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>Revenue Performance: Dabur reported a 5.4% YoY increase in consolidated revenue, driven by balanced growth across geographies.</li><li>The India business grew 5.7% YoY, supported by a 2% volume uptick, while the international segment delivered a robust 7.7% growth in INR terms.</li><li>Among core categories, Home &amp; Personal Care led with an 8.9% rise, followed by Foods &amp; Beverages up 1.7% and Healthcare up 1.3%</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.

Revenue Performance: Dabur reported a 5.4% YoY increase in consolidated revenue, driven by balanced growth across geographies.The India business grew 5.7% YoY, supported by a 2% volume uptick, while the international segment delivered a robust 7.7% growth in INR terms.Among core categories, Home &amp; Personal Care led with an 8.9% rise, followed by Foods &amp; Beverages up 1.7% and Healthcare up 1.3%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.

Dabur India - GST Tailwinds Set the Stage for Dabur’s Next Leg of Growth

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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Copra prices have corrected ~30% from July 2025 peaks as of January 2026, signaling the end of a hyper-inflationary cycle that saw costs double YoY.</li>
<li>Raw material costs represent up to 50% of the COGS for coconut oil leaders. This correction provides massive tailwind for gross margin expansion for Companies like <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a>. </li>
<li>Companies expect Copra prices will further soften by March 2026 "flush season" and that will help companies in margin repair.</li>
</ul>


Copra prices have corrected ~30% from July 2025 peaks as of January 2026, signaling the end of a hyper-inflationary cycle that saw costs double YoY.
Raw material costs represent up to 50% of the COGS for coconut oil leaders. This correction provides massive tailwind for gross margin expansion for Companies like Marico Ltd (MRCO IN). 
Companies expect Copra prices will further soften by March 2026 "flush season" and that will help companies in margin repair.


How Falling Prices of Copra Are Reshaping India's FMCG Margins in 2026?

<ul><li>The FMCG sector stands at the cusp of a structural reset as the GST Council rolls out GST 2.0.</li><li>The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and luxury goods.</li><li>Effective 22nd September, 2025, the timing ahead of the festive season is expected to spur affordability and lift consumption.</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 FMCG sector stands at the cusp of a structural reset as the GST Council rolls out GST 2.0.The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and luxury goods.Effective 22nd September, 2025, the timing ahead of the festive season is expected to spur affordability and lift consumption.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.

Consumption Sector - GST 2.0: Powers the Next Leg of Growth and Reshapes the FMCG Landscape

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India

Dabur India Limited is a leading Indian multinational consumer goods company specializing in Ayurvedic and natural healthcare products. The company operates in key consumer product categories, including healthcare, hair care, oral care, skin care, home care, and food and beverages, offering over 250 herbal and Ayurvedic products. Dabur was founded in 1884 by S. K. Burman in Kolkata, India, and is currently headquartered in Ghaziabad, Uttar Pradesh, India.

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Dabur (DABUR IN)

Dabur India - GST Tailwinds Set the Stage for Dabur’s Next Leg of Growth

The India business grew 5.7% YoY, supported by a 2% volume uptick, while the international segment delivered a robust 7.7% growth in INR terms.

Axis Direct

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

How Falling Prices of Copra Are Reshaping India's FMCG Margins in 2026?

Copra prices have dropped ~30% from July 2025 peaks, benefiting coconut oil leaders like Marico Ltd with potential for gross margin expansion....

Sudarshan Bhandari

Consumption Sector - GST 2.0: Powers the Next Leg of Growth and Reshapes the FMCG Landscape

The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and...

Axis Direct

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dabur India - GST Tailwinds Set the Stage for Dabur’s Next Leg of Growth

The India business grew 5.7% YoY, supported by a 2% volume uptick, while the international segment delivered a robust 7.7% growth in INR terms.

Axis Direct

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

How Falling Prices of Copra Are Reshaping India's FMCG Margins in 2026?

​Copra prices have dropped ~30% from July 2025 peaks, benefiting coconut oil leaders like Marico Ltd with potential for gross margin expansion....

Sudarshan Bhandari

Consumption Sector - GST 2.0: Powers the Next Leg of Growth and Reshapes the FMCG Landscape

The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and...

Axis Direct

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Copra prices have dropped ~30% from July 2025 peaks, benefiting coconut oil leaders like Marico Ltd with potential for gross margin expansion....

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.