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*Zaggle Prepaid Ocean Services Ltd.* | *CMP* Rs. 472 | *M Cap* Rs. 6334 Cr | *52 W H/L* 597/207
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 336.9 Cr (11.3% QoQ, 68.9% YoY) vs QoQ Rs. 302.6 Cr, YoY Rs. 199.5 Cr
EBIDTA came at Rs. 29 Cr (8.4% QoQ, 42% YoY) vs QoQ Rs. 26.7 Cr, YoY Rs. 20.4 Cr
EBITDA Margin came at 8.6% vs QoQ 8.8%, YoY 10.2%
Adj. PAT came at Rs. 19.8 Cr vs QoQ Rs. 20.3 Cr, YoY Rs. 15.2 Cr
Quarter EPS is Rs. 1.5
Stock is trading at P/E of 83.4x TTM EPS

*Dreamfolks Services Ltd.* | *CMP* Rs. 360 | *M Cap* Rs. 1918 Cr | *52 W H/L* 569/358
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 340.1 Cr (7.3% QoQ, 11.5% YoY) vs QoQ Rs. 316.9 Cr, YoY Rs. 305.1 Cr
EBIDTA came at Rs. 23 Cr (-0.5% QoQ, -16% YoY) vs QoQ Rs. 23.1 Cr, YoY Rs. 27.4 Cr
EBITDA Margin came at 6.8% vs QoQ 7.3%, YoY 9%
Adj. PAT came at Rs. 17.2 Cr vs QoQ Rs. 16.1 Cr, YoY Rs. 20.1 Cr
Quarter EPS is Rs. 3.2
Stock is trading at P/E of 28x TTM EPS

*Caplin Point Laboratories Ltd.* | *CMP* Rs. 2222 | *M Cap* Rs. 16890 Cr | *52 W H/L* 2636/1221
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 493 Cr (2% QoQ, 13.2% YoY) vs QoQ Rs. 483.1 Cr, YoY Rs. 435.5 Cr
EBIDTA came at Rs. 162.3 Cr (-1.5% QoQ, 14.1% YoY) vs QoQ Rs. 164.8 Cr, YoY Rs. 142.3 Cr
EBITDA Margin came at 32.9% vs QoQ 34.1%, YoY 32.7%
Adj. PAT came at Rs. 139 Cr vs QoQ Rs. 130.8 Cr, YoY Rs. 117.2 Cr
Quarter EPS is Rs. 18.3
Stock is trading at P/E of 32.8x TTM EPS

*Latent View Analytics Ltd.* | *CMP* Rs. 447 | *M Cap* Rs. 9229 Cr | *52 W H/L* 575/430
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 227.8 Cr (9% QoQ, 37.5% YoY) vs QoQ Rs. 209 Cr, YoY Rs. 165.7 Cr
EBIDTA came at Rs. 50.3 Cr (11.2% QoQ, 36.8% YoY) vs QoQ Rs. 45.3 Cr, YoY Rs. 36.8 Cr
EBITDA Margin came at 22.1% vs QoQ 21.7%, YoY 22.2%
Adj. PAT came at Rs. 41.9 Cr vs QoQ Rs. 39.9 Cr, YoY Rs. 46.5 Cr
Quarter EPS is Rs. 2
Stock is trading at P/E of 55.6x TTM EPS

*Garware Hi-Tech Films Ltd.* | *CMP* Rs. 3265 | *M Cap* Rs. 8554 Cr | *52 W H/L* 5378/1513
(Nirmal Bang Retail Research)
*Result below expectations*
Revenue from Operations came at Rs. 466.4 Cr (-24.8% QoQ, 2.8% YoY) vs QoQ Rs. 620.6 Cr, YoY Rs. 453.6 Cr
EBIDTA came at Rs. 81.2 Cr (-40.7% QoQ, 8.1% YoY) vs QoQ Rs. 136.8 Cr, YoY Rs. 75.1 Cr
EBITDA Margin came at 17.4% vs QoQ 22%, YoY 16.6%
Adj. PAT came at Rs. 60.8 Cr vs QoQ Rs. 104.3 Cr, YoY Rs. 55.9 Cr
Quarter EPS is Rs. 26.2
Stock is trading at P/E o25x TTM EPS

*Mazagon Dock Shipbuilders Ltd.* | *CMP* Rs. 2202 | *M Cap* Rs. 88840 Cr | *52 W H/L* 2930/898
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3143.6 Cr (14% QoQ, 33.1% YoY) vs expectation of Rs. 2977.5 Cr, QoQ Rs. 2756.8 Cr, YoY Rs. 2362.5 Cr
EBIDTA came at Rs. 817.1 Cr (60% QoQ, 51.5% YoY) vs expectation of Rs. 582.3 Cr, QoQ Rs. 510.7 Cr, YoY Rs. 539.2 Cr
EBITDA Margin came at 26% vs expectation of 19.6%, QoQ 18.5%, YoY 22.8%
Adj. PAT came at Rs. 807 Cr vs expectation of Rs. 598 Cr, QoQ Rs. 585.1 Cr, YoY Rs. 626.8 Cr
Quarter EPS is Rs. 20
Stock is trading at P/E of 25x FY26E EPS

*Edelweiss Financial Services Ltd. -C* | *CMP* Rs. 114 | *M Cap* Rs. 10754 Cr | *52 W H/L* 146/59
(Nirmal Bang Retail Research)
*Result is declining*

*_Segment Revenue_*
Capital Based Business came at Rs. 883 Cr vs YoY Rs. 1040 Cr, QoQ Rs. 1233 Cr
Insurance came at Rs. 619 Cr vs YoY Rs. 864 Cr, QoQ Rs. 1032 Cr
ARC came at Rs. 197 Cr vs YoY Rs. 279 Cr, QoQ Rs. 240 Cr
MF came at Rs. 56 Cr vs YoY Rs. 55 Cr, QoQ Rs. 61 Cr
Alternatives came at Rs. 186 Cr vs YoY Rs. 144 Cr, QoQ Rs. 227 Cr
Core Revenue came at Rs. 1688 Cr vs YoY Rs. 1532 Cr, QoQ Rs. 1537 Cr
*_Segment Result_*
Capital Based Business came at Rs. 33 Cr vs YoY Rs. -32 Cr, QoQ Rs. 163 Cr
Insurance came at Rs. -71 Cr vs YoY Rs. -73 Cr, QoQ Rs. -65 Cr
ARC came at Rs. 134 Cr vs YoY Rs. 126 Cr, QoQ Rs. 124 Cr
MF came at Rs. 15 Cr vs YoY Rs. 9 Cr, QoQ Rs. 19 Cr
Alternatives came at Rs. 67 Cr vs YoY Rs. 56 Cr, QoQ Rs. 74 Cr
Reported PBT came at Rs. 181 Cr vs YoY Rs. 89 Cr, QoQ Rs. 319 Cr
PAT came at Rs. 124 Cr vs YoY Rs. 125 Cr, QoQ Rs. 110 Cr
Quarter EPS is Rs. 1.3
Stock is trading at 2.1x trailing P/BV

*Century Plyboards (India) Ltd.* | *CMP* Rs. 870 | *M Cap* Rs. 19319 Cr | *52 W H/L* 939/614
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1140.5 Cr (-3.6% QoQ, 21.7% YoY) vs expectation of Rs. 1112.6 Cr, QoQ Rs. 1183.6 Cr, YoY Rs. 937.4 Cr
EBIDTA came at Rs. 129.5 Cr (16.3% QoQ, 22.1% YoY) vs expectation of Rs. 126.8 Cr, QoQ Rs. 111.3 Cr, YoY Rs. 106.1 Cr
EBITDA Margin came at 11.4% vs expectation of 11.4%, QoQ 9.4%, YoY 11.3%
Adj. PAT came at Rs. 58.5 Cr vs expectation of Rs. 59.6 Cr, QoQ Rs. 40 Cr, YoY Rs. 63.1 Cr
Quarter EPS is Rs. 2.6
Stock is trading at P/E of 43.8x FY26E EPS

BSE Q3 : CONS. NET PROFIT DOWN 35 % AT 225 CR (QOQ) , UP 112 % (YOY)

REVENUE UP 4 % AT 773 CR (QOQ) , UP 108 % (YOY)

EBITDA UP 12 % AT 435 CR (QOQ) , UP 137 % (YOY)

MARGINS AT 56.3 % V 52.1% (QOQ) , 49.4 % (YOY)

*BHARTI AIRTEL Q3*

Net profit at Rs 14781.2 crore versus poll of Rs 5270.0 crore (Exceptional gains 7545.0)

Revenue at Rs 45129.0 crore versus poll of Rs 43300.0 crore

EBITDA at Rs 24880.0 crore versus poll of Rs 24200.0 crore

EBITDA margin at 55.1% versus poll of 55.9%

Mobile ARPU increased to Rs 245 vs Rs 233 QoQ

(Numbers seen better than estimates, operational margins marginally lower than estimates)

*From Importer To Exporter! Indian Toy Story Waiting To Be Told With Plans For Global Hub*
https://www.tice.news/tice-trending/indias-toy-industry-outplays-chinacan-it-sustain-the-winning-streak-8684749
*The rare mention of incentives for the toy industry in the Budget has sparked hopes for their makers.*

* Over the last decade, the Indian toy industry saw a 52% decline in imports and a 239% increase in exports.
* The Indian toy market size was $1.7 billion in 2023 and is expected to hit $4.4 billion by 2032
* Key toy manufacturing hubs include Maharashtra, Gujarat and Delhi.

*Finance minister Nirmala Sitharaman said that the govt will launch a new scheme to boost the toy manufacturing ecosystem in the country to make India a global hub for toys.*

■ On the anvil are toy production clusters that will foster local manufacturing capabilities and innovation along with sustainability.
■ The Centre's scheme will attract FDI, create job opportunities, especially for women in tier 2 and 3 cities, and reduce the migration of workers.
■ The sector underwent change after BIS published several Indian standards on the safety of toys which impacted imports.
■ Govt is now looking to incentivise domestic manufacturing and increase the supply of indigenous toys. It is a huge positive for the sector, and children across the country will benefit.
■ From 2014 to 2020, dedicated efforts to make manufacturing more conducive for the industry led to the doubling of the number of manufacturing units, reduction in dependence on imported inputs from 33% to 12%, increase in gross sales value by a 10% CAGR of 10%, and an overall rise in labour productivity.
■ Over the past few years, India has made significant strides in reducing its reliance on Chinese toys. Thanks to increased tariffs and stricter quality controls, the country has slashed toy imports from China by an impressive 80%.
■ Between FY20 and FY24, India raised the customs duty from 20% to 70%, and enforced the Quality Control Order (QCO), which sets safety standards for all toys.
*■ The results are clear:* In FY20, India imported $235 million worth of Chinese toys, a number that has now plummeted to just $41 million by FY24. India has even become a net exporter of toys, marking a major turning point for the industry.

*On Saturday, Finance Minister Nirmala Sitharaman made history by presenting her eighth consecutive Union Budget, breaking records as she leads the country's economic planning in challenging times. Her achievement places her on track to surpass former Prime Minister Morarji Desai’s record of presenting ten budgets, which he set during his terms as finance minister in the late 1950s and 1960s.*