Fri, Nov 15, 2024 12:08 PM
M&M outpaces rivals with strong PV volume growth, margin expansion in Q2
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Sharekhan's research report on Thermax: For Q2FY2025, Thermax reported 13% y-o-y revenue growth. The revenue growth was led by growth across segments. The current quarter’s revenue and profit were favourably impacted by an accrual of Rs. 66 crore as income towards the incentive receivable under the Maharashtra government’s Packaged Incentive Scheme.
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PNC Infratech's standalone revenues, OPM, and net profit missed estimates due to project delays and heavy monsoons, leading to reduced revenue guidance for FY2025, but the company expects 30% y-o-y revenue growth in FY2026 and has retained its order inflow target. Sharekhan maintains a Buy rating with a revised target price of Rs. 400.
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PI Industries' revenue and EBITDA missed estimates due to a domestic segment decline and increased expenses, but adjusted PAT was in line; FY26E EPS estimates were decreased to INR 140.6 due to reduced guidance and demand fluctuations. Despite this, the "BUY" rating is maintained with a target price of INR 4,922, citing new product launches and CSM export growth.
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