ITC’s topline resilience hinges on FMCG-Others and NewGen channels, while bottomline and margins face structural pressure from taxation, illicit trade, and input costs.
Also see: ITC – ITC Limited – Q4 FY26 Financial Results – 21-May-26
📊 Base Case (50% Probability)
Tax hikes partially offset by pricing, but illicit trade captures 5-10% volume. Agri remains subdued due to geopolitical risks, while FMCG-Others sustains 10% revenue growth. EBITDA grows 5-7% YoY, with margins stable but compressed in Cigarettes/Paperboards.
Continue reading “ITC – ITC Limited – Q4 FY26 Investor Presentation – 21-May-26”BHEL/ Bharat Heavy Electricals’ topline growth hinges on execution velocity and order book conversion; margins depend on indigenization success and cost control; bottomline leveraged to operational scale and R&D ROI.
Also see: BHEL – Bharat Heavy Electricals – Q4 FY26 Financial Results – 4-May-26
📊 Base Case (50% Probability)
Key Variables: 8-9 GW/year execution, EBITDA margins at 9-10%.
Outcome: Revenue CAGR 10-12%, PAT CAGR 15-18%, with stable order inflow (₹60,000-70,000 Cr/year). Diversification offsets power sector cyclicality.
DMART/ Avenue Supermarts’ topline resilience hinges on Foods demand, while margins and bottomline face pressure from FMCG mix erosion and operational leverage limits.
Also see: DMART – Avenue Supermarts – Q4 FY26 Financial Results – 2-May-26
📊 Base Case (50% Probability)
LFL growth ~5-7%, with Foods revenue share stable at ~58%. FMCG mix declines marginally to ~19%, pressuring gross margins. Inventory turnover flat, keeping working capital neutral. ROCE stable but debt leverage limits upside.
Continue reading “DMART – Avenue Supermarts – Q4 FY26 Investor Presentation – 2-May-26”MAZDOCK/ Mazagon Dock Shipbuilders’ topline growth hinges on execution and MoD dependencies, while margins and cash flows are sensitive to indigenization and working capital management.
Also see: MAZDOCK – Mazagon Dock Shipbuilders – Q4 FY26 Financial Results – 30-Apr-26
📊 Base Case (50% Probability)
Key Variables: Moderate delays in P17A, partial success in indigenization, stable MoD budgets.
Outcome: Revenue CAGR 10-12%, EBITDA margins 25-27%, and dividend yield ~3.5%. Order book remains ₹20,000-22,000 Cr with gradual diversification.