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>Stable Volumes Amidst Challenging Environment: Aarti Industries reported a 10% YoY decline in revenue, primarily attributable to the correction in key RM prices and deferment in export volumes.</li><li>The quarter was marked by a highly volatile macro environment, characterised by sharp price corrections in major raw materials, ongoing geopolitical tensions, and persistent global trade disruptions.</li><li>Despite these challenges, the company ensured operational continuity and maintained stable volumes.</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.

Stable Volumes Amidst Challenging Environment: Aarti Industries reported a 10% YoY decline in revenue, primarily attributable to the correction in key RM prices and deferment in export volumes.The quarter was marked by a highly volatile macro environment, characterised by sharp price corrections in major raw materials, ongoing geopolitical tensions, and persistent global trade disruptions.Despite these challenges, the company ensured operational continuity and maintained stable volumes.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 Industries Ltd - A Weak Quarter Dampened by External Factors; Maintain BUY

<ul><li>Volume-led Revenue Growth Ahead: AIL reported strong revenue growth during Q4FY25, despite ongoing pricing pressures.</li><li>This performance was primarily driven by higher volumes, reflecting the company’s consistent execution of its expansion strategy.</li><li>A notable recovery in demand was observed across key product segments such as Nitro Toluene, NCB, and Ethylation-based derivatives, supported by recent capacity additions. </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.

Volume-led Revenue Growth Ahead: AIL reported strong revenue growth during Q4FY25, despite ongoing pricing pressures.This performance was primarily driven by higher volumes, reflecting the company’s consistent execution of its expansion strategy.A notable recovery in demand was observed across key product segments such as Nitro Toluene, NCB, and Ethylation-based derivatives, supported by recent capacity additions. 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 Punch: Aarti Industries Ltd - 4 Th June 2025

<ul><li>Volume growing despite pricing pressures: While pricing headwinds impacted margins, AIL posted sequential revenue and EBITDA growth during the quarter.</li><li>The company attributes this performance to its focus on execution and risk mitigation, which led to higher volumes, cost efficiencies, product diversification, and geographic expansion into the US, Europe, and Japan markets.</li><li>Volumes in the non-energy business grew by 14% YoY and 8% QoQ, while the energy business recorded 10% QoQ 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.

Volume growing despite pricing pressures: While pricing headwinds impacted margins, AIL posted sequential revenue and EBITDA growth during the quarter.The company attributes this performance to its focus on execution and risk mitigation, which led to higher volumes, cost efficiencies, product diversification, and geographic expansion into the US, Europe, and Japan markets.Volumes in the non-energy business grew by 14% YoY and 8% QoQ, while the energy business recorded 10% QoQ 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.

Aarti Industries Ltd - Higher Volumes Support Revenue & EBITDA Growth; 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>We are maintaining a ADD recommendation on Aarti Industries Ltd (AIL with a target price of INR490.</li><li>Revenue and EBITDA are expected to increase 13/24% over FY25-28E. Profitability will be driven by a. commissioning of projects worth INR23-25bn over next 15 months, b. cost optimization measures undertaken, and c. volume growth across products. Gasoline-naphtha spreads have improved in December from the four-year lows in October.</li><li>Export volumes of Mono Methyl Aniline (MMA) surged 105/38% QoQ/YoY in Q3. 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.</li></ul>

We are maintaining a ADD recommendation on Aarti Industries Ltd (AIL with a target price of INR490.Revenue and EBITDA are expected to increase 13/24% over FY25-28E. Profitability will be driven by a. commissioning of projects worth INR23-25bn over next 15 months, b. cost optimization measures undertaken, and c. volume growth across products. Gasoline-naphtha spreads have improved in December from the four-year lows in October.Export volumes of Mono Methyl Aniline (MMA) surged 105/38% QoQ/YoY in Q3. 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 Industries: Positive Outlook with Robust Growth Ahead. Maintain ADD

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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.

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

Aarti Industries Ltd - A Weak Quarter Dampened by External Factors; Maintain BUY

Stable Volumes Amidst Challenging Environment: Aarti Industries reported a 10% YoY decline in revenue, primarily attributable to the correction in...

Axis Direct

Axis Punch: Aarti Industries Ltd - 4 Th June 2025

A notable recovery in demand was observed across key product segments such as Nitro Toluene, NCB, and Ethylation-based derivatives, supported by...

Axis Direct

Aarti Industries Ltd - Higher Volumes Support Revenue & EBITDA Growth; Maintain BUY

Volume growing despite pricing pressures: While pricing headwinds impacted margins, AIL posted sequential revenue and EBITDA growth during the...

Axis Direct

Aarti Industries: Positive Outlook with Robust Growth Ahead. Maintain ADD

Revenue and EBITDA are expected to increase 13/24% over FY25-28E. Profitability will be driven by a. commissioning of projects worth INR23-25bn...

HDFC Securities

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

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