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. 

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Thematic (Sector/Industry)

<ul><li>Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.</li><li>The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.</li><li>In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.</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.

Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.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.

Axis Top Picks for the month of October 2026

Equity Bottom-Up

<ul><li>Stronger Demand Cycle: Chalet remains well positioned to benefit from India’s structural hospitality upcycle, driven by rising domestic travel, increasing disposable incomes, robust wedding demand, and strong MICE activity.</li><li>Despite temporary geopolitical disruptions and Mumbai market softness in Q4FY26, the company delivered resilient operational performance with FY26 hospitality revenue growth of 14% YoY.</li><li>Management highlighted that supply additions continue to lag demand across key micro markets, supporting sustained ARR growth.</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.

Stronger Demand Cycle: Chalet remains well positioned to benefit from India’s structural hospitality upcycle, driven by rising domestic travel, increasing disposable incomes, robust wedding demand, and strong MICE activity.Despite temporary geopolitical disruptions and Mumbai market softness in Q4FY26, the company delivered resilient operational performance with FY26 hospitality revenue growth of 14% YoY.Management highlighted that supply additions continue to lag demand across key micro markets, supporting sustained ARR growth.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.

Chalet Hotels Ltd - Decent Quarter; Scaling Up Across Hospitality & CRE

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</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.

Market Performance - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.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.

Axis Top Picks for the month of September 2026

<ul><li>Stronger ARR: The hospitality business reported 23% YoY revenue growth, with ARR increasing to Rs 14,970 (+15.7% YoY), driven by 25% growth in non-MMR assets.</li><li>Occupancy stood at 68%, down 230 bps YoY. While MMR and NCR reported muted ADR growth YoY, Hyderabad, Pune, and Bengaluru delivered strong ADR growth.</li><li>The occupancy softness was primarily due to key additions in Bengaluru and Khandala, leading non-MMR assets to witness a sharper 490 bps decline.</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.

Stronger ARR: The hospitality business reported 23% YoY revenue growth, with ARR increasing to Rs 14,970 (+15.7% YoY), driven by 25% growth in non-MMR assets.Occupancy stood at 68%, down 230 bps YoY. While MMR and NCR reported muted ADR growth YoY, Hyderabad, Pune, and Bengaluru delivered strong ADR growth.The occupancy softness was primarily due to key additions in Bengaluru and Khandala, leading non-MMR assets to witness a sharper 490 bps decline.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.

Chalet Hotels - ARR-Led Growth & Annuity Momentum

<ul><li>ARR Jumps, Annuity Surges 76%: The hospitality business reported a 13.4% YoY growth, with ARR increasing to Rs 12,170 (+15.6% YoY) and occupancy reaching 67%, down 730 bps YoY.</li><li>The MMR and NCR reported muted ADR growth YoY, while Hyderabad and Bengaluru delivered strong ADR Growth.</li><li>The rental annuity saw strong growth of 76%, driven by a 50% YoY increase in new leased area with monthly run rate of Rs 24 Cr.</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.

ARR Jumps, Annuity Surges 76%: The hospitality business reported a 13.4% YoY growth, with ARR increasing to Rs 12,170 (+15.6% YoY) and occupancy reaching 67%, down 730 bps YoY.The MMR and NCR reported muted ADR growth YoY, while Hyderabad and Bengaluru delivered strong ADR Growth.The rental annuity saw strong growth of 76%, driven by a 50% YoY increase in new leased area with monthly run rate of Rs 24 Cr.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.

Chalet Hotels Ltd - Transitions to Brand-Led Platform; Launches Athiva

India

Chalet Hotels Limited is an owner, developer, and asset manager of upscale-to-luxury hotels and resorts across major Indian metropolitan areas. The company also operates through an integrated business model that co-locates hospitality assets with commercial spaces. Its portfolio includes branded hotels operated under global franchises such as JW Marriott, Westin, Marriott, and Novotel. Chalet Hotels is headquartered in Mumbai, India, and was founded in 1986.

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Chalet Hotels (CHALET IN)

Axis Top Picks for the month of October 2026

In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.

Axis Direct

Chalet Hotels Ltd - Decent Quarter; Scaling Up Across Hospitality & CRE

Chalet remains well positioned to benefit from India’s structural hospitality upcycle, driven by rising domestic travel, increasing disposable...

Axis Direct

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

Chalet Hotels - ARR-Led Growth & Annuity Momentum

Stronger ARR: The hospitality business reported 23% YoY revenue growth, with ARR increasing to Rs 14,970 (+15.7% YoY), driven by 25% growth in non...

Axis Direct

Chalet Hotels Ltd - Transitions to Brand-Led Platform; Launches Athiva

ARR Jumps, Annuity Surges 76%: The hospitality business reported a 13.4% YoY growth, with ARR increasing to Rs 12,170 (+15.6% YoY) and occupancy...

Axis Direct

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