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.

Equity Bottom-Up

<ul><li>We attended the Eureka Forbes’ Investor Day, where the company’s management highlighted that the industry is expected to grow at a 13–15% CAGR, although it is targeting a higher CAGR of 17–18% over FY25–30E, aiming to reach INR 54–56bn in revenue by FY30</li><li>It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24% CAGR</li><li>This growth would be driven by sustained robust growth in water purifiers, pick-up in the service segment, robust growth in robotics vacuum cleaner, water softeners, and air purifiers</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.

We attended the Eureka Forbes’ Investor Day, where the company’s management highlighted that the industry is expected to grow at a 13–15% CAGR, although it is targeting a higher CAGR of 17–18% over FY25–30E, aiming to reach INR 54–56bn in revenue by FY30It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24% CAGRThis growth would be driven by sustained robust growth in water purifiers, pick-up in the service segment, robust growth in robotics vacuum cleaner, water softeners, and air purifiersContent 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.

Eureka Forbes: Strong Outlook Across All Segments. Maintain BUY

<ul><li>We are initiating coverage of Eureka Forbes Ltd with a BUY rating and a target price of INR 830 per share, valuing the stock at 45x Mar-28E AEPS (excluding intangible amortization and 50% of performance-linked ESOP costs)</li><li>Our positive view stems from Eureka’s strong market leadership in highly underpenetrated categories, its high brand equity, capable management team, and asset-light business model</li><li>The company has undergone a major turnaround under new management following Eureka’s acquisition by Advent International, with notable improvements in both growth and margins.</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.

We are initiating coverage of Eureka Forbes Ltd with a BUY rating and a target price of INR 830 per share, valuing the stock at 45x Mar-28E AEPS (excluding intangible amortization and 50% of performance-linked ESOP costs)Our positive view stems from Eureka’s strong market leadership in highly underpenetrated categories, its high brand equity, capable management team, and asset-light business modelThe company has undergone a major turnaround under new management following Eureka’s acquisition by Advent International, with notable improvements in both growth and margins.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.

Eureka Forbes (Initiating Coverage): Turning Strategic Vision into Sustainable Growth. BUY

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

Kent R O Systems / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kent-r-o-systems" target="_blank" data-smartkarma-citation="entities:44326:1" rel="noopener">Kent R O Systems (6592700Z IN)</a> Kent R O Systems Ltd plans to come up with its IPO</li>
<li>The company is the second largest player in the Indian water purifier market with a market share of about 20%, behind Eureka Forbes.</li>
<li>We are concerned with the related party transactions of the company, especially with the promoters. The lease rental policy, coupled with some impairments, and trademark infringement matter also attracts attention.</li>
</ul>



Kent R O Systems (6592700Z IN) Kent R O Systems Ltd plans to come up with its IPO
The company is the second largest player in the Indian water purifier market with a market share of about 20%, behind Eureka Forbes.
We are concerned with the related party transactions of the company, especially with the promoters. The lease rental policy, coupled with some impairments, and trademark infringement matter also attracts attention.


Kent R O Systems Ltd IPO- Purity at a Price

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.

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1.</li><li>We note: (1) Strong investments in distribution expansion (at 36% CAGR over FY22-24) have started yielding positive results (volume growth and market share gains in FY24) and may continue to drive growth in FY24-26E.</li><li>(2) The company is focusing on category creation to increase penetration via (i) launch of affordable products to attract new customers, and (ii) higher media campaigns.</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.

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1.We note: (1) Strong investments in distribution expansion (at 36% CAGR over FY22-24) have started yielding positive results (volume growth and market share gains in FY24) and may continue to drive growth in FY24-26E.(2) The company is focusing on category creation to increase penetration via (i) launch of affordable products to attract new customers, and (ii) higher media campaigns.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

Eureka Forbes Limited provides pollution control equipment. The Company offers water purification devices, vacuum cleaners, air purification systems, and home security products. Eureka Forbes serves customers worldwide.

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Eureka Forbes (EUREKAFO IN)

Eureka Forbes: Strong Outlook Across All Segments. Maintain BUY

It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24%...

HDFC Securities

Eureka Forbes (Initiating Coverage): Turning Strategic Vision into Sustainable Growth. BUY

The company has undergone a major turnaround under new management following Eureka’s acquisition by Advent International, with notable improvements...

HDFC Securities

Kent R O Systems Ltd IPO- Purity at a Price

Kent, the 2nd largest in Indian water purifier market has a bunch of related party transactions with promoters that raise eyebrows. Also, IP war...

Nitin Mangal

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Eureka Forbes - White Goods

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1. We note: (1) Strong investments in distribution expansion...

ICICI Securities Limited

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Eureka Forbes: Strong Outlook Across All Segments. Maintain BUY

It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24%...

HDFC Securities

Eureka Forbes (Initiating Coverage): Turning Strategic Vision into Sustainable Growth. BUY

The company has undergone a major turnaround under new management following Eureka’s acquisition by Advent International, with notable improvements...

HDFC Securities

Kent R O Systems Ltd IPO- Purity at a Price

​Kent, the 2nd largest in Indian water purifier market has a bunch of related party transactions with promoters that raise eyebrows. Also, IP war...

Nitin Mangal

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Eureka Forbes - White Goods

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1. We note: (1) Strong investments in distribution expansion...

ICICI Securities Limited

Kent, the 2nd largest in Indian water purifier market has a bunch of related party transactions with promoters that raise eyebrows. Also, IP war...