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

CreditAccess Grameen Ltd / Equity Bottom-Up

<ul><li>Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.</li><li>The peaking out of fresh PAR accretion was delayed by ~4 weeks (earlier anticipated to peak out on Sep’24) due to the temporary impact of festivities, heavy rains, cyclones, and localised disruptions.</li><li>The strong trend reversal in Dec’24/Jan’25, can be taken as an indication of reversion to normalised PAR accretion rate by Q4FY25 or 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.

Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.The peaking out of fresh PAR accretion was delayed by ~4 weeks (earlier anticipated to peak out on Sep’24) due to the temporary impact of festivities, heavy rains, cyclones, and localised disruptions.The strong trend reversal in Dec’24/Jan’25, can be taken as an indication of reversion to normalised PAR accretion rate by Q4FY25 or 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.

CreditAccess Grameen Ltd. - Weak Quarter, Hopes Pinned on Normalised Profitability from Q2FY26!

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>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing margins</li><li>IOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumes</li><li>Reported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x 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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing marginsIOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumesReported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x 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.

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

<ul><li>Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS division</li><li>This growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segment</li><li>EBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expenses</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.

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS divisionThis growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segmentEBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expensesContent 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: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

<ul><li>Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order book</li><li>Gross margins significantly expanded by 720bps YoY to 32.1% due to a better product mix</li><li>EBITDAM improved by 210bps YoY to 17.1%, limited by a substantial increase in other expenses</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.

Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order bookGross margins significantly expanded by 720bps YoY to 32.1% due to a better product mixEBITDAM improved by 210bps YoY to 17.1%, limited by a substantial increase in other expensesContent 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: Kaynes Technology, LIC Housing Finance, CreditAccess Grameen

<ul><li>The systemic credit growth (as of 21st March, 2025) has tapered to ~11% vs. 15-16% YoY.</li><li>This can be primarily attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.</li><li>We expect banks under our coverage to deliver ~12% YoY credit growth, largely in line with industry 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.

The systemic credit growth (as of 21st March, 2025) has tapered to ~11% vs. 15-16% YoY.This can be primarily attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.We expect banks under our coverage to deliver ~12% YoY credit growth, largely in line with industry 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.

Q4FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

India

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

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CreditAccess Grameen Ltd (CREDAG IN)

CreditAccess Grameen Ltd. - Weak Quarter, Hopes Pinned on Normalised Profitability from Q2FY26!

Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.

Axis Direct

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies...

HDFC Securities

HSIE Results Daily: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS...

HDFC Securities

HSIE Results Daily: Kaynes Technology, LIC Housing Finance, CreditAccess Grameen

Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order book. Gross margins significantly expanded by 720bps YoY...

HDFC Securities

Q4FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

We would watch out for management commentary on growth trajectory in FY26 and direction for recovery in the unsecured segments, particularly MFI...

Axis Direct

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