External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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>Indus Towers’ (Indus) 3QFY25 reported financials were ahead of our estimates, largely due to the higher-than-estimated reversal of prior-period bad debt provisions (INR30.2b vs. our estimate of INR12.5b).</li><li>Operationally, the core performance was in line, with Indus’ recurring EBITDA rising 4% QoQ to INR39.3b (+8% YoY) as tower/tenancy additions picked up, while ARPT remained stable QoQ.</li><li>Given significant prior-period collections and moderation in capex, Indus’ 9M FCF was robust at ~INR60b (of which INR27.5b was used for buyback)</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.

Indus Towers’ (Indus) 3QFY25 reported financials were ahead of our estimates, largely due to the higher-than-estimated reversal of prior-period bad debt provisions (INR30.2b vs. our estimate of INR12.5b).Operationally, the core performance was in line, with Indus’ recurring EBITDA rising 4% QoQ to INR39.3b (+8% YoY) as tower/tenancy additions picked up, while ARPT remained stable QoQ.Given significant prior-period collections and moderation in capex, Indus’ 9M FCF was robust at ~INR60b (of which INR27.5b was used for buyback)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.

Indus Towers - Core Performance in Line; FCF Generation Picks Up

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

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.

Thematic (Sector/Industry)

<ul><li>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) </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.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) 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.

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>With the review period nearing completion, there could be 4 changes (including 1 migration) for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.</li>
<li>Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.</li>
</ul>


With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.


NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Max Healthcare Institute / Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100 in the September 2025 rebal.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 in the September 2025 rebal.


Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

India

Indus Towers Limited is a telecommunication infrastructure company. The company operates and provides telecommunication tower and related infrastructure services in India. Indus Towers serves customers in India.

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Indus Towers (INDUSTOW IN)

Indus Towers - Core Performance in Line; FCF Generation Picks Up

Indus Towers’ (Indus) 3QFY25 reported financials were ahead of our estimates, largely due to the higher-than-estimated reversal of prior-period bad...

Motilal Oswal

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

There are multiple changes to our expected ADDs and expected DELs lists for NIFTY 50 and NIFTY Next 50 since the last time we published an insight...

Janaghan Jeyakumar, CFA

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