Cummins, Aurobindo, Alkem Labs, Bajaj Electricals, HG Infra, PSP Projects, NOCIL Q3 Review — HDFC Securities

Cummins has multiple tailwinds, namely, stringent emission norms, capex cycle recovery, adoption of alternative fuels with lower carbon footprint, revival in industrials and exports, and support for manufacturing policies. We maintain Buy, with a revised SOTP of Rs 4,597 (54x Dec-26 EPS)..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .HDFC Securities Institutional Equities.Cummins - Stellar show Cummins India Ltd. reported strong financial performance with revenue/Ebitda/adjusted profit after tax ahead of our estimates by 7/2.5/(2.4)%. Domestic business grew 18% YoY along with exports at 43% on the back of resilient overseas demand. During the quarter, Cummins delivered a stellar show across all segments, supported by infrastructure growth, along with intact double-digit revenue growth guidance for FY25. Cummins has the first mover advantage as it introduced CPCB 4+ engine nodes ahead of peers and with peers launching the power gen now, it expects price discovery to get established over a couple of quarters. Cummins remains confident that its products are competitively priced (on total cost of ownership) and well accepted. Moreover, Cummins highlighted a few concerns w.r.t. exports, led by US tariffs and geopolitical issues which shall be the key monitorable on pricing and strategic assessment. The company has multiple tailwinds, namely, stringent emission norms, capex cycle recovery, adoption of alternative fuels with lower carbon footprint, revival in industrials and exports, and support for manufacturing policies. We maintain Buy, with a revised SOTP of Rs 4,597 (54x Dec-26 EPS)..Aurobindo Pharma - Muted Q3; scale-up in injectable and margin is key Ebitda (+2% YoY) was muted as 9% sales growth (+3% QoQ US, +23% EU, and +42% YoY in growth markets) and higher gross margin (+130 bps YoY) were offset by higher staff/selling, general and administrative/research and development costs (+14/ +20%/ +13% YoY). Aurobindo Pharma Ltd. expects-steady growth in the US oral solid, led by new launches and volume gain,specialty/injectable to see QoQ recovery on gRevlimid sales and normalized supplies from its Eugia unit 3 in Q4 FY25, momentum to sustain in the US business in FY26/27,EU sales at Euro 230+ million quarterly sales rate to sustain,steady gross margin and Ebitda margin of 21-22% in FY25 (20.6% in 9M) on recovery in injectables and Pen-G plant scale-up (break-even by March 2025), to launch three biosimilar in the EU market in July-25; sees inflection point by CY28-29 and will look for in-licensing products, andto file for GLP-1 products in next few years (backward-integrated) in India, emerging markets, and the US. We have tweaked our estimates and revised the target price to Rs 1,350 (18 times Q3 FY27E). Add stays, given steady growth visibility (US/EU), margin improvement, and monetization of R&D assets (biosimilars, respiratory, and specialty)..Click on the attachment to read the full report:.Britannia Q3 Results Review: Dolat Capital Maintains 'Accumulate’ Rating On The Stock — Here's Why.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Cummins, Aurobindo, Alkem Labs, Bajaj Electricals, HG Infra, PSP Projects, NOCIL Q3 Review — HDFC Securities

The brokerage recommends 'Buy' rating on Cummins, HG Infra, Bajaj Electricals, and 'Add' on Aurobindo, Alkem Labs,PSP Projects, NOCIL - Here's Why

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Cummins, Aurobindo, Alkem Labs, Bajaj Electricals, HG Infra, PSP Projects, NOCIL Q3 Review — HDFC Securities

The brokerage recommends 'Buy' rating on Cummins, HG Infra, Bajaj Electricals, and 'Add' on Aurobindo, Alkem Labs,PSP Projects, NOCIL - Here's Why

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