United Spirits, Astral, Ramco Cements, Devyani International, Gujarat State Petronet, HG Infra Q4 Review

United Spirits Ltd.’s Q4 FY25 profitability was ahead of our estimates, owing to higher-than-expected realization improvements (3.7/3.2% YoY realization growth in P&A/regular segments). Astral Ltd.'s revenue rose 4% YoY (plumbing flat, adhesives and paints up 14% YoY). HG Infra reported its quarterly revenue/Ebitda/APAT of Rs 19.7/2.8/2.1 billion, a miss/beat by -2.9/-13.2/+11% ..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.United Spirits - Realizations improve United Spirits Ltd.’s Q4 FY25 profitability was ahead of our estimates, owing to higher-than-expected realization improvements (3.7/3.2% YoY realization growth in P&A/regular segments). Volume in the Prestige & Above (P&A) segment grew 9%, while the regular segment volume declined 2% YoY. Management has indicated that margins will remain range-bound as it is targeting double-digit growth. We maintain our Add rating on United Spirits with a target price of Rs 1,650/share (55x its FY27 standalone EPS + Rs 123/sh for the RCB IPL team), with revenue/Ebitda/PAT CAGRs of 12/14/12% for FY25-FY28E. In our view, Radico offers a much better risk-reward profile compared to United Spirits at similar valuations, given its much better earnings CAGR (35% FY25-28) versus United Spirits’ (14% CAGR) and its ability to fully participate in the premiumization story. One needs to be mindful of the fact that United Spirits' margins for premium products are capped at 10%, if they are procured from the Diageo stable..Astral - Healthy margins in both the segments Astral Ltd.'s revenue rose 4% YoY (plumbing flat, adhesives and paints up 14% YoY). Ebitda too grew 4% YoY as Ebitda margin was flat at 18%. Adjusted profit after tax declined 1% YoY due to higher depreciation, interest, and lower other income. Plumbing volume saw a marginal 1% growth owing to soft demand and declining resin prices. Adhesives and paints reported 14% revenue growth, 18% Ebitda growth. For FY26, the company projects low double-digit plumbing volume growth and 16-18% Ebitdam. It anticipates UK adhesive operations to improve in two-three quarters following implemented measures. We maintain Add on Astral with a lower target price of Rs 1,450/share by valuing the company 50x its Mar27E EPS..Click on the attachment to read the full report:.Radico Gets Motilal Oswal's 'Buy' Initiation; Says Valuations Rich But Robust Growth Potential.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.

United Spirits, Astral, Ramco Cements, Devyani International, Gujarat State Petronet, HG Infra Q4 Review

HDFC Securities recommends 'Buy' rating on HG Infra, 'Add' call for United Spirits, Astral, Gujarat State Petronet, and 'Reduce' Ramco Cements, Devyani International - here's why

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United Spirits, Astral, Ramco Cements, Devyani International, Gujarat State Petronet, HG Infra Q4 Review

HDFC Securities recommends 'Buy' rating on HG Infra, 'Add' call for United Spirits, Astral, Gujarat State Petronet, and 'Reduce' Ramco Cements, Devyani International - here's why

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