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.

Thematic (Sector/Industry)

<ul><li>The premiumisation trend remains in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand is expected to increase after a good monsoon and kharif sowing</li><li>However, it is pertinent to highlight that demand for 125cc and above continued to be strong</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 premiumisation trend remains in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand is expected to increase after a good monsoon and kharif sowingHowever, it is pertinent to highlight that demand for 125cc and above continued to be strongContent 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.

Autos (Q2FY25 Results Preview): 2W to Drive Growth, Soft Quarter for PVs

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.

Equity Bottom-Up

<ul><li>We met BHFC’s management team recently to understand the company’s growth outlook in the coming years.</li><li>Key growth drivers for BHFC would be: 1) the robust order backlog of INR54b in defense exports to be executable over the next three years, along with the prospects of the beginning of domestic defense orders soon; 2) with new order wins and multiple initiatives, JS Autocast (JSA) is likely to emerge as one of the fastest growing businesses of BHFC; 3) the aerospace segment is set to clock strong growth in the coming years; 4) PV exports are likely to moderate in FY25E, but they should pick up from FY26 onward given a healthy order backlog.</li><li>However, CVs (both domestic and exports) and domestic PVs are likely to see weak 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.

We met BHFC’s management team recently to understand the company’s growth outlook in the coming years.Key growth drivers for BHFC would be: 1) the robust order backlog of INR54b in defense exports to be executable over the next three years, along with the prospects of the beginning of domestic defense orders soon; 2) with new order wins and multiple initiatives, JS Autocast (JSA) is likely to emerge as one of the fastest growing businesses of BHFC; 3) the aerospace segment is set to clock strong growth in the coming years; 4) PV exports are likely to moderate in FY25E, but they should pick up from FY26 onward given a healthy order backlog.However, CVs (both domestic and exports) and domestic PVs are likely to see weak growth.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.

Bharat Forge - Defense to Remain Growth Driver

<ul><li>The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 7%/0% YoY and -2%/-8% QoQ across the HSIE coverage (~229 stocks)</li><li>Overall earnings were adversely skewed by the weak performance of OMCs, hence ex-OMCs, revenue/PAT grew by 9%/13% YoY and -2%/-5% QoQ.</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 aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 7%/0% YoY and -2%/-8% QoQ across the HSIE coverage (~229 stocks)Overall earnings were adversely skewed by the weak performance of OMCs, hence ex-OMCs, revenue/PAT grew by 9%/13% YoY and -2%/-5% QoQ.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.

Quarterly Flipbook: Earnings growth moderates, demand pick-up holds the key

<ul><li>Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas vertical</li><li>Due to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bn</li><li>The outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiaries</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.

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas verticalDue to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bnThe outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiariesContent 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: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

<ul><li>The auto sector has outperformed the Nifty Index in Q4, led largely by a sharp rally in some 2W and PV stocks</li><li>We continue to like Maruti Suzuki, and M&amp;M as we expect both of them to continue to outperform the UV segment, which would in turn help improve their performance</li><li>Within 2Ws, we continue to like TVS Motors. We have rolled over the valuation to the year-ended Jun-26.</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 auto sector has outperformed the Nifty Index in Q4, led largely by a sharp rally in some 2W and PV stocksWe continue to like Maruti Suzuki, and M&amp;M as we expect both of them to continue to outperform the UV segment, which would in turn help improve their performanceWithin 2Ws, we continue to like TVS Motors. We have rolled over the valuation to the year-ended Jun-26.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.

Autos (Q1FY25 Results Preview): 2W to Drive Growth While PVs Ride Pillion

India

Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

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Bharat Forge (BHFC IN)

Autos (Q2FY25 Results Preview): 2W to Drive Growth, Soft Quarter for PVs

The premiumisation trend remains in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand is expected to increase after a...

HDFC Securities

Bharat Forge - Defense to Remain Growth Driver

We estimate a CAGR of 13%/26%/54% in consolidated revenue/EBITDA/PAT over FY24-26. However, at 45.5x/34x FY25E/FY26E PER, we believe the current...

Motilal Oswal

Quarterly Flipbook: Earnings growth moderates, demand pick-up holds the key

The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companies

HDFC Securities

HSIE Results Daily: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil & gas vertical

HDFC Securities

Autos (Q1FY25 Results Preview): 2W to Drive Growth While PVs Ride Pillion

We continue to like Maruti Suzuki, and M&M as we expect both of them to continue to outperform the UV segment, which would in turn help improve...

HDFC Securities

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