Prabhudas Lilladher's research report on Greenpanel Industries. We downward revise our FY25 earnings estimates by 6.9% to account for weak performance in Q2FY25 and rising domestic competition, impacting MDF realization. GREENP has guided for domestic MDF volume growth of 15-18% (YoY) in H2FY25. However, we have considered MDF volume growth at 16% for H2FY25.
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Marico's inline numbers were driven by stable volume growth, positive pricing, and a favorable portfolio mix. Estimates for FY25-27 were cut due to peaked-out margins and sluggishness in Saffola/VAHO sales. The company's strong innovation funnel and diversification plans led to an upgrade to Accumulate with a target price of Rs693.
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Cipla's Q2FY25 EBITDA was in line with estimates, despite muted sales growth in India and the US due to seasonality and supply issues. The company's US sales are expected to dip in Q3, but recover in Q4, driven by key launches and market share gains. The stock is trading at 23x FY26E EPS, with a revised target price of Rs1,615/share and an "Accumulate" rating.
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