In today’s briefing:
- Bajaj Finance: Decent FY25, All Set for a Strong FY26
- Knowledge Realty Trust Pre-IPO – The Positives – Premium Market Positioning, Healthy Forecasts
- The Beat Ideas: Geojit Financial- Riding on Its Customer Base to Build a ₹20,000 Cr Wealth Business
- Business Breakdown: Zydus Lifesciences ~ Bet on R&D and New Launches to Fill the Revenue Gap
- Amara Raja Energy & Mobility: Revenue Growth Offset by Margin Pressures, Strategic Capex Continues..
Bajaj Finance: Decent FY25, All Set for a Strong FY26
- Bajaj Finance Ltd (“BAF”) reported a healthy Q4FY25, thus closing the full-year FY25 on a strong note. AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.
- Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.
- While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.
Knowledge Realty Trust Pre-IPO – The Positives – Premium Market Positioning, Healthy Forecasts
- Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
- Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
- In this note, we talk about the firm’s historical performance.
The Beat Ideas: Geojit Financial- Riding on Its Customer Base to Build a ₹20,000 Cr Wealth Business
- Geojit is targeting INR 20,000 crore in PMS AUM within three years from INR 1200 Crore, backed by new leadership, expanded RM hiring, and deep NRI-retail presence.
- This signals a shift from cyclical broking to stable, high-margin wealth management boosting recurring income and long-term profitability.
- Geojit is evolving into a full-stack wealth platform, making it a re-rating candidate if it delivers on PMS scale-up and sustains income diversification.
Business Breakdown: Zydus Lifesciences ~ Bet on R&D and New Launches to Fill the Revenue Gap
- Zydus Lifesciences Ltd (ZYDUSLIF IN) is a leading global healthcare company specializing in generic drugs, biosimilars, and innovative therapies across multiple therapeutic areas.
- While the Revlimid slowdown risk looms, Zydus aims to offset this with a strong pipeline of new product launches and R&D innovations.
- Its secondary sales have consistently outpaced market growth, driven by strong performances in chronic and specialty products.
Amara Raja Energy & Mobility: Revenue Growth Offset by Margin Pressures, Strategic Capex Continues..
- ARE&M reported Q4 FY25 with modest revenue growth but saw slight declines in EBITDAand PAT margins due to cost pressures and provisions.
- Elevated material and power costs significantly impacted profitability despite underlying business growth, presenting a challenge for margin recovery efforts.
- Focus shifts to monitoring the effectiveness of recent price hikes, cost-saving initiatives, and the ramp-up of new, more efficient manufacturing facilities in restoring targeted margins.
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