Anand Rathi Broker Research reports

Lower our Rs819m estimate due to less-than-expected revenues, MM Forgings’ Q4 EBITDA slipped 4% y/y to Rs724m. Growth would be supported by the domestic M&H CV volume upswing, which would come at a 5% CAGR over FY25-27 on economic activity and replacement demand.

Sumitomo Chemical (Sumitomo) reported subdued 4Q numbers below our and consensus estimates with flat revenue growth while EBITDA and PAT declined by 15% and 9% y/y respectively.

More volumes pushed up Stylam’s Q4 FY25 revenue 10.6% y/y to ~Rs2.7bn, though blended realisation were soft. High input costs and product-mix changes pulled gross profit down 7.1% y/y to Rs1.1bn.

The company reported revenue of ?4,925 Million for the quarter ended March 2025, marking an 16.1% year-on-year increase from ?4,241 Million in the same quarter last year, and a growth of 25.5% rise on a sequential basis.

Capacity ramp-up, demand upswing, stable prices in its key operating regions (North/Central) and various cost optimisation measures aided JK Cement’s overall performance.

The Meghalaya clinker-unit stabilisation along with the better demand-pricing environment in its operating region (East/North east) aided Star’s overall performance.

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.

TBO Tek’s overall GTV grew 3.7% y/y to Rs77.9bn due to slight impact from Ramadan-induced seasonality in Mar’25 and full consolidation of Jumboonline.

Dixon’s strong Q4/FY25 revenue was driven by robust growth in the mobile category, with volumes reaching 28.3m in FY25; it targets 42m–45m/60m–62m units for FY26/FY27.

Bharat Electronics limited reported revenue growth from operations of 6.8% YoY to Rs 91,496 million on a consolidated basis in Q4 FY25 as compared to Rs 85,641 million in Q4 FY24.