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

<ul><li>Adj EBITDA (exl. stripping activities) missed our estimate by 9% and stood at Rs 10,405 Cr (down 13% YoY/ up 45% QoQ), led by higher contractual expenses, partially offset by lower employee expenses. </li><li>E-auction premium stood better than our estimate at 76% (vs. our est. of 53%) and as compared to 69% in Q2FY25.</li><li>ASP stood at Rs 1,667/t (down 4% YoY/ up 3% QoQ). It missed our and consensus estimates by 2%/7%, respectively. </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.

Adj EBITDA (exl. stripping activities) missed our estimate by 9% and stood at Rs 10,405 Cr (down 13% YoY/ up 45% QoQ), led by higher contractual expenses, partially offset by lower employee expenses. E-auction premium stood better than our estimate at 76% (vs. our est. of 53%) and as compared to 69% in Q2FY25.ASP stood at Rs 1,667/t (down 4% YoY/ up 3% QoQ). It missed our and consensus estimates by 2%/7%, respectively. 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.

Coal India  - Adj. EBITDA Miss; Growth Outlook Moderates

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.

<ul><li>Coal India (COAL) reported production of 202mt in 3QFY25, reflecting 2% YoY growth.</li><li>As a result, total production for 9MFY25 reached 543mt (+2% YoY), while dispatches stood at 556mt (flat YoY).</li><li>Of the total dispatches, ~85% were supplied to the thermal power industry.</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.

Coal India (COAL) reported production of 202mt in 3QFY25, reflecting 2% YoY growth.As a result, total production for 9MFY25 reached 543mt (+2% YoY), while dispatches stood at 556mt (flat YoY).Of the total dispatches, ~85% were supplied to the thermal power industry.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.

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Increased demand from power plants under construction outside  G-7 countries</li>
<li>There is constrained supply as with many other fossil fuels</li>
<li>We look at a basket of coal stocks with good balance sheets and increasing production</li>
</ul>


Increased demand from power plants under construction outside  G-7 countries
There is constrained supply as with many other fossil fuels
We look at a basket of coal stocks with good balance sheets and increasing production


Coal Is Back - The Real Inconvenient Truth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho Ltd (1546271D IN)</a> is looking to raise around US$607m in its upcoming India IPO. </li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO. 
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we talk about the company’s historical performance.


Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors, HDFC Bank, Coal India, Eternal, Hdfc Bank, Icici Bank, Infosys, Tata Motors, Coal India, Jsw Steel.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors, HDFC Bank, Coal India, Eternal, Hdfc Bank, Icici Bank, Infosys, Tata Motors, Coal India, Jsw Steel.


NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

India

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

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Coal India Ltd (COAL IN)

Coal India - Adj. EBITDA Miss; Growth Outlook Moderates

Adj EBITDA (exl. stripping activities) missed our estimate by 9% and stood at Rs 10,405 Cr (down 13% YoY/ up 45% QoQ), led by higher contractual...

Axis Direct

Coal India - Robust Growth Outlook

Coal India (COAL) reported production of 202mt in 3QFY25, reflecting 2% YoY growth. As a result, total production for 9MFY25 reached 543mt (+2%...

Motilal Oswal

Coal Is Back - The Real Inconvenient Truth

Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Rikki Malik

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

We analyzed NIFTY's consensus for Oct 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), JSW Steel (JSTL IN), ICICI Bank (ICICIBC...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coal India - Adj. EBITDA Miss; Growth Outlook Moderates

Adj EBITDA (exl. stripping activities) missed our estimate by 9% and stood at Rs 10,405 Cr (down 13% YoY/ up 45% QoQ), led by higher contractual...

Axis Direct

Coal India - Robust Growth Outlook

Coal India (COAL) reported production of 202mt in 3QFY25, reflecting 2% YoY growth. As a result, total production for 9MFY25 reached 543mt (+2%...

Motilal Oswal

Coal Is Back - The Real Inconvenient Truth

​Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Rikki Malik

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

We analyzed NIFTY's consensus for Oct 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), JSW Steel (JSTL IN), ICICI Bank (ICICIBC...

Ke Yan, CFA, FRM

Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...