External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>JKI’s Q3FY25 performance was significantly impacted by high-cost inventory (major hit in Q3; guided to partial reversal in Q4) along with subdued demand from CV OEMs; this resulted in a largely flattish consolidated revenue performance.</li><li>Further, consolidated EBITDA margin declined by ~300bps sequentially to 8.6% due to sustained rise in cost of RMs (particularly, natural rubber) and an additional impact of a strategic inventory build-up seen in Q3. The underlying demand is seen gradually improving from Q4FY25.</li><li>This, coupled with partial reversal of RM costs, would aid performance in Q4FY25. To reflect the high RM costs as well as gradual recovery in demand (particularly in CVs), we sharply cut FY25E/26E/27E consolidated EPS by 19%/15%/11%, respectively.</li></ul><p><em>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.</em></p>

JKI’s Q3FY25 performance was significantly impacted by high-cost inventory (major hit in Q3; guided to partial reversal in Q4) along with subdued demand from CV OEMs; this resulted in a largely flattish consolidated revenue performance.Further, consolidated EBITDA margin declined by ~300bps sequentially to 8.6% due to sustained rise in cost of RMs (particularly, natural rubber) and an additional impact of a strategic inventory build-up seen in Q3. The underlying demand is seen gradually improving from Q4FY25.This, coupled with partial reversal of RM costs, would aid performance in Q4FY25. To reflect the high RM costs as well as gradual recovery in demand (particularly in CVs), we sharply cut FY25E/26E/27E consolidated EPS by 19%/15%/11%, respectively.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.

JK Tyre - High-Cost Inventory, Subdued CV Demand Impact Performance

JK Tyre & Industries

JK Tyre - High-Cost Inventory, Subdued CV Demand Impact Performance