External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Ambuja Cements announced the merger of its two listed subsidiaries ACC and Orient Cements, through a share swap ratio</li><li>It is expected to be completed over the next 12 months</li><li>The merger approval of another listed subsidiary Sanghi Industries is already in process and is expected to complete in the next few months</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.

Ambuja Cements announced the merger of its two listed subsidiaries ACC and Orient Cements, through a share swap ratioIt is expected to be completed over the next 12 monthsThe merger approval of another listed subsidiary Sanghi Industries is already in process and is expected to complete in the next few monthsContent 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.

Ambuja Cement: Subsidiary Merger: A Value Accretive Deal. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Capacity Addition to Support Volume and Revenue Growth: The company is expanding capacity from 107 MTPA (including 8.5 MTPA from Orient Cement) to 118 MTPA by FY26.</li><li>It now targets 155 MTPA by FY28 (earlier 140 MTPA), supported by incremental expansion and debottlenecking initiatives.</li><li>With current utilization at 65%, there remains meaningful upside potential as demand strengthens. </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.

Capacity Addition to Support Volume and Revenue Growth: The company is expanding capacity from 107 MTPA (including 8.5 MTPA from Orient Cement) to 118 MTPA by FY26.It now targets 155 MTPA by FY28 (earlier 140 MTPA), supported by incremental expansion and debottlenecking initiatives.With current utilization at 65%, there remains meaningful upside potential as demand strengthens. 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.

Ambuja Cements Ltd - Beat Estimates On Lower Cost; Retain BUY

Thematic (Sector/Industry)

<ul><li>Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements</li><li>Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY)</li><li>Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27</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.

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursementsDisbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY)Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27Content 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: Cholamandalam Investment and Finance Company

HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement...

<ul><li>Cement demand fails to accelerate in Q3FY26: The industry was expecting cement demand to accelerate toward ~10% growth in H2FY26E following the GST rate cut</li><li>However, based on discussions with cement companies, dealers, and marketing executives, cement demand in Q3FY26 remained subdued at ~5% YoY, similar to H1FY26</li><li>Weak demand in the first half of the quarter impacted overall 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.

Cement demand fails to accelerate in Q3FY26: The industry was expecting cement demand to accelerate toward ~10% growth in H2FY26E following the GST rate cutHowever, based on discussions with cement companies, dealers, and marketing executives, cement demand in Q3FY26 remained subdued at ~5% YoY, similar to H1FY26Weak demand in the first half of the quarter impacted overall growthContent 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.

Cement (Q3FY26 Results Preview): Muted demand, stable prices, healthy margins

India

Ambuja Cements Limited is an Indian cement producing company that manufactures and markets cement, clinker, and related products for domestic and export markets. Its product portfolio includes ordinary portland cement, portland pozzolana cement, and ready-mix concrete. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1983.

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Ambuja Cements (ACEM IN)

Ambuja Cement: Subsidiary Merger: A Value Accretive Deal. Maintain BUY

Ambuja Cements announced the merger of its two listed subsidiaries ACC and Orient Cements, through a share swap ratio. It is expected to be...

HDFC Securities

Ambuja Cements Ltd - Beat Estimates On Lower Cost; Retain BUY

Capacity Addition to Support Volume and Revenue Growth: The company is expanding capacity from 107 MTPA (including 8.5 MTPA from Orient Cement) to...

Axis Direct

HSIE Results Daily: Cholamandalam Investment and Finance Company

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement...

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

Cement (Q3FY26 Results Preview): Muted demand, stable prices, healthy margins

Cement demand fails to accelerate in Q3FY26: The industry was expecting cement demand to accelerate toward ~10% growth in H2FY26E following the GST...

HDFC Securities

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