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. 

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Equity Bottom-Up

<ul><li>Steady Volume Growth: The company reported an 11% YoY increase in volumes during Q2FY26, while revenue declined by 4% YoY to Rs 337 Cr, primarily due to lower raw material costs that led to a corresponding reduction in finished goods realisation.</li><li>EBITDA rose sharply by 48% YoY to Rs 41 Cr, supported by volume growth, improved operating leverage, and better cost efficiencies.</li><li>Operating margins expanded to 12.1% (vs. 7.8% in Q2FY25 and 10.3% 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.

Steady Volume Growth: The company reported an 11% YoY increase in volumes during Q2FY26, while revenue declined by 4% YoY to Rs 337 Cr, primarily due to lower raw material costs that led to a corresponding reduction in finished goods realisation.EBITDA rose sharply by 48% YoY to Rs 41 Cr, supported by volume growth, improved operating leverage, and better cost efficiencies.Operating margins expanded to 12.1% (vs. 7.8% in Q2FY25 and 10.3% in Q1FY26). 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.

Apcotex Industries Ltd - Volume-Led Growth Strategy Backed by New Capex Plans

<ul><li>Anticipate margin revival in the coming quarter: While the company reported strong volume lead growth (YoY), the profitability remained subdued owing to pricing pressures.</li><li>The management noted that the Nitrile Latex business is being operated at negligible margins, and EBITDA margins for the first nine months could have been higher by 2-2.5%, excluding the same.</li><li>The management mentioned that the prices are close to the bottom, and margins will likely improve in 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.

Anticipate margin revival in the coming quarter: While the company reported strong volume lead growth (YoY), the profitability remained subdued owing to pricing pressures.The management noted that the Nitrile Latex business is being operated at negligible margins, and EBITDA margins for the first nine months could have been higher by 2-2.5%, excluding the same.The management mentioned that the prices are close to the bottom, and margins will likely improve in 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.

Apcotex Industries Ltd - Margins Expected to Improve as Prices Bottom Out

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</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.

Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.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.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

<ul><li>The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate.</li><li>However, gross margins declined to 26.7%, down by 359 bps compared to the previous quarter.</li><li>Apcotex reported an EBITDA of Rs 32 Cr, representing a 25% increase YoY and a 1% increase QoQ, missing our estimate of Rs 36 Cr. </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.

The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate.However, gross margins declined to 26.7%, down by 359 bps compared to the previous quarter.Apcotex reported an EBITDA of Rs 32 Cr, representing a 25% increase YoY and a 1% increase QoQ, missing our estimate of Rs 36 Cr. 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.

Apcotex Industries Ltd - Nitrile Latex Continues to Weigh on Margins; Maintain HOLD

<ul><li>Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.</li><li>However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.</li><li>Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. </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.

Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. 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.

Chemicals and Midcaps Q1FY25 Result Preview

India

Apcotex Industries Limited, manufactures synthetic rubber, lattices, and associated items.  The Company's products include styrene butadiene lattices, nitrile lattices, vinyl pyridine latex, and styrene butadiene rubber.

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Apcotex Industries (APCO IN)

Apcotex Industries Ltd - Volume-Led Growth Strategy Backed by New Capex Plans

The company reported an 11% YoY increase in volumes during Q2FY26, while revenue declined by 4% YoY to Rs 337 Cr, primarily due to lower raw...

Axis Direct

Apcotex Industries Ltd - Margins Expected to Improve as Prices Bottom Out

Anticipate margin revival in the coming quarter: While the company reported strong volume lead growth (YoY), the profitability remained subdued...

Axis Direct

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

Apcotex Industries Ltd - Nitrile Latex Continues to Weigh on Margins; Maintain HOLD

The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate. However, gross margins...

Axis Direct

Chemicals and Midcaps Q1FY25 Result Preview

Chemicals& Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to...

Axis Direct

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