Mahindra Holidays & Resorts India consolidated net profit declines 11.27% in the March 2025 quarter
Net profit of Mahindra Holidays & Resorts India declined 11.27% to Rs 73.08 crore in the quarter ended March 2025 as against Rs 82.36 crore during the previous quarter ended March 2024. Sales declined 2.67% to Rs 778.83 crore in the quarter ended March 2025 as against Rs 800.19 crore during the previous quarter ended March 2024.
For the full year,net profit rose 10.45% to Rs 127.59 crore in the year ended March 2025 as against Rs 115.52 crore during the previous year ended March 2024. Sales rose 2.82% to Rs 2780.85 crore in the year ended March 2025 as against Rs 2704.60 crore during the previous year ended March 2024.
Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 778.83800.19 -3 2780.852704.60 3 OPM % 26.2423.42 - 20.7818.98 - PBDT 194.28195.14 0 558.54496.13 13 PBT 102.41109.10 -6 192.53159.52 21 NP 73.0882.36 -11 127.59115.52 10
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Economic Times
an hour ago
- Economic Times
Sorbh Gupta explains why it's a good time to look at smallcap stocks
Tired of too many ads? Remove Ads Edited excerpts from a chat: The market seems to be inching towards new record highs, but are we pricing in too much hope and too little risk? Where do you think we are in the cycle? You've launched a smallcap fund NFO when many smallcaps are still licking their wounds from the brutal correction that began last year. What makes you positive at this stage on smallcaps? Tired of too many ads? Remove Ads How do you separate turnaround stories from value traps? Especially in a space where promoter pledges and poor governance often go unnoticed until it's too late? Everyone talks of forensic filters and governance frameworks. What's your team's actual red flag checklist when it comes to smallcaps? Tired of too many ads? Remove Ads Which sectors or themes within small caps are looking mispriced to you right now and what's your favourite contrarian bet? What is going to be the diversification strategy in the Smallcap Fund? How many stocks would you want to own in a typical market phase without over-diversifying but spreading risk across counters? Despite the recent rally in smallcaps , a deeper dive reveals a tale of two markets. While headline numbers suggest exuberance, Sorbh Gupta , Head-Equity at Bajaj Finserv AMC , points to a more nuanced reality: nearly two-thirds of small-cap stocks remain significantly beaten down from their this conversation, Gupta explains why this divergence creates a fertile ground for active stock pickers, how his team's forensic approach weeds out value traps, and which emerging sectors offer the most compelling opportunities in today's small-cap markets are approaching record highs, earnings are also moving higher. We believe there is a cyclical recovery, which should push corporate earnings growth higher. During the initial phase of the upcycle, some stocks may appear expensive. However, as growth catches up, these stocks become attractive. We believe that at this stage, the market is neither completely cheap nor expensive. Following the correction between September and March, several pockets of valuation comfort have emerged. Within these, one can find quality businesses with reasonable valuations and strong growth outlooks for building a decent equity universe for small caps includes companies with a market cap above Rs 2,000 crore, giving us an extended universe of around 900 stocks. As of May 31, out of those 900, nearly 600 companies were down more than 25% from their 52-week highs. So, while there are concerns that small-cap levels are elevated, there's a long tail within the category that hasn't you look at the Nifty Small Cap 250 index and track the bull market that began around the Silicon Valley Bank crisis, the index has doubled since then. This index spans 52 industries, of which only 17 have outperformed the index, while 35 have underperformed and have recorded lower returns in comparison to the index. It's a fairly level market and a heterogeneous one at that. It's a good environment for active stock selection. This is the near-term reason why I believe this is a good time to look at small caps and curate a decent active does 'value' mean in your smallcap universe? Low PE stocks that come within the parameters of quality and growth appear to be value, in our small-cap universe, we refer to companies trading below their intrinsic value. These are often businesses where the long-term growth outlook remains intact, but near-term mispricing creates an opportunity. In some cases, even quality companies with strong growth potential may appear optically expensive on a price-to-earnings basis. However, the market may be underestimating their ability to scale, expand market share or deliver higher return on for us, any stock trading below its intrinsic value qualifies as a value opportunity; however, only after passing through our filters of quality and small caps space, we believe the most important part is eliminating rather than selecting. Our holistic approach towards careful stock selection helps us filter out the best of the best. So, we eliminate at the first level. The first level of quality comes as forensic research, where we'll eliminate bad management, with a bad track record on related party transactions and those that have litigation we come to the quality, growth, and value triangle. That is, the quality of the business, the industry growth it offers, and the valuation it is available at. Among these, the most sacrosanct is quality. Once we test for quality in terms of governance and fundamentals, then we look at the business's ability to gain market share and maintain profitability, growth, return ratios, and capital efficiency. Lastly, we assess value versus growth, looking at the have built an internal forensic team. Out of the 900 stocks we see from the small-cap broader universe, there is a strong list of eliminations that we'll do based on the forensic analysis that we perform. As part of this, we will conduct extensive data-based checks, examine related party transactions, go through auditors and auditor reports, assess who the bankers are, and review other regulatory filings of the company. This allows us to filter out companies where we don't want to we begin with this first level of negative screening, and then move to the positive, where we look at quality, value, and growth. There we will take a look at the quality of the business, the growth that it offers and the industry growth along with the valuations it is available are seeing opportunities emerging in small caps that are unique to the segment. Over the last three to five years, new industries have emerged due to government reforms, technology, and structural changes. These naturally lack large-cap representation since the sectors themselves are still these, the defence looks like a great opportunity, though we have to be careful and selective because valuations have gone through the roof in some cases. Similarly, opportunities in power equipment are opening up, with the government planning significant investments over the next five to seven years. which opens up a space. The online marketplace space is gaining momentum. That opportunity was never there seven or eight years ago. Also, electric vehicles, a space that did not have investable opportunities earlier, now represent a growing I mentioned, any company with a market cap of more than ₹2,000 crore is part of our broad universe, which includes close to 900 small caps. From there, we filter. We are looking at anywhere between 40 to 100 stocks. The plan is to be quite well general view in the market is that the Q4 earnings season was relatively better for midcaps rather than smallcaps. What is the kind of earnings growth that you are expecting from small caps in general in FY26?So far in FY26, we've seen easing monetary policy, rate cuts, higher liquidity, and earlier tax reductions. All of these developments support a cyclical recovery in the Indian economy. This should begin reflecting in corporate earnings going medium-term equity outlook appears positive, particularly for the broader caution is advised in export-oriented sectors due to U.S. economic uncertainty and potential tariff impacts. Geopolitical risks may also cause intermittent the economy picks up, smaller businesses and broader market participants tend to benefit. The small-cap space, especially after the recent correction, looks promising with bottom-up opportunities. Investors may consider quality small-cap funds to tap into long-term growth.
Time of India
an hour ago
- Time of India
Sorbh Gupta explains why it's a good time to look at smallcap stocks
Despite the recent rally in smallcaps , a deeper dive reveals a tale of two markets. While headline numbers suggest exuberance, Sorbh Gupta , Head-Equity at Bajaj Finserv AMC , points to a more nuanced reality: nearly two-thirds of small-cap stocks remain significantly beaten down from their peaks. In this conversation, Gupta explains why this divergence creates a fertile ground for active stock pickers, how his team's forensic approach weeds out value traps, and which emerging sectors offer the most compelling opportunities in today's small-cap landscape. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you have a mouse, play this game for 1 minute Navy Quest Undo Edited excerpts from a chat: The market seems to be inching towards new record highs, but are we pricing in too much hope and too little risk? Where do you think we are in the cycle? While markets are approaching record highs, earnings are also moving higher. We believe there is a cyclical recovery, which should push corporate earnings growth higher. During the initial phase of the upcycle, some stocks may appear expensive. However, as growth catches up, these stocks become attractive. We believe that at this stage, the market is neither completely cheap nor expensive. Following the correction between September and March, several pockets of valuation comfort have emerged. Within these, one can find quality businesses with reasonable valuations and strong growth outlooks for building a decent portfolio. You've launched a smallcap fund NFO when many smallcaps are still licking their wounds from the brutal correction that began last year. What makes you positive at this stage on smallcaps? Live Events Our equity universe for small caps includes companies with a market cap above Rs 2,000 crore, giving us an extended universe of around 900 stocks. As of May 31, out of those 900, nearly 600 companies were down more than 25% from their 52-week highs. So, while there are concerns that small-cap levels are elevated, there's a long tail within the category that hasn't performed. If you look at the Nifty Small Cap 250 index and track the bull market that began around the Silicon Valley Bank crisis, the index has doubled since then. This index spans 52 industries, of which only 17 have outperformed the index, while 35 have underperformed and have recorded lower returns in comparison to the index. It's a fairly level market and a heterogeneous one at that. It's a good environment for active stock selection. This is the near-term reason why I believe this is a good time to look at small caps and curate a decent active portfolio. What does 'value' mean in your smallcap universe? Low PE stocks that come within the parameters of quality and growth appear to be rare. By value, in our small-cap universe, we refer to companies trading below their intrinsic value. These are often businesses where the long-term growth outlook remains intact, but near-term mispricing creates an opportunity. In some cases, even quality companies with strong growth potential may appear optically expensive on a price-to-earnings basis. However, the market may be underestimating their ability to scale, expand market share or deliver higher return on equity. Altogether, for us, any stock trading below its intrinsic value qualifies as a value opportunity; however, only after passing through our filters of quality and governance. How do you separate turnaround stories from value traps? Especially in a space where promoter pledges and poor governance often go unnoticed until it's too late? In small caps space, we believe the most important part is eliminating rather than selecting. Our holistic approach towards careful stock selection helps us filter out the best of the best. So, we eliminate at the first level. The first level of quality comes as forensic research, where we'll eliminate bad management, with a bad track record on related party transactions and those that have litigation issues. Then we come to the quality, growth, and value triangle. That is, the quality of the business, the industry growth it offers, and the valuation it is available at. Among these, the most sacrosanct is quality. Once we test for quality in terms of governance and fundamentals, then we look at the business's ability to gain market share and maintain profitability, growth, return ratios, and capital efficiency. Lastly, we assess value versus growth, looking at the risk-reward. Everyone talks of forensic filters and governance frameworks. What's your team's actual red flag checklist when it comes to smallcaps? We have built an internal forensic team. Out of the 900 stocks we see from the small-cap broader universe, there is a strong list of eliminations that we'll do based on the forensic analysis that we perform. As part of this, we will conduct extensive data-based checks, examine related party transactions, go through auditors and auditor reports, assess who the bankers are, and review other regulatory filings of the company. This allows us to filter out companies where we don't want to invest. So, we begin with this first level of negative screening, and then move to the positive, where we look at quality, value, and growth. There we will take a look at the quality of the business, the growth that it offers and the industry growth along with the valuations it is available at. Which sectors or themes within small caps are looking mispriced to you right now and what's your favourite contrarian bet? We are seeing opportunities emerging in small caps that are unique to the segment. Over the last three to five years, new industries have emerged due to government reforms, technology, and structural changes. These naturally lack large-cap representation since the sectors themselves are still new. Among these, the defence looks like a great opportunity, though we have to be careful and selective because valuations have gone through the roof in some cases. Similarly, opportunities in power equipment are opening up, with the government planning significant investments over the next five to seven years. which opens up a space. The online marketplace space is gaining momentum. That opportunity was never there seven or eight years ago. Also, electric vehicles, a space that did not have investable opportunities earlier, now represent a growing ecosystem. What is going to be the diversification strategy in the Smallcap Fund? How many stocks would you want to own in a typical market phase without over-diversifying but spreading risk across counters? As I mentioned, any company with a market cap of more than ₹2,000 crore is part of our broad universe, which includes close to 900 small caps. From there, we filter. We are looking at anywhere between 40 to 100 stocks. The plan is to be quite well diversified. The general view in the market is that the Q4 earnings season was relatively better for midcaps rather than smallcaps. What is the kind of earnings growth that you are expecting from small caps in general in FY26? So far in FY26, we've seen easing monetary policy, rate cuts, higher liquidity, and earlier tax reductions. All of these developments support a cyclical recovery in the Indian economy. This should begin reflecting in corporate earnings going forward. The medium-term equity outlook appears positive, particularly for the broader markets. However, caution is advised in export-oriented sectors due to U.S. economic uncertainty and potential tariff impacts. Geopolitical risks may also cause intermittent volatility. As the economy picks up, smaller businesses and broader market participants tend to benefit. The small-cap space, especially after the recent correction, looks promising with bottom-up opportunities. Investors may consider quality small-cap funds to tap into long-term growth.
Time of India
an hour ago
- Time of India
Sebi action on Jane Street highlights 3 aspects of market: Uday Kotak
In the wake of market regulator Sebi 's sweeping crackdown on U.S. trading firm Jane Street , billionaire banker and founder of Kotak Mahindra Bank , Uday Kotak , has flagged three key concerns about the structure of India's stock markets. He cautioned against the rising dominance of money power, the widening gap between single-stock and index derivatives liquidity, and business models that prioritise volumes over fundamentals. 'Recent stock market actions signify 3 aspects: money power, low liquidity in single stocks vs. index derivatives, exchange, broker business models linked to volume, less to fundamentals. Primary role of market is to promote capital formation, fair price discovery,' Kotak posted on X (formerly Twitter) on Saturday, July 5. Recent stock market actions signify 3 aspects: money power, low liquidity in single stocks derivatives, exchange, broker business models linked to volume, less to fundamentals. Primary role of market is to promote capital formation, fair price discovery. — Uday Kotak (@udaykotak) July 5, 2025 Link to the post: Kotak's remarks come a day after the Securities and Exchange Board of India (Sebi) barred Jane Street Group and four affiliated entities from India's securities market and ordered a freeze on Rs 4,840 crore in alleged unlawful gains. A crackdown on expiry-day manipulation In a 105-page interim order issued Friday, Sebi accused Jane Street of deploying high-volume, cross-segment strategies to manipulate the Nifty and Bank Nifty indices, misleading retail traders and booking massive profits from index options. The regulator said the firm generated more than Rs 36,500 crore in net profits in India between January 2023 and March 2025, of which Rs 43,289 crore came from index options alone. The order said Jane Street used a strategy called 'Intra-day Index Manipulation' on 15 of the 18 expiry days Sebi examined, which involved buying large quantities of index constituent stocks in the morning to artificially push up prices, while holding large bearish bets in the derivatives market. These trades were later reversed to drive down prices, profiting from the fall. On January 17, 2024, a day Sebi described in detail, the firm allegedly bought Rs 4,370 crore worth of Bank Nifty stocks in the morning, creating a misleading sense of strength. At the same time, it built Rs 32,114.96 crore worth of bearish options positions. By the afternoon, it reversed its cash market trades, pushing the index lower and booking Rs 734.93 crore in profit from derivatives, its biggest single-day gain in Indian markets. 'The sales are aggressive, in a manner that pushes down prices in the component stocks and hence index. JS Group books losses in intraday cash/futures market trading,' the order said. 'Profits in index options more than compensate for the JS Group's losses.' Also read | Rs 735 crore in 1 day! Jane Street's most profitable day on Dalal Street was built on Nifty Bank's fall Repeated warnings, mounting concerns Sebi said it first began reviewing Jane Street's trades in April 2024, and issued a cautionary letter in February 2025 through the National Stock Exchange (NSE), warning the firm to avoid such patterns. Despite this, 'JS Group continued with similar trades, in disregard of the caution letter from the Exchange… and JS Group's own commitments,' the regulator noted. On three other expiry days, the firm allegedly deployed an 'Extended Marking the Close' strategy, placing large sell orders in the final minutes of trading to depress index levels, thereby benefiting short-call or long put positions. Sebi wrote that the firm was 'consistently running what appeared to be by far the largest risks in 'cash equivalent' terms in F&O particularly on index option expiry days,' and that other traders were 'unaware of all this, and were hence enticed to deal at a time that the Nifty Bank itself was being artificially and temporarily propped up.' Jane Street responds Jane Street has denied any wrongdoing. 'Jane Street disputes the findings of the SEBI interim order and will further engage with the regulator,' the firm said in an emailed response to Reuters. It added that it is committed to operating in compliance with regulations globally. The company, which began its India operations in December 2020, has 21 days to respond to the Sebi order or challenge it before the Securities Appellate Tribunal. As of Friday, four Jane Street-linked entities — JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading Ltd — have been prohibited from buying, selling, or dealing in Indian securities, and their accounts have been placed under a debit freeze. How Sebi's crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings Kotak's post echoes broader concerns raised by Sebi in its investigation: that the market has tilted too far in favour of high-frequency, algorithmic strategies, while retail investors trade on distorted signals. The regulator pointed to a growing imbalance, where foreign and proprietary traders made over Rs 610 billion in FY24 through such strategies, nearly matching the losses absorbed by retail participants.
