External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Greenlam Industries Limited manufactures laminate flooring. The Company's laminates range from metallic to textured and can be used for residential, commercial and office spaces.

<ul><li>We visited the company’s laminate plant and its recently commissioned particle board facility located at Naidupeta, Andhra Pradesh, and interacted with the management</li><li>This plant has an installed capacity of 3.5mn laminate sheets and 292K CBM of chipboard</li><li>Management highlighted that the particle board plant is German continuous press line capable of producing particle boards of various grades, thicknesses and emission norms</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited the company’s laminate plant and its recently commissioned particle board facility located at Naidupeta, Andhra Pradesh, and interacted with the managementThis plant has an installed capacity of 3.5mn laminate sheets and 292K CBM of chipboardManagement highlighted that the particle board plant is German continuous press line capable of producing particle boards of various grades, thicknesses and emission normsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greenlam Industries: New Segments Entry, Margin Pressure in near Term. Maintain ADD

Eureka Forbes Limited provides pollution control equipment. The Company offers water purification devices, vacuum cleaners, air purification systems, and home security products. Eureka Forbes serves customers worldwide.

<ul><li>We attended the Eureka Forbes’ Investor Day, where the company’s management highlighted that the industry is expected to grow at a 13–15% CAGR, although it is targeting a higher CAGR of 17–18% over FY25–30E, aiming to reach INR 54–56bn in revenue by FY30</li><li>It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24% CAGR</li><li>This growth would be driven by sustained robust growth in water purifiers, pick-up in the service segment, robust growth in robotics vacuum cleaner, water softeners, and air purifiers</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the Eureka Forbes’ Investor Day, where the company’s management highlighted that the industry is expected to grow at a 13–15% CAGR, although it is targeting a higher CAGR of 17–18% over FY25–30E, aiming to reach INR 54–56bn in revenue by FY30It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24% CAGRThis growth would be driven by sustained robust growth in water purifiers, pick-up in the service segment, robust growth in robotics vacuum cleaner, water softeners, and air purifiersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eureka Forbes: Strong Outlook Across All Segments. Maintain BUY

TeamLease Services Limited provides staffing and human resource services. The Company offers temporary staffing, permanent recruitment, payroll process outsourcing, regulatory compliances, assessment, and corporate training services. TeamLease Services conducts its business in India.

<ul><li>Teamlease registered a 23% CAGR in revenue over FY21-25, but EBITDA growth was limited to 9% CAGR due to EBITDA margins compressing from 2.0% in FY21 to 1.2% in FY25</li><li>This drop in consolidated margins was mainly caused by a decline in gross margins (GM) in the general staffing segment, where GM fell from 3.9% in FY21 to 2.6% in FY25</li><li>The GM is closely linked to PAPM, which has remained largely flat over the years, hovering around ~INR 650-700</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Teamlease registered a 23% CAGR in revenue over FY21-25, but EBITDA growth was limited to 9% CAGR due to EBITDA margins compressing from 2.0% in FY21 to 1.2% in FY25This drop in consolidated margins was mainly caused by a decline in gross margins (GM) in the general staffing segment, where GM fell from 3.9% in FY21 to 2.6% in FY25The GM is closely linked to PAPM, which has remained largely flat over the years, hovering around ~INR 650-700Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Teamlease Services: New Labour Codes: Long-Term Structural Impact. Maintain BUY

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

<ul><li>We maintain our BUY rating on Dalmia Bharat with a revised target price of INR 2,420/share (12x its Sep-27E consolidated EBITDA)</li><li>We estimate Dalmia’s volume growth will firm up H2FY26 onwards, riding on demand uptick and expansion ramp-up, leading to a 7% volume CAGR during FY25-28E</li><li>Dalmia is also working on various cost levers which can more than offset the impact of reduction in GST incentive accrual and higher royalty (on limestone mining in Tamil Nadu)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our BUY rating on Dalmia Bharat with a revised target price of INR 2,420/share (12x its Sep-27E consolidated EBITDA)We estimate Dalmia’s volume growth will firm up H2FY26 onwards, riding on demand uptick and expansion ramp-up, leading to a 7% volume CAGR during FY25-28EDalmia is also working on various cost levers which can more than offset the impact of reduction in GST incentive accrual and higher royalty (on limestone mining in Tamil Nadu)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat: Volume Growth to Gain Pace. Maintain BUY

Suprajit Engineering Limited manufactures a complete range of liner, non-liner, and push pull cables for two wheelers, cars as well as light and heavy commercial vehicles and a range of automotive and non automotive applications.

<ul><li>Siemens Energy Ltd (SEL) delivered a strong quarter with revenue/EBITDA/APAT at INR 26.5/4.8/3.6bn, beating our estimates by 33.5/+16.3/+10.7%</li><li>Margins in Q4FY25 were affected by an unfavourable revenue mix toward the lower-margin power generation segment</li><li>SEL received new orders worth INR 23.5bn (+1% YoY) on the back of stable demand both in domestic as well as export market, which led to an order intake of INR 131.1bn as of FY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Siemens Energy Ltd (SEL) delivered a strong quarter with revenue/EBITDA/APAT at INR 26.5/4.8/3.6bn, beating our estimates by 33.5/+16.3/+10.7%Margins in Q4FY25 were affected by an unfavourable revenue mix toward the lower-margin power generation segmentSEL received new orders worth INR 23.5bn (+1% YoY) on the back of stable demand both in domestic as well as export market, which led to an order intake of INR 131.1bn as of FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Securities
External broker reports(aggregated public sources)

Greenlam Industries: New Segments Entry, Margin Pressure in near Term. Maintain ADD

We visited the company’s laminate plant and its recently commissioned particle board facility located at Naidupeta, Andhra Pradesh, and interacted...

HDFC Securities

Eureka Forbes: Strong Outlook Across All Segments. Maintain BUY

It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24%...

HDFC Securities

Teamlease Services: New Labour Codes: Long-Term Structural Impact. Maintain BUY

Teamlease registered a 23% CAGR in revenue over FY21-25, but EBITDA growth was limited to 9% CAGR due to EBITDA margins compressing from 2.0% in...

HDFC Securities

Dalmia Bharat: Volume Growth to Gain Pace. Maintain BUY

We estimate Dalmia’s volume growth will firm up H2FY26 onwards, riding on demand uptick and expansion ramp-up, leading to a 7% volume CAGR during...

HDFC Securities

HSIE Results Daily: Siemens Energy

Siemens Energy Ltd (SEL) delivered a strong quarter with revenue/EBITDA/APAT at INR 26.5/4.8/3.6bn, beating our estimates by 33.5/+16.3/+10.7%

HDFC Securities