Miscellaneous

AIA reported better-than-expected Q2FY26 EBITDA of INR2.97bn, up 3% QoQ (our estimate: INR2.7bn). EBITDA/t declined INR3,922/t QoQ to INR47,003/t amid an adverse product mix, which led to lower realisation, down 4% QoQ,

Flair Writing Instrument (Flair) reported strong Q2FY26 results—while top-line expanded 19% YoY (estimate 15%), EBITDA margins improved ~160bp QoQ (flat YoY) at 18.8% (estimate: 17%). Own brands grew at a steep 20% YoY

Q2 revenue fell 6% YoY to INR23.2bn, 2% below estimate due to lower realisation. EBITDA fell 19% to INR5bn, 12% below estimate on adverse mix and impact of sourcing EUDR compliant natural rubber. A niche OHT player, BIL

AIA posted in-line Q1FY26 EBITDA of INR3.06bn, up 1.6% QoQ (our estimate: INR2.96bn). Improved product mix and lower RM cost led to increased EBITDA/t of INR50,928 (up INR7,049/t), partially offset by lower volume (down

During Q1FY26, RHI reported lower-than-expected Q1FY26 EBITDA of INR1,022mn (our estimate: INR1.12bn), up 10% QoQ/down 34% YoY. The QoQ increase is attributable to higher volumes (up 4% QoQ) and lower employee cost

DOMS Industries (DOMS) continued to turn in good results in Q1FY26. Q1FY26 top line/EBITDA/PAT grew 26%/14%/10% YoY. Paper stationery and office supplies continue to be high-growth segments. However, employee expenses

Flair Writing Instrument (Flair) reported strong Q1FY26 results—while top line expanded 17% YoY in line with estimate, EBITDA margins expanded 16bp YoY/146bp QoQ to 17.2% versus estimated 16.1%. Creatives/steel bottle

Q1FY26 revenue edged up 1% YoY to INR27.6bn, broadly in line with estimate, whereas EBITDA fell 8% YoY to INR6.6bn, below-estimate on adverse mix, partial absorption of US tariffs and lower scale. A niche OHT player, BIL

We recently interacted with the top brass of Flair Writing Industries (Flair). Key takeaways: i) Revenue to expand 15–16% YoY led by rapid growth in creatives (40% YoY), steel bottles (50% YoY) and pens (10% YoY)

During Q4FY25, RHI reported lower-than-expected EBITDA of INR930mn (our estimate: INR1.2bn), down 26% QoQ due to lower volumes and stiff competition from Chinese imports/domestic producers. Better product mix led to

Timken India (TMKN) reported a mixed Q4FY25 showing with revenue up ~4.7% to INR9.4bn (our estimate: INR9.9bn), but EBITDA margins improved 19bp YoY to 22.32% (our estimate: 17.5%). Demand picked up in the domestic

We are pleased to invite you the Investor and Analyst Meet of Grindwell Norton Ltd (GNO), a subsidiary of Compagnie de Saint-Gobain (Paris), on Thursday 29th May 2025, from 11.00 AM to 1.00 PM. GNO is a leading Indian

Q4FY25 revenue/EBITDA grew 5%/1% YoY to INR28.4bn/7.0bn, above estimates, on the back of higher volumes/realisation. From being an OHT player, BIL is entering TBR/PCR segments, at a capex of ~INR30bn. Factoring in large

Flair Writing Industries (Flair) reported mixed Q4FY25 results—top line grew 19% YoY (up 13% QoQ) versus our estimate of 13% YoY, whereas EBITDA margin contracted 450bp YoY (down 140bp QoQ) to 15.7% versus our estimate

AIA’s operating performance improved further in Q4FY25 with EBITDA of INR3.02bn, up 6.6% QoQ (Nuvama estimate: INR2.96bn). Though volume increased 4.5% QoQ, it is still down 3.8% YoY. The company was able to pass on

DOMS Industries (DOMS) kept up its series of good results with Q4FY25 top line/EBITDA/PAT growing 26%/16%/10% YoY. However, amortisation and employee expenses and inclusion of Uniclan dragged margins lower by ~150bp YoY

SKF India (SKF) reported mixed Q4FY25 results with flat revenue growth YoY and a 570bp YoY jump in EBITDA margin to 23.4%. Meanwhile, higher net working capital suppressed cash flow from operations to INR243mn. That

PDS’s revenue growth slowed down in Q4FY25 to 10% YoY on account of challenges in the sourcing business due to the uncertainty of US tariffs. This led to escalation of EBITDA losses in the newer verticals as the expected

Schaeffler India (SCHFL) posted strong Q1CY25 numbers. Revenue grew 16% YoY helped by both domestic and export markets. EBITDA margin inched up 46bp YoY/73bp QoQ to 18.1%. With moderation in capex, the company continues

We recently interacted with MD Mr Santosh Raveshia and CFO Mr Rahul Shah of DOMS Industries (DOMS). Takeaways: i) The vision is to make DOMS the world’s largest stationery & arts company. ii) Focusing on innovation,