India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Equity Bottom-Up

<ul>
<li>KDDL's precision engineering division, Eigen, is expanding its manufacturing capacity with a new facility and further upgrades planned, aiming to capture high-growth sectors like aerospace, automotive, and medical devices.</li>
<li>This expansion enhances KDDL's competitive edge in precision engineering, a high-margin segment, and aligns with the company's goal of making Eigen a significant revenue contributor, targeting 40-50% of manufacturing revenue.</li>
<li>The focus on precision engineering and premium retail through Ethos positions KDDL for sustained growth, balancing stable manufacturing revenue with high-margin luxury retail.</li>
</ul>


KDDL's precision engineering division, Eigen, is expanding its manufacturing capacity with a new facility and further upgrades planned, aiming to capture high-growth sectors like aerospace, automotive, and medical devices.
This expansion enhances KDDL's competitive edge in precision engineering, a high-margin segment, and aligns with the company's goal of making Eigen a significant revenue contributor, targeting 40-50% of manufacturing revenue.
The focus on precision engineering and premium retail through Ethos positions KDDL for sustained growth, balancing stable manufacturing revenue with high-margin luxury retail.


The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

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.

<ul><li>Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.</li><li>The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.</li><li>Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.</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.

Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.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.

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

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

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> raised around US$130m in its India IPO. </li>
<li>It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO. 
It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.


P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is looking to raise up to US$132m in its India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul><li>Robust Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.</li><li>The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.</li><li>However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)</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.

Robust Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)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.

India

Ethos is a leading luxury and premium watch retailer in India, operating a chain of boutiques and an omnichannel platform. The company offers a wide range of luxury and premium watches, certified pre-owned watches, jewelry, and watch accessories, alongside providing repair and maintenance services. Ethos was founded in 2003 and is headquartered in Gurugram, India.

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Ethos (ETHOSLTD IN)

The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...

Sudarshan Bhandari

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.

Axis Direct

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment

Axis Direct

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The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

​KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...

Sudarshan Bhandari

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.

Axis Direct

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment

Axis Direct

KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...