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Company reported a 39 per cent decline in net profit at Rs 11.28 crore for March quarter FY26.
Company to announce Q4 results later today.
Recommendation: Hold; Target: ₹1,390
Q4 – beat; healthy volume growth
Beat driven by higher margins
EBIT margins expand for both segments
Middle East conflict and volatility in VAM prices is a key monitorable
Recommendation: Equal-weight; Target: ₹6,019
Q4 – big miss
Q4 revenue growth of 7% was short of estimates
Per management, January and February saw ~9% revenue growth, but March was affected by supply disruptions in international business amid the West Asia conflict
EBITDA margin was 18.2% – down 20 bps year-on-year and 186 bps quarter-on-quarter
Management has already taken measures to mitigate any potential input cost pressures from the ongoing conflict
Maintain Underweight, Target Price: ₹412
FY27 Rev To Grow In Double-digit In India (Led By Volume And Pricing)
Intl Markets (Aided By Pricing And Currency Deflation)
Mgmt Will Protect And Improve Margin In India & Take Price Increases
Co Expecting 10% Inflation & Has Taken Around 4% Price Increase, Maintain Margin In Q1FY27
Further Price Increases Will Be Taken If Needed
Q4 Demand Trends Remained Steady With Rural Outpacing Urban Growth
After Weak Trailing Stock Performance, Stock May React Positively To Earnings
However, Remain UW Given Co’s Weaker Portfolio Construct
Citi on Dabur
Recommendation: Sell; Target: ₹490
Growth recovery off a weak base
Sustainability will be key
Underlying challenges across growth for certain categories persist
Investec on Dabur
Recommendation: Hold; Target: ₹514, Earlier Target: ₹525
Awaiting sustained revenue and earnings delivery
Growth in-line; pricing to drive momentum ahead
Believe room to deliver margin expansion in the medium term remains low
Jefferies on Dabur
Recommendation: Buy; Target: ₹610
When the tide turns, the dark horse runs
Management presented a fairly positive outlook
17% year-on-year growth in domestic HPC addresses a key investor concern about the portfolio’s relevance
Earning growth acceleration ahead, led by revenue growth and margin expansion, to support the share price
Recommendation: Sell; Target: ₹125,000, Earlier Target: ₹120,075
Muted quarter; margin headwinds ahead
Uptick in crude oil and rubber prices will limit upside
Expect the company to continue to outperform peers albeit at a slower pace
Balkrishna’s foray into domestic TBR and PCR categories needs to be monitored
Valuations remain expensive at CMP despite baking in elevated profitability and the risk of increased competitive intensity
Maintain Overweight, Target Price: ₹1,978
Cons EBITDA 3% Below Est, While Standalone EBITDA Was Ahead
Defence Orderbook Stood At ₹10,960 Cr Vs ₹11,100 Cr In Dec-25
Co Expects 25% Revenue Growth With A Commensurate Increase In EBITDA In FY27
FY27 25% Rev Growth Tgt In-line With Est
Co Expects To Conclude Restructuring Of Loss-Making CDP Bharat Forge By End-CY27
Citi on Bharat Forge
Maintain Sell, Target Price: (Raised To) ₹1,060
Q4 Results Were Slightly Above Estimates Due To Healthy Exports Across Sub Segments
Domestic Revenue Was A Tad Below Our Estimate
Mgmt Outlook Is Positive
Aerospace And Defence Are Likely To Be The Key Growth Drivers
However, We Maintain Sell As Defence Order Has Been Delayed In The Past
Will Wait For Revenue Recognition In H2, Before Getting More Constructive
Increase Our Target Multiple To 31x From 29x Reflecting Greater Clarity On Revenue Drivers
Kotak Securities on Bharat Forge
Recommendation: Sell; Target: ₹1,300, Earlier Target: ₹1,250
Weak execution; valuation offers no comfort
Expect revenue growth to accelerate
See improvement in demand trends in domestic auto segments due to GST cut
See bottoming out of US and EU CV segments and acceleration in defense segment growth
Strong growth in casting and aerospace businesses
Expect profitability to improve driven by operating leverage benefits and a favorable forex
Despite baking in a recovery, valuations remain expensive
SANDUR MANGANESE: Q4 EBITDA 3.8B RUPEES VS 3.16B (YOY) || Q4 EBITDA MARGIN 25.57% VS 23.91% (YOY)
SHAKTI PUMPS: Q4 CONS NET PROFIT 383M RUPEES VS 1.1B (YOY) || Q4 REVENUE 8.57B RUPEES VS 6.65B (YOY)
SHAKTI PUMPS: Q4 EBITDA 830M RUPEES VS 1.64B (YOY) || Q4 EBITDA MARGIN 9.68% VS 24.64% (YOY)
Shakti Pumps shares tumble over 8% as Q4 profit falls
Shakti Pumps shares drop over 8% after Q4 profits decline 65% despite record revenue, impacted by margin pressures and costs.
