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

Endurance Technologies Ltd / Equity Bottom-Up

<ul><li>Strong Order book: As of Sep’25, the company has secured total business orders worth ~Rs 4,671 Cr over the last five years, along with cumulative replacement orders of Rs 717 Cr and Rs 3,953 Cr in new orders.</li><li>This includes an order backlog of Rs 1,195 Cr in the Indian EV segment, including Bajaj.</li><li>In Europe, Endurance has secured €242 Mn in orders as of Sep'25, representing the cumulative value over five years. </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.

Strong Order book: As of Sep’25, the company has secured total business orders worth ~Rs 4,671 Cr over the last five years, along with cumulative replacement orders of Rs 717 Cr and Rs 3,953 Cr in new orders.This includes an order backlog of Rs 1,195 Cr in the Indian EV segment, including Bajaj.In Europe, Endurance has secured €242 Mn in orders as of Sep'25, representing the cumulative value over five years. 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.

Endurance Technologies Ltd - Robust Order Wins & Strategic Capex

<ul><li>Strong Order Wins: As of Mar’25, the company has secured new business orders worth ~Rs 4,692 Cr over the last five years, along with cumulative replacement orders of Rs 958 Cr in India.</li><li>This includes an order backlog of Rs 1,020 Cr in the Indian EV segment, including Bajaj.</li><li>In Europe, Endurance has secured €248 Mn in orders as of Mar'25, representing the cumulative value over five years. Of this, €99 Mn (39%) pertains to EV applications, while €109 Mn (45%) is for Hybrid applications.</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.

Strong Order Wins: As of Mar’25, the company has secured new business orders worth ~Rs 4,692 Cr over the last five years, along with cumulative replacement orders of Rs 958 Cr in India.This includes an order backlog of Rs 1,020 Cr in the Indian EV segment, including Bajaj.In Europe, Endurance has secured €248 Mn in orders as of Mar'25, representing the cumulative value over five years. Of this, €99 Mn (39%) pertains to EV applications, while €109 Mn (45%) is for Hybrid applications.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.

Endurance Technologies Ltd - EBITDA Beats Estimates; Positives Largely Factored in The Price

<ul><li>Strong Order Wins: As of Dec'24, the company has accumulated new business orders worth ~Rs 3,341 Cr over the last five years, along with cumulative replacement orders of Rs 932 Cr in India.</li><li>This includes an order backlog of Rs 960 Cr in the Indian EV segment, including Bajaj.</li><li>In Europe, Endurance has secured €244 Mn in orders as of Dec'24, representing the last five years' cumulative value. </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.

Strong Order Wins: As of Dec'24, the company has accumulated new business orders worth ~Rs 3,341 Cr over the last five years, along with cumulative replacement orders of Rs 932 Cr in India.This includes an order backlog of Rs 960 Cr in the Indian EV segment, including Bajaj.In Europe, Endurance has secured €244 Mn in orders as of Dec'24, representing the last five years' cumulative value. 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.

Endurance Technologies Ltd - Capacity Expansion Backed by Orders to Drive Topline

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

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>While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25</li><li>The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25</li><li>The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.</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.

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.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.

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

India

Endurance Technologies Limited designs, develops, manufactures, and exports auto parts. The Company provides casting, suspension, transmission, and braking products for the automobile industry. Endurance Technologies conducts business worldwide.

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Endurance Technologies Ltd (ENDU IN)

Endurance Technologies Ltd - Robust Order Wins & Strategic Capex

As of Sep’25, the company has secured total business orders worth ~Rs 4,671 Cr over the last five years, along with cumulative replacement orders...

Axis Direct

Endurance Technologies Ltd - EBITDA Beats Estimates; Positives Largely Factored in The Price

Strong Order Wins: As of Mar’25, the company has secured new business orders worth ~Rs 4,692 Cr over the last five years, along with cumulative...

Axis Direct

Endurance Technologies Ltd - Capacity Expansion Backed by Orders to Drive Topline

Strong Order Wins: As of Dec'24, the company has accumulated new business orders worth ~Rs 3,341 Cr over the last five years, along with cumulative...

Axis Direct

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

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