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

<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

<ul><li>Strong volume growth: In Q3FY25, the company achieved a 20% YoY increase in volume, reaching 10.7 mtpa, driven by higher trade volumes and an 11% YoY increase in premium product volumes, further strengthening its market leadership.</li><li>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. I</li><li>t is projected to deliver a volume growth of 14% CAGR over FY23-FY26E. </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 Q3FY25, the company achieved a 20% YoY increase in volume, reaching 10.7 mtpa, driven by higher trade volumes and an 11% 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. It is projected to deliver a volume growth of 14% CAGR over FY23-FY26E. 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 - Beat Led By Incentive & Higher Other Income

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.

Thematic (Sector/Industry)

<ul><li>Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 345, owing to the risk of weak refining and marketing margins</li><li>Q2FY26 EBITDA at INR 97.77bn (+1.2x YoY, +1.2% QoQ) and reported PAT at INR 64.4bn (+1.6x YoY, +5.2% QoQ) were below our estimates due to lower-than-expected refining margins and marketing volume.</li><li>Ambuja Cement: We maintain BUY with an unchanged TP of INR 680/share (16.5x its consolidated Sep-27E EBITDA)</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.

Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 345, owing to the risk of weak refining and marketing marginsQ2FY26 EBITDA at INR 97.77bn (+1.2x YoY, +1.2% QoQ) and reported PAT at INR 64.4bn (+1.6x YoY, +5.2% QoQ) were below our estimates due to lower-than-expected refining margins and marketing volume.Ambuja Cement: We maintain BUY with an unchanged TP of INR 680/share (16.5x its consolidated Sep-27E EBITDA)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.

HSIE Results Daily: Bharat Petroleum Corporation, Ambuja Cement, Sundaram Finance...

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

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

ACC Limited - Beat Led By Incentive & Higher Other Income

In Q3FY25, the company achieved a 20% YoY increase in volume, reaching 10.7 mtpa, driven by higher trade volumes and an 11% YoY increase in premium...

Axis Direct

HSIE Results Daily: Bharat Petroleum Corporation, Ambuja Cement, Sundaram Finance...

Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 345, owing to the risk of weak...

HDFC Securities

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