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NAVA Q4 CONCALL HIGHLIGHTS ■ Tax Updates Zambia tax holiday for MCL until FY26; partial exemption to follow. No tax relief yet for Mamba Phase 2, may apply post-commissioning. ■ New Projects Mamba Solar (100 MW): $90M cost; target commissioning July 2026. Mamba Phase 2 (300 MW): On track for Aug 2026; $94M non-recourse debt. Nava Avocado: First fruits by end of 2025. Kawamba Sugar: Commissioning in March 2028. Ivory Coast Ferroalloy: Biomass CPP planned; land & raw material evaluation ongoing @beatthestreet10

WENDT AT 20 % LOWER CIRCUIT AFTER PROMOTER TO SELL ENTIRE 37.5 % STAKE SALE VIA OFS

FNO STOCK RESULTS 15-May-2025 JSWENERGY TIINDIA CESC PAGEIND PATANJALI NCC LICHSGFIN CROMPTON POLICYBZR

Good #Q4FY25-14/05/2025 post 6pm till 10pm Tilaknagar Industries #TI #Tilaknagar #TilaknagarInd Blockbuster Q4FY25 🔥 👏 Highest ever revenue, EBITDA, PBT and PAT in comps history Rev at 881cr vs 770cr, Q3 at 805cr PBT and PAT at 77cr vs 39cr, Q3 at 54cr Solid QoQ and YoY growth OCF at 178cr vs 117cr👏 Excel Industries #ExcelInd #ExcelIndustries Good Q4FY25 Rev at 248ce vs 233cr, Q3 at 196cr PBT at 16cr vs 9cr, Q3 at 8cr PAT at 12cr vs 6.6cr, Q3 at 6cr FY25 PBT at 113cr vs 23cr FY25 PAT at 85cr vs 17cr FY25 EPS at 68rs vs 13rs OCF at 62cr vs 72cr Nelcast Ltd #Nelcast Solid Q4FY25 with good margin ⏫ Great QoQ and YoY uptick in revenue, EBITDA, PBT and PAT Rev at 330cr vs 295cr, Q3 at 291cr PBT at 18cr vs 5cr, Q3 at 8cr PAT at 14cr vs 5cr, Q3 at 6cr Overall, very healthy comeback after 2 tepid qtrs OCF at 105cr vs 20cr🔥 Piramal Pharma #PPLPharma #PiramalPharma Rev at 2754cr vs 2552cr, Q3 at 2204cr Higher other' income at 42cr vs 26cr Higher employee expenses,higher depreciation and higher other expenses EBITDA at 603cr vs 556cr⏫8% PBT at 272cr vs 227cr, Q3 at 66cr PAT at 153cr vs 101cr, Q3 at 4cr Q4 is the seasonally strongest qtr OCF at 892cr Hitachi energy #PowerIndia Solid Q4FY25 👏 🔥 Record set,rich valuations Rev at 1883cr vs 1695cr, Q3 at 1620cr PBT at 247cr vs 152cr, Q3 at 184cr PAT at 183cr vs 113cr, Q3 at 137cr Solid QoQ and YoY uptick OCF at 1493cr vs 252cr🔥 19246cr orderbook👏 Highest ever AGI Greenpac #AGI Partially led by higher other income Rev at 705cr vs 622cr, Q3 at 658cr Other income at 37cr vs 11cr, Q3 at 16cr EBITDA ⏫6% at 154cr PBT at 126cr vs 89cr, Q3 at 120cr PAT at 97cr vs 65cr, Q3 at 91cr OCF at 428cr vs 588cr Baazar Style #StyleBaaza Healthy operational quarter EBITDA inches up well with 100bps margin expansion Healthy topline growth QoQ not comparable as Q3 is a festive qtr Good EBITDA uptick Higher depreciation and higher finance costs in Q4FY25 Ramping up new stores Rev at 345cr vs 223cr EBITDA at 42cr vs 24cr Finance costs at 22cr vs 14cr Depreciation at 29cr vs 19cr OCF at 52cr vs 112cr Balu Forge #BaluForge Another good quarter with 10% QoQ EBITDA uptick Good Q4FY25 , good OCF generation Rev at 269cr vs 161cr, Q3 at 255cr EBITDA at 75cr⏫118% YoY,⏫11% QoQ PBT at 74cr vs 34cr, flat QoQ PAT at 63cr vs 28cr, Q3 at 59cr FY25 PAT at 204cr vs 93cr OCF at 148cr vs -32cr Vascon Engineers #Vascon Solid Q4FY25 🔥 Rev at 387cr vs 233cr, Q3 at 294cr PBT at 36cr vs 21cr, Q3 at 18cr Solid QoQ and YoY uptick PAT at 34cr vs 17cr OCF at -2cr vs -16cr NRB Bearings #NRB #NRBBearings One time exceptional loss of 48cr leads to a loss quarter Operationally, good Q4FY25 Rev at 329cr vs 284cr, Q3 at 279cr PBT at 48cr vs 33cr, Q3 at 36cr OCF at 83cr vs 115cr JB Chemicals and Pharma #JBChem Rich valuations, QoQ has seasonality Rev at 949cr vs 861cr PBT at 193cr vs 164ccr, Q3 at 217cr PAT at 145cr vs 126cr, Q3 at 162cr OCF at 902cr vs 800cr Foseco #Foseco Rev at 148cr vs 122cr, Q3 at 136cr PBT at 29cr vs 21cr, Q3 at 28cr PAT at 22cr vs 16cr, Q3 at 20cr Rama Phosphates #RamaPhos Rev at 200cr vs 186cr, Q3 at 179cr PBT at 14cr vs loss, Q3 at 5cr PAT at 5cr vs loss, Q3 at 3.6cr OCF at 40cr vs -5cr Brigade Enterprises #Brigade Rev down, margins improve PBT at 305cr. S 278cr, Q3 at 288cr PAT at 249cr vs 210cr, Q3 at 235cr OCF at 995cr vs 333cr Pre sales strong for FY25 New launch pipeline healthy Ratnaveer Precision #Ratnaveer Good YoY, QoQ slightly down Rev at 203cr vs 142cr, Q3 at 254cr PBT at 11.8cr vs 5.5cr, Q3 at 13.2cr PAT at 10.7cr vs 5.6cr, Q3 at 11.3cr OCF at 95cr vs 12cr Renuka Sugar #Renuka Rev down sharply Higher other income at 61cr vs 10cr lead to PBT of 91cr vs loss in last 2 qtrs Rev at 950cr vs 913cr Aryaman Financial Services #Aryaman Rev at 39cr vs 6cr, Q3 at 38cr PBT at 12cr vs 1.5cr, Q3 at 26cr PAT at 11cr vs 1cr, Q3 at 22cr International Conveyors #IntlConv Rev at 55cr vs 26cr, Q3 at 26cr EBITDA at 11cr vs 3cr, Q3 at 0.4cr PAT at 13cr vs 6cr Credits: Shreenidhi via X

BALU FORGE Q4 CONS NET PROFIT UP 123 % AT 62.68 CR (YOY), UP 6.2 % (QOQ) REVENUE UP 67.3 % AT 269.64 CR (YOY) , UP 5.4 % (QOQ) EBITDA UP 118 % AT 74.98 CR (YOY), UP 10.8 %(QOQ) MARGINS AT 27.80 % V 21.33 % (YOY), 26.46 % (QOQ)

KIRLOSKAR BROTHERS Q4 NET PROFIT AT 137.8CR V 152.2 CR YOY REVENUE AT 1281.3 CR V 1223.8 CR YOY EBITDA AT 189.5 CR V 191.2 CR YOY MARGINS AT 14.78 % V 15.63 % YOY KIRLOSKAR BROTHERS Q4 : DIVIDEND ₹ 7 @companyupdate

PTC Industries ; Co. Inaugurates Titanium Plant; Lays Foundation for 6 Strategic Defence Projects Defence Minister Rajnath Singh and UP CM Yogi Adityanath inaugurated PTC’s Titanium & Superalloy Materials Plant on May 11, 2025. Six new strategic facilities launched under Aerolloy Technologies at UP Defence Industrial Corridor (Lucknow node). Includes Aerospace Castings Plant, Forge Shop, Machining Shop, Powder Metallurgy, R&D Centre, and STrIDE Skilling Academy. Titanium plant to become one of the world’s largest single-site titanium remelting units. A major step toward Aatmanirbhar Bharat in Aerospace & Defence manufacturing.

TATA POWER Q4 :CONS NET PROFIT UP 25 % AT 1306 CR (YOY), UP 10 % (QOQ) REVENUE UP 8 % AT 17,095 CR (YOY) ,UP 11 % (QOQ) EBITDA UP 39 % AT 3244 CR (YOY),DOWN 3 %(QOQ) MARGINS AT 19 % V 14.7 % (YOY), 21.7 % (QOQ)

ZUARI AGRO CHEMICALS Q4 : ST NET PROFIT DOWN 22.6 % AT 19.84 CR (YOY), DOWN 63.6 % (QOQ) REVENUE UP 6.1 % AT 951.99 CR (YOY) , DOWN 24.7 % (QOQ) EBITDA UP 74.6 % AT 32.47 CR (YOY), DOWN 72.1 %(QOQ) MARGINS AT 3.41 % V 2.07 % (YOY), 9.21 % (QOQ)

STANDARD GLASS LINING: CO FORMS STRATEGIC PARTNERSHIP WITH JAPAN’S AGI GROUP TO LAUNCH WORLD’S FIRST GLASS-LINED SHELL AND TUBE HEAT EXCHANGERS IN INDIA

GARDEN REACH Q4 ST NET PROFIT UP 118.9 % AT 244.24 CR (YOY), UP 149 % (QOQ) REVENUE UP 62 % AT 1642.03 CR (YOY) , UP 29 % (QOQ) EBITDA UP 144 % AT 220.98 CR (YOY), UP 193 %(QOQ) MARGINS AT 13.45 % V 8.91 % (YOY), 5.92 % (QOQ)

Good #Q4FY25-13/05/2025 till 7pm Syrma SGS #Syrma #SyrmaSGS Topline down Good margin expansion QoQ and YoY Rev at 924cr vs 1134cr, Q3 at 870cr PBT at 93cr vs 61cr, Q3 at 65.4cr Lower other income QoQ PAT at 71cr vs 45cr, Q3 at 53cr OCF at 176cr vs -109cr🔥 Good cash flows finally Bharti Airtel #Bharti #Airtel Solid Q4FY25 with big EBITDA uptick Margin expansion ARPU higher Rev at 47876cr vs 37599cr EBITDA at 27494cr vs 19681cr, Q3 at 25066cr PBT at 9724cr vs 5233cr, Q3 at 9346cr Solid QoQ and YoY growth OCF at 98332cr🔥 ASK Auto #ASKAuto Seasonality in the business So not prudent to look at QoQ Rev at 850cr vs 782cr PBT at 73cr vs 59cr, Q3 at 85cr PAT at 58cr vs 47cr, Q3 at 66cr OCF at 360cr vs 303cr Garden Reach Shipbuilders #GRSE Solid Q4FY25 👏🔥 Rev at 1642cr vs 1015cr, Q3 at 1271cr Other income at 113cevvs 86cr, Q3 at 72cr PBT at 323cr vs 152cr, Q3 at 133cr PAT at 244ce vs 111cr, Q3 at 98cr Solid QoQ and YoY set 🔥 OCF at 16cr vs -706cr Dynamic Cables #DynamicCables #DYCL Solid Q4FY25 🔥 Good QoQ and YoY uptick Rev at 331cr vs 241cr, Q3 at 251cr PBT at 31cr vs 18cr, Q3 at 21cr PAT at 23.5cr vs 13.7cr, Q3 at 15.8cr OCF at 56cr vs 1.2cr👏 The Anup Engineering #Anup Rev at 205cr vs 157cr, Q3 at 171cr EBITDA at 50cr⏫33% YoY,⏫26% QoQ PBT at 40cr vs 32cr, Q3 at 34cr OCF at -8cr vs 169cr Consol rev at 222cr vs 172cr QoQ Consolidated PBT at 43cr vs 33cr QoQ Jubilant Ingrevia #JublIngrevia Rev flattish Solid margin expansion QoQ and YoY PBT at 102cr vs 51cr, Q3 at 96cr PAT at 74cr vs 29 r, Q3 at 69cr OCF at 508cr vs 430cr Magadh Sugar #Magadh Solid Q4FY25 🔥 Rev at 355cr vs 288cr, Q3 at 283cr PBT at 96cr vs 63cr, Q3 at 28cr Solid margin expansion PAT at 72cr vs 47cr, Q3 at 21cr OCF at 139cr vs 31cr Nitin Spinners #NitinSpin Rev at 841cr vs 800cr, Q3 at 839cr PBT at 63cr vs 53cr, Q3 at 60cr PAT at 46cr vs 39cr, Q3 at 44.7cr OCF at 307cr vs 163cr Taneja Aerospace and Aviation #TAAL Solid Q4FY25 Rev at 12cr vs 8cr, Q3 at 9cr PBT at 7.8cr vs 3.6cr, Q3 at 5.4cr PAT at 6cr vs 2.5cr, Q3 at 4cr OCF at 25cr vs 14cr Indo Rama Synthetics #IndoRama Turnaround qtr Solid QoQ uptick Rev at 1108cr vs 904cr, Q3 at 1166cr PBT and PAT at 51cr vs loss, Q3 at 14cr OCF at 391cr vs -97cr Bharti Hexacom #BhartiHexa Solid Q4FY25 👏 Rev at 2289cr vs 1868cr, Q3 at 2257cr EBITDA at 1215cr vs 926cr, Q3 at 1197cr PBT at 513cr vs 301cr, Q3 at 485cr PAT at 468cr vs 222cr, Q3 at 261cr OCF at 4582cr vs 3546cr GlaxoSmith Pharma #GSKPharma Solid Q4FY25 with big margin expansion 700bps margin expansion 3rd good quarter in a row Rev at 966cr vs 910cr, Q3 at 946cr PBT at 354cr vs 266cr, Q3 at 306cr PAT at 260cr vs 193cr, Q3 at 228cr OCF at 1280cr vs 578cr Cipla #Cipla Business has seasonality,so QoQ can't be compared Strong YoY growth Rev at 6730cr vs 6163cr PBT at 1504cr vs 1259cr PAT at 1214cr vs 932cr OCF at 5005cr vs 4133cr Arkade Developers #Arkade Rev at 131cr vs 122cr, Q3 at 225cr QoQ lumpy due to the nature of revenue recognition PBT at 46cr vs 25cr, Q3 at 66cr PAT at 33cr vs 20cr, Q3 at 50cr OCF at -217cr vs 101cr Butterfly #Butterfly Turnaround Rev at 197cr vs 166cr, Q3 at 238cr PBT at 12cr vs -25cr,flat QoQ OCF at 33cr vs 37cr ARCL Organics #ARCL Rev at 72cr vs 57cr, Q3 at 62cr PBT at 6.7cr vs 4.9cr, Q3 at 2.2cr PAT at 5.4cr vs 4.8cr, Q3 at 1.2cr OCF at 5cr vs 12cr Ranjeet Mechatronics #Ranjeet Rev down at 7.7cr vs 11.4cr PBT at 1.9cr vs loss in last 2 qtrs OCF at 2.6cr Manali Petro #ManaliPetro Topline sharply lower PBT at 19cr vs 13.5cr, Q3 at 8cr PAT at 11cr vs 1cr, Q3 at 5cr OCF at -18cr vs 75cr Average: #NIIT Higher other income,else flat PBT and PAT #GAIL Rev at 36551cr vs 32833cr PBT at 3240cr vs 3099cr, Q3 at 2832cr #HeroMotoCorp Inline set Margins and PAT inline #TataMotors Rev flattish PBT at 11956cr vs 9295cr, Q3 at 7669cr #Durlax Decent H2 Rev at 63cr vs 52cr Higher other income of 2cr PBT at 3.4cr vs 2.8cr

POWER MECH PROJECTS: CO WINS ORDER WORTH 972 CR RUPEES MCAP: 8000 CRS Power Mech Bags ₹972 Cr Order from Telangana Power Generation Corp Order value: ₹971.98 Cr (ex-GST) for integrated township construction at Yadadri Thermal Power Station. Scope: Residential quarters, hospital, school, clubhouse, commercial complex, sports & utility infra. Duration: Project to be completed in 30 months.

SENSEX REBALANCING- IIFL CAPITAL LIKELY EXCLUSIONS; NESTLE , INDUSIND BANK NESTLE ; EXPECTED OUTFLOW $210 MN INDUSIND BANK; EXPECTED OUTLOOK $ 135 MN

DYNAMIC CABLES Q4 : NET PROFIT AT 23 CR V 13 CR YOY REVENUE AT 331 CR V 240 CR YOY EBITDA AT34.2 CR V 25.4 CR YOY MARGINS AT 10.3% V 10.55% YOY DYNAMIC CABLES Q4 : DIVIDEND ₹ 0.50

ADVANCED ENZYME Q4 NET PROFIT AT 26 CR V 28 CR YOY REVENUE AT 167 CR V 157 CR YOY EBITDA AT 45.66 CR V 55.4 CR YOY MARGINS AT 27.3 % V 35.12 % YOY

VENTIVE HOSPITALITY Q4 CONS NET PROFIT UP 171 % AT 127.8 CR (YOY), UP 476 % (QOQ) REVENUE UP 462 % AT 697 CR (YOY) ,UP 31 % (QOQ) EBITDA UP 363 % AT 351.5 CR (YOY),UP 44 %(QOQ) MARGINS AT 50.35 % V 61.1 % (YOY), 45.8 % (QOQ) @Companyupdate