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 Ltd / Equity Bottom-Up

<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

<ul><li>Resilient growth amid headwinds: Despite a challenging environment, the company’s consolidated revenue grew by 9% YoY, driven by strong performances in Ethnic (up 19% YoY), TMRW (up 27% YoY), and an 11% YoY increase in Luxury retail.</li><li>Profitability improved notably across segments, with gross margins expanding 848 bps YoY to 63.2%.</li><li>EBITDA rose to Rs 205 Cr in Q4 with EBITDA margins at 11.9%, up 970bps YoY, driven by sharp margin expansion in Pantaloons and Ethnic segments. </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 amid headwinds: Despite a challenging environment, the company’s consolidated revenue grew by 9% YoY, driven by strong performances in Ethnic (up 19% YoY), TMRW (up 27% YoY), and an 11% YoY increase in Luxury retail.Profitability improved notably across segments, with gross margins expanding 848 bps YoY to 63.2%.EBITDA rose to Rs 205 Cr in Q4 with EBITDA margins at 11.9%, up 970bps YoY, driven by sharp margin expansion in Pantaloons and Ethnic segments. 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

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25.</li><li>The growth was driven mainly by Ethnic and TMRW (to be part of demerged ABFRL), whereas growth remained muted in Lifestyle Brands (robust LTL offset by weak wholesale) and Pantaloons (shift in Pujo dates).</li><li>EBITDA was up 15% YoY (11% beat), driven by broad-based improvement in profitability, with ~150bp YoY expansion in consolidated EBITDA margin.</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.

Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25.The growth was driven mainly by Ethnic and TMRW (to be part of demerged ABFRL), whereas growth remained muted in Lifestyle Brands (robust LTL offset by weak wholesale) and Pantaloons (shift in Pujo dates).EBITDA was up 15% YoY (11% beat), driven by broad-based improvement in profitability, with ~150bp YoY expansion in consolidated EBITDA margin.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 and Retail - GM Expansion Drives Beat; Near-Term Focus on Demerge

<ul><li>Resilient growth amid headwinds: Despite a challenging environment, the company’s consolidated revenue grew by 3% YoY, driven by strong performances in Ethnic (up 7% YoY), TMRW (up 26% YoY), and a 13% YoY increase in Luxury retail.</li><li>Additionally, ABLBL reported double-digit growth across its brands, with Lifestyle growing 12% YoY.</li><li>Gross margins improved by 171bps YoY to 58.2%, while EBITDA stood at Rs 635 Cr, up 14.8% YoY, with EBITDA margins at 14.7%, up 147bps YoY, driven by channel rationalisation, stringent inventory management, and cost control.</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 amid headwinds: Despite a challenging environment, the company’s consolidated revenue grew by 3% YoY, driven by strong performances in Ethnic (up 7% YoY), TMRW (up 26% YoY), and a 13% YoY increase in Luxury retail.Additionally, ABLBL reported double-digit growth across its brands, with Lifestyle growing 12% YoY.Gross margins improved by 171bps YoY to 58.2%, while EBITDA stood at Rs 635 Cr, up 14.8% YoY, with EBITDA margins at 14.7%, up 147bps YoY, driven by channel rationalisation, stringent inventory management, and cost control.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 - Margins Beat Expectations; 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 Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

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Aditya Birla Fashion and Retail Ltd (ABFRL IN)

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

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

Despite a challenging environment, the company’s consolidated revenue grew by 9% YoY, driven by strong performances in Ethnic (up 19% YoY)

Axis Direct

Aditya Birla Fashion and Retail - GM Expansion Drives Beat; Near-Term Focus on Demerge

Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25. The growth was driven mainly by Ethnic and...

Motilal Oswal

Aditya Birla Fashion & Retail Ltd - Margins Beat Expectations; Maintain HOLD

Despite a challenging environment, the company’s consolidated revenue grew by 3% YoY, driven by strong performances in Ethnic (up 7% 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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