Tale of the Tape 

Good evening everyone. The weekend is here!

Markets continued their downward spiral as the Nifty and Sensex closed down for a 6th consecutive week. Trade tensions, FII selling spree and an underwhelming Q1 earnings season have only made matters worse for the bulls. Midcaps (-1.6%) and Smallcaps (-1.5%) got whooped with 4 out of 5 stocks ending in the red on the NSE500.

Not a single sector ended in the green. Real Estate (-2.1%) stocks led the sell-off, followed by Metals (-1.8%) and Auto (-1.4%).

In today’s issue of the Daily Rip, we look at PG Electroplast’s shocking guidance cut, Titan’s Q1 results breakdown, big update for AU Small Finance Bank and latest MSCI changes.

Check out the NSE 500 heatmap:

Earnings
Earnings Roundup

Titan (+2%) was the top Nifty gainer after its Q1 beat Street estimates! Its core jewellery segment grew +19% YoY despite higher gold prices. For the unaware, higher gold prices are a double-edged sword for Titan. It boosts raw material costs and dampens customer appetite. But a big rally can also result in customers betting more on gold as an asset. And that’s exactly what happened in Q1, with Titan citing "average purchase size improvement” helped offset the impact of “elevated gold prices on customer traffic”. To top things off, the company’s watch business saw its best-quarter-ever, which added to the overall performance. PS - Jefferies also hiked its target to Rs 3,800 p/sh (vs Rs 3,600 p/sh earlier)

Here are its key stats:

• Revenue: Rs 16,523 cr; +25% YoY (vs Est: Rs 14,045 cr)

• EBITDA: Rs 1,830 cr; +47% YoY

• EBITDA Margin: 11.1% vs 9.4% last year (vs Est; 10.6%)

• PAT: Rs 1,091 cr; +53% YoY (vs Rs 930 cr)

Big Picture: Titan had a rough FY25, with competition from smaller players + custom duty cut hurting growth. But things are starting to look better this year. That said, keep a careful eye out on margins. If gold prices continue to climb, Titan won't be able to sustain those 11% levels for long.

Titan is +5% over the last year.

PG Electroplast nosedived -16% after a MASSIVE cut to its FY26 guidance. FYI - the company said it now expects YoY topline growth of 17%-19% vs earlier estimates of +30% YoY growth. It also took a sledgehammer to its profit guidance, projecting just a 3%-7% bump vs a whopping +39% growth estimated earlier.

The worst part is that its previous guidance was given just a quarter ago. So WTF happened? It’s not quite clear, but there are cuts to both electronics and its consumer durables biz (AC, washing machines etc). 

We’ll have to wait for the earnings call later today for a fuller picture, but its Q1 was mixed too. Revenue saw double-digit growth on the back of decent room AC & washing machine sales. But higher expenses -- both raw material and financing costs -- ate into profits.

Here is its Q1 report card:

• Revenue: Rs 1,504 cr; +14% YoY

• EBITDA: Rs 121 cr; -7% YoY

• EBITDA Margin: 8% vs 9.9% last year

• PAT: Rs 67 cr; -22% YoY

PG Electroplast is -40% YTD.

Specials
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