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JTL Industries is amongst the fastest-growing steel tube manufacturers, with its registered office located in Chandigarh. The company is a recognised Star Export House, and its product offering includes GI pipes, MS black pipes, hollow sections and solar structures amongst others. As per its Quarterly Results, the company reported net sales of ₹451.43 crore and net profit of ₹24.94 crore in Q3FY25. 

Looking at its nine-month results, the company reported net sales of `1,446.36 crore and a net profit of `82 crore in 9MFY25. JTL is well-positioned to capitalise on India’s infrastructure development. Recent capacity expansions, including the Raipur plant and upcoming DFT technology signal a commitment to growth and value-added products. Securing a significant order for the Jal Jeevan Mission further strengthens the company’s order book. While near-term challenges like fluctuating steel prices exist, the management’s optimistic outlook, coupled with a strong cash position and zero debt, suggests a positive long-term trajectory. The planned consolidation of Nabha Steel will also improve financial transparency. 

Hence, we recommend HOLD. 

Info Edge (India) is the country’s premier online classified company with a portfolio of brands. It owns various brands in different fields like naukri.com (online recruitment), 99acres.com (online real estate), jeevansathi.com (online matrimonial) as well as shiksha.com (online education information services). It also acts as an investor and has invested in many start-ups in the online space while actively growing its investment portfolio. In its quarterly results (Q3FY25), the company reported net sales of `722 crore and net profit of `288 crore while in its nine-month results (9MFY25), the company reported net sales of `2,100 crore and net profit of `632 crore. 

The company presents a compelling investment case, demonstrating robust financial performance with consistent YoY growth in billings, revenue and operating profits. Strong cash generation and expanding operating margins further underscore its financial health. The recruitment segment, driven by IT and non-IT hiring, continues to be a key growth engine. Positive developments in the real estate and matrimony segments, coupled with strategic AI initiatives enhancing productivity and engagement, signal promising future prospects. Hence, we recommend HOLD. 

Satin Creditcare Network (SCNL) is a prominent microfinance institution (MFI) operating in 23 states and union territories across India, reaching approximately 95,000 villages. SCNL provides a variety of financial services, including microfinance for income generation, housing finance, and loans to micro, small and medium-sized enterprises (MSMEs). Additionally, the company offers social impact financing through product and water, sanitation, and hygiene (WASH) loans. In its quarterly results, the company posted an increase in net sales by 15 per cent to `684.07 crore while its net profit decreased by 87 per cent to `14.26 crore in Q3FY25 as compared to Q3FY24. 

Looking at its nine-month results, the net sales increased by 24 per cent to `1,974 crore and net profit decreased by 47 per cent to `164.23 crore in 9MFY25 as compared to 9MFY24. PAR 1 improved to 6.4 per cent, significantly below the industry average. The company emphasised profitability and credit discipline over aggressive growth. Its AUM reached `12,128 crore at 10 per cent YoY growth. Disbursements were `7,568 crore for 9MFY25. A cautious approach is being taken in Karnataka, while Uttar Pradesh and Bihar showed strong performance. 

The company’s financials appear healthy, with a notable improvement in net fresh PAR flow. This metric has significantly decreased from 1.61 per cent in October 2024 to 0.45 per cent in January 2025. As of December 2024, the company has maintained sufficient on-book provisions of `322 crore, representing 3.9 per cent of the on-book portfolio. This comfortably exceeds the Reserve Bank of India’s required provision of ₹136 crore. Furthermore, the management has added an overlay of `16 crore for provisions, building a buffer for the future quarters. However, a recent decline in finance margin during Q3 has impacted the net profit and broader market weakness has also put downward pressure on the stock price. Hence, we recommend AVOID. 
 

Rail Vikas Nigam Ltd (RVNL) is an Indian central public sector enterprise established in 2003. Functioning as the construction arm of the Ministry of Railways, RVNL undertakes a wide range of rail infrastructure projects, including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, and production units. The company is responsible for the entire project cycle, from design and planning to execution and commissioning. 

As per its quarterly results, net sales decreased by 2.6 per cent to ₹4,567.38 crore and net profit declined by 13.2 per cent to ₹311.44 crore in Q3FY25 compared to Q3FY24. In its ninemonth results, net sales decreased by 11.1 per cent to ₹13,496.13 crore and net profit declined by 25 per cent to ₹822.23 crore in 9MFY25 compared to 9MFY24. In its annual results, net sales increased by 8 per cent to ₹21,889.23 crore and net sales increased by 16.5 per cent to ₹1,469.53 crore in FY24 as compared to FY23. 

The company has a market capitalisation of over ₹65,000 crore. In December 2024, FIIs increased their stake to 5.10 per cent compared to September 2024. As of December 2024, the President of India owns a 72.84 per cent stake and Life Insurance Corporation of India owns a 5.81 per cent stake. The company demonstrates solid fundamentals. 

This is highlighted by a significant reduction in borrowings from ₹6,643 crore in March 2022 to ₹6033 crore in March 2024. Furthermore, the company has increased its fixed assets from ₹366 crore in March 2023 to ₹441 crore. Securing projects for Kavach equipment, railway projects and the Koraput-Singapur Road doubling project are positive developments in favour of the company. While its recent share price declines are attributable to weak market sentiment, the company’s long-term growth prospects remain promising, fuelled by the growing demand for railway infrastructure in India. Hence, we recommend HOLD. 
 

Tata Power, a leading integrated power company, has a diverse portfolio of over 14,000 MW spanning the entire power spectrum. This includes renewable and conventional energy generation, transmission, distribution, trading, storage solutions, and solar cell and module manufacturing. Committed to carbon neutrality before 2045, Tata Power has established India’s most comprehensive clean energy platform, offering rooftop solar solutions, microgrids, storage solutions, electric vehicle (EV) charging stations, and home automation systems. As per its quarterly results, the net sales increased by 5 per cent to ₹15,391.06 crore and net profit increased by 23 per cent to ₹1,001.36 crore in Q3FY25 compared to Q3FY24. 

In its nine-month results, the net sales increased by 6 per cent to ₹48,383 crore and net profit increased by 15 per cent to ₹2,758 crore in 9MFY25 compared to 9MFY24. Looking at its annual results, the net sales increased by 12 per cent to ₹61,449 crore and net profit increased by 408 per cent to ₹3,103 crore in FY24 compared to FY23. With a robust order book of ₹13,556 crore as of December 31, 2024 and a market capitalisation of over ₹1 lakh crore, Tata Power is poised for an electrifying future. The company is driven by India’s rising power demand and its strategic focus on clean energy. 

Consistent PAT growth for 21 consecutive quarters, robust renewable EBITDA growth, and a thriving rooftop solar business exceeding `500 crore in revenue highlight strong financial performance. Government initiatives supporting solar and nuclear power, coupled with Tata Power’s aggressive expansion plans targeting 70 per cent clean energy by 2030 position the company for substantial long-term growth. While challenges exist, particularly in nuclear power and EPC project accounting, the overall outlook remains positive, fuelled by substantial capex investments and a commitment to disciplined financial management. Hence, we recommend BUY. 

Bharat Electronics (BEL), established in 1954, is a prominent Indian government-owned defence PSU. It specialises in manufacturing electronic products and systems for the Indian armed forces, encompassing radars, missile systems, communication technologies, electronic warfare systems, avionics, naval systems and tank electronics. While primarily focused on defence, BEL also offers civilian solutions in cybersecurity, e-mobility, railways and e-governance. The company has announced impressive financial results for the third quarter of FY 2024-25. It has achieved a turnover of ₹5,643.25 crore, a substantial 36.97 per cent increase compared to ₹4,120.10 crore recorded during the same period in the previous fiscal year. 

The profit after tax (PAT) also saw a significant rise, reaching ₹1,316.06 crore, a 47.33 per cent jump from ₹893.30 crore achieved in the same quarter last year. For the cumulative period up to the third quarter of FY 2024-25, BEL’s performance remains strong. The company’s total turnover reached ₹14,173.68 crore, compared to ₹11,484.92 crore in the corresponding period of the previous year. PAT rose to ₹3,183.47 crore from ₹2,236.48 crore in the same period last year. 

BEL offers a strong investment opportunity within the defence sector. A robust order book, including significant projects like QRSAM (₹25,000-₹30,000 crore) and MRSAM | MFSTAR (₹14,000-₹15,000 crore), fuels strong revenue growth projections of over 15 per cent for FY25. Consistent gross margins (42-44 per cent) and EBITDA margins (23-25 per cent) further demonstrate financial strength. Strategic expansion into the non-defence sector (cybersecurity, homeland security, telecom) targeting 20-25 per cent revenue contribution within five years adds another layer of growth potential. Successful execution of large projects and technological advancements solidifies BEL’s market leadership. Hence, we recommend HOLD. 

(Closing price as of April 11, 2025) 

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