L&T, Asian Paints, Titan, Bharat Forge, Voltas, Route Mobile, Symphony, Aarti Industries Q4 Results Review

Larsen & Toubro Ltd. reported revenue/Ebitda/adjusted profit after tax at Rs 743.9/82/50.2 billion, a beat/(miss) of (5.2)/(4.3)/3.3%, aided by lower finance cost/tax. P&M margins stood at 9.9% (+30bps YoY). L&T guided for 10% order inflow growth (vs flat expectation) on a high FY25 base and 15% revenue growth (in-line) with P&M margin guidance for FY26 at 8.5%..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.Larsen & Toubro - Slight quarterly miss; strong FY26 guidance Larsen & Toubro Ltd. reported revenue/Ebitda/adjusted profit after tax at Rs 743.9/82/50.2 billion, a beat/(miss) of (5.2)/(4.3)/3.3%, aided by lower finance cost/tax. P&M margins stood at 9.9% (+30bps YoY). L&T guided for 10% order inflow growth (vs flat expectation) on a high FY25 base and 15% revenue growth (in-line) with P&M margin guidance for FY26 at 8.5%. Net working capital to sales improved 100bps YoY to 11% and L&T guided for FY26 at 12%. Adjusted for delay in water payments, NWC stood at 8-9%. Given the high share of export order inflows in the mix (58% for FY25), L&T expects FY26 execution to have an increasing proportion of lower margin fixed-price contracts (46% the order book, baked into its margin guidance). Material margin expansion is expected from FY27E when the hydrocarbon project mix increases (Rs 1.4 trillion order book – 24% share). The company guided that margin re-rating will be led by a ramp-up in execution. We marginally cut estimates to factor in lower margins in exports orders. Given -the record-high order book of Rs 5.8 trillion,the likely bottoming out of infrastructure margins,improvements in subsidiary performance, andhigher public capex towards a green economy, we maintain our Buy stance with an SOTP-based target price of Rs 4,215 per share (29x Mar-27E EPS)..Titan - Jewellery margins surprise positively Consolidated jewellery sales (ex-bullion) grew 24.9% YoY to Rs 122.7 billion (in-line; our estimate: Rs 122.9 billion) buoyed by ticket size growth. Domestic jewellery (ex-bullion) grew 23.4% YoY. (Consolidated topline growth stood at 19.4% YoY at Rs 149.2 billion; our estimate: 151.5 billion). Elevated gold prices continued to impact product mix (Studded ratio down 300 bps YoY at 30%). Despite the inferior mix, Jewellery Ebitm (consolidated) contracted by a mere 24bps to 10.9% (our estimate: 10%) due to-Superior international biz’ margins,better overhead management, andmarginal hedging gains. Watches & Eyewear delivered healthy growth (+18% YoY). We marginally increase our FY27 EPS estimates by 2% and maintain our Reduce rating with a DCF-based target price of Rs 3,200/share (implying 50x FY27 P/E)..Click on the attachment to read the full report:.Asian Paints Q4 Review: Near-Term Challenged; Gradual Recovery Post-Q1 Awaited - Systematix Maintains 'Buy'.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.

L&T, Asian Paints, Titan, Bharat Forge, Voltas, Route Mobile, Symphony, Aarti Industries Q4 Results Review

HDFC Securities maintains 'Buy' on L&T, Bharat Forge, Votlas 'Add' on Asian Paints, Aarti Industries, Symphony, Route Mobile, and 'Reduce' on Titan - here's why

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