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Economic Times
4 days ago
- Business
- Economic Times
JM Financial maintains Buy on Welspun Living; lowers target price to Rs 200
JM Financial has maintained Buy call on Welspun Living with a target price of Rs 200. The current market price of Welspun Living is Rs 131.2. The time period given by the analyst is a year when Welspun Living price can reach a defined target. Welspun Living, incorporated in 1985, is a Mid Cap company with a market cap of Rs 12611.90 crore, operating in the Textiles sector. ADVERTISEMENT Welspun Living's key products/revenue segments include Rugs, Blankets & Shawls, Other Operating Revenue and Scrap for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 2648.16 crore, up 4.77% from last quarter Total Income of Rs 2527.69 crore and up 1.20% from last year same quarter Total Income of Rs 2616.72 crore. The company has reported net profit after tax of Rs 133.04 crore in the latest quarter. The company's top management includes Goenka, Mandawewala, Goenka, Jiwani, Poddar, Duggal. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 96 crore shares outstanding. Investment Rationale Welspun Living reported an EBITDA of Rs 3.1 billon, marginally higher than JM Financial estimated EBITDA margin increased to ~11.9% vs 11.3% in 3Q. Margins remained under pressure during the quarter given lower offtake than expected given tariff uncertainty. The company witnessed a cautious approach by customers in 4Q given tariff uncertainty leading to margin pressure; consequently, the company has refrained from giving any guidance for FY26. The company has maintained ~6 months of cotton stock to help stabilize margins in situation of higher raw material costs; pillow plant ramp-up remains on track with current utilization at 31% - revenue from this segment at $15 million in FY25. The flooring business remains under pressure amidst tariffuncertainty - soft flooring to witness revival given India-UK FTA; the capex guidance for FY26 stands at Rs 3 billion with ~Rs 1 billion incurred in 4QFY25 and ~ Rs 7 billion incurred in FY25; Rs 2 billion to be spent towards additional terry towel capacity of 3,600 metric tons taking total capacity to 100ktpa. Net debt as at end of 4QFY25 stood at Rs 16 billion compared to Rs 16.5 billion as at end of 3QFY25. The brokerage believes that a relatively subdued cotton price outlook and GOI?s focus on developing the textile ecosystem is likely to drive earnings trajectory for the company. JM Financial maintains a BUY. Promoter/FII Holdings Promoters held 66.24 per cent stake in the company as of 31-Mar-2025, while FIIs owned 5.35 per cent, DIIs 8.93 per cent. (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
Economic Times
27-05-2025
- Business
- Economic Times
JM Financial maintains Buy on ITC, lowers target price to Rs 500
JM Financial has maintained a Buy call on ITC with a revised target price of Rs 500 (earlier Rs 515). The current market price of ITC is Rs 436.3. The time period given by the analyst is a year when ITC price can reach defined target. ITC, incorporated in 1910, is a Large Cap company with a market cap of Rs 545991.05 crore, operating in the Tobacco sector. ADVERTISEMENT ITC's key products/revenue segments include Packaged Food Item, Paper & Paper Boards, Agricultural Products, Others, Service (Hotel), Tobacco Unmanufactured, Printed Materials, Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 19405.26 crore, up .10 % from last quarter Total Income of Rs 19386.03 crore and up 4.29% from last year same quarter Total Income of Rs 18606.53 crore. The company has reported net profit after tax of Rs 19709.47 crore in the latest quarter. The company?s top management includes Puri, Singh, Marezban Bharucha, Bhargava, Rao, Shankar, Duggal, Banerjee, Nayak, Panray, Mukherjee, Gupta, Kumar Seth, Dutta, Bhargavan, Malik, Subrahmanyam. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 1,251 crore shares outstanding. Investment Rationale ITC?s Mar-Q performance was largely inline both on segmental revenue and profitability. Cigarette net sales grew by 6% led by volume growth of c.5% (similar to Q3) and balance due to mix as no pricing actions were taken by the company. Steady volumes indicate that category remains relatively resilient vs other consumption segments. However, raw material price inflation and lack of price hikes resulted in EBIT growth being lower at c.4%. While tobacco prices have moderated, benefit of the same is likely to be seen in 2H as high cost inventory gets consumed in 1H. FMCG business (sales growth of 5.4% ex Notebooks) remained subdued (growths were weaker than peers like TCPL, Britannia, but better than Nestle) impacted by muted demand conditions and high regional competition in certain categories. High input cost and increased marketing spends led to 214bps YoY decline in EBITDA margins. Among the cyclical businesses ? Agri business performed well while Paperboards performance remained under pressure. Resilient volume growth & taxation stability in Cigarettes is positive; acceleration in EBIT growth will be key monitorable. Similarly, pace of recovery in FMCG needs to be watched due to heightened competitive scenario in Foods. With demerger of Hotels business, the capex intensity will reduce & aid improvement in ROIC. Valuations at 25x/23x FY26/27E are not demanding. JM Financial maintains BUY with revised target price of Rs 500 (26x June?27 EPS). (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
Time of India
27-05-2025
- Business
- Time of India
JM Financial maintains Buy on ITC, lowers target price to Rs 500
JM Financial has maintained a Buy call on ITC with a revised target price of Rs 500 (earlier Rs 515). The current market price of ITC is Rs 436.3. The time period given by the analyst is a year when ITC price can reach defined target. ITC, incorporated in 1910, is a Large Cap company with a market cap of Rs 545991.05 crore, operating in the Tobacco sector. ITC's key products/revenue segments include Packaged Food Item, Paper & Paper Boards, Agricultural Products, Others, Service (Hotel), Tobacco Unmanufactured, Printed Materials, Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 19405.26 crore, up .10 % from last quarter Total Income of Rs 19386.03 crore and up 4.29% from last year same quarter Total Income of Rs 18606.53 crore. The company has reported net profit after tax of Rs 19709.47 crore in the latest quarter. The company?s top management includes Puri, Singh, Marezban Bharucha, Bhargava, Rao, Shankar, Duggal, Banerjee, Nayak, Panray, Mukherjee, Gupta, Kumar Seth, Dutta, Bhargavan, Malik, Subrahmanyam. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 1,251 crore shares outstanding. Investment Rationale ITC?s Mar-Q performance was largely inline both on segmental revenue and profitability. Cigarette net sales grew by 6% led by volume growth of c.5% (similar to Q3) and balance due to mix as no pricing actions were taken by the company. Steady volumes indicate that category remains relatively resilient vs other consumption segments. However, raw material price inflation and lack of price hikes resulted in EBIT growth being lower at c.4%. While tobacco prices have moderated, benefit of the same is likely to be seen in 2H as high cost inventory gets consumed in 1H. FMCG business (sales growth of 5.4% ex Notebooks) remained subdued (growths were weaker than peers like TCPL, Britannia, but better than Nestle) impacted by muted demand conditions and high regional competition in certain categories. High input cost and increased marketing spends led to 214bps YoY decline in EBITDA margins. Among the cyclical businesses ? Agri business performed well while Paperboards performance remained under pressure. Resilient volume growth & taxation stability in Cigarettes is positive; acceleration in EBIT growth will be key monitorable. Similarly, pace of recovery in FMCG needs to be watched due to heightened competitive scenario in Foods. With demerger of Hotels business, the capex intensity will reduce & aid improvement in ROIC. Valuations at 25x/23x FY26/27E are not demanding. JM Financial maintains BUY with revised target price of Rs 500 (26x June?27 EPS).
Economic Times
26-05-2025
- Business
- Economic Times
Axis Securities maintains Buy on ITC, target price Rs 500
ITC's key products/revenue segments include Packaged Food Item, Paper & Paper Boards, Agricultural Products, Others, Service (Hotel), Tobacco Unmanufactured, Printed Materials, Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 19405.26 crore, up .10% from last quarter Total Income of Rs 19386.03 crore and up 4.29 % from last year same quarter Total Income of Rs 18606.53 crore. The company has reported net profit after tax of Rs 19709.47 crore in latest quarter. The company?s top management includes Puri, Singh, Marezban Bharucha, Bhargava, Rao, Shankar, Duggal, Banerjee, Nayak, Panray, Mukherjee, Gupta, Kumar Seth, Dutta, Bhargavan, Malik, Subrahmanyam. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 1,251 crore shares outstanding. Live Events Investment Rationale ITC?s cigarette revenue growth was strong at 6% YoY, led by 4% volume growth, while EBIT grew 4% YoY. EBIT margins declined by 120 bps YoY to 60.9% owing to higher RM (tobacco). However, this was partly offset by the improved mix and strategic cost savings. Axis Securities believes ITC?s long-term growth outlook remains intact. The stock is currently trading at 20x FY27E EPS, providing a margin of safety compared to peers. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Axis Securities has maintained its Buy call on ITC with a target price of Rs 500. The current market price of ITC is Rs 436.3. ITC, incorporated in 1910, is a Large Cap company with a market cap of Rs 545991.05 crore, operating in the Tobacco key products/revenue segments include Packaged Food Item, Paper & Paper Boards, Agricultural Products, Others, Service (Hotel), Tobacco Unmanufactured, Printed Materials, Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 19405.26 crore, up .10% from last quarter Total Income of Rs 19386.03 crore and up 4.29 % from last year same quarter Total Income of Rs 18606.53 crore. The company has reported net profit after tax of Rs 19709.47 crore in latest company?s top management includes Puri, Singh, Marezban Bharucha, Bhargava, Rao, Shankar, Duggal, Banerjee, Nayak, Panray, Mukherjee, Gupta, Kumar Seth, Dutta, Bhargavan, Malik, Subrahmanyam. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 1,251 crore shares cigarette revenue growth was strong at 6% YoY, led by 4% volume growth, while EBIT grew 4% YoY. EBIT margins declined by 120 bps YoY to 60.9% owing to higher RM (tobacco). However, this was partly offset by the improved mix and strategic cost savings. Axis Securities believes ITC?s long-term growth outlook remains intact. The stock is currently trading at 20x FY27E EPS, providing a margin of safety compared to peers. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
Economic Times
07-05-2025
- Business
- Economic Times
I-Sec maintains Reduce on Avenue Supermarts, revises target price to Rs 3,500
Agencies Avenue Supermarts' key products/revenue segments include Income from Retailing and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 14896.91 crore, down -6.88 % from last quarter Total Income of Rs 15996.69 crore and up 16.71% from last year same quarter Total Income of Rs 12764.42 crore. The company has reported net profit after tax of Rs 550.79 crore in latest quarter. The company?s top management includes Bhave, Navil Noronha, Baheti, Machado, Chandak, Unadkat. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 65 crore shares outstanding. Live Events Investment Rationale ICICI Securities largely maintains its earnings estimates, modelling revenue/ EBITDA/PAT CAGR of 18%/18%/18% over FY25-27E. The brokerage retains REDUCE with a DCF-based revised target price of Rs 3,500 (vs Rs 3,200). Key upside risks are a) significant improvement in the recovery of general merchandise and apparel, and b) lower competitive intensity from quick commerce. Key downside is lower-than-expected retail expansion. Promoter/FII Holdings Promoters held 74.65 per cent stake in the company as of 31-Mar-2025, while FIIs owned 8.18 per cent, DIIs 9.08 per cent. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ICICI Securities has maintained its Reduce call on Avenue Supermarts with a revised target price of Rs 3,500 (Rs 3,200 earlier). The current market price of Avenue Supermarts is Rs 4028. Avenue Supermarts, incorporated in 2000, is a Large Cap company with a market cap of Rs 260852.86 crore, operating in the Retail Supermarts' key products/revenue segments include Income from Retailing and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 14896.91 crore, down -6.88 % from last quarter Total Income of Rs 15996.69 crore and up 16.71% from last year same quarter Total Income of Rs 12764.42 crore. The company has reported net profit after tax of Rs 550.79 crore in latest company?s top management includes Bhave, Navil Noronha, Baheti, Machado, Chandak, Unadkat. Company has S R B C & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 65 crore shares Securities largely maintains its earnings estimates, modelling revenue/ EBITDA/PAT CAGR of 18%/18%/18% over FY25-27E. The brokerage retains REDUCE with a DCF-based revised target price of Rs 3,500 (vs Rs 3,200). Key upside risks are a) significant improvement in the recovery of general merchandise and apparel, and b) lower competitive intensity from quick commerce. Key downside is lower-than-expected retail held 74.65 per cent stake in the company as of 31-Mar-2025, while FIIs owned 8.18 per cent, DIIs 9.08 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
