Britannia, ABB India, UPL, Thermax, Fine Organics, Jupiter Hospital, PVR Inox, Apollo Pipes: Q4 reviews

Nuvama Institutional Equities on Tuesday came out with reports on a host of companies that recently reported their March quarter results. A few of these companies such as ABB India, Fine Organics and Jupiter Hospitals delivered less-than-expected earnings. UPL beat the Street estimates, Thermax reported in-line results while Apollo Pipes clocked a mixed set of results. Here are target prices for these stocks:

Britannia Industries
Nuvama said Britannia’s Q4FY25 sales jumped 9 per cent YoY and was at a seven-quarter high. Its volumes grew 3 per cent YoY. Ebitda margin of 18.2 per cent surprised positively against the Street’s expectation of a miss — indicating cost efficiency measures are in place. For FY26, BRIT reiterated a positive outlook. Nuvama expects it to do well aided by pricing (5 per cent hike taken) and cost control (aims 2.6 per cent savings). It suggested a revised target Rs 6,770 for the stock against Rs 6,560 earlier. 

ABB India
Nuvama said ABB India missed the Street’s revenue and Ebitda by 8 per cent and 6 per cent, respectively. The miss was largely due to subdued execution— a change in delivery schedule from customers in PA segment. That said, the brokerage maintained ‘Buy’ as it remained positive on ABB’s long-term growth potential led by new-age segments (electronics, railways, data centres and metals) as core industrial capex is yet to pick up. The broking firm suggested an unchanged target of Rs 6,650 on the ABB India stock. 

UPL
As per the brokerage, UPL reported an industry-leading performance in Q4FY25 and FY25 with a strong volume recovery. Improvement in working capital (by 33 days), astute debt reduction ($1 billion) and Ebitda growth guidance of 10–14 per cent, going into FY26, mark strong scalars and vectors for UPL, Nuvama said. 

"We are moderating FY26 estimates marginally to factor in a gradual pickup in volumes and reckon FY27 shall log accelerated growth led by the NPP portfolio, specialty chemicals business and global crop protection business. Maintain ‘BUY’. We are reducing FY26E EPS by 14 per cent and raising FY27E EPS by 5 per cent, yielding a target of Rs 781," Nuvama said.

Thermax
Thermax posted in-line Q4FY25 revenue and Ebitda against the Street expectations. Its operating profit margin rose to 11.9 per cent. Muted order inflows at Rs 2,120 crore missed its quarterly base order inflow (OI )momentum of Rs 2,500 crore.

"Retain ‘Reduce’ as slow execution rate, high competitive intensity-led profitability concerns of core business (industrial infra: 50 per cent of OB) and delayed large-ticket OI stay key concerns. We are building in 15 per cent revenue CAGR, 9.2 per cent/9.5 per cent OPM in FY26E/27E, yielding target of Rs 3,050," Nuvama said.

Fine Organics
Nuvama said Fine Organics’ Q4FY25 results were operationally weaker YoY, missing its estimates. Sales expanded 11 per cent YoY, but Ebitda and PAT dipped 16.7 per cent YoY and 15.8 per cent YoY, respectively.

The brokerage, however, remained positive on Fine Organics, supported by improving growth visibility beyond FY27, robust cash generation and the strongest RoE within its coverage universe. 

"We are marginally revising FY26E/27 EPS lower by 3.1 per cent/2.4 per cent and valuing the stock at 38 times Q4FY27E EPS, yielding a revised target price of Rs 4,931 per share (earlier target price Rs 5,084); maintain ‘Buy’," it said.

Jupiter Hospitals
Jupiter Hospitals’ Q4FY25 revenue, Ebitda and PAT missed Nuvama's estimate by 3 per cent, 2 per cent and 17 per cent, respectively. This is because revenue growth slowed to 12 per cent YoY and Indore expansion lifted depreciation and interest. Occupancy dipped to 60 per cent as 78 beds were added in Indore; ARPOB growth is healthy at 11 per cent YoY.

Nuvama said it is cutting FY26 and FY27 Ebitda estimates by 2 per cent and 1 per cent to factor in the miss. It retained ‘Buy’ on the stock with a target of Rs 1,800 against Rs 1,920 earlier.

PVR Inox
PVR INOX posted Q4FY25 flat YoY revenue growth. Its Ebitda rose 1.7 per cent YoY and was slightly above Nuvama's estimates. Reported loss stood at Rs 130 crore. Factoring in the continued soft performance, Nuvama cut FY26 and FY27 Ebitda estimates by 4 per cent/2.6 per cent and target EV/Ebitda multiple to 10 times, yielding a revised target price of Rs 1,545 from Rs 1,765 earlier. 

The regional and Hollywood content pipeline in Q1FY26 is robust, the brokerage noted.

Apollo Pipes
Nuvama said Apollo Pipes posted a mixed Q4FY25, as volumes undershot its estimates and Ebitda per ton beat its estimates. The quarter was affected by low capacity utilisation; capex; margin pressures; and a weak macro environment.

The management is confident of ramping up volumes by 20–25 per cent couple of years aided by faster growth in Kisan and margin expansion to 10 per cent. With capex largely incurred, the company guided for RoCE improving to 25 per cent by FY27. 

"Even so, a dragging environment and slower-than anticipated Kisan ramp-up forces us to cut FY26E and FY27E EPS by 5 per cent each; retain ‘Buy’ with an unchanged target of Rs 450," Nuvama said.