External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicle</li><li>The salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gap</li><li>We believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to them</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.

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicleThe salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gapWe believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to themContent 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: GST Rate Cuts to Revive the Entry-Level Segment

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.</li><li>The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.</li><li>Key features • Consistently outperformed the benchmark with superior returns</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.

Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.Key features • Consistently outperformed the benchmark with superior returnsContent 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.

<ul><li>Auto OEMs: We expect Revenue for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.</li><li>The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).</li><li>The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) being partly offset by richer product mix (higher exports) and price hikes taken over the past year. </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.

Auto OEMs: We expect Revenue for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) being partly offset by richer product mix (higher exports) and price hikes taken over the past year. 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.

<ul><li>The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.</li><li>Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).</li><li>Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segment</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 aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segmentContent 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.

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

<ul><li>IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controls</li><li>IPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)</li><li>The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.</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.

IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controlsIPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.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: IPCA Laboratories, Endurance Technologies, ITD Cementation

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Endurance Technologies Ltd (ENDU IN)

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

Axis Intellect - Balanced

Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners

Axis Direct

Q1FY26 Earnings Preview - Automobile

On a sequential basis, the Revenue/EBITDA/PAT growth for Q1FY26 is expected to degrow by ~7.6%/12.9%/15.7% with over ~100 bps decline in EBITDA...

Axis Direct

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

HSIE Results Daily: IPCA Laboratories, Endurance Technologies, ITD Cementation

EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)