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

Aditya Birla Fashion and Retail / Equity Bottom-Up

Aditya Birla Fashion and Retail (ABFRL IN)

<ul><li>Robust Segment-Led Growth: The company reported robust 16% YoY growth in Q4FY26, largely driven by strong performance across segments.</li><li>Pantaloons witnessed strong revenue growth of 19%, supported by 17% LFL growth driven by the festive season and EOSS.</li><li>The TMRW segment grew 45% during the quarter, while the Luxury segment reported 13% YoY growth, aided by the ramp-up of recently opened Galeries Lafayette stores. </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.

Robust Segment-Led Growth: The company reported robust 16% YoY growth in Q4FY26, largely driven by strong performance across segments.Pantaloons witnessed strong revenue growth of 19%, supported by 17% LFL growth driven by the festive season and EOSS.The TMRW segment grew 45% during the quarter, while the Luxury segment reported 13% YoY growth, aided by the ramp-up of recently opened Galeries Lafayette stores. 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.

Aditya Birla Fashion & Retail Ltd - Resilient Growth, Short-Term Challenges Remain

<ul><li>Scale building despite demand headwinds: ABFRL posted a steady ~8% YoY revenue increase in Q3FY26, largely driven by strong momentum in its newer growth engines.</li><li>The TMRW and Luxury segments delivered robust growth of 27% and 29% YoY, respectively, while the Ethnic business expanded 20%.</li><li>Performance in Pantaloons was skewed by the shift in festive and end-of-season sales to Q2 and Q4. </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.

Scale building despite demand headwinds: ABFRL posted a steady ~8% YoY revenue increase in Q3FY26, largely driven by strong momentum in its newer growth engines.The TMRW and Luxury segments delivered robust growth of 27% and 29% YoY, respectively, while the Ethnic business expanded 20%.Performance in Pantaloons was skewed by the shift in festive and end-of-season sales to Q2 and Q4. 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.

Aditya Birla Fashion & Retail Ltd - New Businesses Offset Cyclical Softness; Maintain HOLD

Aditya Birla Fashion & Retail Ltd. - New Businesses Offset Cyclical Softness; Maintain HOLD

<ul><li>Resilient growth: ABFRL reported a 13% YoY revenue growth in Q2FY26, aided by a strong festive start. Segment-wise, TMRW and Luxury businesses grew 27% and 13% YoY, respectively, while Ethnic and Pantaloons rose 11% and 6% YoY.</li><li>Gross margins expanded 395 bps YoY to 57.9%, reflecting improved product mix and operational efficiencies.</li><li>However, EBITDA declined 12.4% YoY with a 99bps margin contraction, owing to higher marketing investments. </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 growth: ABFRL reported a 13% YoY revenue growth in Q2FY26, aided by a strong festive start. Segment-wise, TMRW and Luxury businesses grew 27% and 13% YoY, respectively, while Ethnic and Pantaloons rose 11% and 6% YoY.Gross margins expanded 395 bps YoY to 57.9%, reflecting improved product mix and operational efficiencies.However, EBITDA declined 12.4% YoY with a 99bps margin contraction, owing to higher marketing investments. 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.

Aditya Birla Fashion & Retail Ltd - Resilient Growth, Margin Miss; Maintain HOLD

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>Our discretionary universe’s performance continues to be a mixed bag</li><li>Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers</li><li>Ex-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)</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.

Our discretionary universe’s performance continues to be a mixed bagOur coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliersEx-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)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.

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

India

Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company offering a diverse portfolio of apparel and non-apparel accessories, including casual wear, formal wear, ethnic wear, and footwear. The company operates prominent brands like Louis Philippe, Van Heusen, Allen Solly, Peter England, and Pantaloons. ABFRL is headquartered in Mumbai, Maharashtra, India, and was founded in 2015.

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Aditya Birla Fashion and Retail (ABFRL IN)

Aditya Birla Fashion & Retail Ltd - Resilient Growth, Short-Term Challenges Remain

Robust Segment-Led Growth: The company reported robust 16% YoY growth in Q4FY26, largely driven by strong performance across segments.

Axis Direct

Aditya Birla Fashion & Retail Ltd - New Businesses Offset Cyclical Softness; Maintain HOLD

Scale building despite demand headwinds: ABFRL posted a steady ~8% YoY revenue increase in Q3FY26, largely driven by strong momentum in its newer...

Axis Direct

Aditya Birla Fashion & Retail Ltd. - New Businesses Offset Cyclical Softness; Maintain HOLD

Scale building despite demand headwinds: ABFRL posted a steady ~8% YoY revenue increase in Q3FY26, largely driven by strong momentum in its newer...

Axis Direct

Aditya Birla Fashion & Retail Ltd - Resilient Growth, Margin Miss; Maintain HOLD

ABFRL reported a 13% YoY revenue growth in Q2FY26, aided by a strong festive start. Segment-wise, TMRW and Luxury businesses grew 27% and 13% YoY,...

Axis Direct

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

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