Archives May 2025

Mumbai, 21st May 2025: KPIT Technologies, a global leader in making mobility cleaner, smarter and safer, today announced the inauguration of its new technology center in Gothenburg, Sweden — marking a significant milestone in its strategic expansion and presence across key global mobility hubs. The Gothenburg center is KPIT’s first in the Nordics, reflecting a deeper commitment to European OEMs and investment to tap into the region’s vibrant talent and innovation ecosystem.

The new technology center is located at Lindholmen Science Park, the heart of Sweden’s automotive and mobility R&D ecosystem. Surrounded by pioneering Swedish passenger car and commercial vehicle manufacturers, forward-thinking academic institutions, and cutting-edge mobility start-ups, this move reinforces KPIT’s long-term vision to reimagine mobility with our clients, talent and partners.

Commenting on the inauguration, Sachin Tikekar, President & Joint MD, KPIT Technologies, said, “Our vision is to reimagine mobility for a cleaner, smarter and safer world. Sweden is a powerhouse of innovation, especially around safe and sustainable mobility, with Gothenburg at its epicenter. Our presence here allows us to be physically closer to leading Swedish and European OEMs, enabling faster collaboration and solving their core business challenges with our software, hardware design and manufacturing engineering capabilities. We are excited to work with local talent, harness Sweden’s focus on technology and green transition, and co-develop solutions for challenges of mobility OEMS globally.”

For over 20 years, KPIT have been a strategic partner to leading European mobility OEMs. KPIT’s entry into Sweden strengthens its existing presence and will offer best value while working in tandem to with centers in Germany, UK, France, Italy, and more — and enhances the global delivery network that spans the USA, Japan, China, Thailand, India, and Tunisia.

“This is a strategically important investment for the Gothenburg region. The fact that KPIT Technologies is expanding here strengthens the capacity of our automotive cluster and confirms our city’s importance as a global hotspot in software-defined mobility and transport. We know that the company sees great growth opportunities in Sweden. We warmly welcome their investment in Gothenburg,” said Patrik Andersson, CEO of Business Region Göteborg.

The launch event at Lindholmen saw participation from leading Swedish and European automotive OEMs, academic leaders, and representatives from the Government of Sweden, Business Sweden, and other stakeholders — underscoring the importance of collaboration in solving mobility challenges at scale.

Mumbai, 21^st May 2025: Zell Education, a leading platform for finance and accounting education, successfully hosted the “FinTech Conclave 2025,” bringing together industry leaders, policymakers and educators to discuss the evolution of FinTech and the role of education in shaping a future-ready workforce. The event featured a keynote address by Anthony Crasto, President, Assurance & Chief Strategy Officer, Deloitte South Asia, followed by a dynamic panel discussion on “The FinTech Revolution” with Anant Bengani, Co-Founder & Director, Zell Education; Abhay Sharma, Chief Business Officer, Paytm; and Vivek Kulkarni, Partner, Technology and Transformation, Deloitte.

Anant Bengani

Setting the stage for the conclave, Anthony Crasto, President, Assurance & Chief Strategy Officer, Deloitte South Asia, underscored the importance of India’s youth as the nation’s biggest asset and how FinTech is a key driver of economic transformation. “India’s young leaders have the potential to propel the nation towards becoming an economic superpower. Technology is both a disruptor and an enabler, transforming industries and improving lives. In particular, FinTech has emerged as a driving force, setting global benchmarks,” said Anthony.

He highlighted India’s remarkable FinTech achievements, including INR 172 billion worth of UPI transactions in FY24, growing at 44-45 percent in FY24 and projected to reach INR 500 billion in the next few years.. Anthony further emphasised the critical need for academia and industry collaboration, urging institutions to align educational curriculums with emerging FinTech trends. “Bridging the gap between academic learning and real-world industry requirements is key to building a workforce that can sustain and accelerate India’s financial revolution,” he stated.

The panel discussion, moderated by Anant Bengani, Co-Founder & Director, Zell Education, delved into emerging FinTech trends, AI-driven disruption, regulatory challenges and strategies for future-proofing talent.

Anant Bengani, Co-Founder & Director, Zell Education, while reinforcing Zell Education’s commitment to future-ready learning, stated, “The FinTech industry is evolving at an unprecedented pace, demanding professionals with interdisciplinary expertise in finance, technology and business strategy. At Zell, we are focused on bridging the skill gap and ensuring our students stay ahead of industry needs.”

Abhay Sharma, Chief Business Officer, Paytm, highlighted real-world challenges and opportunities, stating, “Market saturation, regulatory complexities and evolving consumer behaviour are reshaping how businesses operate. AI, data analytics and automation are the key levers to drive efficiency, scalability and personalisation in financial services.”

Vivek Kulkarni, Partner, Technology and Transformation, Deloitte, shared insights into AI, blockchain and Agentic AI, emphasising how technology is revolutionising FinTech. “From the adoption of QR codes by street vendors during COVID-19 to AI-powered lending solutions, technology has deeply penetrated financial services. Emerging technologies, such as AI and blockchain, are transforming the sector by enabling more impactful business solutions that enhance security, transparency and efficiency. These technologies not only help  increase the level of trust among customers but also empower financial institutions to offer customised services and streamline operations. However, businesses must balance automation with human creativity to sustain long-term growth, as this synergy will define the future possibilities in FinTech.”,” he added.

The “FinTech Conclave 2025” concluded with a call to action for continued collaboration among academia, industry and policymakers to shape India’s FinTech ecosystem. Zell Education reaffirmed its commitment to bridging the education-employment gap through cutting-edge curriculum, experiential learning and strategic partnerships with industry leaders.

New Delhi, India,21st May 2025– OLX India, a leading online classifieds platform, has appointed Olive Sen as Chief Business Officer – Horizontal Business Unit (Non-Autos). In this strategic role, he will spearhead growth and innovation across the Real Estate, Jobs, Mobiles, Electronics and more categories , strengthening OLX India’s commitment to serve over a billion Indian users.

Olive Sen as Chief Business Officer

Olive brings over a decade of diverse experience spanning the consumer internet, product strategy, and digital marketplace ecosystems. He spent more than 7.5 years in the classifieds space, including over six years at OLX Group, where he led product, marketing, and analytics functions—playing a key role in driving user growth, engagement, and monetization across the platform. Prior to rejoining OLX, he served as Chief Product Officer at BetterPlace, a full-stack workforce management platform, and held leadership roles at Thinkfoods.in and NYX.

An IIT Kharagpur graduate, Olive has previously worked with Nissan Motors and ZS Associates, building a strong foundation in engineering and consulting before moving into product leadership roles.

Mr. Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, “We are excited to welcome Olive back to OLX. His deep understanding of the platform, coupled with a strong strategic vision, makes him the ideal leader to drive our Horizontal Business Unit (Non-Autos) business forward. We are confident that his leadership will unlock new avenues of growth and significantly enhance user engagement in these categories.”Commenting on his appointment, Olive Sen said, “I’m excited to return to OLX India at a time when the classifieds space is evolving rapidly. The Non-Autos categories—from consumer goods to real estate and jobs—represent a massive opportunity to build for scale and depth. I’m looking forward to working with the incredible team at OLX to unlock this potential and deliver meaningful experiences for our users.”

This appointment aligns with OLX India’s broader vision to be a trusted platform that connects buyers and sellers across every aspect of daily life.

VFS Global is proud to announce that its Information Services team has been honoured with the prestigious ‘Excellence in Process Optimization’ award at the 15^th BPO Innovation Summit and Awards 2025, held in Mumbai on 7 May 2025.

This award recognises the success of our data-driven, tech-enabled service solution, implemented across global customer service operations. Delivered through 66 contact centres, supporting customers in 52 languages and across 3,500+ websites, the solution has significantly enhanced customer experience, improved SLA compliance, and reduced case handling time, demonstrating our unwavering commitment to our client governments and visa applicants worldwide.

The 2025 BPO Innovation Summit gathered leaders from top global technology and service organisations, providing a dynamic platform for sharing strategies on innovation, digital transformation, and advanced technologies within the BPO sector.

Speaking on the achievement, Pankaj Kohli, Chief Transformation Officer, said: “This award reflects our continuous dedication to innovation and operational excellence. Our technology-led solutions are reshaping how we serve customers globally, delivering safe, efficient, and seamless services.”

The award serves as a testament to VFS Global’s commitment to leveraging digital transformation to optimise processes and enhance customer-centric services across its global footprint.

India, May 21, 2025: Clavrit, a leading IT services company, is set to participate in GITEX Europe 2025, one of the premier global technology events, taking place from May 21 to 23 at Messe Berlin, Germany. In the constantly changing technological landscape, the event gives Clavrit a unique opportunity to network with tech innovators, businesses, and industry leaders who are all searching for game-changing digital solutions. This global platform enables Clavrit to connect with key stakeholders and demonstrate its forward-thinking capabilities in digital transformation.

As businesses across the globe strive for cutting-edge solutions to drive their digital transformation, Clavrit stands at the forefront of innovation, specializing in areas such as AI, ML, SAP, Salesforce, cybersecurity, cloud solutions, and more. The company’s deep expertise and commitment to creating intelligent platforms and enterprise software solutions enable organizations to optimize their operations, accelerate growth, and navigate complex digital challenges with ease. 

At GITEX Europe 2025, Clavrit will engage with attendees, exhibitors, and thought leaders, exploring new opportunities for collaboration and partnership. The event offers Clavrit an excellent opportunity to showcase its robust solutions in enterprise software and system integration while strengthening its presence in Europe and expanding its network across key industry sectors such as AI, cloud, and cybersecurity. 

“We are excited to be part of GITEX Europe 2025 and to connect with global leaders and innovators in the tech space,” said Amarjeet Dangi, Founder and CEO of Clavrit. “Our deep expertise in AI, ML, cloud, and enterprise systems, along with Web and Mobile App Development Services, combined with our agile approach, allows us to deliver tailored solutions that drive efficiency, sustainability, and digital success.”

Clavrit’s presence at GITEX Europe 2025 underscores its ongoing commitment to being a thought leader and strategic partner for enterprises, startups, entrepreneurs, and SMEs undergoing digital transformation. By engaging in dynamic conversations around next-generation technologies, Clavrit aims to foster new partnerships and solidify its position as a trusted enabler of innovation in the global marketplace. 

As enterprises continue to embrace AI, ML, and cloud-based solutions to meet evolving market needs, Clavrit remains dedicated to delivering scalable, future-proof technology that empowers businesses to stay competitive in a fast-paced digital world. 

May 21st,2025, National: Kavin Singh Chattwal, captain of The Scindia School hockey team, addressed a youth gathering at the iconic Pietermaritzburg Railway Station during his visit to South Africa from May 1 to May 12, 2025. The event was organized by Dr. Thalima David, Consul General of India in South Africa, and brought together students from several prominent South African schools, along with representatives from The Scindia School, Gwalior, India.

Pietermaritzburg Railway Station holds deep historical significance as the site where Mahatma Gandhi was famously evicted from a train in 1893, an incident that marked a turning point in his commitment to justice and non-violent resistance. In his speech, Chattwal reflected on Gandhi’s legacy and spoke about the importance of resilience, leadership, and staying true to one’s values. He encouraged students to pursue their goals with dedication and become agents of positive societal change. “This place reminds us that one moment can change history. It’s inspiring to stand here and speak to young minds who have the power to shape the future said Scindia student Kavin Singh Chattwal.”

Principal Ajay Singh of The Scindia School, who has always supported the Scindians, added, “It was a moment of deep reflection and pride to stand at a site so closely tied to the life of Mahatma Gandhi. Our students were deeply moved by the experience and Kavin’s message of strength, leadership, and service. This visit will stay with them for a lifetime.”

The event formed part of the Indian Consulate’s initiative to strengthen cultural and educational bonds between India and South Africa through youth engagement and shared heritage.

India – May 21, 2025: Cloudera, the only true hybrid platform for data, analytics, and AI, today announced the latest release of Cloudera Data Visualization, extending its  AI capabilities to customers operating in on-premises environments. 

This new offering is a high-performance AI tool that democratizes insights across the full data lifecycle. With Cloudera Data Visualization, data engineers, business analysts, and data scientists can seamlessly communicate, collaborate, and share insights, without compromising data security or governance – all through the common language of visualization. 

Enterprises often struggle to appropriately visualize data due to silos across multiple platforms, complex integrations, and data governance limitations. Without a unified view, data visualization can be incomplete or misleading, often resulting in ineffective decision-making. 

Cloudera Data Visualization, now available on-premises, provides secure and integrated AI capabilities native to the Cloudera platform, empowering organizations to self-service visualization  across multi-cloud and hybrid environments and the entire data lifecycle. This enables users to now unlock the value of their on-prem data through intuitive, out-of-the-box picturing and natural language querying. With Cloudera Data Visualization, enterprises can move faster, more efficiently, and with increased collaboration. 

“As enterprises continue to prioritize both multi-cloud and hybrid environments, they need to see their data as a part of a bigger picture,” says Leo Brunnick, Chief Product Officer at Cloudera. “Bringing together AI-driven insights, secure infrastructure, and seamless collaboration in one unified platform, users can see the missing puzzle pieces of their data, wherever they may be. It’s not just about being able to see the data; it’s about seeing how it all fits together to deliver business-critical insights.” 

“As data becomes the most strategic asset for modern enterprises, Indian businesses are under growing pressure to unlock actionable insights in real time. However, fragmented architectures and evolving data governance demands impede this progress,” said Piyush Agarwal, SE Leader, India, Cloudera. “With Cloudera Data Visualization now available in on-premises environments, we are empowering organizations to access AI-powered insights securely, while maintaining complete control over their infrastructure. This launch underscores our commitment to supporting Indian enterprises in becoming more agile, compliant, and insight-driven amid a rapidly evolving AI and data-first economy”.

Key features of Cloudera Data Visualization include: 

• Out-of-the-Box Imaging:  Use an intuitive drag-and-drop builder or choose from a wide range of custom extension options to create graphs or charts for every use case—from customer loyalty shifts to decades’ worth of trading trends—all in one platform.
• Built-in AI Tools: Leverage AI in your BI workflows with AI Visual, a built-in AI tool in Cloudera Data Visualization. Unlock visual and structured reports easily using natural language querying, making AI-driven insights more accessible than ever. 
• Predictive Application Builder: Create unique applications with this innovative capability that is pre-built with machine learning models served in Cloudera AI, as well as models in  Amazon Bedrock, OpenAI, and Microsoft Azure OpenAI. 

• Enterprise Security: Leverage enterprise data from anywhere without moving, copying, or creating security gaps with integrated security with Cloudera Shared Data Experience (SDX).

• Robust Governance: Take complete control of data used for picturing with advanced governance features.

“By integrating directly with Cloudera’s unified platform, users benefit from a consistent experience, enhanced collaboration, and full lifecycle data exploration—all while retaining full control over their own infrastructure,” said industry analyst, Sanjeev Mohan. “Now, Cloudera users can picture and share insights securely within their on-prem environment,  allowing their teams to be more agile and informed in their decision-making.”  

• A Dedicated Training Environment – Unlike open fields or makeshift playgrounds, this specialized facility offers a safe, well-maintained space where children can practice without limitations.
• Professional Supervision & Skill Development – With PT teachers, physiotherapists and trained instructors, the children receive structured coaching to help them develop skills required for competitive sports.
• Opportunities to Participate in State & National Events – The institution has a vision of enabling differently-abled players to compete professionally, with a long-term goal of producing athletes for the Paralympics.
• A Stronger Foundation for Adaptive Sports – Besides football, the facility supports multiple sports, including cricket, kho-kho, kabaddi, and tug-of-war, helping children explore various disciplines before specializing.
• Fully Inclusive Design – Concrete ramps and wheelchair-accessible entry points ensure seamless movement for all players.
• State-of-the-Art Playing Surface – Built on a concrete base with artificial grass and suspension technology, the ground minimizes joint impact and enhances playability.
• All-Weather Playability – Unlike traditional fields, the facility eliminates mud-related challenges, enabling uninterrupted training sessions throughout the year.
• Multi-Sport Functionality – With dimensions of 15m x 30m and a 6m-high safety net, the facility is designed to host various adaptive sports.
• Enhanced Safety Measures – The iron pillars supporting the nets are wrapped with soft sponge padding, reducing injury risks during play.

“Many of these children have the potential to represent India on the biggest sporting platforms. With the right infrastructure and support, we can pave the way for them to become professional athletes. This initiative also reaffirms our ultimate purpose, #ShelterForAll, which aims to provide safe and reliable roofing solutions across the country,” said Priya Rajesh, DGM Marketing and Corporate Communication, Tata BlueScope Steel.

Torrent Pharma’s (TRP) Q4FY25 adjusted EBITDA was broadly in line with our estimates. Our FY26/ FY27E EBITDA stands reduced marginally by 1-3%. TRP reported Rs 80bn (75% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. Curatio acquisition has been scaling up well with sharp margin improvement since acquisition. We expect 15% EBITDA CAGR and 27% PAT CAGR over FY25-27E with healthy RoE of +30%. At CMP, stock is trading at 22x EV/EBITDA/35x P/E on FY27E. We maintain our Accumulate with TP of Rs3,670/share, valuing at 25x EV/EBITDA on FY27E. TRP continues to explore inorganic opportunities which will be key for stock performance.

• Growth led by domestic revenues: Revenues grew by 8% YoY to Rs 29.6bn, in line with our estimates. Domestic business grew to 12% YoY. US sales improved 9% QoQ to $35mn. Brazil market was down 6% YoY due to weak currency. We estimated 8% decline. Germany delivered marginal growth of 2%.  RoW including CRAMS growth was up 5% YoY. Resumption of insulin business further got delayed.
• Adjusted EBITDA in line, Rs170mn one off in COGS: TRP reported EBITDA of Rs 9.64bn (up 9% YoY). There was Rs170mn one time inventory adjustment towards one in-licensed product. Adjusted for this EBITDA growth was 11% YoY. Adjusted OPM remained came in at 33.2% up 100bps YoY; and 70 bps QoQ. Other income included forex loss. Other expenses remained flat YoY.  Tax rate came in lower at 24%. PAT stood at Rs 5.2bn; up 16% YoY; we estimated Rs 5.4bn.
• Key concall takeaways: India: Domestic growth was aided by 7.4% price, 4% volume and 2.3% new product launches. The chronic division achieved a 14% growth, driven by outperformance in the Cardiac, diabetic and CNS portfolio.  Field force increased to 6400 reps (+200), expected to rise 6800-6900reps by FY26E. Curatio brands continue to perform well. Revenue growth accelerated leading to 18-19% increase YoY. It enjoys sizeable portion of the India business. Curatio MR count at 600-650 reps. Brazil: Channel destocking and currency depreciation impacted growth YoY. Partnered with dossier holder, awaiting approval by end of CY25 (~200mn opportunity).  Expanded team for CNS portfolio. (2 CNS and 1 Cardiology team). Currently has 330 reps. Productivity at BRL 220K/month. Guided for 10-12% growth in CC terms. Germany: Continue to win tenders. Mgmt expects single digit growth from the portfolio. Contribution to improve from Q3FY26E. CRAMS: Generated Rs 750mn in Q4FY25. Expected to maintain similar run rate; some catch-up in Q1/Q2FY26E due to destocking by partner (Novo Nordisk). US markets: Delivered 10% YoY growth in CC terms largely aided by volume increase in existing contracts. Portfolio remains largely in oral solids but actively shifting toward complex generics to improve margins and growth. Guided for annual run rate of $130-140mn. Other: Semaglutide (GLP-1’s): Ready for first wave launch both injectable (partnered) as well as oral (in house). One time impact of Rs 170mn on gross margins due to inventory revaluation for an in-licensed product going off patent. R&D cost to increase by 20% includes complex products for India, Brazil and US markets. Net debt reduction of Rs6.2bn to Rs23bn was moderate in FY25 given lower EBITDA to OCF conversion. The company’s focus remains on debt repayment, aims to be net cash by FY27E.

Zydus Lifesciences (ZYDUSLIF) Q4 EBITDA including other operating income beat our estimates by 8%. We believe gRevlimid + gMirabegron contributes +45% to total FY25E EPS which will see erosion from FY27. Though, company is working on a robust pipeline of complex products, including injectables, 505(b)2, transdermals, NCE, biosimilars and vaccines, they are expected to materialize over the next 2–3 years. We expect US sales to decline in FY27 given sales erosion in some of key products and thereby expect 7% EPS CAGR decline over FY25-27E. Mgmt have guided for 2-3 high value launches over FY27/28, timely launch will be key to sustaining momentum in US sales. Our FY26/27E EPS broadly remains unchanged. We maintain our ‘Accumulate’ rating with TP of Rs970, valuing at 24x FY27E EPS.

• US revenues aided revenue growth YoY: ZYDUSLIF showed revenue growth of 18% YoY to Rs65.2bn, against our estimate Rs 64bn. Domestic formulation delivered growth of 11% YoY. Consumer business grew by 17% YoY. US sales came in at $363mn vs $285mn in Q3FY25.  Mgmt cited QoQ improvement was aided by new launches and products like gMirabegron. EM markets were up by 12% YoY to Rs 5.5bn. API revenues came in lower YoY; down 10%.
• Improved GMs and other operating income supported: EBITDA, including other operating income, came in at Rs21.7bn; up 33% YoY. OPM stood at 33%, up 380bps QoQ. GMs improved 400bps QoQ to 73% due to change in product mix in US markets. R&D expenses came in at Rs4.8bn (7.6% of revenue), up 49% YoY. Other operating income came in higher at Rs 2.4bn. There was forex loss of Rs 394mn. There was one time impairment charges to the tune of Rs 2.1bn. EPS adjusted for forex came in at Rs 13.7/share.
• Key concall takeaways: India formulation: Key therapies such as Cardiology, CNS, Gastro-Intestinal and Respiratory outperformed industry growth. Chronic portfolio share has increased consistently and now at 43%. In consumer health segment both the personal care segment and food & nutrition segment performed well aided by higher volumes. US markets: The performance was largely driven by base portfolio, gMyrbetriq and recent launches. During Q4FY25 it launched 5 new products. Filed 3 ANDAs and received approval for 6 new products. gRevlimid: Reported negligible growth in revenues on YoY basis in Q4FY25 as company was under negotiations with respect to quantities and pricing which has pushed sales to Q1. In FY26 gRevlimid sales are expected to spread across 2–3 quarters. Mgmt cited contribution from gRevlimid has peaked in FY25. On gMyrbetriq it mentioned that litigation is ongoing and supply continues with lesser chances for it to get interrupted. Sitagliptin (Zituvio franchise): Doing far better than initial expectations across private and tender market.  Will be a meaningful contributor in FY26. GLP-1: Novel formulation is ready. Planned for day-1 launch. Exploring licensing opportunities for global markets. Vaccines: Initiated development of world’s first Shingolis + Typhoid combination vaccine with Gates Foundation support. Phase 2 trial for bivalent Typhoid Conjugate Vaccine approved. Growing participation in public tenders (India, UNICEF, PAHO). Expect FY26 vaccine contribution to be meaningful. Tariff’s: Mgmt is evaluating opportunities to manufacture in US and Europe via partnerships or third-party manufacturing particularly for specialty products. Remains uncertain about the impact on generic pricing. Other: Expect Biologics to scale up from FY26E. R&D spend to rise in FY26 (~8% of revenues).  Major focus areas includes NCE’s, Vaccines, MedTech, peptides and biosimilars. Planned 14–15 critical launches in FY27E many in complex generics and injectables. FY26E EBITDA margin guidance: +26% factoring gRevlimid erosion, R&D increase, gAsacol loss. Impaired 2 assets in Q4FY25 Roflumilast (Teva-acquired product) due to litigation and goodwill from the Brazil business due to structural market challenges.

Hindalco Industries (HNDL) Q4FY25 delivered strong cons operating performance on strong India aluminium business and Novelis. Strong LME, higher alumina prices and lower operating cost aided Indian upstream aluminium business while superior product mix benefitted downstream as volumes were stable. Mgmt. guided flattish costs for Q1 and expect downstream EBITDA/t (targeting USD250-300/t) to witness improvement as most of the projects would see ramp up in FY26. Bandha coal mine has already received mining lease and mgmt. expects to receive full benefits from FY28E. Securing coal mine would aid HNDL to plan further upstream capacity additions at Mahan complex. Coal supplies from captive Chakla mine to start from Dec’26 (box cut by Apr’26) and full benefits are expected from FY28E (seems delay of two quarters again). Novelis Q4 was inline on better shipments, higher Can pricing and timing element benefitting European ops. Adverse impact of ~USD40/t is expected due to inter-region movement, as Novelis imports Can sheet from S. Korea/ Brazil (25% duty as per section 232 Vs 10% earlier which used to get exempted). Also, Canada supports US for Auto sheets. We expect adverse impact to remain till ramp up of Bay Minnette by early FY29, unless US govt gives exemptions over the period. We believe Novelis’ 1HFY26 to be impacted due to the tariffs and weak macro, however as US negotiates deals with rest of the world, both demand and margin situation should improve. Over the long term, as global geopolitical situation improves, uptick in demand environment should aid LME pricing supporting India EBITDA. We maintain our Novelis EBITDA/t assumption for FY26/27E at USD440/480 till there is some visibility on benefits of efficient scrap sourcing by Novelis.

We tweak our FY26/27E EBITDA estimates by -2%/2% respectively as we factor in lower AL prices of USD2,479/USD2,504 for FY26E/27E. At CMP, the stock is trading at EV of 6x/5.3x FY26/27E EBITDA. As uncertainty over Novelis EBITDA/t continues and stock has also run up ~10% in past one month, we downgrade it to ‘Accumulate’ from ‘Buy’ rating earlier with revised TP of Rs724 (earlier Rs736), valuing Novelis at 6.5x & standalone ops at 5.5x EV of Mar’27E EBITDA.

We cut our FY26E/FY27E EPS estimates by 12%/7% as we re-align our top-line assumptions amid signs of growth fatigue in the core stationary business. DOMS reported an in-line performance with revenues of Rs5,087mn (PLe Rs5,067mn) and EBITDA margin of 17.3% (PLe 17.0%). However, growth in the core stationary business was at multi-quarter lows of 14%. Though we foresee near term growth challenges, the long-term story remains intact as the new development plan on 44-acres land parcel at Umbergaon is on track and the first building is expected to be ready by 3QFY26E. Further, phased expansion in capacities for pens, pencils, mathematical boxes, and paper stationary products will drive growth in the interim; further aided by consolidation of hygiene business. We expect sales/PAT CAGR of 24% over FY25E-FY27E and retain BUY on the stock with a TP of Rs3,087 (60x FY27E EPS; no change in target multiple).                              

Revenue increased 26.0% YoY: Top line increased 26.0% YoY to Rs5,087mn (PLe Rs5,067mn). Stationery revenue increased 14.1% YoY to Rs4,607mn, contributing 90.6% to the overall revenue, with an EBITDA margin of 19.3%. Hygiene revenue stood at Rs481mn, contributing 9.4% to sales, with an EBITDA margin of 8.2%.

EBITDA/PAT up 16.2%/7.2% YoY: EBITDA increased 16.2% YoY to Rs883mn (PLe Rs864mn) with a margin of 17.3% (PLe: 17.0%). PAT after MI increased by 7.2% YoY to Rs484mn (PLe Rs496mn) with a margin of 9.5% (PLe: 9.8%) as compared to a margin of 11.2% in 4QFY24.

Con-call highlights: 1) Capex (including capital advances) of Rs2.1bn was incurred in FY25. ~Rs1.1bn/Rs1.0bn/Rs0.1bn was spent towards expansion of 44-acre plant/core stationery business enhancement/investments in Uniclan respectively. 2) Capex of ~Rs2.3bn-2.5bn has been earmarked for FY26E and FY27E each, which will be funded through internal accruals and unutilized IPO proceeds (of over Rs1.7bn). 3) Possession of the 1st building at the 44-acre expansion project is expected by 3QFY26E, while commercial production will commence from 4QFY26E. 4) Capacity at Pioneer Stationery was increased by ~20% in Oct’24, and a 4th fully automatic line will be added to further enhance capacity. 5) Acquisition of Super Treads will boost the capacity of paper stationery segment by an additional ~30%. It has a capacity of processing 300MT of paper with monthly sales potential of ~Rs25-30mn. 6) Capacity of wet wipes stands at 17mn packs per annum. 7) There are plans to increase production capacity of pencils from 5.5mn to 8mn pieces per day. 8) Uniclan has a monthly sales run rate of Rs 150–170mn, with steady state EBITDA margin potential of ~8–9%. 9) Working capital stood at ~60 days, impacted by trade receivables from the Uniclan acquisition. It is expected to normalise to ~55 days. 10) PAT was impacted by Rs23mn of amortization expense in 4QFY25 related to Uniclan’s brand value post-acquisition. The recurring annual run-rate is expected to be at ~Rs 45mn. 11) EBITDA/PAT margin is expected to be at 16.5%-17.5%/10% respectively in FY26E.

We revise our FY26/27E EPS estimate by +2.9%/+3.7% factoring in operational efficiencies and increasing indigenous component, however, downgrade our rating from ‘Buy’ to ‘Hold’ given the recent rally in the stock despite strong outlook. Bharat Electronics (BEL) reported robust quarterly performance with revenue growth of 6.9% YoY and EBITDA margins expanding by 385bps YoY to 30.6%. The company has guided for an order intake surpassing Rs270bn in FY26 supported by strong traction from both domestic and export markets, as well as repeat orders from key defence customers. Furthermore, recent geopolitical events along with India’s FTA with EU is anticipated to open up new avenues for growth. However, certain delays in regulatory processes may result in the big order of QRSAM (worth ~Rs300bn) being awarded by Q4FY26/Q1FY27. BEL is poised to benefit from the government’s Emergency Procurement drive, with management expecting clarity soon on its participation across 8–10 key defence items, reinforcing near-term growth visibility. Meanwhile, it aims to grow non-defence revenue mix to 10% by FY26 aided by orders in Kavach, homeland security, data centre, fibre optics to strengthens its long-term growth.  We roll forward to Mar’27E with a revised TP of Rs374 (Rs340 earlier) valuing the stock at a PE of 40x Mar’27E (40x Sep’26E earlier). Downgrade to ‘Hold’

Long term View: We remain positive on long-term growth story of BEL given 1) strong order backlog & strong multi-year order pipeline 2) diversification in newer business verticals like Kavach, fiber optics, anti-drone tech, data centers etc., to aid non-defence growth and 3) govt’s focus on product indigenization.

Lower other expenses drive the profitability growth : Standalone revenue rose 6.9% YoY to Rs91.2bn (PLe: Rs90.3bn). EBITDA grew 22.3% YoY to Rs27.9bn (PLe: Rs21.6bn). EBITDA margin increased by 385bps YoY to 30.6% (PLe: 23.9%) led by the lower other expenses (-534bps YoY % of sales). PBT grew 19.4% YoY to Rs28.5bn (PLe: Rs22.5bn).PAT rose 18.0% YoY to Rs21.0bn (PLe: Rs16.8bn) driven by the strong operating performance despite lower other income (-11.9% YoY to Rs1.9bn).

Order book stands strong at ~Rs711bn (3.2x TTM sales): Order intake for the quarter stood at ~Rs184bn, which missed the management guidance of Rs250bn amid slippage of orders in April due to finalization delays. Order intake guidance for FY26 is ~ Rs270bn and QARSM orders worth of ~Rs300bn expected to be deferred to Q1FY27. Order Book for FY25 stood at ~Rs 711bn.

India, May 21th, 2025: Radio City, India’s leading city-centric music and entertainment network, won 12 Awards at IASA India Audio and Summit Awards 2025, held on April 25th at Taj Santacruz, Mumbai. The victories included standout podcasts like ‘Ghostly Alliances – 5 Doston Ki Paheli’, ‘Yuvi Ki Cricket Diary’, ‘Character Dissector’, and ‘RC Joke Studio’, along with ‘Maha Kumbh – Bhartiya Sanskriti Ka Mahotsav’. The channel also earned credits for its audiobook series narrated by Sunethra Nagaraj and shows like ‘RJ Ginnie’s Morning Show’ and ‘Radio City Siachen Se.’

Additionally Radio City stands strong in 14th ACEF Global Customer Engagement Forum and Awards 2025, clinching ‘19 prestigious awards’ across categories including Digital Radio, Podcasts, Radio Campaigns, Online Media, and Word-of-Mouth Marketing. The wins reaffirm the channel’s creative edge and pioneering role in building deeply resonant, multi-platform campaigns. This year, the award ceremony took place on 30th April at Sahara Hotel, Mumbai.

Some of the top honours included Gold awards for ‘City ki Ram Leela’ (Innovation in Digital Radio), ‘Radio City Siachen Se’ (Effectiveness in Digital Radio), ‘Kabzism 2.0’ (Creative Radio Campaign), and a series of genre-defining podcasts like ‘Marmadesam’, ‘Character Dissector’, ‘RC Joke Studio’, and ‘D Tox with Divya’. Radio City also scored wins for campaigns that combined cultural insight with community impact, such as ‘City Chale Ayodhya Dham’ and ‘Laal Patti’, underlining the brand’s commitment to storytelling with purpose.

Mr. Ashit Kukian, CEO, Radio City, said, “These wins are a reflection of our team’s passion, agility, and deep understanding of our audiences as well as our clients. Whether it’s mythological storytelling, borderland narratives, or quirky humour, we aim to create content that connects emotionally while staying rooted in culture. Our growing footprint in the podcast and digital ecosystem is a natural extension of our belief in hyperlocal, high-impact communication. Recognition at platforms like ACEF and IASA is not just an honor; it reiterates that our content is being heard and is truly felt by millions across.”

With a legacy of innovation and a bold digital-first approach, Radio City continues to evolve as a powerful voice in India’s entertainment landscape—one that echoes across formats, platforms, and cities.