External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

Divgi TorqTransfer Systems / Equity Bottom-Up

Divgi TorqTransfer Systems is an Indian automotive component manufacturer specializing in the design, development, and production of drivetrain systems and solutions for Internal Combustion Engine (ICE) and Electric Vehicles (EV). The company's core portfolio includes transfer cases, torque couplers, synchronizers, and transmission solutions. It was founded in 1964 as Divgi Metalwares Pvt. Ltd. and is headquartered in Pune, Maharashtra, India.

<ul><li>Divgi Torqtransfer Systems (DIVGIITT) reported 7th consecutive quarter of degrowth in revenue, indicating persistent challenges across core and new business segments.</li><li>Its Q3FY25 revenue declined by 16.5% YoY, against the anticipated de-growth of 8%/11% (PLe/BBGe).</li><li>Gross profit declined by 5% YoY, but gross margin expanded by 776bps YoY to 62.7% (PLe: 50.8%).</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.

Divgi Torqtransfer Systems (DIVGIITT) reported 7th consecutive quarter of degrowth in revenue, indicating persistent challenges across core and new business segments.Its Q3FY25 revenue declined by 16.5% YoY, against the anticipated de-growth of 8%/11% (PLe/BBGe).Gross profit declined by 5% YoY, but gross margin expanded by 776bps YoY to 62.7% (PLe: 50.8%).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.

Divgi Torqtransfer Systems (DIVGIITT IN) - Persistent Headwinds to Impact Growth Prospects

Deepak Nitrite is a leading Indian chemical manufacturing company. It produces a wide range of chemical intermediates, including basic chemicals, fine and specialty chemicals, and performance products, serving industries such as pharmaceuticals, agrochemicals, dyes, pigments, and textiles. The company is headquartered in Vadodara, Gujarat, and was founded in 1970.

<ul><li>Due to sharp correction in price, we upgrade to HOLD with TP of Rs.</li><li>1,960. Deepak Nitrite’s (DN) Q3FY25 revenue stood at Rs19bn, down 5.3% YoY and 6.3% QoQ.</li><li>Operating performance for the quarter was impacted as plants remained idle due to deferral in demand, lag adjusted recovery in agchem, increase in RM cost as well as oversupply from Chinese counterparts.</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.

Due to sharp correction in price, we upgrade to HOLD with TP of Rs.1,960. Deepak Nitrite’s (DN) Q3FY25 revenue stood at Rs19bn, down 5.3% YoY and 6.3% QoQ.Operating performance for the quarter was impacted as plants remained idle due to deferral in demand, lag adjusted recovery in agchem, increase in RM cost as well as oversupply from Chinese counterparts.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.

Deepak Nitrite (DN IN) - Subdued Quarter, Margins Remain Under Pressure

Narayana Hrudayalaya Ltd. operates a network of multi-specialty and tertiary healthcare facilities, providing advanced medical care across specialties such as cardiac sciences, oncology, neurosciences, and renal sciences. The company manages hospitals and heart centers, offering services including medical, surgical, and diagnostic support. It is headquartered in Bengaluru, India, and was founded in 2000.

<ul><li>Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.</li><li>The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.</li><li>India business reported healthy EBITDA adjusted for NHIC losses, up 15% YoY.</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.

Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.India business reported healthy EBITDA adjusted for NHIC losses, up 15% YoY.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.

Narayana Hrudayalaya - Good Start to New Cayman Unit

ABB India Limited is a leading technology company specializing in electrification, motion, process automation, and robotics. It provides industrial systems and solutions that optimize power, enhance industrial productivity, and enable a more sustainable future across factories, utilities, rail, and infrastructure. The company was incorporated in 1949 and is headquartered in Bengaluru, Karnataka, India.

<ul><li>We revise our CY25/26E EPS estimates by -2.9%/-6.1% factoring in pricing normalization and transient base order moderation but upgrade the rating to ‘BUY’ from Accumulate due to recent sharp correction in stock price and ABB’s sustained growth momentum.</li><li>ABB India (ABB) reported strong quarterly performance with revenue growing 22.0% YoY and EBITDA margin expanding by 440bps YoY to 19.5%.</li><li>During the quarter, the growth was led by strong momentum in Electrification and execution upticks in Data center orders.</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 revise our CY25/26E EPS estimates by -2.9%/-6.1% factoring in pricing normalization and transient base order moderation but upgrade the rating to ‘BUY’ from Accumulate due to recent sharp correction in stock price and ABB’s sustained growth momentum.ABB India (ABB) reported strong quarterly performance with revenue growing 22.0% YoY and EBITDA margin expanding by 440bps YoY to 19.5%.During the quarter, the growth was led by strong momentum in Electrification and execution upticks in Data center orders.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.

ABB India (ABB IN) - Strong Q4; Healthy Outlook Across Key Segments

Kalpataru Projects International / Equity Bottom-Up

Kalpataru Projects International Limited (KPIL) is a global Engineering, Procurement, and Construction (EPC) company. It specializes in diversified infrastructure projects, including power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, and urban infrastructure. KPIL was established in 1981 and is headquartered in Mumbai, India.

Kalpataru Projects International (KPIL IN)

<ul><li>We revise our FY26/FY27E EPS estimate by –6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&amp;D, B&amp;F and O&amp;G.</li><li>Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at 8.3%.</li><li>Strong execution of a robust order book across various segments contributed to revenue growth, although delayed collections negatively impacted the Water business.</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 revise our FY26/FY27E EPS estimate by –6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&amp;D, B&amp;F and O&amp;G.Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at 8.3%.Strong execution of a robust order book across various segments contributed to revenue growth, although delayed collections negatively impacted the Water business.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.

Kalpataru Projects International - Healthy Q3; Robust T&D Pipeline to Drive Growth