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We attended the analyst meet of Hitachi Energy India and came out enthused by the strong and structural growth opportunities the company can capture. Hitachi energy is gearing well for the future with a strong portfolio of products and solutions. Hitachi Energy posted a strong set of financials for Q4FY26 with EBITDA and PAT beating consensus estimates by ~6%. The management highlighted 5 growth drivers for the long term namely 1) Data Centres 2) Mobility driven electrification 3) 900 GW of non-fossil power by FY36 4) BESS 5) Transmission of 900 GW of non-fossil power. Hitachi Energy has the complete...
Company has announced an additional accelerated capex of ~Rs20bn towards setting up a large power transformer facility in Vadodara, taking the cumulative announced capex to ~Rs40bn almost doubling transformer capacity Exports contributed ~25% to total ex-HVDC revenue, while...
Management reiterated FY27 revenue growth guidance of 1215% with targeted order inflows of ~Rs300bn. Management highlighted a strong order book of ~Rs400bn,...
GFCL EV targets 2x asset turn and 25% EBITDA margin FLUOROCHEM reported consolidated revenue from operations of Rs13.6bn in Q4FY26, up 11.8% YoY and 20.5% QoQ. The Fluoropolymers segment grew 19% YoY, driven by higher volumes and improved realizations across key products. Existing capacities are operating at optimal utilization levels, the company had announced a Rs2.5bn capex for expanding its new fluoropolymer portfolio. Near-term growth is expected to be supported by increasing applications in semiconductors, EVs/BESS, and clean energy sectors. The Fluorochemicals segment declined by 2% YoY but grew 63% QoQ, aided...
JUBLINGR reported consolidated revenue of Rs11.8bn in Q4FY26, broadly in line with our estimates. The Chemical Intermediates segment grew 10% QoQ and 15% YoY, driven by higher acetic acid prices following supply disruptions in the Middle East. Acetic Anhydride volumes increased YoY, while remaining stable sequentially. The Nutrition & Health Solutions segment reported growth of 15% QoQ and 21% YoY, supported by double digit QoQ and YoY volume growth, led by Niacinamide. In the Specialty Chemicals segment, revenue growth was driven by a recovery in volumes across business lines, with Fine Chemicals and Agro Chemicals leading the overall...
Q4FY26 performance: KPR's consolidated revenues stood flat at Rs.1784.4cr in Q4FY26. Textile business revenues reported 1.3% YoY growth to Rs.1445cr while sugar business revenues grew by 9.6% YoY to Rs.348cr. Consolidated gross margins expanded 60bps YoY to 38.9% aided by favourable input cost. Better gross margins and lower other costs aided EBITDA margins expansion of 71bps YoY to...
Focus on cost reduction initiatives to improve EBITDA/ton going ahead: Company's EBITDA/ton stood at 1703/ton in FY26, up ~38.6% YoY led by improvement in realisations, favourable cost structure and positive operating leverage. Management has guided overall cost impact of ~250300/ton in H1FY27 mainly due to packaging costs amid West Asia crisis and has also guided EBITDA/ton of ~15001700/ton for FY27E-28E. We believe that though company's cost structure is affected due to higher input cost in near term, EBITDA/ton to remain strong going forward, led by continuous focus on...
DDev Plastiks Industries Ltd.'s (DDEVPLAS) Q4FY26 result was in-line with our estimates on key parameters. The core polymer compounding business grew 13% YoY driven by robust domestic demand from the wires and cables sector, despite navigating macroeconomic disruptions. EBITDA increased 12% YoY to Rs2,870mn for FY26, maintaining operating margin at 11% by offsetting rising operating costs through commercial adjustments and operating leverage. The management provided a volume guidance of 231,000 MTPA for FY27E and the projected revenue growth for the polymer segment is guided at 13% for FY27, with management maintaining a...
Sundaram Finance Limited delivered a strong Q4FY26/FY26 performance, reflecting healthy growth momentum, resilient asset quality and stable profitability despite macroeconomic uncertainty. AUM grew 16.4% YoY, supported by broad-based demand across vehicle financing segments, while FY26 disbursements increased 14% YoY. Management highlighted that collections and repayment behaviour remain stable despite concerns around rising crude oil prices and geopolitical tensions, reflecting the strength of its borrower profile and underwriting standards. Asset quality improved during the quarter, with GNPA...
Surya Roshni's Q4FY26 performance was below expectations. Revenue remained flat YoY at Rs21.6bn, driven by a 9% YoY growth in LCD revenue, while steel pipes segment declined 2% YoY due to export disruptions arising from West Asia conflict. Consolidated EBITDA margin contracted 230bps YoY to 7.1%, impacted by elevated input costs and higher employee costs (+8% YoY). Steel pipes EBITDA/t declined 1% YoY to Rs5,121/t, due to lower realisation. Management reiterated FY27 volume guidance of 1.1mnT, supported by improving export visibility and stronger order book. We cut FY26E/FY27E...
DDev Plastiks Industries Ltd.'s (DDEVPLAS) Q4FY26 result was in-line with our estimates on key parameters. The core polymer compounding business grew 13% YoY driven by robust domestic demand from the wires and cables sector, despite navigating macroeconomic disruptions. EBITDA increased 12% YoY to Rs2,870mn for FY26, maintaining operating margin at 11% by offsetting rising operating costs through commercial adjustments and operating leverage. The management provided a volume guidance of 231,000 MTPA for FY27E and the projected revenue growth for the polymer segment is guided at 13% for FY27, with management maintaining a...
Q4FY26 has seen a pick-up in disbursement growth (+17% YoY) with continued improvement in economic activity following GST 2.0 reforms. Q4 AUM grew 16% YoY to Rs 599.1bn and we build a run-rate of 14/15% for FY27/28E. Calculated NIM was flat QoQ to 5.61%; we expect it to remain steady in FY27/FY28E; lower yield to be offset by a controlled CoF. Asset quality trend improved (GS3/NS3 at 1.44%/ 0.69%) aided by strong collections, improved recoveries and tighter origination standards. We slightly tweak our FY27/ FY28E estimates factoring in stable NIM and normalized credit cost. We roll-forward to FY28, valuing SUF's standalone business at Rs3,978 (2.6x ABV vs....
RAINBOW's reported strong Q4FY26 EBITDA with growth of 26% YoY; more important organic growth was in double digits which is likely to sustain. RAINBOW has added ~780 beds over the past two years, effectively concluding its current expansion cycle. Overall, we see profitability to improve from FY27 with 18.5% EBITDA CAGR over FY2628E vs 13% CAGR over FY24-26 as new capacities ramp up. Company enjoys higher margins, strong FCF generation with net cash B/S, and healthy return ratios because of the asset light hub-and-spoke model, it being the only integrated multi-specialty pediatric hospital chain in India offering comprehensive services, and its full time doctor engagement model. Strategic expansion across its core markets in South India...
premium hotels, commercial office spaces and residential properties in India. The Company's portfolio comprises 11 fully operational hotels representing 3389 keys, across mainstream and luxury segments, and commercial spaces, representing...
Cost savings initiatives to help EBITDA/ton improvement: Company's EBITDA/ton stood at 1013/ton in FY26, up ~1% YoY due to flattish realisations on blended basis. Though the company has guided cost saving of ~50/ton in FY27E from existing operations, company expects total cost inflation of ~150200/ton due to recent increase in fuel and packing costs amid West Asia crisis. However, we expect company's operational performance to improve in FY28E after seeing some cost pressure in FY27E. This will be led by improvement in realisation, focus on cost saving measures primarily led by increase in share of green power to 75% by FY28E from ~52% at present, increasing usage of...
Resilient Q4; better growth outlook for FY27 Q4FY26 performance: Consolidated revenues reported 5.3% YoY growth to Rs.1068.8cr led by 17% YoY growth in Africa business. Sequentially, consolidated revenues reported 9.2% QoQ growth. EBIDTA margins decreased by 157bps YoY to 10.2%. Standalone business EBIDTA margins improved by 218bps YoY to 12.5%. Subsidiary EBIDTA margins were lower at 5.9%. Consolidated EBIDTA decreased by 8.7% YoY to Rs109.5cr. Muted operating performance and lower other income...
