Despite the recent price cut in 2Q, ASP is expected to improve in 2HFY25. At CMP, NMDC trades at 4.7x FY26E EV/EBITDA. We marginally lower our FY26 APAT estimates by 5% and retain our BUY rating on NMDC with a revised TP of INR280 (6.5x FY26 EV/EBITDA)

Amid persisting challenges on business growth and an intense focus on accelerating liability mobilization, HDFCB has been delivering a resilient performance in margins & asset quality. During the past two quarters, the bank has reported 7bp expansion in margin to 3.47% led by conscious improvement in the asset mix and the retirement of high-cost borrowings.

In addition, rising share of low yielding UPI transactions (45% share in 1QFY25) will limit the scope for margin expansion. While we have re-aligned our topline estimates amid strong performance in catering division, our EPS estimates remain broadly intact given the segment commands lower margin.

​​At CMP VOLT trades at PE of 56x/43x on FY25/FY26, we value VOLT at SOTP – UCP 55x (earlier 50x) to INR 1,412, EMP 20x (earlier 15x) to INR 115, EPS 25x (earlier 20x) to INR 156 and Voltbek at INR 105 on FY26 and arrive at TP of 1,790 up 17% from CMP and hence maintain BUY​

With the lower penetration of mutual funds in India, Nippon Life India Asset Management can continue to drive strong AUM growth. The company is one of the fastest-growing AMCs in B-30 cities.

We cut our EPS estimates by 11.2%/6.9% for FY25E/FY26E and downgrade the stock to a “HOLD” given near term growth challenges in publishing division and rising competitive intensity in domestic stationary market.

We expect SKF to report revenue/earning CAGR of 14%/19% over FY24-26 mainly driven by (1) Strong industry tailwinds both in auto and industrial, (2) significant focus on increasing localisation, (3) new product development, (4) revival in exports and (5) de-leveraging unprofitable segments/customers.

Happiest Minds reported mixed performance for the quarter. It reported revenue of Rs 4.6bn( up 11.2% QoQ, up 18.7% YoY) with the sequential growth led by contribution from two acquisitions- 1) Puresoft Technologies 2) Aureus Tech.

Ipca Labs (IPCA) Q1 EBITDA of Rs 3.9 bn was in line with our estimate. Management guidance of 9% revenue growth (excluding Unichem) was below our estimate while increase margin guidance by 50-110 bps.

enco reported a big beat to our Q1 EBITDA/PAT estimates led by better gross margin (up by ~500bps YoY). The sudden spike in gold price and operating challenges led to a modest retail revenue growth of 11% in Q1, in line with muted trends seen in TTAN.

HMCL’s Q1 results were a miss (6% on EBITDA), largely dragged by lower ASPs due to subdued spare sales, though underlying ICE margins rose by 80bps QoQ to 16.4%. HMCL expects to outperform industry amid rural revival and product actions.

GFL's Q1 EBITDA declined 25% YoY to Rs2.6bn (+10% QoQ), on steady bulk and fluorochemicals businesses, while the fluoropolymers business saw a moderate sequential recovery in volume. The management affirmed its EBITDA guidance of Rs18-19bn, with a 1-2-quarter lag.

We expect EPLL to report healthy sales growth and margin expansion, fueled by cost rationalization measures, margin improvement in Brazil, and operating leverage, thereby boosting its earnings.

The company has the potential to expand its reach to ~300,000-350,000 outlets, as there is still untapped potential in the east and south markets as well as smaller towns in India and the strategic partnership with FILA, which enables DOMS to expand its global reach while leveraging FILA’s R&D capabilities, providing a long-term advantage.

TCI's Q1FY25 print was weak owing to growing competitive intensity in the B2B express industry, exacerbated by a muted external environment. The management alluded to general elections leading to a temporary reduction in volumes in addition to its key customer segment (SME) facing elevated cost pressures resulting in lower utilization.

Inox Wind Ltd., incorporated in the year 2009, is a Small Cap company (having a market cap of Rs 28953.35 Crore) operating in Power sector.

PNC Infratech Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 12508.85 Crore) operating in Infrastructure sector.

Metropolis Healthcare Ltd., incorporated in the year 2006, is a Mid Cap company (having a market cap of Rs 10551.60 Crore) operating in Hospitals & Allied Services sector.

Aurobindo Pharma Ltd. key Products/Revenue Segments include Pharmaceuticals, Sale of services, Export Incentives and Scrap for the year ending 31-Mar-2024.

AIA Engineering Ltd. key Products/Revenue Segments include Castings, Export Incentives and Other Operating Revenue for the year ending 31-Mar-2023.