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

<ul><li>Resilient Core Offsets Agri Drag amid Transitional Headwinds: ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and weak export demand.</li><li>However, Ex-Agri Business, revenue grew by 7.1% yoy.</li><li>The Cigarette segment delivered healthy 6.7% YoY growth, driven by sustained volume momentum and continued premiumisation. </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.

Resilient Core Offsets Agri Drag amid Transitional Headwinds: ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and weak export demand.However, Ex-Agri Business, revenue grew by 7.1% yoy.The Cigarette segment delivered healthy 6.7% YoY growth, driven by sustained volume momentum and continued premiumisation. 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.

ITC Ltd - Core Resilience Cushions Agri Weakness; Maintain BUY

<ul><li>Healthy Topline Performance: ITC reported a healthy 20.7% YoY revenue growth in Q1FY26, driven by broad-based performance across key segments.</li><li>The Cigarette business grew 7.6% YoY, supported by resilient volumes and continued premiumisation.</li><li>Agri Business surged 39% YoY on the back of robust trading activity and strong leaf tobacco exports. FMCG (ex-Notebooks) maintained solid growth at 8.6% YoY, led by Staples, Biscuits, Dairy, Premium Personal Wash, Homecare, and Agarbatti. </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.

Healthy Topline Performance: ITC reported a healthy 20.7% YoY revenue growth in Q1FY26, driven by broad-based performance across key segments.The Cigarette business grew 7.6% YoY, supported by resilient volumes and continued premiumisation.Agri Business surged 39% YoY on the back of robust trading activity and strong leaf tobacco exports. FMCG (ex-Notebooks) maintained solid growth at 8.6% YoY, led by Staples, Biscuits, Dairy, Premium Personal Wash, Homecare, and Agarbatti. 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.

ITC Ltd - Healthy Revenue Growth, Margins Miss; Maintain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>ITC’s 3QFY25 results were below our estimates in all categories except agribusiness</li><li>Cigarette volume growth of 5%+ exceeded our estimate of 3%, driven by: a) strong performance in differentiated variants and premium segments, b) sustained volume recovery from the illicit segment, and c) in our view, channel filling ahead of the Union Budget</li><li>Cigarette EBIT margin contracted by 211bps YoY to 60.5% due to a sharp escalation in tobacco prices (up 25-30% YoY), higher trade incentives, and increased competitive intensity.</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.

ITC’s 3QFY25 results were below our estimates in all categories except agribusinessCigarette volume growth of 5%+ exceeded our estimate of 3%, driven by: a) strong performance in differentiated variants and premium segments, b) sustained volume recovery from the illicit segment, and c) in our view, channel filling ahead of the Union BudgetCigarette EBIT margin contracted by 211bps YoY to 60.5% due to a sharp escalation in tobacco prices (up 25-30% YoY), higher trade incentives, and increased competitive intensity.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.

ITC (3QFY25): Core Disappoints once Again, Agri Surprises. Maintain REDUCE

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including cost-of-living relief (Khon La Khrueng co-payment scheme), spending stimulus for middle- to high-income groups (Easy E-Receipt), and tourism promotion.</li><li>However, volatility may return in mid-to-late October as 3Q25 earnings season begins, led by commercial banks (with weaker YoY and QoQ results expected), alongside key events such as the Fed meeting and the APEC summit.</li><li>We expect earnings of banks under our coverage to weaken both YoY and QoQ, which could drive volatility in bank stocks.</li></ul>

KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including cost-of-living relief (Khon La Khrueng co-payment scheme), spending stimulus for middle- to high-income groups (Easy E-Receipt), and tourism promotion.However, volatility may return in mid-to-late October as 3Q25 earnings season begins, led by commercial banks (with weaker YoY and QoQ results expected), alongside key events such as the Fed meeting and the APEC summit.We expect earnings of banks under our coverage to weaken both YoY and QoQ, which could drive volatility in bank stocks.

Monthly Report: October 2025: Outlook: Volatile With An Upward Bias

<ul><li>The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC Ltd - Core Resilience Cushions Agri Weakness; Maintain BUY

ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and...

Axis Direct

ITC Ltd - Healthy Revenue Growth, Margins Miss; Maintain BUY

Healthy Topline Performance: ITC reported a healthy 20.7% YoY revenue growth in Q1FY26, driven by broad-based performance across key segments.

Axis Direct

ITC (3QFY25): Core Disappoints once Again, Agri Surprises. Maintain REDUCE

Cigarette EBIT margin contracted by 211bps YoY to 60.5% due to a sharp escalation in tobacco prices (up 25-30% YoY), higher trade incentives, and...

HDFC Securities

Monthly Report: October 2025: Outlook: Volatile With An Upward Bias

KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

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