Titan, Dr. Reddy's, Berger Paints, Mankind Pharma, KEC, ABB, Sai Silk And More Q2 Review: HDFC Securities

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.Titan - Competitive intensity elevated, margins disappoint Titan Company Ltd.'s consolidated jewellery sales (ex-bullion) grew 27% YoY to Rs 117.8 billion (our estimate: in-line). Gold jewellery demand witnessed a step-up jump post the Jul-24 customs duty cut. This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at Rs 145.3 billion; in-line). Margins, however, disappointed. Normalising for the Rs 2.9 billion hit due to customs duty reduction, jewellery Ebitm (consolidated) contracted 486 bps YoY to 8.3% versus our estimate’s 9% (note: normalised standalone jewellery Ebitm came at 11.4%). Non-jewellery businesses performed well. While we tone down our FY25 EPS by 9.5%, FY26/27 estimates remain largely unchanged. We maintain our Reduce rating with a revised DCF-based target price of Rs 2,950/share (implying 50 times Sep-26 P/E)..Berger Paints - Demand remains subdued; margins disappoint Berger Paints India Ltd.’s revenue remained flat at Rs 27.7 billion (in-line). Volume/value growth for Q2 stood at 3.6%/-0.4%. Decorative business saw single-digit volume growth, impacted by weather conditions and flooding in key markets. The premium segment performed well, while mass-consumption products experienced flat/negative growth. A new team has been established to drive market share growth in urban markets, with management targeting an increase from 10% to 15% over the next three years. Gross margin improved by 58 bps to 41.7%. Ebitda margin contracted 147bps to 15.6% (our estimate: 16.7%) due to higher employee costs. We cut our EPS estimates by 1-2% for FY25/26 and retain our Reduce rating with a DCF-based target price of Rs 500/share (implying 41 times Sep-26E P/E)..Click on the attachment to read the full report:.Titan Q2 Results: Profit Falls 23%, Misses Estimates.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.

Titan, Dr. Reddy's, Berger Paints, Mankind Pharma, KEC, ABB, Sai Silk And More Q2 Review: HDFC Securities

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Titan, Dr. Reddy's, Berger Paints, Mankind Pharma, KEC, ABB, Sai Silk And More Q2 Review: HDFC Securities

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