NIRMAL BANG OFFICIAL

(Nirmal Bang Retail Research)
*Result Declining*
Revenue from Operations came at Rs. 1721.2 Cr (-1% QoQ, 15.1% YoY) vs QoQ Rs. 1738.9 Cr, YoY Rs. 1495.6 Cr
EBIDTA came at Rs. 121.2 Cr (-36.5% QoQ, 144.8% YoY) vs QoQ Rs. 190.9 Cr, YoY Rs. 49.5 Cr
EBITDA Margin came at 7% vs QoQ 11%, YoY 3.3%
Adj. PAT came at Rs. 57.8 Cr vs QoQ Rs. 87.8 Cr, YoY Rs. 4.6 Cr
Quarter EPS is Rs. 18.4
Stock is trading at P/E of 17x TTM EPS

*Reliance Infrastructure Ltd.* | *CMP* Rs. 250 | *M Cap* Rs. 9903 Cr | *52 W H/L* 351/144
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 5032.6 Cr (-30.7% QoQ, 8.1% YoY) vs QoQ Rs. 7258.5 Cr, YoY Rs. 4657.3 Cr
EBIDTA came at Rs. 895.5 Cr (-45.3% QoQ, 70.5% YoY) vs QoQ Rs. 1635.5 Cr, YoY Rs. 525.3 Cr
EBITDA Margin came at 17.8% vs QoQ 22.5%, YoY 11.3%
Adj. PAT came at Rs. -227.5 Cr vs QoQ Rs. 426.3 Cr, YoY Rs. -545.8 Cr
Quarter EPS is Rs. -5.7
Stock is trading at P/E of -20.8x TTM EPS

     

*Glenmark Pharmaceuticals Ltd.* | *CMP* Rs. 1321 | *M Cap* Rs. 37287 Cr | *52 W H/L* 1831/767
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 3387.6 Cr (-1.3% QoQ, 35.1% YoY) vs expectation of Rs. 3519.8 Cr, QoQ Rs. 3433.8 Cr, YoY Rs. 2506.7 Cr
EBIDTA came at Rs. 600.2 Cr (-0.3% QoQ, -387.7% YoY) vs expectation of Rs. 660.4 Cr, QoQ Rs. 601.9 Cr, YoY Rs. -208.6 Cr
EBITDA Margin came at 17.7% vs expectation of 18.8%, QoQ 17.5%, YoY -8.3%
Adj. PAT came at Rs. 348 Cr vs expectation of Rs. 376.3 Cr, QoQ Rs. 354.2 Cr, YoY Rs. -274.7 Cr
Quarter EPS is Rs. 12.3
Stock is trading at P/E of 21x FY26E EPS

*Gujarat Narmada Valley Fertilizers & Chemicals Ltd.* | *CMP* Rs. 553 | *M Cap* Rs. 8127 Cr | *52 W H/L* 777/516
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1899 Cr (-0.9% QoQ, -9.1% YoY) vs QoQ Rs. 1917 Cr, YoY Rs. 2088 Cr
EBIDTA came at Rs. 132 Cr (46.7% QoQ, 57.1% YoY) vs QoQ Rs. 90 Cr, YoY Rs. 84 Cr
EBITDA Margin came at 7% vs QoQ 4.7%, YoY 4%
Adj. PAT came at Rs. 163 Cr vs QoQ Rs. 105 Cr, YoY Rs. 97 Cr
Quarter EPS is Rs. 11.1
Stock is trading at P/E of 15.7x TTM EPS

*Narayana Hrudayalaya Ltd.* | *CMP* Rs. 1329 | *M Cap* Rs. 27168 Cr | *52 W H/L* 1418/1088
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1366.7 Cr (-2.4% QoQ, 13.5% YoY) vs expectation of Rs. 1351.3 Cr, QoQ Rs. 1400 Cr, YoY Rs. 1203.6 Cr
EBIDTA came at Rs. 343.7 Cr (11.4% QoQ, 23.2% YoY) vs expectation of Rs. 273.8 Cr, QoQ Rs. 308.4 Cr, YoY Rs. 278.9 Cr
EBITDA Margin came at 25.2% vs expectation of 20.3%, QoQ 22%, YoY 23.2%
Adj. PAT came at Rs. 192.9 Cr vs expectation of Rs. 148.6 Cr, QoQ Rs. 198.6 Cr, YoY Rs. 188 Cr
Quarter EPS is Rs. 9.4
Stock is trading at P/E of 29.8x FY26E EPS

*Sudarshan Chemical Industries Ltd.* | *CMP* Rs. 912 | *M Cap* Rs. 6315 Cr | *52 W H/L* 1235/501
(Nirmal Bang Retail Research)
*Result below Expectation*
Revenue from Operations came at Rs. 666.4 Cr (-4.3% QoQ, 17.8% YoY) vs expectation of Rs. 675.9 Cr, QoQ Rs. 696.1 Cr, YoY Rs. 565.8 Cr
EBIDTA came at Rs. 79 Cr (-21.9% QoQ, 27.7% YoY) vs expectation of Rs. 95.2 Cr, QoQ Rs. 101.1 Cr, YoY Rs. 61.9 Cr
EBITDA Margin came at 11.9% vs expectation of 14.1%, QoQ 14.5%, YoY 10.9%
Adj. PAT came at Rs. 31.3 Cr vs expectation of Rs. 42.3 Cr, QoQ Rs. 41.1 Cr, YoY Rs. 14.6 Cr
Quarter EPS is Rs. 4.5
Stock is trading at P/E of 23.7x FY26E EPS

*Aditya Birla Fashion and Retail Ltd.* | *CMP* Rs. 248 | *M Cap* Rs. 26512 Cr | *52 W H/L* 365/198
(Nirmal Bang Retail Research)
*Result marginally ahead of Expectation*
Revenue from Operations came at Rs. 4304.7 Cr (18.1% QoQ, 3.3% YoY) vs expectation of Rs. 4514 Cr, QoQ Rs. 3643.9 Cr, YoY Rs. 4166.7 Cr
EBIDTA came at Rs. 634.9 Cr (75.7% QoQ, 14.8% YoY) vs expectation of Rs. 613.3 Cr, QoQ Rs. 361.3 Cr, YoY Rs. 553.3 Cr
EBITDA Margin came at 14.7% vs expectation of 13.6%, QoQ 9.9%, YoY 13.3%
Adj. PAT came at Rs. -51.1 Cr vs expectation of Rs. -77.3 Cr, QoQ Rs. -209 Cr, YoY Rs. -77.9 Cr
Quarter EPS is Rs. -0.5
Stock is trading at EV/EBITDA of 13.2x FY26E EBITDA

*Swan Energy Ltd.* | *CMP* Rs. 441 | *M Cap* Rs. 13823 Cr | *52 W H/L* 810/437
(Nirmal Bang Retail Research)
*Result declining*
EBITDA loss is on account of consolidation of  Swan Defence and Heavy Industries and Higher PAT is on account of Higher Other Income
Revenue from Operations came at Rs. 1908.2 Cr (84.9% QoQ, 19.9% YoY) vs QoQ Rs. 1032.2 Cr, YoY Rs. 1591.7 Cr
EBIDTA came at Rs. -656.3 Cr (-646.4% QoQ, -356.5% YoY) vs QoQ Rs. 120.1 Cr, YoY Rs. 255.8 Cr
EBITDA Margin came at -34.4% vs QoQ 11.6%, YoY 16.1%
Adj. PAT came at Rs. 582.8 Cr vs QoQ Rs. 51.3 Cr, YoY Rs. 115.1 Cr
Quarter EPS is Rs. 18.6

*POLYPLEX CORPORATION LTD.* | *CMP* Rs. 1127 | *M Cap* Rs. 3538 Cr | *52 W H/L* 1480/752

*Sanghvi Movers Q3FY25 Concall Update*

_*Order book and execution continue to decline; although upgradation of capex guidance improves growth visibility for FY26*_

*# Increase in competition, slowdown in govt spending and delay in project offtake continued to impact performance of the crane rental business*
*# We expect 14% decline in crane rental revenue in FY25 (implying decline of 6% in Q4 revenue as well)*
*# Capex guidance upgraded from Rs. 160-170 Cr to Rs. 264 Cr for FY25 – a positive*

*Outlook: Neutral in near term; Positive in long term*

• Core crane revenue was at Rs. 114 Cr vs QoQ Rs. 126 Cr (monsoon qtr) & YoY Rs. 152 Cr
• CU (capacity utilisation) declined to 70% vs QoQ 68% & YoY 87%
• Yields declined to 1.97% (vs QoQ 2.15% & YoY 2.26%).
• There are certain systemic issues causing disruption and therefore there is a delay in on-ground execution of project beyond monsoon period.
• Installation of wind turbines in India in Q3 was at 800 MW up 45% YoY. Despite of this, co has been unable to show execution.
• Core crane order book is at Rs. 421 Cr, a decline of 30% YoY.
• After reducing the capex guidance for 4 consecutive times, the management has now upgraded it from Rs. 160-170 Cr to Rs. 264 Cr for FY25.
• In Q4FY25 co will carry out capex of Rs. 150 Cr backed by firm orders from customers which are executable over next 1 year.
• Co is expecting improvement in capacity utilisation going forward as the industry scenario shall improve after sluggish 9MFY25.
• Yields are expected to remain at 2.0% levels.
• Sanghvi is the 4th largest crane rental co in world and largest in Asia. Co shall start this business in GCC/MENA region. It is aiming to reach top 5 players in this region by having a market share of 12-15%.
• Life of crawler crane is 35-40 years while that of tyre mounted crane is 25-30 years. However as per accounting standard, co has to depreciate 100 ton crane in 20 years.
• Co expects EPC sales of Rs. 250 Cr in FY25 and expects the order book to further grow in coming quarters.
• EPC margin had some one off component in current qtr and will settle between 10-12%.
• In project EPC segment, co is into hydrocarbon space such as underground piping, ducting, structures, erection, fabrication and civil works. Typical clients are Toyo, Haldia Petchem, CPCL, BPCL, etc.
• Debtor days are between 45-90 days in EPC.
• Competition in wind EPC is mainly from unorganised sector.
• In an EPC contract, co books crane usage in crane segment itself.
• Co is exploring further growth opportunities in consultation with Bain & Co.

On FY26 ests., stock is trading at EV/EBITDA of 6.8x & P/E of 12.6x.

*Camlin Fine Sciences Ltd.* | *CMP* Rs. 136 | *M Cap* Rs. 2281 Cr | *52 W H/L* 146/78
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 433.5 Cr (2.5% QoQ, 12.3% YoY) vs expectation of Rs. 395.8 Cr, QoQ Rs. 423 Cr, YoY Rs. 385.9 Cr
EBIDTA came at Rs. 48.8 Cr (12.8% QoQ, 109.2% YoY) vs expectation of Rs. 37.3 Cr, QoQ Rs. 43.2 Cr, YoY Rs. 23.3 Cr
EBITDA Margin came at 11.3% vs expectation of 9.4%, QoQ 10.2%, YoY 6%
Adj. PAT came at Rs. -4.1 Cr vs expectation of Rs. -1.1 Cr, QoQ Rs. 50.8 Cr, YoY Rs. -11.8 Cr
Quarter EPS is Rs. -0.2
Stock is trading at P/E of 27.1x FY26E EPS

*Glenmark Pharmaceuticals Ltd.* | *CMP* Rs. 1321 | *M Cap* Rs. 37287 Cr | *52 W H/L* 1831/767
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 3387.6 Cr (-1.3% QoQ, 35.1% YoY) vs expectation of Rs. 3519.8 Cr, QoQ Rs. 3433.8 Cr, YoY Rs. 2506.7 Cr
EBIDTA came at Rs. 600.2 Cr (-0.3% QoQ, -387.7% YoY) vs expectation of Rs. 660.4 Cr, QoQ Rs. 601.9 Cr, YoY Rs. -208.6 Cr
EBITDA Margin came at 17.7% vs expectation of 18.8%, QoQ 17.5%, YoY -8.3%
Adj. PAT came at Rs. 348 Cr vs expectation of Rs. 376.3 Cr, QoQ Rs. 354.2 Cr, YoY Rs. -274.7 Cr
Quarter EPS is Rs. 12.3
Stock is trading at P/E of 21x FY26E EPS

*Glaxosmithkline Pharmaceuticals Ltd.* | *CMP* Rs. 2018 | *M Cap* Rs. 34179 Cr | *52 W H/L* 3074/1817
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 949.4 Cr (-6.1% QoQ, 17.9% YoY) vs expectation of Rs. 873.6 Cr, QoQ Rs. 1010.8 Cr, YoY Rs. 805.3 Cr
EBIDTA came at Rs. 291.9 Cr (-9.3% QoQ, 33.9% YoY) vs expectation of Rs. 244.6 Cr, QoQ Rs. 321.7 Cr, YoY Rs. 218.1 Cr
EBITDA Margin came at 30.7% vs expectation of 28%, QoQ 31.8%, YoY 27.1%
Adj. PAT came at Rs. 229.9 Cr vs expectation of Rs. 194.7 Cr, QoQ Rs. 247.8 Cr, YoY Rs. 209 Cr
Quarter EPS is Rs. 13.6
Stock is trading at P/E of 34.8x FY26E EPS

*Career Point Ltd.* | *CMP* Rs. 325 | *M Cap* Rs. 591 Cr | *52 W H/L* 570/222
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 26.8 Cr (1.7% QoQ, 1.3% YoY) vs QoQ Rs. 26.4 Cr, YoY Rs. 26.5 Cr
EBIDTA came at Rs. 17.7 Cr (7.8% QoQ, -13.5% YoY) vs QoQ Rs. 16.4 Cr, YoY Rs. 20.5 Cr
EBITDA Margin came at 65.9% vs QoQ 62.2%, YoY 77.2%
Adj. PAT came at Rs. 13.3 Cr vs QoQ Rs. 12.9 Cr, YoY Rs. 15 Cr
Quarter EPS is Rs. 7.3
Stock is trading at P/E of 9.8x TTM EPS

*Ingersoll-Rand (India) Ltd.* | *CMP* Rs. 3649 | *M Cap* Rs. 11520 Cr | *52 W H/L* 5000/2996
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 385.3 Cr (19.6% QoQ, 17% YoY) vs QoQ Rs. 322.1 Cr, YoY Rs. 329.2 Cr
EBIDTA came at Rs. 106.2 Cr (34% QoQ, 42% YoY) vs QoQ Rs. 79.2 Cr, YoY Rs. 74.8 Cr
EBITDA Margin came at 27.6% vs QoQ 24.6%, YoY 22.7%
Adj. PAT came at Rs. 77.7 Cr vs QoQ Rs. 60.4 Cr, YoY Rs. 55.1 Cr
Quarter EPS is Rs. 24.6
Stock is trading at P/E of 43.7x TTM EPS

*Ethos Ltd.* | *CMP* Rs. 2302 | *M Cap* Rs. 5636 Cr | *52 W H/L* 3525/2150
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 369.9 Cr (24.5% QoQ, 31.5% YoY) vs QoQ Rs. 297.1 Cr, YoY Rs. 281.2 Cr
EBIDTA came at Rs. 57.1 Cr (35.5% QoQ, 28.3% YoY) vs QoQ Rs. 42.2 Cr, YoY Rs. 44.5 Cr
EBITDA Margin came at 15.4% vs QoQ 14.2%, YoY 15.8%
Adj. PAT came at Rs. 29.5 Cr vs QoQ Rs. 21.2 Cr, YoY Rs. 25.5 Cr
Quarter EPS is Rs. 12
Stock is trading at P/E of 42.1x FY26E EPS

*Samvardhana Motherson International Ltd.* | *CMP* Rs. 128 | *M Cap* Rs. 90132 Cr | *52 W H/L* 217/104
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 27665.9 Cr (-0.5% QoQ, 7.7% YoY) vs expectation of Rs. 29373.6 Cr, QoQ Rs. 27811.9 Cr, YoY Rs. 25697.6 Cr
EBIDTA came at Rs. 2685.8 Cr (9.7% QoQ, 13.3% YoY) vs expectation of Rs. 2627.1 Cr, QoQ Rs. 2447.9 Cr, YoY Rs. 2369.6 Cr
EBITDA Margin came at 9.7% vs expectation of 8.9%, QoQ 8.8%, YoY 9.2%
Adj. PAT came at Rs. 878.6 Cr vs expectation of Rs. 938.3 Cr, QoQ Rs. 879.7 Cr, YoY Rs. 542.8 Cr
Quarter EPS is Rs. 1.2
Stock is trading at P/E of 17.2x FY26E EPS

1-2 DAYS Derivatives Call Book Partial Profits in NIFTY 23150CE at 108-110, Target 140, Call initiated at 90(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

1-2 DAYS Derivatives Call Buy NIFTY 20FEB 23150CE above 90 with SL 60 Target 140(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

1-2 Days Technical Call BUY NIFTY FUT 27 FEB above 22950 with Stop Loss 22800 Target 23270 (ANALYST VIKAS).  Visit our website for disclosure. (Nirmal Bang). 

*JNK India Ltd.* | *CMP* Rs. 392 | *M Cap* Rs. 2180 Cr | *52 W H/L* 897/392
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 93.5 Cr (-9.9% QoQ, -21.9% YoY) vs QoQ Rs. 103.8 Cr, YoY Rs. 119.8 Cr
EBIDTA came at Rs. 6.3 Cr (-46.7% QoQ, -84.3% YoY) vs QoQ Rs. 11.9 Cr, YoY Rs. 40.3 Cr
EBITDA Margin came at 6.8% vs QoQ 11.5%, YoY 33.6%
Adj. PAT came at Rs. 2.8 Cr vs QoQ Rs. 7.7 Cr, YoY Rs. 29.9 Cr
Quarter EPS is Rs. 0.5
Stock is trading at P/E of 22.6x FY26E EPS

NIFTY 22650PE CLOSE @85 Visit our website for disclosure. (Nirmal Bang). 

1-2 DAYS  Technical Call book partial profit in UNITEDSPR FUT @ 1366-1360  Target 1345 SELL call initiated 1385.40 (ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang). 

*Tarsons Products Ltd.* | *CMP* Rs. 316 | *M Cap* Rs. 1683 Cr | *52 W H/L* 544/316.4
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 95.7 Cr (-3.6% QoQ, 54.8% YoY) vs QoQ Rs. 99.2 Cr, YoY Rs. 61.8 Cr
EBIDTA came at Rs. 29.6 Cr (17.1% QoQ, 29.5% YoY) vs QoQ Rs. 25.3 Cr, YoY Rs. 22.9 Cr
EBITDA Margin came at 31% vs QoQ 25.5%, YoY 37%
Adj. PAT came at Rs. 5.3 Cr vs QoQ Rs. 10.3 Cr, YoY Rs. 9.9 Cr
Quarter EPS is Rs. 1
Stock is trading at P/E of 25.1x FY26E EPS

*SETBACK FOR OBEROI REALTY*

Supreme Court held a hearing on Wednesday (12 Feb) on the SEBI v. Sahara matter , which pertains to monetizing a 106-acre land plot in Versova for which Oberoi realty (ORL) was vying for a Joint Venture

OBEROI Realty doesn’t get the land parcel as SUPREME COURT bench directed that the INR10bn deposited by Oberoi Realty be returned along with any interest which may have been accrued

Nomura Says - Versova land parcel GDV could be worth ~INR40,000cr

*Heranba Industries Ltd.* | *CMP* Rs. 286 | *M Cap* Rs. 1143 Cr | *52 W H/L* 562/278
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 341.3 Cr (-22% QoQ, 13.9% YoY) vs QoQ Rs. 437.4 Cr, YoY Rs. 299.7 Cr
EBIDTA came at Rs. 12.5 Cr (-78.9% QoQ, -48.3% YoY) vs QoQ Rs. 59.5 Cr, YoY Rs. 24.2 Cr
EBITDA Margin came at 3.7% vs QoQ 13.6%, YoY 8.1%
Adj. PAT came at Rs. -10.2 Cr vs QoQ Rs. 38 Cr, YoY Rs. 13.9 Cr
Quarter EPS is Rs. -2.5
Stock is trading at P/E of 25.9x TTM EPS

*RateGain Travel Technologies Ltd.* | *CMP* Rs. 634 | *M Cap* Rs. 7478 Cr | *52 W H/L* 922/621
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 278.7 Cr (0.5% QoQ, 10.6% YoY) vs expectation of Rs. 284.7 Cr, QoQ Rs. 277.3 Cr, YoY Rs. 252 Cr
EBIDTA came at Rs. 61.5 Cr (2.1% QoQ, 19.9% YoY) vs expectation of Rs. 62.1 Cr, QoQ Rs. 60.2 Cr, YoY Rs. 51.3 Cr
EBITDA Margin came at 22.1% vs expectation of 21.8%, QoQ 21.7%, YoY 20.3%
Adj. PAT came at Rs. 56.5 Cr vs expectation of Rs. 53.7 Cr, QoQ Rs. 52.2 Cr, YoY Rs. 40.4 Cr
Quarter EPS is Rs. 4.8
Stock is trading at P/E of 29.8x FY26E EPS

Intraday Derivatives Buy Call NIFTY 22750PE Target Achieved @150 , Buy Call initiated at 98(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang).

1-2 DAYS Derivatives Call Buy NIFTY 20FEB 22650PE above 105 with SL 70 Target 150(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang).