D-Street

*Awfis Space Solutions Ltd.* | *CMP* Rs. 657 | *M Cap* Rs. 4662 Cr | *52 W H/L* 946/371 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 339.7 Cr (6.9% QoQ, 46.2% YoY) vs QoQ Rs. 317.7 Cr, YoY Rs. 232.3 Cr EBIDTA came at Rs. 115.9 Cr (8.1% QoQ, 72.7% YoY) vs QoQ Rs. 107.3 Cr, YoY Rs. 67.1 Cr EBITDA Margin came at 34.1% vs QoQ 33.8%, YoY 28.9% Adj. PAT came at Rs. 11 Cr vs QoQ Rs. 14.3 Cr, YoY Rs. 1.4 Cr Quarter EPS is Rs. 1.6 Stock is trading at P/E of 109x TTM EPS

*Goldiam International Ltd.* | *CMP* Rs. 390 | *M Cap* Rs. 4161 Cr | *52 W H/L* 569/144 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 198.6 Cr (-29% QoQ, 34.3% YoY) vs QoQ Rs. 279.6 Cr, YoY Rs. 147.9 Cr EBIDTA came at Rs. 36.3 Cr (-42% QoQ, 51.5% YoY) vs QoQ Rs. 62.5 Cr, YoY Rs. 23.9 Cr EBITDA Margin came at 18.3% vs QoQ 22.4%, YoY 16.2% Adj. PAT came at Rs. 23.2 Cr vs QoQ Rs. 49.8 Cr, YoY Rs. 17.8 Cr Quarter EPS is Rs. 2.2 Stock is trading at P/E of 35.5x TTM EPS

*Gillette India Ltd.* | *CMP* Rs. 9630 | *M Cap* Rs. 31380 Cr | *52 W H/L* 10699/6191 (Nirmal Bang Retail Research) *Result ahead of Expectation* Revenue from Operations came at Rs. 767.5 Cr (11.9% QoQ, 12.7% YoY) vs expectation of Rs. 746.5 Cr, QoQ Rs. 685.6 Cr, YoY Rs. 680.7 Cr EBIDTA came at Rs. 225.8 Cr (23.6% QoQ, 40.8% YoY) vs expectation of Rs. 187.2 Cr, QoQ Rs. 182.7 Cr, YoY Rs. 160.3 Cr EBITDA Margin came at 29.4% vs expectation of 25.1%, QoQ 26.7%, YoY 23.6% Adj. PAT came at Rs. 51.1 Cr vs expectation of Rs. 129.4 Cr, QoQ Rs. 126 Cr, YoY Rs. 99.1 Cr Quarter EPS is Rs. 15.7 Stock is trading at P/E of 57.8x FY26E EPS

*Venus Pipes & Tubes Ltd.* | *CMP* Rs. 1532 | *M Cap* Rs. 3120 Cr | *52 W H/L* 2490/969 (Nirmal Bang Retail Research) *Result ok* Revenue from Operations came at Rs. 258.1 Cr (11.6% QoQ, 15.2% YoY) vs QoQ Rs. 231.3 Cr, YoY Rs. 224.1 Cr EBIDTA came at Rs. 41.6 Cr (12.1% QoQ, -7.6% YoY) vs QoQ Rs. 37.1 Cr, YoY Rs. 45 Cr EBITDA Margin came at 16.1% vs QoQ 16%, YoY 20.1% Adj. PAT came at Rs. 23.7 Cr vs QoQ Rs. 18 Cr, YoY Rs. 25 Cr Quarter EPS is Rs. 11.6 Stock is trading at P/E of 23.7x FY26E EPS

**Ashika_Result at a Glance_May 26, 2025** *Gillette India Ltd. (C)* Revenue at Rs. 767.5 cr. Vs. Rs. 680.7 cr. YoY, Rs. 685.6 cr. QoQ. EBITDA at Rs. 225.8 cr. Vs. Rs. 161.3 cr. YoY, Rs. 182.7 cr. QoQ. EBITDA M at 29.4% Vs. 23.7% YoY, 26.7% QoQ Net Profit at Rs. 158.7 cr. Vs. Rs. 99.1 cr. YoY, Rs. 126.0 cr. QoQ *Nazara Technologies Ltd. (C)* Revenue at Rs. 520.2 cr. Vs. Rs. 266.2 cr. YoY, Rs. 534.7 cr. QoQ. EBITDA at Rs. 34.6 cr. Vs. Rs. 3.6 cr. YoY, Rs. 37.1 cr. QoQ. EBITDA M at 6.6% Vs. 1.3% YoY, 6.9% QoQ Net Profit at Rs. 13.8 cr. Vs. Rs. 17.1 cr. YoY, Rs. 8.9 cr. QoQ *Insolation Energy Ltd. (C)* Revenue at Rs. 721.7 cr. Vs. Rs. 458.8 cr. YoY, Rs. 612.0 cr. QoQ. EBITDA at Rs. 80.7 cr. Vs. Rs. 51.9 cr. YoY, Rs. 80.3 cr. QoQ. EBITDA M at 11.2% Vs. 11.3% YoY, 13.1% QoQ Net Profit at Rs. 64.9 cr. Vs. Rs. 40.4 cr. YoY, Rs. 61.3 cr. QoQ *RateGain Travel Technologies Ltd. (C)* Revenue at Rs. 260.7 cr. Vs. Rs. 255.8 cr. YoY, Rs. 278.7 cr. QoQ. EBITDA at Rs. 60.6 cr. Vs. Rs. 54.3 cr. YoY, Rs. 61.5 cr. QoQ. EBITDA M at 23.2% Vs. 21.2% YoY, 22.1% QoQ Net Profit at Rs. 54.8 cr. Vs. Rs. 50.0 cr. YoY, Rs. 56.5 cr. QoQ *Infibeam Avenues Ltd. (C)* Revenue at Rs. 1160.5 cr. Vs. Rs. 716.2 cr. YoY, Rs. 1070.3 cr. QoQ. EBITDA at Rs. 77.7 cr. Vs. Rs. 68.2 cr. YoY, Rs. 78.2 cr. QoQ. EBITDA M at 6.7% Vs. 9.5% YoY, 7.3% QoQ Net Profit at Rs. 54.7 cr. Vs. Rs. 46.2 cr. YoY, Rs. 64.4 cr. QoQ *Awfis Space Solutions Ltd. (C)* Revenue at Rs. 339.7 cr. Vs. Rs. 232.3 cr. YoY, Rs. 317.7 cr. QoQ. EBITDA at Rs. 115.9 cr. Vs. Rs. 67.1 cr. YoY, Rs. 107.3 cr. QoQ. EBITDA M at 34.1% Vs. 28.9% YoY, 33.8% QoQ Net Profit at Rs. 11.2 cr. Vs. Rs. 1.4 cr. YoY, Rs. 15.2 cr. QoQ *Yatharth Hospital & Trauma Care Services Ltd. (C)* Revenue at Rs. 231.8 cr. Vs. Rs. 177.8 cr. YoY, Rs. 219.2 cr. QoQ. EBITDA at Rs. 57.0 cr. Vs. Rs. 46.5 cr. YoY, Rs. 54.9 cr. QoQ. EBITDA M at 24.6% Vs. 26.2% YoY, 25.1% QoQ Net Profit at Rs. 38.7 cr. Vs. Rs. 38.3 cr. YoY, Rs. 30.5 cr. QoQ *Orchid Pharma Ltd. (C)* Revenue at Rs. 237.5 cr. Vs. Rs. 217.1 cr. YoY, Rs. 217.3 cr. QoQ. EBITDA at Rs. 28.0 cr. Vs. Rs. 28.9 cr. YoY, Rs. 26.3 cr. QoQ. EBITDA M at 11.8% Vs. 13.3% YoY, 12.1% QoQ Net Profit at Rs. 22.3 cr. Vs. Rs. 33.0 cr. YoY, Rs. 20.8 cr. QoQ *Goldiman International Ltd. (C)* Revenue at Rs. 198.6 cr. Vs. Rs. 147.9 cr. YoY, Rs. 279.6 cr. QoQ. EBITDA at Rs. 36.2 cr. Vs. Rs. 24.0 cr. YoY, Rs. 62.5 cr. QoQ. EBITDA M at 18.2% Vs. 16.2% YoY, 22.4% QoQ Net Profit at Rs. 23.2 cr. Vs. Rs. 17.8 cr. YoY, Rs. 49.8 cr. QoQ *Stylam Industries Ltd. (C)* Revenue at Rs. 265.3 cr. Vs. Rs. 239.9 cr. YoY, Rs. 254.5 cr. QoQ. EBITDA at Rs. 43.0 cr. Vs. Rs. 47.7 cr. YoY, Rs. 46.0 cr. QoQ. EBITDA M at 16.2% Vs. 19.9% YoY, 18.1% QoQ Net Profit at Rs. 29.6 cr. Vs. Rs. 37.6 cr. YoY, Rs. 29.8 cr. QoQ *Windsor Machines Ltd. (C)* Revenue at Rs. 120.8 cr. Vs. Rs. 109.4 cr. YoY, Rs. 107.7 cr. QoQ. EBITDA at Rs. 10.9 cr. Vs. Rs. 3.8 cr. YoY, Rs. 8.8 cr. QoQ. EBITDA M at 9.1% Vs. 3.5% YoY, 8.2% QoQ Net Profit at Rs. -4.1 cr. Vs. Rs. -7.5 cr. YoY, Rs. 41.7 cr. QoQ *Venus Pipes & Tubes Ltd. (S)* Revenue at Rs. 258.1 cr. Vs. Rs. 224.1 cr. YoY, Rs. 231.3 cr. QoQ. EBITDA at Rs. 41.5 cr. Vs. Rs. 45.0 cr. YoY, Rs. 37.1 cr. QoQ. EBITDA M at 16.1% Vs. 20.1% YoY, 16.0% QoQ Net Profit at Rs. 23.7 cr. Vs. Rs. 25.0 cr. YoY, Rs. 17.9 cr. QoQ *Lumax Industries Ltd. (C)* Revenue at Rs. 923.4 cr. Vs. Rs. 742.7 cr. YoY, Rs. 887.1 cr. QoQ. EBITDA at Rs. 79.3 cr. Vs. Rs. 65.9 cr. YoY, Rs. 69.9 cr. QoQ. EBITDA M at 8.6% Vs. 8.9% YoY, 7.9% QoQ Net Profit at Rs. 44.0 cr. Vs. Rs. 36.1 cr. YoY, Rs. 33.5 cr. QoQ *Panama Petrochem Ltd. (C)* Revenue at Rs. 695.2 cr. Vs. Rs. 741.0 cr. YoY, Rs. 728.0 cr. QoQ. EBITDA at Rs. 59.5 cr. Vs. Rs. 78.2 cr. YoY, Rs. 63.0 cr. QoQ. EBITDA M at 8.6% Vs. 10.5% YoY, 8.7% QoQ Net Profit at Rs. 44.3 cr. Vs. Rs. 61.0 cr. YoY, Rs. 48.5 cr. QoQ *Hi-Tech Pipes Ltd. (C)* Revenue at Rs. 733.7 cr. Vs. Rs. 761.0 cr. YoY, Rs. 681.0 cr. QoQ. EBITDA at Rs. 34.9 cr. Vs. Rs. 40.3 cr. YoY, Rs. 35.4 cr. QoQ. EBITDA M at 4.8% Vs. 5.3% YoY, 5.2% QoQ Net Profit at Rs. 17.6 cr. Vs. Rs. 19.1 cr. YoY, Rs. 11.1 cr. QoQ *Saksoft Ltd. (C)* Revenue at Rs. 239.9 cr. Vs. Rs. 194.9 cr. YoY, Rs. 226.8 cr. QoQ. EBITDA at Rs. 36.4 cr. Vs. Rs. 33.3 cr. YoY, Rs. 38.1 cr. QoQ. EBITDA M at 15.2% Vs. 17.1% YoY, 16.8% QoQ Net Profit at Rs. 30.0 cr. Vs. Rs. 23.2 cr. YoY, Rs. 27.0 cr. QoQ *TIL Ltd. (C)* Revenue at Rs. 101.5 cr. Vs. Rs. 31.4 cr. YoY, Rs. 79.1 cr. QoQ. EBITDA at Rs. 12.2 cr. Vs. Rs. -28.2 cr. YoY, Rs. 2.6 cr. QoQ. EBITDA M at 12.0% Vs. -89.7% YoY, 3.3% QoQ Net Profit at Rs. 9.8 cr. Vs. Rs. 168.6 cr. YoY, Rs. -3.7 cr. QoQ

*Yatharth Hospital & Trauma Care Services Ltd.* | *CMP* Rs. 526 | *M Cap* Rs. 5068 Cr | *52 W H/L* 693/345 (Nirmal Bang Retail Research) *Result ahead of Expectation* Revenue from Operations came at Rs. 231.8 Cr (5.8% QoQ, 30.4% YoY) vs expectation of Rs. 217.9 Cr, QoQ Rs. 219.2 Cr, YoY Rs. 177.8 Cr EBIDTA came at Rs. 57 Cr (3.8% QoQ, 22.6% YoY) vs expectation of Rs. 54.7 Cr, QoQ Rs. 54.9 Cr, YoY Rs. 46.5 Cr EBITDA Margin came at 24.6% vs expectation of 25.1%, QoQ 25.1%, YoY 26.2% Adj. PAT came at Rs. 38.9 Cr vs expectation of Rs. 31 Cr, QoQ Rs. 30.5 Cr, YoY Rs. 38.3 Cr Quarter EPS is Rs. 4 Stock is trading at P/E of 28.2x FY26E EPS