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>In Q1FY26, DMart reported a 16.3% YoY revenue growth, partially impacted by a 100–150 bps drag from deflation in key staples and non-food categories, as well as the temporary closure of a Navi Mumbai store for renovation.</li><li>The company added 9 new stores during the quarter, taking the total store count to 424.</li><li>Like-for-like growth stood at 7.1%, with the total retail area reaching 17.6 Mn sq. ft. by the end of the quarter.</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.

In Q1FY26, DMart reported a 16.3% YoY revenue growth, partially impacted by a 100–150 bps drag from deflation in key staples and non-food categories, as well as the temporary closure of a Navi Mumbai store for renovation.The company added 9 new stores during the quarter, taking the total store count to 424.Like-for-like growth stood at 7.1%, with the total retail area reaching 17.6 Mn sq. ft. by the end of the quarter.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.

Avenue Supermarts Ltd. - Margins Fell Short; But A Recovery Is Anticipated in H2

<ul><li>In Q4FY25, DMart reported ~18% YoY revenue growth, driven by increased footfalls and the addition of 28 stores in Q4, taking the total count to 415.</li><li>Non-metro towns continued to outperform metros.</li><li>However, stores in metro areas with lower store density saw stronger like-for-like growth. For FY25, like-for-like growth stood at 8.4%.</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.

In Q4FY25, DMart reported ~18% YoY revenue growth, driven by increased footfalls and the addition of 28 stores in Q4, taking the total count to 415.Non-metro towns continued to outperform metros.However, stores in metro areas with lower store density saw stronger like-for-like growth. For FY25, like-for-like growth stood at 8.4%.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.

Avenue Supermarts Ltd. - Earnings Growth Bottoming Out; Maintain BUY

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>Avenue Supermarts (DMART) posted weak results in 3QFY25 as standalone EBITDA grew 10% YoY (4% miss) due to weaker gross margin and higher cost of retailing (CoR).</li><li>Management indicated that increased intensity in discounting in the FMCG category continued to impact the high turnover per sqft stores in metros.</li><li>However, the impact was relatively lower versus 2QFY25. DMART’s like-for-like (LFL) growth for over two-year-old stores rose to 8.3% in 3Q (vs.</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.

Avenue Supermarts (DMART) posted weak results in 3QFY25 as standalone EBITDA grew 10% YoY (4% miss) due to weaker gross margin and higher cost of retailing (CoR).Management indicated that increased intensity in discounting in the FMCG category continued to impact the high turnover per sqft stores in metros.However, the impact was relatively lower versus 2QFY25. DMART’s like-for-like (LFL) growth for over two-year-old stores rose to 8.3% in 3Q (vs.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.

Avenue Supermarts - Lower Margin and Higher CoR Result in Earnings Miss

<ul><li>In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates).</li><li>The company added 10 stores during the quarter, taking the total store count to 387.</li><li>Rise of Q-commerce continues to impact stores in metro cities; however, the impact was less pronounced compared to Q2FY25. </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.

In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates).The company added 10 stores during the quarter, taking the total store count to 387.Rise of Q-commerce continues to impact stores in metro cities; however, the impact was less pronounced compared to Q2FY25. 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.

Avenue Supermarts Ltd. - Subdued Margin Performance; Maintain HOLD

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> raised about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

India

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

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Avenue Supermarts Ltd (DMART IN)

Avenue Supermarts Ltd. - Margins Fell Short; But A Recovery Is Anticipated in H2

In Q1FY26, DMart reported a 16.3% YoY revenue growth, partially impacted by a 100–150 bps drag from deflation in key staples and non-food categories

Axis Direct

Avenue Supermarts Ltd. - Earnings Growth Bottoming Out; Maintain BUY

In Q4FY25, DMart reported ~18% YoY revenue growth, driven by increased footfalls and the addition of 28 stores in Q4, taking the total count to 415.

Axis Direct

Avenue Supermarts - Lower Margin and Higher CoR Result in Earnings Miss

Avenue Supermarts (DMART) posted weak results in 3QFY25 as standalone EBITDA grew 10% YoY (4% miss) due to weaker gross margin and higher cost of...

Motilal Oswal

Avenue Supermarts Ltd. - Subdued Margin Performance; Maintain HOLD

In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates). The company added 10 stores during the...

Axis Direct

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

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