Archives May 2025

We downward revise our FY26/27 earnings estimates by 4.4%/6.5% to account for weak performance in Q4FY25 and rising domestic competition. GREENP has guided for domestic/export MDF volume growth of 28%/~12% (YoY) in FY26. MDF domestic realization increased by 7.2% YoY in Q4FY25 and margins stood at 16.3%, due to Export Promotion Capital Goods (EPCG) scheme incentives of Rs350mn and expect Rs510mn over FY26/27. The company expects MDF/plywood margin of 12%/7-8% in FY26. We had considered consolidated EBITDA margin of 11.8% with 1) steep increase in timber prices, 2) higher OEM vol in the MDF segment, 3) lower domestic volumes, and 4) lower realization with competition in MDF.  Timber prices will continue to impact margins in coming quarters. The management has indicated moderation in timber prices only with new crop arrival from FY26. We estimate revenue/EBITDA/PAT CAGR of 19.9%/62.1%/70.6% over FY25-27E with MDF volume CAGR of 21.2%. We maintain ‘BUY’ rating with a TP to Rs310 (Earlier Rs330), based on 18x FY27E earnings.

Revenues declined by 5.6%, PAT decline 1.4%: Rev. down 5.6% YoY to Rs3.7bn (PLe: Rs4.1bn). MDF segment decline 15.4% YoY to Rs3.1bn. MDF vol. declined by 19.9% YoY to 102kCBM (domestic volume decreased 24.9%, export volume increases 33.8%) and reported blended realization of Rs 29,961/CBM (+5.8% YoY) and domestic realization was Rs 31,214/CBM (+7.4% YoY). Plywood segment reported a revenue of Rs338mn down 5.3% YoY. Plywood vol. decline by 12.0% YoY and reported realization was Rs270/sqm, up 7.5% YoY. EBITDA decline by 6.5% YoY to Rs 480mn (PLe:Rs227mn). EBITDA margin contracted by ~10bps YoY to 12.8% (PLe:5.6%). In MDF segment, EBITDA margin remain flat at 16.3% due to Export Promotion Capital Goods (EPCG) scheme incentives which was accounted at Rs350mn. PBT decline by 26.2% YoY to Rs297mn (PLe:Rs97mn). PAT decline by 1.4% YoY to Rs294mn (PLe:Rs73mn)

Concall highlights: 1) Greenpanel expects MDF volumes to reach 550kCBM in FY26, (currently 439k CBM), driven by 10–12% growth from existing plants and 72kCBM contribution from the new AP facility. Domestic/Exports volumes are expected to grow at ~28%/12% YoY, with a overall margin of 12%. 2) For FY26, the company expects margin of 7-8% in plywood segment. 3) Domestic MDF volumes declined in Q4FY25 due to the discontinuation of commercial grade MDF sales, which are non-compliant with BIS norms. In FY25, domestic volumes decline by 6%, with commercial grade MDF contributes for a 3%. 4) In Q4FY25 MDF segment company receives Export Promotion Capital Goods (EPCG) scheme incentives of Rs350mn which drives the margin. The total incentive amount is Rs860mn, remaining Rs510mn will be accounted over FY26/27. 5) Plywood segment margins got expanded in Q4FY25 due to lower provision for turnover discounts (Rs12.5mn write-off) at the year-end due to dealers not meeting volume targets. 6) Company has started commercial production at the new AP plant with a utilization of 35% for FY26 and expects it to improve by the end of FY26. The plant will produce thin MDF (currently 60% of this is imported in India) with 15-20% higher realization. However, Initially, it will focus on industrial-grade thin MDF with realizations of 25-26k/CBM and it is expected to take three years to have a similar VAP mix as the existing plant. 7) Timber Prices: in Q4FY25, North prices stood at Rs 6.4/kg (vs Rs 6.3/kg) up 2.4% YoY & South prices stood at Rs6.2/kg (vs Rs5.3/kg) up 17.8% YoY. Company expects timber prices to stabilize in FY26.8) The contribution of VAP is 50% in volume terms and 62% in value terms. 9) In FY26, the company has planned a capex of Rs 300–350 mn, with Rs 250 mn allocated for the new AP plant and the remainder for maintenance. 10) The total MDF supply in South India has reached 1.3mn CBM with 35-40% of the total demand comes from South. 11) The BIS QCO expected to be implemented from Feb’26 leading to increased demand for furniture manufacturing. 12) MDF Imports have massively declined post BIS implementation in Feb’25. In April’25 the imports stood at 1100 CBM.

Sun Pharma (SUNP) Q4FY25 EBIDTA (+11% YoY) was largely in line however moderate growth (9% YoY) in specialty sales after several quarters of strong double-digit growth was below our estimate. Over last few years SUNP dependency on US generics has reduced and company’s growth is more functional on specialty, RoW and domestic pharma that has strong growth visibility. Though FY26 expenses (an additional $100mn spend) is likely to remain elevated given company are in investment phase to ramp up specialty pipeline; successful launch of Leqselvi and Unloxcyt along with progress of other pipelines will be key. Our FY26/FY27E EPS stands reduced by 4-5% as we factor in higher opex. We maintain ‘BUY’ rating with revised TP of Rs.2,000 based on 32x FY27E EPS. SUNP remains our top pick in large cap space.

Mixed bag- Strong domestic formulation sales while specialty sales growth below 10%: Revenues came in at Rs 129.6bn up 8% YoY vs our est of Rs 130.5bn. Domestic formulation growth was strong at 14% YoY. US sales came in $464mn ($474mn in Q3FY25). We estimated $486mn. Global specialty sales were up 9% YoY (down 9% QoQ adj for milestone) to $295mn. RoW markets grew by 6% while EMs growth stood at 11% YoY. API sales were up 28% YoY.

In-line EBITDA: Reported EBIDTA came in at Rs 34.2bn. up 11% YoY against our estimate of Rs 35bn. OPM came in at 26.4% up 50bps YoY while down 200bps QoQ adj for milestone. GMs adj milestone came in at 79.4%, up 40bps QoQ (flat YoY). Other expenses ex R&D came in higher at Rs 36bn, up 8% YoY and 7% QoQ. R&D spend declined by 9% YoY (6.3% of revenues) at Rs 8.2bn. There were certain one-offs in Q4FY25 – Rs 2.6bn impairment of investment in Lyndra therapeutic, Rs4.8bn towards restructuring of operations in US and writing off deferred tax asset. Forex gain stood at Rs 2.9bn. Adj for one off and forex gain PAT came in at Rs 26bn in line with our estimate. EPS adj for one off stood at Rs 11/share.

Key concall takeaways: Domestic formulation: Growth driven by increased market share (8.3% up from 8%), new product launches, and higher volumes. 10 products launched during the quarter. Future pipelines include launches in diabetes and weight management. US: Weakness experienced in generics business. Contribution from gRevlimid was stable but not significant QoQ. Launched 2 generic products in US markets. Global Specialty Sales: Q4 specialty sales growth was moderate due to insurance resets in Jan–Feb month. Growth in the key specialty products continues to remain strong. Global Ilumya sales were up 17% YoY to $681mn in FY25 which does not include end market sales from its partners. Global specialty R&D spend contributed 36% to the overall R&D spend. Post favorable outcome from the court the company is targeting Legselvi launch for Q2FY26; at-risk due to ongoing litigation. GL0034 trial to begin in type 2 diabetes. Seeking partnership for MM II development in various markets. EMs: Delivered 11.5% growth in CC terms YoY. Brazil, Romania and Russia remains as the key growth markets. Focus on current high-growth markets with limited expansion. RoW: Focus remains on targeting key therapeutic areas in dermatology and chronic therapies. Tariff: Awaiting clarity on US legislation impacting drug pricing; currently no impact. Mgmt cited that shifting of third-party production of specialty sales to US amid tariff risks; will take 2–3 years and lot of cost. FY26 guidance: Expects mid-to-high single-digit revenue growth. $100 mn additional investment planned in FY26E for new specialty launches (esp. Leqselvi and Unloxcyt). R&D spending guidance in 6-8% of sales range for FY26E.

We are upgrading ITC from Accumulate to BUY as we expect current margin/growth pressures to subside post 1H26. ITC is suffering margin pressure in cigarettes (high leaf tobacco prices and volume focused strategy), Paper (High wood prices and dumping) and FMCG (Tepid volumes, high input costs and hit in stationary business). However, we expect the scenario to change as leaf tobacco prices have started softening in current season, new wood supplies, integration of century paper and bottomed out margins (~40% of normal levels) and expected recovery in demand margins in FMCG business.

4Q cigarette volume growth of 5% with QoQ margin improvement reinforces success of volume driven strategy. FMCG business has shown resilience, and we expect ITC to be more aggressive in new acquisitions than in the recent past which should push growth. Nicotine exports in leaf tobacco have started which should support margin recovery in Agri business.

We make a change of -3.4/1.2% to our estimates for FY26/27 and estimate 11% PAT CAGR over FY25-27. We believe ITC offers a favorable risk reward at 21.4xFY27 EPS and a dividend yield of 3.5%. We assign SOTP based target price of Rs538 (Rs528 earlier). Upgrade to BUY.

4Q Revenue up 9.6%, ~5% volume growth: Revenues grew by 9.6% YoY to Rs172.5bn (PLe: Rs169bn).  EBITDA grew by 2.5% YoY to Rs59.9bn (PLe:Rs 63.4bn); Margins contracted by 242bps YoY to 34.7% (PLe:37.5%). Adj. PAT has declined 2.9% YoY, excluding the impact of hotel business spin off in the base quarter, PAT increased by 0.8% YoY. Board declared a final dividend of Rs.7.85/share.

4QFY25: Cigarette volumes up 5%, broad based margin pressure across segments

• Cigarette Revenues grew 6% YoY to Rs84bn on account led by 5% volume growth, premium portfolio & micro-market interventions; EBIT grew 4% YoY to 51.2bn. Margins contracted 120bps YoY to 60.9% Margins were supported by product mix enrichment and cost control, despite high leaf tobacco prices
• FMCG Revenues grew by 3.7% YoY (~5% excluding notebooks) to Rs54.9bn; EBIT de-grew by 28% YoY to 3.4bn. Margins contracted by 273bp to s YoY to 6.3%. EBIDTA margins were 8.4%.
• Agri sales grew 17.7% YoY to Rs36.5bn led by strong export growth of leaf tobacco; EBIT grew 26% YoY to 2.6bn. Margins expanded 46bps YoY to 7%
• Paperboard & Paper Revenues grew by 5.5% YoY to Rs21.9bn; EBIT de-grew by 31% YoY to 2bn. Margins contracted by 491bps YoY to 9.2% on high wood prices and pressure on paper prices due to Chinese dumping

Mixed production profile of standalone oil (+0.4% QoQ) and gas (-1.9% QoQ) combined with marginally higher oil price realization of USD73.7/bbl in Q4 vs USD72.6/bbl in Q3FY25 resulted in revenues of Rs349.8bn, +3.8% QoQ. EBITDA of Rs190bn (+0.2% QoQ) was 3.8% higher than our est of 183.2bn & consensus of Rs179.7bn. Much higher DDA led by write-offs resulted in PBT declining by 20% QoQ to Rs88bn (PLe Rs107bn) despite growth in rev. PAT stood at Rs64.5bn, -19.6% QoQ (PLe Rs80bn, consensus Rs88bn). Standalone FY25 EBITDA stood at Rs748bn, +3% YoY while PAT stood at Rs356bn, -12% YoY. Going ahead, we build in 7% and 5% volume growth in oil and gas production in FY26E. The stock is currently trading at 8x FY27 conso EPS, with USD71.3/75/bbl of Brent in FY26/27. We remain positive on the stock but downgrade from Buy to Accumulate due to ~10% run-up in the stock post preview. We value the company at Rs276, valuing the standalone business at 8x FY27 adj EPS and adding the value of investments. Key risk to our recommendation is sustained <USD60/bbl of Brent. With every USD5/bbl change in oil price realization, conso EPS is impacted by 8-9%.

Volume a mixed bag: Oil production stood at 5.3mmt, +0.4% QoQ while gas production stood at 5bcm, -1.9% QoQ. For the full year, oil production stood at 20.9mmt, -1.2% YoY and gas production stood at 20.2bcm, -2.2% YoY. Production of value added products stood at 669tmt during the quarter against 663tmt in Q3FY25 and 640tmt in Q4FY24. For the full year, value added products rose by 2.6%. For OVL, oil and gas production in the quarter stood at 1.79mmt and 0.8bcm, nearly flat both QoQ and YoY. For the full year, OVL’s oil and gas production stood at 7.2mmt, flat YoY while gas declined 12% YoY to 3bcm.

Production growth expected: ~5mmscmd of gas from Daman Upside is expected to be added in Q4FY26 while KG-DWN-98/2 is expected to be ramped up to 10mmscmd. Going ahead, we build in a volume growth of 7% and 5% for oil and gas, respectively, in FY26.

Concall highlights: 1) 578 total wells drilled in FY25, highest ever, including 469 developmental wells and 109 exploratory wells 2) capex of Rs620bn in FY25 included infusion of Rs184bn in OPaL; guidance of Rs350-400bn going forward 3) reserve replacement ratio above one for 19^th consecutive year 4) ONGC Videsh reported PAT of Rs4.2bn in FY25vs Rs4.9bn in FY24, 5) the company declared nine new discoveries in FY25, 6) gas production likely to rise by 5-6% each year for next two years.

Mumbai, May 23, 2025 — Fineotex Chemical Limited (FCL), one of India’s leading multinational speciality performance chemical manufacturers, proudly announces its recognition as a Great Place to Work Certified organization in India for the fourth consecutive year. This prestigious certification is valid from May 2025 to May 2026, which reinforces FCL’s ongoing commitment to creating an exceptional workplace culture.

The Great Place to Work Certification is awarded to organizations that deliver excellent employee experiences and demonstrate best-in-class people practices based on a rigorous assessment process. The assessment is based on the Great Place to Work® model, which evaluates workplaces through the Trust Index™ survey and the Culture Audit™.

Commenting on the achievement, Mr. Sanjay Tibrewala, Executive Director of Fineotex Chemical Limited said, “We are immensely proud to receive the Great Place to Work Certification for the fourth consecutive year. This achievement is a testament to our unwavering focus on creating a workplace where employees feel valued, respected, and empowered. We believe that our success as a company is directly linked to the well-being and engagement of our team members.“

FCL has consistently invested in initiatives that promote employee growth, work-life balance, and inclusive practices. The company’s culture centers around core values of trust, teamwork, and shared success, which have become foundational elements of its organizational DNA.

“This recognition belongs to every member of the Fineotex family,” added Ms. Aarti Jhunjhunwala, Executive Director at Fineotex Chemical Limited. “Their dedication, passion, and collaborative spirit have made our company not just a place to work, but a community where innovation thrives and individuals can realize their full potential. We extend our heartfelt gratitude to our entire team whose support is at the heart of our success.“

As Fineotex Chemical continues to expand its global footprint in the specialty chemicals sector, this certification underscores the company’s belief that a strong workplace culture is essential for sustainable business growth and excellence.

“Writing this book was not easy. It took me 4 to 5 years to fully understand the topic,” says Saanvi. “The most difficult part was putting my thoughts into simple words. But thanks to the support from my teachers, friends, and school Birla Open Minds, I was able to do it. This book is my way of sharing what I’ve learned.”

Adding to the moment, Paljinder Pal Singh, Principal of Birla Open Minds International School, Danapur, said, “At an age where most of us were still learning from books, it’s refreshing to see students like Saanvi going ahead and writing one. Such students truly inspire us. They remind us why we do what we do, and they reassure us that our efforts in nurturing young minds are working. Saanvi’s achievement is a proud moment for all of us.”

Mumbai, 23 May 2025: Phoenix Marketcity Mumbai, the ultimate destination for shopping, dining and entertainment, is excited to announce the return of Candy City, the most-loved candy-themed celebration for kids and families! The extravaganza was officially inaugurated on 21st May by popular OTT, silver screen and television personalities Gurmeet Choudhary and Debina Bonnerjee, making the grand opening even more spectacular.

As a part of the mall’s flagship summer campaign Holidayland, Candy City is back with a second edition that is bigger, sweeter, and more spectacular than ever before. The event has been running since 12th May and will continue until 30th June 2025, with daily timings from 12:00 PM to 8:00 PM.

This year’s edition of Candy City at Phoenix Marketcity Mumbai features an array of exciting and fantastical experiences designed to delight children and families alike. Highlights include a towering candy castle with spiral staircases and a Bubble Bounce House and a whimsical slides that flows into a marshmallow pit. Visitors can also step into the Instagrammable Candy Infinity Room, a magical photo haven perfect for all age groups. One of the key highlight this year is the Candy Throne – a larger-than-life art installation made of candies, where customers can sit and feel like royalty in a sweet-filled kingdom, offering the perfect photo opportunity.

In addition, at the entrance stands the cheerful mascot Mr. Candy, flashing his million-dollar smile, welcoming kids for fun-filled weekend meet-and-greets. Children can enjoy immersive workshops such as Pencil Topper Making, Tote Bag Painting, and more. Every child walks away with free candies and goodies to remember this sugar-coated escape.

What’s More! Shoppers who spend ₹7,000 or more can enjoy assured free entry to Candy City, along with a chance to win a dream family cruise vacation to Singapore.

“At Phoenix Marketcity, Mumbai, we take pride in curating experiences that go beyond shopping. Candy City is a celebration of creativity, imagination, and family togetherness, everything summer should be about,” commented Mayank Lalpuria, Senior Vice President at The Phoenix Mills Ltd. He further added, “After last year’s overwhelming response, we’re thrilled to bring back a bigger, brighter edition that truly adds value to children’s vacations and gives parents a unique destination to create lasting memories.”

On the official launch day, popular television and OTT celebrities Gurmeet Choudhary and Debina Bonnerjee unveiled the grand opening with a ribbon-cutting ceremony and remarked “Parenting is an ever-evolving journey, and one of the biggest challenges today is finding the right spaces that are both engaging and enriching for our children. The meticulous attention to décor is remarkable, every corner is crafted to captivate and immerse, creating a sensory delight for both children and adults. Candy City beautifully reflects Phoenix Marketcity’s visionary approach and its knack for creating experiential spaces that truly resonate with today’s families.”

Whether you’re looking to entertain the kids, spend quality time as a family, or simply soak in a world of colour and creativity, Candy City promises an unforgettable summer escape. With its immersive attractions, playful design, and thoughtfully curated experiences, Phoenix Marketcity Mumbai continues to raise the bar, making it the go-to destination for families this season.

Chennai, May 23, 2025: Archana Sankara Narayanan, India’s deepest female freediver has created waves in the world of freediving by setting six new national records for India across two major international competitions held in the Philippines this month. With these recent achievements, the Chennai resident now holds the national records in all four depth disciplines of freediving in the female category. Freediving is a breath-hold diving sport where divers explore underwater without using breathing equipment. 

Archana began her record-breaking streak at the AIDA Mabini Depth Quest, held from May 1 to May 6 in Mabini, Philippines, where she claimed four national records, surpassing one of her own previous records. Building on this momentum, she went on to break two more national records—both her own—at the Hug Cup, held from May 16 to May 18 in Panglao, Philippines.

Her performances include:

• Constant Weight (CWT): From 25 meters to 34 meters
• Constant Weight No Fins (CNF): From 20 meters to 25 meters
• Constant Weight Bi-Fins (CWTB): From 32 meters to 35 meters

The competitions, particularly the Mabini Depth Quest, posed immense challenges due to the unfamiliar dive sites and the presence of elite international athletes chasing world and continental records. Undeterred, Archana approached the events with determination and composure, inspired by her interactions with the global freediving community.

Archana’s recent achievements are a result of intensive training earlier this year at Kaizen Freediving in Ko Tao, Thailand, under the guidance of Mr. Sergei Busargin and Mr. Akshay Thatte. Sergei devoted two months to refining Archana’s CNF technique, blending ocean, pool, and dry land sessions. Akshay, India’s first PADI Freediving Instructor Trainer, provided strategic counsel during both competitions, playing a pivotal role in her consistent performance.

For the Hug Cup, Archana also credits Sophie from Superhome for enhancing her technical skills and mental preparedness, which helped her earn white cards on both competition days. In freediving competitions, a white card indicates that the diver has successfully completed their dive with no penalties and has met all the requirements for a clean dive. It signifies a good performance without any rule violations.

With a total of nine national records under her belt in less than a year, Archana’s journey is only just beginning. Competing alongside the best in the world has strengthened her resolve to further elevate India’s standing in the global freediving arena.

Navigating financial crunches or planning major purchases as a salaried professional can be daunting—especially when traditional banks take their sweet time. Thankfully, India’s new-age NBFCs are bridging this gap with rapid, hassle-free loan solutions tailored for working professionals. Here’s a roundup of the best NBFCs that offer speed, convenience, and reliability, all rolled into one.

1. Rupee112

Rupee112 has carved a niche for itself with its fast, fully digital lending experience designed specifically for salaried individuals. As an RBI-registered NBFC, it ensures transparency and security while delivering on its promise of instant financial relief. Whether it’s a family emergency, festive shopping, or a spontaneous getaway, Rupee112 offers short-term loans with a seamless online application and lightning-fast disbursal. By combining cutting-edge technology with a customer-first mindset, Rupee112 is redefining financial accessibility in the digital age.

2. BharatLoan

BharatLoan is one of the fastest-growing digital lenders in the country, and for good reason. It offers quick personal loans with minimal documentation, making it an ideal choice for salaried professionals in need of immediate funds. Launched in 2023, BharatLoan has already crossed over 5 million app downloads—a testament to its growing popularity and trust. Its fully digital process is a lifesaver for those with limited or no credit history, and its flexible loan offerings, including festive specials, ensure borrowers can celebrate life’s big moments without financial worries.

3. lendingplate

lendingplate, operated by Unifinz Capital India Limited, is a public listed digital lending NBFC registered with the Reserve Bank of India. It provides unsecured personal loans of up to ₹2,50,000 with flexible repayment options extending up to 15 months. Using advanced AI-driven technology, lendingplate ensures instant loan approvals and disburses funds within 30 minutes. Serving over 9,000 pin codes across 500 cities in 22 states, the platform is a trusted choice for salaried professionals seeking quick and reliable financial assistance.

4. CASHe 

CASHe is a tech-first NBFC that caters to India’s growing base of salaried millennials and Gen Z professionals. With an intuitive app interface and a quick onboarding process, CASHe makes it easy to get loans without the traditional paperwork headaches. It evaluates users through a proprietary social behaviour-based credit rating system, enabling access even for those new to credit. Whether it’s upgrading your home office or handling month-end cash flow issues, CASHe is a smart companion that works on your timeline.

5. MoneyTap

MoneyTap blends the ease of a personal loan with the flexibility of a credit line, making it a standout option for salaried individuals looking for ongoing access to funds. Once approved, users can tap into their credit line anytime via a simple app interface—borrowing only what they need, when they need it. It’s ideal for professionals who prefer financial agility without committing to lump-sum borrowing. With its user-centric design and city-wide availability, MoneyTap keeps life moving, even when expenses pile up unexpectedly.

These five NBFCs are reshaping how salaried professionals approach borrowing—bringing in speed, simplicity, and a whole lot of peace of mind. Whether you’re planning a celebration, facing an urgent expense, or simply want more control over your cash flow, these platforms ensure your finances stay fluid and stress-free.

Data from the Association of Mutual Funds in India (AMFI) showed that the assets under management (AUM) of the Indian mutual fund industry grew by 22.25% YoY in Mar 2025 to reach the  Rs. 70 trillion mark. AUM of open-ended “other schemes” witnessed the highest YoY growth of 23.80% in April 2025, followed closely by open-ended equity schemes (23.57%) and hybrid schemes (20.74%). “Other schemes” comprise index funds, ETFs and FoF investing overseas.

Within index funds and ETF space, Gold ETF schemes grew 87.33% YoY in April 2025 to Rs. 61,422 crore, followed by a modest 31% growth in index funds over the same period to Rs. 2,92,206 crore.

In the equity category, AUM of Sectoral/Thematic Funds witnessed the highest YoY growth of 49.94% followed by Multi Cap Funds which grew 35.79%. In the debt segment, AUM of Long Duration scheme category rose 58.14% YoY, followed by Money Market (44.79%) and Ultra Short Duration (32.78%) categories.

The number of folios grew 30.21% YoY as of April 2025. This growth was primarily driven by “other schemes” for which folios increased 45.94%, while those of equity schemes rose by 31.39%. Meanwhile, folio count for debt-oriented schemes declined by 1.15% over the year.

The reciprocal tariffs imposed by U.S. President, coupled with geo-political tensions between India and Pakistan following the Pahalgram terror incident, kept investors on tenterhooks. However, domestic mutual fund investor continued to show confidence and remained steady.

Data from AMFI showed that inflows into equity mutual funds amounted to Rs. 24,269.26 crore. While this a 12-month low, reflecting investor caution amid market volatility, it also marked the 50^th consecutive month of positive inflows in the equity segment since March 2021 – highlighting growing investor maturity and discipline.

After witnessing a sequential drop of nearly 14% in equity fund inflows in March 2025, the category narrowed the fall to a MoM decline of 3.24% in April 2025. However, on YoY basis, the inflow rose 28.29% during the same period. Meanwhile, Domestic ETFs (excluding Gold ETFs) continued gaining prominence with net inflows hitting an all-time high of Rs. 19,057 crore in April 2025. This underscores a shifting investor preference toward low-risk passive investment amid global and domestic uncertainty.

The total number of outstanding SIP accounts grew 5% YoY to 914.41 lakhs in April 2025 from 870.11 lakh a year ago. The number of SIP accounts contributed rose by 31%, reaching Rs 838.25 lakh in April 2025. SIP contributions grew by 31% YoY to Rs. 26,632 crores in April 2025 from Rs. 20,371 crores in April 2024, and increased by 2.72% MoM. SIP AUM grew 23% YoY and 4% MoM in April 2025. SIP AUM as a percentage of Month End AUM stood at 19.85% in Apr 2025 as compared to 19.67% in April 2024.

New Delhi, May 23, 2025:  Muscle & Strength India, one of the country’s leading retailers of fitness supplements & nutritional products has won the prestigious award for Upcoming Franchisor of the year – Health & Fitness category at Franchise Awards 2025 held recently at Yashobhoomi, India International Convention and Expo Centre, Delhi. Reaching a momentous milestone, the Franchise Awards 2025 marked two decades of honoring leaders in Indian franchising across different categories. This year, the spotlight was on organizations that have demonstrated exceptional business skills, dedication, and success in the franchise game through innovation & persistent efforts. Muscle & Strength India is looking to expand aggressively in the country through franchisee route as it seeks to deepen its presence in India’s growing nutritional supplement space.

Muscle and Strength India currently has stores spread across multiple cities and has the widest range with over 1000 fitness supplements and nutrition products from 42+ brands. These products are used for athletic performance, fitness and overall wellness.

Commenting on this recognition, Mr. Praveen Chirania, Founder, Muscle and Strength India, said, “We wish to dedicate this award with our incredible staff & franchisees, who share our vision and are driven by the same pursuit of excellence, thereby making significant contributions to the franchise business model. In a short span of time, Muscle & Strength India has already made its mark with its authentic and genuine products. Our unwavering commitment towards genuine and economically priced supplements and consumer-focused innovation has increased consumers’ trust in our brand. We are also elated that our commitment in the industry has been recognized, and we thank the organizers for conferring us with this esteemed award”.

“Franchise India 2025 was one of the biggest networking events for brands and investors which was designed to foster strategic partnerships, drive business growth, and empower decision-makers with invaluable insights. While Muscle and Strength India has won numerous awards in the past, this recognition is definitely one of the most notable for the brand as it follows a rigorous selection process. This award will strengthen our commitment and going forward, we aim to launch products in various variants, focusing on different health and wellness categories and segments.”  adds Praveen.

 “We are incredibly proud to receive this award. It’s a testament to the hard work and dedication of our entire team, who consistently strive to create a brand that resonates with our customers. This recognition is not just an honor, but a reflection of the positive impact we’re making in the industry. We’re also excited to continue building on this success and taking our brand to new heights in the years to come.” said Mr. Akhil Mahajan, Chief Marketing Officer, Muscle & Strength India.

Muscle and Strength India offers a comprehensive range of genuine high-quality fitness supplement and nutritional products across categories such as proteins, vitamins, minerals and herbal supplements etc manufactured by international fitness brands under a single roof.

Mumbai, May 23, 2025: Interarch Building Solutions Limited (BSE Code: 544232) (NSE: INTERARCH), a leading player in the Pre-Engineered Building (PEB) Industry, announced its audited financial results for the quarter and year ending 31st March 2025.

Consolidated Financial Summary:

Consolidated Q4FY25 Financial Performance:

• Net revenue growth of 20.2% to INR 464 Cr. in Q4 FY25 as compared to INR 385 Cr. in Q4 FY24.
• EBITDA (excluding other income) was INR 4G Cr. in Q4 FY25 as against INR 38 Cr. in Q4 FY24, YoY growth of 2G.3%.
• EBITDA Margin for the quarter stood at 10.5% in Q4 FY25.
• Profit After Tax for the fourth quarter stood at INR 3G Cr. in Q4 FY25 as against INR 30 Cr. in Q4 FY24.
• Total order book as on April 30, 2025 stands at INR 1,646 Cr.
• The Board of Directors have recommended a total dividend of INR 12.50 per equity share of face value of INR 10.00 per share (125%) for the financial year 2024-25, subject to the approval of the shareholders

Consolidated FY25 Financial Performance:

• Net revenue growth of 12.4% to INR 1,454 Cr. in FY25 as compared to INR 1,2G3 Cr. in FY24.
• EBITDA (excluding other income) was INR 136 Cr. in FY25 as against INR 113 Cr. in FY24, YoY growth of 20.6%.
• EBITDA Margin for the year stood at G.4% in FY25.
• Profit After Tax for the full year stood at INR 108 Cr. in FY25 as against INR 86 Cr. in FY24.

Commenting on the company’s performance, Mr. Arvind Nanda, Managing Director, Interarch Building Solutions Ltd., said “We are delighted to report the highest-ever quarterly and annual financial performance in Interarch’s history, marked by robust volume growth and improved order execution. The declaration of our maiden dividend of INR 12.5 per equity share subject to shareholders approval, underscores our robust financial health and our consistent focus on rewarding shareholders. Total revenue for FY25 grew by 12% year-on-year to INR 1,454 crore, driving a 21% increase in EBITDA and a 25% rise in PAT. Backed by a healthy order book and inquiry, we expect the growth momentum to continue in FY26.

The year gone by marks a significant milestone with our strategic partnerships with Jindal Steel and Power and Moldtek Technologies, aimed at transforming urban infrastructure and expanding our global footprint. These

collaborations are aligned with our vision to promote steel as the material of choice for high-rise buildings, data centers, and heavy industrial structures. Together, we seek to advance innovation and sustainable practices within the construction industry.

Operationally, Phase-1 of our 5th Pre-Engineered Building (PEB) manufacturing unit at Athivaram, Andhra Pradesh, is progressing well. Further, our planned capacity expansions — Phase-2 at Athivaram and the facility at Kiccha, Uttarakhand — are on track and scheduled to become operational in Q1 FY26. These developments will enhance our total installed capacity by 40,000 MT, increasing it from 1,61,000 MT to approximately 2,00,000 MT.

Additionally, we have also acquired additional land in Andhra Pradesh to set up a dedicated facility for pre- engineered heavy steel structures. This unit will enable us to undertake and deliver complex, large-scale projects in emerging sectors such as data centers, semiconductor and renewable energy manufacturing facilities.

We have fostered long-term relationships and closely collaborated with our customers to meet their evolving needs. Our zero-debt status, net cash-positive position, efficient working capital cycle, and robust cash flows provide us with a strong foundation to scale further. Looking ahead, we remain committed to sustaining our growth momentum and have set an ambitious target to double our revenues over the next 3–4 years.”