during the quarter. OCCL revenue grew by ~14.5% QoQ majorly led by higher insoluble sulphur & sulphuric acid realizations. YoY comparison cannot be done because of demerger adjustments
Huhtamaki’s Q2CY25 performance was better than our estimates. Revenue declined YoY by ~4% but grew by 0.4% QoQ because of lower volumes. Gross margins expanded by 370bps YoY & 44bps QoQ to ~34% in Q2CY25. EBITDA grew by ~33% YoY & by ~10% QoQ largely because of focus on key product portfolio and cost efficiency measures. Sluggish urban demand is impacting FMCG volumes coupled with higher inflationary pressure, early monsoon and increase in commodization rate of products led to muted topline.
Symphony Ltd is India’s undisputed leader in the organised air cooler market with a 50% value share. Company has continued to follow its successful approach — focusing on an asset-light model supported by strong innovation, smart marketing and solid brand strategy. By partnering with OEMs for manufacturing, Symphony has maintained a light balance sheet and a clear strategic focus — a move that has helped it stay ahead in the rapidly changing consumer market.
HG Infra is positioned favourably to achieve 15.1% revenue CAGR over FY25-27E, to be driven by continued execution momentum on its healthy existing order book position and expectations of improved inflows. Further, margins are projected to remain elevated, with our expectation at 15.5% in FY27. Consequently, EBITDA is expected to rise at a CAGR of 14.2%.
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.
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
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