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>Volume Growth Momentum Remained Strong: In Q2FY26, the company posted a robust 20% YoY increase in volumes (cement plus clinker), reaching 11.4 mtpa, supported by higher sales under MSA, improved trade channel performance, and a 20% YoY increase in premium product volumes, reinforcing its leadership across key markets.</li><li>Capacity expansion projects are progressing as planned and are expected to drive sustained volume growth.</li><li>The company is expected to deliver a 10% CAGR in volumes over FY24–FY27E.</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 Growth Momentum Remained Strong: In Q2FY26, the company posted a robust 20% YoY increase in volumes (cement plus clinker), reaching 11.4 mtpa, supported by higher sales under MSA, improved trade channel performance, and a 20% YoY increase in premium product volumes, reinforcing its leadership across key markets.Capacity expansion projects are progressing as planned and are expected to drive sustained volume growth.The company is expected to deliver a 10% CAGR in volumes over FY24–FY27E.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.

ACC Ltd - Robust Operating Performance; Maintain BUY

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>On December 22, <a href="https://www.smartkarma.com/entities/ambuja-cements-ltd" target="_blank" data-smartkarma-citation="entities:14745:1" rel="noopener">Ambuja Cements (ACEM IN)</a> board approved merging <a href="https://www.smartkarma.com/entities/acc-ltd" target="_blank" data-smartkarma-citation="entities:183:1" rel="noopener">ACC Ltd (ACC IN)</a> and <a href="https://www.smartkarma.com/entities/orient-cement-ltd" target="_blank" data-smartkarma-citation="entities:3356:1" rel="noopener">Orient Cement (ORCMNT IN)</a> via a share swap to create a unified Indian cement giant.</li>
<li>The deal simplifies structures and offers operational synergies, providing Orient shareholders a premium while remaining value-neutral for ACC but accretive for Ambuja.</li>
<li>The consolidation targets capacity expansion to 155 MTPA by FY28 and operational savings of INR 100 per tonne, bolstering long-term profitability.</li>
</ul>


On December 22, Ambuja Cements (ACEM IN) board approved merging ACC Ltd (ACC IN) and Orient Cement (ORCMNT IN) via a share swap to create a unified Indian cement giant.
The deal simplifies structures and offers operational synergies, providing Orient shareholders a premium while remaining value-neutral for ACC but accretive for Ambuja.
The consolidation targets capacity expansion to 155 MTPA by FY28 and operational savings of INR 100 per tonne, bolstering long-term profitability.


Event Driven: The Adani Cement Empire’s Merger Analysis

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Adani names are seeing new news and commentary. SEBI is <a href="https://www.reuters.com/world/india/india-regulator-probing-some-adani-offshore-deals-possible-rule-violations-2023-04-01/" target="_blank" rel="noopener">probing offshore deals</a> for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.</li>
<li>GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." </li>
<li>Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. </li>
</ul>


The Adani names are seeing new news and commentary. SEBI is probing offshore deals for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.
GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." 
Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. 


GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

<ul><li>Strong volume growth: In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium product volumes, reinforcing its market leadership.</li><li>It continued to hold a dominant position across its key markets.</li><li>The ongoing capacity expansion plans are progressing as scheduled and are expected to support consistent volume growth ahead. </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.

Strong volume growth: In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium product volumes, reinforcing its market leadership.It continued to hold a dominant position across its key markets.The ongoing capacity expansion plans are progressing as scheduled and are expected to support consistent volume growth ahead. 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.

ACC Ltd - Mix Bag Of Numbers; Maintain BUY

<ul><li>Strong volume growth: In Q4FY25, the company achieved a 14% YoY increase in volume, reaching 11.90 mtpa, driven by higher trade volumes and a 7% YoY increase in premium product volumes, further strengthening its market leadership.</li><li>It maintained its dominant position across key markets.</li><li>The company’s capacity expansion plans remain on schedule, and they are expected to support sustained volume growth in the future. </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.

Strong volume growth: In Q4FY25, the company achieved a 14% YoY increase in volume, reaching 11.90 mtpa, driven by higher trade volumes and a 7% YoY increase in premium product volumes, further strengthening its market leadership.It maintained its dominant position across key markets.The company’s capacity expansion plans remain on schedule, and they are expected to support sustained volume growth in the future. 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.

ACC Limited - Mix Set of Numbers; Maintain BUY

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

ACC Ltd - Robust Operating Performance; Maintain BUY

In Q2FY26, the company posted a robust 20% YoY increase in volumes (cement plus clinker), reaching 11.4 mtpa, supported by higher sales under MSA

Axis Direct

Event Driven: The Adani Cement Empire’s Merger Analysis

Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Nimish Maheshwari

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

ACC Ltd - Mix Bag Of Numbers; Maintain BUY

In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium...

Axis Direct

ACC Limited - Mix Set of Numbers; Maintain BUY

The company’s capacity expansion plans remain on schedule, and they are expected to support sustained volume growth in the future.

Axis Direct

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ACC Ltd - Robust Operating Performance; Maintain BUY

In Q2FY26, the company posted a robust 20% YoY increase in volumes (cement plus clinker), reaching 11.4 mtpa, supported by higher sales under MSA

Axis Direct

Event Driven: The Adani Cement Empire’s Merger Analysis

​Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Nimish Maheshwari

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

ACC Ltd - Mix Bag Of Numbers; Maintain BUY

In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium...

Axis Direct

ACC Limited - Mix Set of Numbers; Maintain BUY

The company’s capacity expansion plans remain on schedule, and they are expected to support sustained volume growth in the future.

Axis Direct

Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...