JSPL, Phoenix Mills, Federal Bank, Bandhan Bank, Star Health, Ujjivan SFB & More Q4 Review: HDFC Securities

Federal Bank’s Q4 FY25 earnings were in line with our estimates on the back of strong traction in fee income and lower credit costs, offset by lower growth on both sides of the balance sheet and relatively softer net interest income. Deposit growth (+12% YoY, -1% QoQ) was lower than expected, while the CASA ratio was stable at 30.2%, driven by healthy pick-up in current account balances..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.Jindal Steel & Power - Volumes firm up and margin improves QoQ We maintain Buy rating on Jindal Steel & Power Ltd. with an unchanged target price of Rs 1,050/share (6.5x its FY27E consolidated Ebitda). JSPL delivered 6% YoY volume growth, operating at 88% utilization in Q4 FY25. While NSR stood flat QoQ, it fell 8% YoY owing to weak steel pricing during the year. Op-lev gain and lower iron-ore/coking coal prices cushioned the impact on margin which fell 4% YoY (recovered 2% QoQ) to Rs 11738 per mt. We believe volume growth will accelerate FY26 onwards as ongoing expansion ramp-up and recent uptick in steel prices. Subdued coal and iron ore prices should also support margin uptick..Phoenix Mills - Asset revamp and premiumization drive underway Phoenix Mills Ltd. reported a muted quarter, with revenue/Ebitda/adjusted profit after tax at Rs 10.2/5.6/2.7 billion, a (miss)/beat on our estimates by (5)/(7)/7%. Phoenix Mills saw 8% YoY like-for-like consumption growth on the back of healthy footfalls. Premiumization and revamp efforts at PMC malls in Bengaluru, Pune, and Mumbai are ongoing—impacting short-term consumption and rentals but expected to boost long-term yields. Phoenix is targeting significant expansion with plans to add 7msf of retail space by FY30, including new malls and expansions at Palladium and Bengaluru. Phoenix is focusing on densification, with new-format stores set to open in Bengaluru and Pune within six-nine months. Phoenix plans to develop a retail mall in Thane c.1.3msf leasable area, where the project has secured approvals and shall launch by FY29. Additionally, Phoenix has added 1.5mn sq. ft. FSI at Rs 5.9 billion (Rs 4,000/sq. ft.) premium in Lower Parel asset complex, which shall boost future rental income. Given revival in consumption, captive mall expansion, the addition of office space, a strong business development pipeline, and lower net debt, we maintain Buy with a target price of Rs 1,952/share..Click on the attachment to read the full report:.Vedanta Q4 Results Review: Motilal Oswal Maintains 'Neutral' Stance, Cuts Target Price Post Inline Performance.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.

JSPL, Phoenix Mills, Federal Bank, Bandhan Bank, Star Health, Ujjivan SFB & More Q4 Review: HDFC Securities

The brokerage recommends 'Buy' rating to Jindal Steel, Phoenix, Federal Bank, 'Reduce' call for Bandhan Bank, Shoppers Stop and 'Add' rating to Star Health, Ujjivan SFB.

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JSPL, Phoenix Mills, Federal Bank, Bandhan Bank, Star Health, Ujjivan SFB & More Q4 Review: HDFC Securities

The brokerage recommends 'Buy' rating to Jindal Steel, Phoenix, Federal Bank, 'Reduce' call for Bandhan Bank, Shoppers Stop and 'Add' rating to Star Health, Ujjivan SFB.

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