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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Equity Bottom-Up

<ul><li>Uptick in Revenue and Profitability: Revenue, EBITDA, and Adjusted PAT increased by 9.1%, 25.7%, and 29.2% YoY, respectively, driven by strong demand in API, especially in the export market, leading to overall volume growth of 9% and negative variance of ~2%.</li><li>Encouraging Segment-wise Performance: The Formulations business saw a significant jump of 25% annually, while the API reported muted growth of 6.4%.</li><li>The company is now focused on expanding into more international markets. </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.

Uptick in Revenue and Profitability: Revenue, EBITDA, and Adjusted PAT increased by 9.1%, 25.7%, and 29.2% YoY, respectively, driven by strong demand in API, especially in the export market, leading to overall volume growth of 9% and negative variance of ~2%.Encouraging Segment-wise Performance: The Formulations business saw a significant jump of 25% annually, while the API reported muted growth of 6.4%.The company is now focused on expanding into more international markets. 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.

Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance

<ul><li>Aarti Drugs reported revenue of Rs 591 Cr, marginally below our estimate of Rs 598 Cr, yet broadly in line with expectations.</li><li>Revenue grew by 6.3% YoY, supported by a recovery in demand and volume growth, particularly in the API segment.</li><li>EBITDA stood at Rs 74 Cr, exceeding our estimate of Rs 69 Cr, registering a 13.9% YoY increase. </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.

Aarti Drugs reported revenue of Rs 591 Cr, marginally below our estimate of Rs 598 Cr, yet broadly in line with expectations.Revenue grew by 6.3% YoY, supported by a recovery in demand and volume growth, particularly in the API segment.EBITDA stood at Rs 74 Cr, exceeding our estimate of Rs 69 Cr, registering a 13.9% YoY increase. 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.

Aarti Drugs Ltd - Margin Gains & Expansion Plans Fuel Optimism for H2

<ul><li>Uptick in Revenue and Profitability: Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by negative rate variance in API prices.</li><li>Segment-Wise Performance: The Formulations business saw a significant sequential jump of 26.9%, while the API segment grew by 20.6% QoQ and is now focused on expanding into more international markets.</li><li>Capex Investments for Future Growth: During FY25, the company incurred a Capex of ~Rs 177 Cr, primarily for capacity expansion, backward integration, and new product launches.</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.

Uptick in Revenue and Profitability: Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by negative rate variance in API prices.Segment-Wise Performance: The Formulations business saw a significant sequential jump of 26.9%, while the API segment grew by 20.6% QoQ and is now focused on expanding into more international markets.Capex Investments for Future Growth: During FY25, the company incurred a Capex of ~Rs 177 Cr, primarily for capacity expansion, backward integration, and new product launches.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.

Aarti Drugs Ltd - Resilient Demand and Plans for Scale-Up

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Received US FDA Approval for both Tarapur &amp; Baddi Facility &amp; moving to regulated market.</li>
<li>Increase in revenues &amp; margins with the US FDA approvals &amp; Many products are backward integration or import substitution which is expected to boost demand</li>
<li>US entry to allow product &amp; bottomline expansion and would also focus on increasing market presence from semi-regulated markets along with regulated markets</li>
</ul>


Received US FDA Approval for both Tarapur &amp; Baddi Facility &amp; moving to regulated market.
Increase in revenues &amp; margins with the US FDA approvals &amp; Many products are backward integration or import substitution which is expected to boost demand
US entry to allow product &amp; bottomline expansion and would also focus on increasing market presence from semi-regulated markets along with regulated markets


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

India

Aarti Drugs Limited is a pharmaceutical company which manufactures bulk drugs and specialty chemicals. The Company's products include vitamins and sedatives, as well as anti-inflammatory, anti-asthma, anti-arthritis, anti-fungal,  anti-diabetic, anti-osteoporosis, anti-cholinergic and anti-depressant drugs.  The company sells its products in India and elsewhere throughout the world.

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Aarti Drugs Ltd (ARTD IN)

Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance

Encouraging Segment-wise Performance: The Formulations business saw a significant jump of 25% annually, while the API reported muted growth of 6.4%.

Axis Direct

Aarti Drugs Ltd - Margin Gains & Expansion Plans Fuel Optimism for H2

Aarti Drugs reported revenue of Rs 591 Cr, marginally below our estimate of Rs 598 Cr, yet broadly in line with expectations. Revenue grew by 6.3%...

Axis Direct

Aarti Drugs Ltd - Resilient Demand and Plans for Scale-Up

Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by...

Axis Direct

The Beat Ideas: Aarti Drugs Revival

US FDA approvals for Tarapur & Baddi facilities will boost revenues and margins, allowing entry into regulated US market and expanding market...

Sudarshan Bhandari

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

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52-week Range

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Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance

Encouraging Segment-wise Performance: The Formulations business saw a significant jump of 25% annually, while the API reported muted growth of 6.4%.

Axis Direct

Aarti Drugs Ltd - Margin Gains & Expansion Plans Fuel Optimism for H2

Aarti Drugs reported revenue of Rs 591 Cr, marginally below our estimate of Rs 598 Cr, yet broadly in line with expectations. Revenue grew by 6.3%...

Axis Direct

Aarti Drugs Ltd - Resilient Demand and Plans for Scale-Up

Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by...

Axis Direct

The Beat Ideas: Aarti Drugs Revival

​US FDA approvals for Tarapur & Baddi facilities will boost revenues and margins, allowing entry into regulated US market and expanding market...

Sudarshan Bhandari

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

US FDA approvals for Tarapur & Baddi facilities will boost revenues and margins, allowing entry into regulated US market and expanding market...