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.

Thematic (Sector/Industry)

<ul><li>Companies under our coverage delivered YoY growth of 10% in volume, 16% in revenue, 40% in EBITDA and 45% in PAT, beating our expectations.</li><li>This compares to forecasted growth of 10% in volume, 14% in revenue, 39% in EBITDA, and 25% in PAT.</li><li>EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 350 bps YoY, supported by higher volumes and realisation, which grew by 10% and 4% respectively. Sequentially, margins remained flattish at 19.7%.</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.

Companies under our coverage delivered YoY growth of 10% in volume, 16% in revenue, 40% in EBITDA and 45% in PAT, beating our expectations.This compares to forecasted growth of 10% in volume, 14% in revenue, 39% in EBITDA, and 25% in PAT.EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 350 bps YoY, supported by higher volumes and realisation, which grew by 10% and 4% respectively. Sequentially, margins remained flattish at 19.7%.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.

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.

<ul><li>Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4-5% growth YoY, despite a low base</li><li>This is majorly attributed to early onset of monsoon in India this time</li><li>We estimate our coverage universe to report 7% YoY volume growth in Q1FY26</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.

Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4-5% growth YoY, despite a low baseThis is majorly attributed to early onset of monsoon in India this timeWe estimate our coverage universe to report 7% YoY volume growth in Q1FY26Content 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: Margin Recovery Continues as Prices Firm Up

<ul><li>Cement demand expected to grow 10% YoY: After a subdued performance in H1FY25, with year-on-year (YoY) growth of only 2–3%, cement demand witnessed a notable recovery in Q3 and Q4FY25, expanding at a high singledigit pace.</li><li>This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction activity.</li><li>For the full year FY25, the industry recorded overall growth in the range of 4–5%.</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 expected to grow 10% YoY: After a subdued performance in H1FY25, with year-on-year (YoY) growth of only 2–3%, cement demand witnessed a notable recovery in Q3 and Q4FY25, expanding at a high singledigit pace.This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction activity.For the full year FY25, the industry recorded overall growth in the range of 4–5%.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.

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q4FY25 earnings missed our estimates on account of elevated credit costs (2.3% annualised), despite steady AUM growth (+26% YoY) and improving operating efficiency</li><li>A challenging macro continued to take a toll on asset quality as credit costs trended north of management guidance (2.1% for FY25) even as the management guided for marginal moderation in FY26 credit costs to ~1.9%</li><li>BAF’s post-pandemic cross-functional investments are gradually reflecting in higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.9%), which are likely to sustain over FY26E-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.

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY25 earnings missed our estimates on account of elevated credit costs (2.3% annualised), despite steady AUM growth (+26% YoY) and improving operating efficiencyA challenging macro continued to take a toll on asset quality as credit costs trended north of management guidance (2.1% for FY25) even as the management guided for marginal moderation in FY26 credit costs to ~1.9%BAF’s post-pandemic cross-functional investments are gradually reflecting in higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.9%), which are likely to sustain over FY26E-FY27EContent 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: Bajaj Finance, Trent, Ambuja Cement, Oberoi Realty, IndiaMART InterMESH

<ul><li>Cement demand improves: After a subdued H1FY25, cement demand exhibited improvement in Q3FY25.</li><li>The demand during H1FY25 was impacted by seasonality, prolonged rainfall, delays in budgetary allocations for infrastructure projects, and labour shortages.</li><li>Historically, election years have been marked by a moderation in cement demand.</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 improves: After a subdued H1FY25, cement demand exhibited improvement in Q3FY25.The demand during H1FY25 was impacted by seasonality, prolonged rainfall, delays in budgetary allocations for infrastructure projects, and labour shortages.Historically, election years have been marked by a moderation in cement demand.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.

India

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

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Ambuja Cements (ACEM IN)

Top Conviction Ideas - “Cement”

Companies under our coverage delivered YoY growth of 10% in volume, 16% in revenue, 40% in EBITDA and 45% in PAT, beating our expectations.

Axis Direct

Cement: Margin Recovery Continues as Prices Firm Up

Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4...

HDFC Securities

Q1FY26 Earnings Preview - CEMENT

This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction...

Axis Direct

HSIE Results Daily: Bajaj Finance, Trent, Ambuja Cement, Oberoi Realty, IndiaMART InterMESH

Bajaj Finance’s (BAF) Q4FY25 earnings missed our estimates on account of elevated credit costs (2.3% annualised), despite steady AUM growth (+26%...

HDFC Securities

Q3FY25 Earnings Preview - CEMENT

The demand during H1FY25 was impacted by seasonality, prolonged rainfall, delays in budgetary allocations for infrastructure projects, and labour...

Axis Direct

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