External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

<ul><li>In the backdrop of the company’s positive long-term fundamentals, we value the stock at 24x FY26EPS (earlier 22x FY26E EPS).</li><li>However, in the short term, domestic and export demand for the tractor industry will be under pressure and the construction equipment industry will also witness uncertainty.</li><li>Hence, awaiting more clarity, we maintain our HOLD rating on the stock with a limited upside potential of 2% from the CMP. We suggest a ‘BUY on DIP’ strategy for the stock</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In the backdrop of the company’s positive long-term fundamentals, we value the stock at 24x FY26EPS (earlier 22x FY26E EPS).However, in the short term, domestic and export demand for the tractor industry will be under pressure and the construction equipment industry will also witness uncertainty.Hence, awaiting more clarity, we maintain our HOLD rating on the stock with a limited upside potential of 2% from the CMP. We suggest a ‘BUY on DIP’ strategy for the stockContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Escorts Kubota Ltd - Strong Q4 EBITDA Margins Led by Growth in the CE Business

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

<ul><li>AILreported revenue growth of 7.1% YoY and outpaced the IPM’s growth of 6% in Q4FY24.</li><li>While Chronic growth halved to 6%, Acute therepy segement continued its muted performance in the last quarter.</li><li>The compnay achieved higher sales growth on accoutnt of a change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 8.3%, 10.8% and 13.3% respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AILreported revenue growth of 7.1% YoY and outpaced the IPM’s growth of 6% in Q4FY24.While Chronic growth halved to 6%, Acute therepy segement continued its muted performance in the last quarter.The compnay achieved higher sales growth on accoutnt of a change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 8.3%, 10.8% and 13.3% respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Abbott India Ltd - Highest-Ever EBITDA Margins

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Grindwell Norton Limited manufactures abrasive products, including bonded and coated abrasives. The Company also manufactures silicon carbide and aluminum oxide, as well as industrial ceramics. Grindwell Norton also operates through a joint venture which manufactures a wide range of centralized lubrication systems (CLS).

<ul><li>Prabhudas Lilladher's research report onGrindwell Norton Grindwell Norton (GWN) reported a muted quarter with revenue growing 4.0% YoY and EBITDA margin dipping 136bps YoY to 18.1%.</li><li>During FY24, Abrasives revenue rose 6.5% YoY to Rs13.6bn with EBIT margin of 13.9% (vs 14.1% in FY23).</li><li>Ceramics &amp; Plastics segment reported 3.9% YoY revenue growth in FY24 to Rs9.4bn, while EBIT margin declined by 328bps YoY to 19.6%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onGrindwell Norton Grindwell Norton (GWN) reported a muted quarter with revenue growing 4.0% YoY and EBITDA margin dipping 136bps YoY to 18.1%.During FY24, Abrasives revenue rose 6.5% YoY to Rs13.6bn with EBIT margin of 13.9% (vs 14.1% in FY23).Ceramics &amp; Plastics segment reported 3.9% YoY revenue growth in FY24 to Rs9.4bn, while EBIT margin declined by 328bps YoY to 19.6%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Grindwell Norton (GWN IN) - Soft Quarter; Margins Decline Across Segments

Carborundum Universal Ltd manufactures refractories and electromineral grains. The Company produces coated and bonded abrasives, super refractories, aluminum oxide grains, calcined bauxite, electrocast refractories, silicon carbide grains and industrial ceramic products.

<ul><li>Prabhudas Lilladher's research report onCarborundum Universal Carborundum Universal (CU) reported decent quarterly performance with flattish revenue YoY and EBITDA margin improving by 157bs YoY to 17.4%.</li><li>Continued traction in Indian market is expected to aid growth across segments.</li><li>CUMI America should continue to perform well, while healthy improvement is anticipated in AWUKO, RHODIUS, and Foskor Zirconia.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onCarborundum Universal Carborundum Universal (CU) reported decent quarterly performance with flattish revenue YoY and EBITDA margin improving by 157bs YoY to 17.4%.Continued traction in Indian market is expected to aid growth across segments.CUMI America should continue to perform well, while healthy improvement is anticipated in AWUKO, RHODIUS, and Foskor Zirconia.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carborundum Universal (CU IN) - Decent Quarter; Subsidiaries on Right Track

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

IRB Infrastructure Developers / Equity Bottom-Up

IRB Infrastructure Developers Limited is an infrastructure development and construction company in India with significant experience in the roads and highways sector.  The Company is also involved in the real estate development sector.

<ul><li>Motilal Oswal's research report onIRB Infrastructure IRB Infrastructure (IRB)’s revenue grew 27% YoY to INR20.6b in 4QFY24 (in line).</li><li>EBITDA margin came in at 43.2% (down 370bp YoY, below our estimate of 45%).</li><li>EBITDA grew 17% YoY to INR8.9b, in line with our estimate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onIRB Infrastructure IRB Infrastructure (IRB)’s revenue grew 27% YoY to INR20.6b in 4QFY24 (in line).EBITDA margin came in at 43.2% (down 370bp YoY, below our estimate of 45%).EBITDA grew 17% YoY to INR8.9b, in line with our estimate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IRB Infrastructure - In-Line Performance; Order Pipeline Remains Robust

Industrials
Industrials Insights

Escorts Kubota Ltd - Strong Q4 EBITDA Margins Led by Growth in the CE Business

Hence, awaiting more clarity, we maintain our HOLD rating on the stock with a limited upside potential of 2% from the CMP. We suggest a ‘BUY on...

Axis Direct

Abbott India Ltd - Highest-Ever EBITDA Margins

The compnay achieved higher sales growth on accoutnt of a change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones...

Axis Direct

Grindwell Norton (GWN IN) - Soft Quarter; Margins Decline Across Segments

Prabhudas Lilladher's research report onGrindwell Norton Grindwell Norton (GWN) reported a muted quarter with revenue growing 4.0% YoY and EBITDA...

Prabhudas Lilladhar

Carborundum Universal (CU IN) - Decent Quarter; Subsidiaries on Right Track

Prabhudas Lilladher's research report onCarborundum Universal Carborundum Universal (CU) reported decent quarterly performance with flattish...

Prabhudas Lilladhar

IRB Infrastructure - In-Line Performance; Order Pipeline Remains Robust

Motilal Oswal's research report onIRB Infrastructure IRB Infrastructure (IRB)’s revenue grew 27% YoY to INR20.6b in 4QFY24 (in line).

Motilal Oswal