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

Aptus Value Housing Finance India / Equity Bottom-Up

<ul><li>Near-term Impact on Growth Due to Policy Change: The disbursements in Q2 (+3/24% YoY/QoQ) were impacted by rain-related disruptions, alongside the company cautiously discontinuing disbursements in the sub-Rs 7 Lc segment from Jul’25 onwards.</li><li>This decision reflects its strategic focus of moving up the customer pyramid and steering clear of the MFI-like customer segment and is not based on any asset quality challenges in the segment.</li><li>While this decision has had an impact on disbursements in Q2, it enables Aptus to enhance borrower quality and strengthen long-term portfolio resilience.</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.

Near-term Impact on Growth Due to Policy Change: The disbursements in Q2 (+3/24% YoY/QoQ) were impacted by rain-related disruptions, alongside the company cautiously discontinuing disbursements in the sub-Rs 7 Lc segment from Jul’25 onwards.This decision reflects its strategic focus of moving up the customer pyramid and steering clear of the MFI-like customer segment and is not based on any asset quality challenges in the segment.While this decision has had an impact on disbursements in Q2, it enables Aptus to enhance borrower quality and strengthen long-term portfolio resilience.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.

Aptus Value Housing Finance India Ltd. - Growth to Accelerate After a Near-Term Hiccup

<ul><li>Nims to Benefit in the Rate Cut Cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed-rate.</li><li>The management indicated that it does not intend to pass on the rate cuts to its fixed-rate customers.</li><li>On the borrowing side, ~56% of the company’s loans are floating, of which 30% are MCLR-linked, while the balance 26% are EBLR-linked. </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.

Nims to Benefit in the Rate Cut Cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed-rate.The management indicated that it does not intend to pass on the rate cuts to its fixed-rate customers.On the borrowing side, ~56% of the company’s loans are floating, of which 30% are MCLR-linked, while the balance 26% are EBLR-linked. 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.

Aptus Value Housing Finance India Ltd. - Margins to Benefit From Rate Cut and Ratings Upgrade...

<ul><li>NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.</li><li>The impact of the repricing of ~20% floating rate book on NIMs is expected to be marginal.</li><li>In its borrowing mix, ~56% of the loans are floating rate borrowings, of which ~30% are linked to the repo rate and would reprice downwards, and the management expects the benefit on CoF to be visible 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.

NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.The impact of the repricing of ~20% floating rate book on NIMs is expected to be marginal.In its borrowing mix, ~56% of the loans are floating rate borrowings, of which ~30% are linked to the repo rate and would reprice downwards, and the management expects the benefit on CoF to be visible 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.

Aptus Value Housing Finance India Ltd. - Strong Growth Delivery to Continue

<ul><li>Geographic footprint expansion and improving branch productivity to drive growth: Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.</li><li>The management indicated that the company will continue to add 35-40 branches each year over the medium term, primarily in the newer states (10 branches each) in Maharashtra (MH), Odisha (OD) and deepen its presence in existing markets of Karnataka (KA) and Telangana (TL).</li><li>Additionally, in the core state of Tamil Nadu (TN), with the concerns around employee attrition easing, the company will look at resuming growth, eyeing an exit AUM growth rate of 15% in FY25 and adding ~6 branches in FY26. </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.

Geographic footprint expansion and improving branch productivity to drive growth: Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.The management indicated that the company will continue to add 35-40 branches each year over the medium term, primarily in the newer states (10 branches each) in Maharashtra (MH), Odisha (OD) and deepen its presence in existing markets of Karnataka (KA) and Telangana (TL).Additionally, in the core state of Tamil Nadu (TN), with the concerns around employee attrition easing, the company will look at resuming growth, eyeing an exit AUM growth rate of 15% in FY25 and adding ~6 branches in FY26. 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.

Aptus Value Housing Finance Ltd - Strong Growth Delivery to Continue; Maintain BUY!a

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>Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate of 10.2%</li><li>We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exports</li><li>We expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mix</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.

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate of 10.2%We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exportsWe expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mixContent 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: Maruti Suzuki, Bank of Baroda, Union Bank of India, Phoenix Mills...

India

Aptus Value Housing Finance India Limited provides financial services. The Company offers housing and non-housing finance loans, as well as insurance services. Aptus Value Housing Finance India serves customers in India.

Aptus Value Housing Finance India (APTUS IN)

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Aptus Value Housing Finance India (APTUS IN)

Aptus Value Housing Finance India Ltd. - Growth to Accelerate After a Near-Term Hiccup

Near-term Impact on Growth Due to Policy Change: The disbursements in Q2 (+3/24% YoY/QoQ) were impacted by rain-related disruptions...

Axis Direct

Aptus Value Housing Finance India Ltd. - Margins to Benefit From Rate Cut and Ratings Upgrade...

Nims to Benefit in the Rate Cut Cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed-rate.

Axis Direct

Aptus Value Housing Finance India Ltd. - Strong Growth Delivery to Continue

NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.

Axis Direct

Aptus Value Housing Finance Ltd - Strong Growth Delivery to Continue; Maintain BUY!a

Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.

Axis Direct

HSIE Results Daily: Maruti Suzuki, Bank of Baroda, Union Bank of India, Phoenix Mills...

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate...

HDFC Securities

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