In today’s briefing:
- Gravita India: Expansion Momentum Amid Elevated Valuations
- Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?
- Mahindra & Mahindra (MM IN) – Top 5 Takeaways from Q4FY25 Results
- Ather Energy IPO Trading – Running Out of Charge
- Shilchar Technologies Q4FY25 : Full Capacity Utilization Achieved Ahead of Schedule.
Gravita India: Expansion Momentum Amid Elevated Valuations
- Gravita reported steady FY25 results with ~10% EBITDA margins, strong cash generation, and maintained a net cash position despite ongoing capex.
- Business mix is evolving with increasing aluminium recycling, higher Africa contribution, and new verticals like lithium-ion, aiming to double capacity by FY27.
- Valuations appear elevated but are supported by strong ROIC, clear growth visibility, and alignment with global ESG trends.
Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?
- Ather Energy (1207922D IN) lists on Indian stock exchanges today with expectations of a subdued debut.
- Following its IPO, and early VC investors gradually reducing their stakes, the ownership and influence dynamics may begin to tilt more toward Hero Motocorp (HMCL IN) that now owns 30%.
- Is this shift a threat to Ather’s innovation-driven DNA, or should investors support a stronger collaboration with Hero Motocorp to unlock accelerated growth and take on competition from ICE incumbents?
Mahindra & Mahindra (MM IN) – Top 5 Takeaways from Q4FY25 Results
- Strong Core Performance:Mahindra & Mahindra (MM IN) delivered robust growth in Auto &Farm segments in Q4FY25,with SUV volumes up 20% &tractor volumes up 12%,alongside market share gains in both segments.
- Strategic Expansion & Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.
- Valuation Upside from Growth Platforms:With scalable and emerging “growth gems” across real estate, hospitality,renewables, and EVs, M&M’s Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.
Ather Energy IPO Trading – Running Out of Charge
- Ather Energy (1207922D IN) raised around US$350m in its India IPO.
- Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
- In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.
Shilchar Technologies Q4FY25 : Full Capacity Utilization Achieved Ahead of Schedule.
- Shilchar achieved full capacity utilization ahead of FY26 guidance, delivering record quarterly and annual profitability.
- The early ramp-up boosts earnings visibility, positioning Shilchar to benefit from strong domestic and export transformer demand.
- Near-Term growth outlook strengthens with a INR 750–800 crore revenue guidance for FY26, while medium-term capex plans are under evaluation.
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