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>RAC Growth Pegged at 10%-15% on Festive and Pre–BEE Demand: India’s Room Air Conditioner (RAC) industry is expected to grow at a strong 19% CAGR over the long term, driven by low penetration, rising disposable incomes, urbanisation, and exposure to modern infrastructure.</li><li>Despite seasonal fluctuations (10–35% YoY), the underlying demand remains intact.</li><li>Over 90% of AC buyers are first-time users, and 40% rely on consumer finance, indicating a forward-looking and need-based buying pattern. </li></ul><p><em>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.</em></p>

RAC Growth Pegged at 10%-15% on Festive and Pre–BEE Demand: India’s Room Air Conditioner (RAC) industry is expected to grow at a strong 19% CAGR over the long term, driven by low penetration, rising disposable incomes, urbanisation, and exposure to modern infrastructure.Despite seasonal fluctuations (10–35% YoY), the underlying demand remains intact.Over 90% of AC buyers are first-time users, and 40% rely on consumer finance, indicating a forward-looking and need-based buying pattern. 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), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>UCP Segment Update: RAC business recorded 47% YoY growth in 4QFY22. BSTAR grew faster than the market and ended FY22 with a market share of 13.25% vs 13% in FY21.</li></ul><div><div><div><div><ul><li>EMPS and Commercial AC segment update: Carry forward order book at the end of FY22 was up 10.2% YoY at Rs32.53bn.</li></ul><div><div><div><div><ul><li>Net debt and capital employed position: Net borrowings at the end of FY22 were Rs671.4mn (vs net cash position of Rs1.51bn at the end of FY21) due to planned advancement in inventory levels related to the procurement of long-lead raw materials and components in order to de-risk supply chain constraints and investments in expansion projects at Wada &amp; Sri City.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

UCP Segment Update: RAC business recorded 47% YoY growth in 4QFY22. BSTAR grew faster than the market and ended FY22 with a market share of 13.25% vs 13% in FY21.EMPS and Commercial AC segment update: Carry forward order book at the end of FY22 was up 10.2% YoY at Rs32.53bn.Net debt and capital employed position: Net borrowings at the end of FY22 were Rs671.4mn (vs net cash position of Rs1.51bn at the end of FY21) due to planned advancement in inventory levels related to the procurement of long-lead raw materials and components in order to de-risk supply chain constraints and investments in expansion projects at Wada &amp; Sri City.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.

Blue Star - Result Above Expectations; Expect Margin Improvement in FY23

India

Blue Star Limited manufactures and markets a wide range of air-conditioning and commercial refrigeration systems and products. The Company's products include large central air-conditioning plants, packaged air-conditioning systems, split and window air conditioners, water coolers, bottled water dispensers, deep freezers and cold storages.

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Blue Star Ltd (BLSTR IN)

Axis Punch: Blue Star - 03rd July, 2025

RAC Growth Pegged at 10%-15% on Festive and Pre–BEE Demand: India’s Room Air Conditioner (RAC) industry is expected to grow at a strong 19% CAGR...

Axis Direct

Blue Star - Result Above Expectations; Expect Margin Improvement in FY23

Blue Star (BLSTR) reported healthy consolidated revenue of Rs22.5bn, up 39.5% YoY (13.9%/20.4% above our/consensus estimates).

Nirmal Bang

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