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>Strong Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in aluminium and a 12% YoY rise in lead.</li><li>Value-added products accounted for 46% of revenues during the quarter.</li><li>Additionally, stricter BWMR and EPR regulations led to a 60% increase in domestically sourced scrap, reaching 43%. EBITDA per ton improved by 6% YoY for lead and 30% YoY for aluminium, with overall EBITDA (including hedging income) rising to Rs 109 Cr</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 Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in aluminium and a 12% YoY rise in lead.Value-added products accounted for 46% of revenues during the quarter.Additionally, stricter BWMR and EPR regulations led to a 60% increase in domestically sourced scrap, reaching 43%. EBITDA per ton improved by 6% YoY for lead and 30% YoY for aluminium, with overall EBITDA (including hedging income) rising to Rs 109 CrContent 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.

Gravita India Ltd - Revenue & Profit Growth Continues; Maintain BUY

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Gravita reported steady FY25 results with ~10% EBITDA margins, strong cash generation, and maintained a net cash position despite ongoing capex.</li>
<li>Business mix is evolving with increasing aluminium recycling, higher Africa contribution, and new verticals like lithium-ion, aiming to double capacity by FY27.</li>
<li>Valuations appear elevated but are supported by strong ROIC, clear growth visibility, and alignment with global ESG trends.</li>
</ul>


Gravita reported steady FY25 results with ~10% EBITDA margins, strong cash generation, and maintained a net cash position despite ongoing capex.
Business mix is evolving with increasing aluminium recycling, higher Africa contribution, and new verticals like lithium-ion, aiming to double capacity by FY27.
Valuations appear elevated but are supported by strong ROIC, clear growth visibility, and alignment with global ESG trends.


Gravita India: Expansion Momentum Amid Elevated Valuations

<ul><li>Volume Growth Across All Segments: The company managed to garner total volume growth of 33% YoY.</li><li>The volume growth was particularly strong in Aluminium as the company liquidated the previously accumulated inventory.</li><li>Contribution from value-added products increased further during the quarter (46%), and the company continues to see improved domestic scrap availability due to recent regulatory changes. </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.

Volume Growth Across All Segments: The company managed to garner total volume growth of 33% YoY.The volume growth was particularly strong in Aluminium as the company liquidated the previously accumulated inventory.Contribution from value-added products increased further during the quarter (46%), and the company continues to see improved domestic scrap availability due to recent regulatory changes. 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.

Gravita India Ltd. - Volume Growth Continues; 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

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> IPO issue is a combination of fresh issue aggregating to INR 5000Mn  and offer for sale aggregating to INR 7500Mn.</li>
<li>In this insight, we highlight the key comparisons across various operational and financial parameters between <a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> and <a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> .</li>
<li>We also compare the key segmental operational metrics like profit per kg across lead, aluminum and copper divisions and finally the valuation of both companies.</li>
</ul>



Jain Resource Recycling (2300699D IN) IPO issue is a combination of fresh issue aggregating to INR 5000Mn  and offer for sale aggregating to INR 7500Mn.
In this insight, we highlight the key comparisons across various operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) .
We also compare the key segmental operational metrics like profit per kg across lead, aluminum and copper divisions and finally the valuation of both companies.


Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

India

Gravita India Limited manufactures lead metal and other lead products by the recycling and smelting process. The Company produces lead ingots, lead alloys, and lead oxides.

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Gravita India (GRAV IN)

Gravita India Ltd - Revenue & Profit Growth Continues; Maintain BUY

Strong Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in...

Axis Direct

Gravita India: Expansion Momentum Amid Elevated Valuations

Gravita's FY25 results show steady performance, evolving business mix, and strong growth potential despite elevated valuations.

Rahul Jain

Gravita India Ltd. - Volume Growth Continues; Maintain BUY

The company managed to garner total volume growth of 33% YoY. The volume growth was particularly strong in Aluminium as the company liquidated the...

Axis Direct

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

In this insight, the key operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) are compared.

Sreemant Dudhoria,CFA

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Gravita India Ltd - Revenue & Profit Growth Continues; Maintain BUY

Strong Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in...

Axis Direct

Gravita India: Expansion Momentum Amid Elevated Valuations

​Gravita's FY25 results show steady performance, evolving business mix, and strong growth potential despite elevated valuations.

Rahul Jain

Gravita India Ltd. - Volume Growth Continues; Maintain BUY

The company managed to garner total volume growth of 33% YoY. The volume growth was particularly strong in Aluminium as the company liquidated the...

Axis Direct

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

In this insight, the key operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) are compared.

Sreemant Dudhoria,CFA

Gravita's FY25 results show steady performance, evolving business mix, and strong growth potential despite elevated valuations.