*Kitex Garments Ltd.* | *CMP* Rs. 294 | *M Cap* Rs. 5873 Cr | *52 W H/L* 300/59 (Nirmal Bang Retail Research) *Result is declining* Revenue from Operations came at Rs. 300.2 Cr (8.6% QoQ, 73.5% YoY) vs QoQ Rs. 276.3 Cr, YoY Rs. 173.1 Cr EBIDTA came at Rs. 51.1 Cr (-6% QoQ, 48.1% YoY) vs QoQ Rs. 54.4 Cr, YoY Rs. 34.5 Cr EBITDA Margin came at 17% vs QoQ 19.7%, YoY 19.9% Adj. PAT came at Rs. 33 Cr vs QoQ Rs. 41 Cr, YoY Rs. 20.1 Cr Quarter EPS is Rs. 1.7 Stock is trading at P/E of 42.3x TTM EPS *Procter & Gamble Health Ltd.* | *CMP* Rs. 5848 | *M Cap* Rs. 9707 Cr | *52 W H/L* 5904/4650 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 311 Cr (0.4% QoQ, 23.2% YoY) vs QoQ Rs. 309.8 Cr, YoY Rs. 252.5 Cr EBIDTA came at Rs. 80.9 Cr (-34.4% QoQ, 20% YoY) vs QoQ Rs. 123.4 Cr, YoY Rs. 67.4 Cr EBITDA Margin came at 26% vs QoQ 39.8%, YoY 26.7% Adj. PAT came at Rs. 61.2 Cr vs QoQ Rs. 90.9 Cr, YoY Rs. 46.6 Cr Quarter EPS is Rs. 36.9 Stock is trading at P/E of 35.8x TTM EPS *Concord Biotech Ltd.* | *CMP* Rs. 1667 | *M Cap* Rs. 17439 Cr | *52 W H/L* 2664/1327 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 429.9 Cr (76% QoQ, 34.8% YoY) vs QoQ Rs. 244.2 Cr, YoY Rs. 319 Cr EBIDTA came at Rs. 190.4 Cr (94.4% QoQ, 41.8% YoY) vs QoQ Rs. 98 Cr, YoY Rs. 134.3 Cr EBITDA Margin came at 44.3% vs QoQ 40.1%, YoY 42.1% Adj. PAT came at Rs. 140.4 Cr vs QoQ Rs. 75.9 Cr, YoY Rs. 95 Cr Quarter EPS is Rs. 13.4 Stock is trading at P/E of 39.2x FY26E EPS *Mrs. Bectors Food Specialities Ltd.* | *CMP* Rs. 1490 | *M Cap* Rs. 9145 Cr | *52 W H/L* 2196/1188 (Nirmal Bang Retail Research) *Result is below expectations* Revenue from Operations came at Rs. 446.1 Cr (-9.4% QoQ, 9.8% YoY) vs expectation of Rs. 461.5 Cr, QoQ Rs. 492.1 Cr, YoY Rs. 406.4 Cr Gross Profit came at Rs. 197.6 Cr, QoQ Rs. 221.8 Cr, YoY Rs. 194 Cr Gross Profit Margins came at 44.3%, QoQ 45.1%, YoY 47.7% EBIDTA came at Rs. 55.6 Cr (-9.6% QoQ, -5.3% YoY) vs expectation of Rs. 61.3 Cr, QoQ Rs. 61.4 Cr, YoY Rs. 58.6 Cr Margins (%) came at 12.5% vs expectation of 13.3%, QoQ 12.5%, YoY 14.4% Adj. PAT came at Rs. 34.3 Cr vs expectation of Rs. 33.8 Cr, QoQ Rs. 34.6 Cr, YoY Rs. 33.6 Cr Quarter EPS is Rs. 5.6 Share is trading at P/E of 48.7x FY26E EPS *Technocraft Industries (India) Ltd.* | *CMP* Rs. 2881 | *M Cap* Rs. 6531 Cr | *52 W H/L* 3939/2050 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 702.3 Cr (9% QoQ, 18.5% YoY) vs QoQ Rs. 644.3 Cr, YoY Rs. 592.5 Cr EBIDTA came at Rs. 110.4 Cr (19.4% QoQ, 31.3% YoY) vs QoQ Rs. 92.5 Cr, YoY Rs. 84.1 Cr EBITDA Margin came at 15.7% vs QoQ 14.3%, YoY 14.2% Adj. PAT came at Rs. 66 Cr vs QoQ Rs. 40.6 Cr, YoY Rs. 63.6 Cr Quarter EPS is Rs. 29.1 Stock is trading at P/E of 25.5x TTM EPS *DCM Nouvelle Ltd.* | *CMP* Rs. 181 | *M Cap* Rs. 338 Cr | *52 W H/L* 298/145 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 281.3 Cr (5.8% QoQ, 6.4% YoY) vs QoQ Rs. 266 Cr, YoY Rs. 264.4 Cr EBIDTA came at Rs. 18.6 Cr (80.2% QoQ, -1.8% YoY) vs QoQ Rs. 10.3 Cr, YoY Rs. 18.9 Cr EBITDA Margin came at 6.6% vs QoQ 3.9%, YoY 7.2% Adj. PAT came at Rs. 5.5 Cr vs QoQ Rs. -1.7 Cr, YoY Rs. 4.8 Cr Quarter EPS is Rs. 3 Stock is trading at P/E of 79.3x TTM EPS *Lemon Tree Hotels Ltd.* | *CMP* Rs. 143 | *M Cap* Rs. 11329 Cr | *52 W H/L* 162/111 (Nirmal Bang Retail Research) *Result is above expectations* Revenue from Operations came at Rs. 378.5 Cr (6.6% QoQ, 15.6% YoY) vs expectation of Rs. 366.9 Cr, QoQ Rs. 355.2 Cr, YoY Rs. 327.3 Cr EBIDTA came at Rs. 204.1 Cr (10.8% QoQ, 19% YoY) vs expectation of Rs. 190.5 Cr, QoQ Rs. 184.2 Cr, YoY Rs. 171.5 Cr EBITDA Margin came at 53.9% vs expectation of 51.9%, QoQ 51.9%, YoY 52.4% Adj. PAT came at Rs. 84.6 Cr vs expectation of Rs. 68.4 Cr, QoQ Rs. 62.5 Cr, YoY Rs. 67 Cr Quarter EPS is Rs. 1.1 Stock is trading at P/E of 39.5x FY26E EPS *Samhi Hotels Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 4225 Cr | *52 W H/L* 226/120 (Nirmal Bang Retail Research) *Result inline with Expectation* Revenue from Operations came at Rs. 318.8 Cr (7.8% QoQ, 14.2% YoY) vs expectation of Rs. 322.2 Cr, QoQ Rs. 295.8 Cr, YoY Rs. 279.2 Cr EBIDTA came at Rs. 121.5 Cr (10.2% QoQ, 42.2% YoY) vs expectation of Rs. 120.2 Cr, QoQ Rs. 110.3 Cr, YoY Rs. 85.4 Cr EBITDA Margin came at 38.1% vs expectation of 37.3%, QoQ 37.3%, YoY 30.6% Adj. PAT came at Rs. 65.3 Cr vs expectation of Rs. 35.9 Cr, QoQ Rs. 22.8 Cr, YoY Rs. 7.7 Cr Higher PAT is on account of Tax w/back Quarter EPS is Rs. 3 Stock is trading at 13x EV/EBITDA FY26 *GE Power India Ltd.* | *CMP* Rs. 260 | *M Cap* Rs. 1748 Cr | *52 W H/L* 647/196 (Nirmal Bang Retail Research) *Result declining* Revenue from Operations came at Rs. 266.4 Cr (-15.9% QoQ, 8% YoY) vs QoQ Rs. 316.9 Cr, YoY Rs. 246.6 Cr EBIDTA came at Rs. -35.1 Cr (198.7% QoQ, 122.3% YoY) vs QoQ Rs. -11.8 Cr, YoY Rs. -15.8 Cr EBITDA Margin came at -13.2% vs QoQ -3.7%, YoY -6.4% Adj. PAT came at Rs. -21.9 Cr vs QoQ Rs. 8.9 Cr, YoY Rs. 15.3 Cr Quarter EPS is Rs. -3.3 Stock is trading at P/E of 39.4x TTM EPS *KNR Constructions Ltd.* | *CMP* Rs. 221 | *M Cap* Rs. 6210 Cr | *52 W H/L* 415/189 (Nirmal Bang Retail Research) *Result is below expectations* Revenue from Operations came at Rs. 851.2 Cr (14.5% QoQ, -35.2% YoY) vs expectation of Rs. 961.4 Cr, QoQ Rs. 743.5 Cr, YoY Rs. 1314.5 Cr EBIDTA came at Rs. 117.5 Cr (-22.5% QoQ, -45.1% YoY) vs expectation of Rs. 143.6 Cr, QoQ Rs. 151.6 Cr, YoY Rs. 214.1 Cr EBITDA Margin came at 13.8% vs expectation of 14.9%, QoQ 20.4%, YoY 16.3% Adj. PAT came at Rs. 75.2 Cr vs expectation of Rs. 106 Cr, QoQ Rs. 182.2 Cr, YoY Rs. 198.2 Cr Quarter EPS is Rs. 2.7 *SEPC Ltd.* | *CMP* Rs. 15 | *M Cap* Rs. 2345 Cr | *52 W H/L* 34/12 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 117.8 Cr (-11.5% QoQ, -20.3% YoY) vs QoQ Rs. 133 Cr, YoY Rs. 147.8 Cr EBIDTA came at Rs. 15.3 Cr (349.3% QoQ, 123.4% YoY) vs QoQ Rs. 3.4 Cr, YoY Rs. 6.8 Cr EBITDA Margin came at 13% vs QoQ 2.6%, YoY 4.6% Adj. PAT came at Rs. 10 Cr vs QoQ Rs. 18.3 Cr, YoY Rs. 6.7 Cr Quarter EPS is Rs. 0.1 Stock is trading at P/E of 60.6x TTM EPS *ICRA Ltd.* | *CMP* Rs. 6535 | *M Cap* Rs. 6307 Cr | *52 W H/L* 7735/4934 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 136 Cr (12.5% QoQ, 9.7% YoY) vs QoQ Rs. 120.9 Cr, YoY Rs. 124 Cr EBIDTA came at Rs. 59 Cr (39.9% QoQ, 18.4% YoY) vs QoQ Rs. 42.2 Cr, YoY Rs. 49.8 Cr EBITDA Margin came at 43.4% vs QoQ 34.9%, YoY 40.2% Adj. PAT came at Rs. 56 Cr vs QoQ Rs. 42 Cr, YoY Rs. 46.9 Cr Quarter EPS is Rs. 58 *Jaykay Enterprises Ltd.* | *CMP* Rs. 159 | *M Cap* Rs. 1860 Cr | *52 W H/L* 185/65 (Nirmal Bang Retail Research) *Result is declining* Revenue from Operations came at Rs. 11 Cr (-49.6% QoQ, -63.5% YoY) vs QoQ Rs. 21.7 Cr, YoY Rs. 30 Cr EBIDTA came at Rs. -4.8 Cr (-446.2% QoQ, -3140.9% YoY) vs QoQ Rs. 1.4 Cr, YoY Rs. 0.2 Cr EBITDA Margin came at -43.6% vs QoQ 6.3%, YoY 0.5% Adj. PAT came at Rs. -3.8 Cr vs QoQ Rs. 5.2 Cr, YoY Rs. 5.1 Cr Quarter EPS is Rs. -0.3 Stock is trading at P/E of 289.3x TTM EPS *NBCC (India) Ltd.* | *CMP* Rs. 116 | *M Cap* Rs. 31320 Cr | *52 W H/L* 140/71 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 4625.6 Cr (63.6% QoQ, 15.7% YoY) vs QoQ Rs. 2827 Cr, YoY Rs. 3996.3 Cr EBIDTA came at Rs. 290.1 Cr (103.6% QoQ, 19.2% YoY) vs QoQ Rs. 142.4 Cr, YoY Rs. 243.3 Cr EBITDA Margin came at 6.3% vs QoQ 5%, YoY 6.1% Adj. PAT came at Rs. 271.9 Cr vs QoQ Rs. 138.5 Cr, YoY Rs. 231.7 Cr Quarter EPS is Rs. 1 Stock is trading at P/E of 49.2x TTM EPS *SJVN Ltd.* | *CMP* Rs. 102 | *M Cap* Rs. 40084 Cr | *52 W H/L* 160/81 (Nirmal Bang Retail Research) *Result ok* Revenue from Operations came at Rs. 504.4 Cr (-24.8% QoQ, 4.5% YoY) vs QoQ Rs. 671 Cr, YoY Rs. 482.9 Cr EBIDTA came at Rs. 240.9 Cr (-48% QoQ, 0.5% YoY) vs QoQ Rs. 462.9 Cr, YoY Rs. 239.7 Cr EBITDA Margin came at 47.8% vs QoQ 69%, YoY 49.6% Adj. PAT came at Rs. -127.6 Cr vs QoQ Rs. 149 Cr, YoY Rs. -42.8 Cr Quarter EPS is Rs. -0.3 Stock is trading at P/E of 21.3x FY26E EPS *Mazagon Dock Shipbuilders Ltd.* | *CMP* Rs. 3749 | *M Cap* Rs. 151227 Cr | *52 W H/L* 3749/1045 (Nirmal Bang Retail Research) *Result below Expectation* Lower EBITDA is also on account of higher provision which came at Rs.510.53cr vs QoQ Rs.178.27cr yoY Rs.91.36cr Revenue from Operations came at Rs. 3174.4 Cr (1% QoQ, 2.3% YoY) vs expectation of Rs. 3755.5 Cr, QoQ Rs. 3143.6 Cr, YoY Rs. 3103.7 Cr EBIDTA came at Rs. 90 Cr (-89% QoQ, -82.8% YoY) vs expectation of Rs. 744.2 Cr, QoQ Rs. 817.1 Cr, YoY Rs. 524.1 Cr EBITDA Margin came at 2.8% vs expectation of 19.8%, QoQ 26%, YoY 16.9% Adj. PAT came at Rs. 327 Cr vs expectation of Rs. 699.6 Cr, QoQ Rs. 807 Cr, YoY Rs. 663 Cr Quarter EPS is Rs. 8.1 Stock is trading at P/E of 33.2x FY26E EPS *Gujarat Pipavav Port Ltd.* | *CMP* Rs. 148 | *M Cap* Rs. 7155 Cr | *52 W H/L* 251/121 (Nirmal Bang Retail Research) *Result marginally ahead of Expectation* Revenue from Operations came at Rs. 251.8 Cr (-4.2% QoQ, 0.2% YoY) vs expectation of Rs. 260 Cr, QoQ Rs. 262.9 Cr, YoY Rs. 251.3 Cr EBIDTA came at Rs. 156.7 Cr (13% QoQ, -0.3% YoY) vs expectation of Rs. 147.2 Cr, QoQ Rs. 138.7 Cr, YoY Rs. 157.3 Cr EBITDA Margin came at 62.3% vs expectation of 56.6%, QoQ 52.8%, YoY 62.6% Adj. PAT came at Rs. 109 Cr vs expectation of Rs. 98.8 Cr, QoQ Rs. 94 Cr, YoY Rs. 121.8 Cr Quarter EPS is Rs. 2.3 Stock is trading at P/E of 16.1x FY26E EPS *Power & Instrumentation (Gujarat) Ltd.* | *CMP* Rs. 187 | *M Cap* Rs. 297 Cr | *52 W H/L* 417/3 (Nirmal Bang Retail Research) *Result ok* Revenue from Operations came at Rs. 55.1 Cr (65.1% QoQ, 40.5% YoY) vs QoQ Rs. 33.4 Cr, YoY Rs. 39.2 Cr EBIDTA came at Rs. 5.1 Cr (39.1% QoQ, 31.8% YoY) vs QoQ Rs. 3.7 Cr, YoY Rs. 3.9 Cr EBITDA Margin came at 9.3% vs QoQ 11.1%, YoY 9.9% Adj. PAT came at Rs. 3.1 Cr vs QoQ Rs. 3.1 Cr, YoY Rs. 2.7 Cr Quarter EPS is Rs. 2 Stock is trading at P/E of 24.8x TTM EPS *Amara Raja Energy & Mobility Ltd.* | *CMP* Rs. 1089 | *M Cap* Rs. 19931 Cr | *52 W H/L* 1776/805 (Nirmal Bang Retail Research) *Result below Expectation* Revenue from Operations came at Rs. 2973.9 Cr (-6% QoQ, 6.3% YoY) vs expectation of Rs. 3044.4 Cr, QoQ Rs. 3164 Cr, YoY Rs. 2796.7 Cr EBIDTA came at Rs. 342.2 Cr (-17.7% QoQ, -16.1% YoY) vs expectation of Rs. 409.6 Cr, QoQ Rs. 415.8 Cr, YoY Rs. 407.7 Cr EBITDA Margin came at 11.5% vs expectation of 13.5%, QoQ 13.1%, YoY 14.6% Adj. PAT came at Rs. 166.8 Cr vs expectation of Rs. 220.8 Cr, QoQ Rs. 200.8 Cr, YoY Rs. 228 Cr Quarter EPS is Rs. 9.1 Stock is trading at P/E of 18.4x FY26E EPS