Highest Upside

We cut our EBITDA estimates by 8%/7% for FY26E/FY27E respectively as we re-align our footfall and ARPU growth assumptions at parks in Khopoli, Lonavala and Shirdi. Imagicaaworld Entertainment Ltd (IEL) reported a subdued operational performance with EBITDA margin of 32.2% (PLe 44.1%) amid pressure on footfalls and pricing. On LFL basis, footfalls were down ~5% while implied blended ARPU was under pressure due to rise in ticketing volumes...

Volumes gain momentum; margin improves

Birlasoft reported revenue of $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million. Revenue in rupee terms stood at Rs. 1362.7 crore, down 0.4% q-o-q/up 1.5% y-o-y.

Updater Services (UDS) reported a revenue growth of 12% YoY/2% QoQ to INR7.1b, in line with our estimate of ~INR7.1b. Core EBITDA margin came in at 5.0%, down 140bp YoY (vs. est. 6.4%). Consolidated adj. PAT stood at INR342m (up 9% QoQ), above our estimates of INR280m.

Go Fashion (GOCOLORS), operating under the brand 'Go Colors', is a pioneer and category leader in the women’s bottom wear market, holding an 8% share of the organized market.

Go Fashion’s Q4 revenue was in line with ARe at 12.7% while EBITDA margin came in ~50bps higher at 30.5%. In FY25, it added 62 net (104 gross) EBOs.

Neogen Chemicals (Neogen) delivered a fair financial performance in the quarter. The performance was led by higher volumes across various product categories. Revenue for Organic chemicals segment grew by 16% YoY while the revenue for the inorganic chemicals segment declined by 42% YoY. We are cognizant of the slowdown in the overall EV ramp up and delays in customer approval in light of the global tariff uncertainties. However we continue to remain positive on the battery chemicals theme as growth from EVs and Battery Energy Storage Systems (BESS) will necessitate the creation of a domestic supply...

Strong position in infrastructure growth