External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Gujarat Gas (GUJGA) reported EBITDA of Rs3.8bn (down 26% QoQ, PLe: Rs3.6bn, BBGe: Rs4.4bn) and PAT of Rs2.2bn (down 27.8% QoQ, PLe: Rs1.9bn, BBGe: Rs2.6bn).</li><li>Total volume grew 3.4% YoY and 8.2% QoQ primarily led by recovery in Morbi sales.</li><li>EBITDA/scm declined 31.6% QoQ to Rs4.4 amid higher spot LNG prices and APM de-allocation.</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.

Gujarat Gas (GUJGA) reported EBITDA of Rs3.8bn (down 26% QoQ, PLe: Rs3.6bn, BBGe: Rs4.4bn) and PAT of Rs2.2bn (down 27.8% QoQ, PLe: Rs1.9bn, BBGe: Rs2.6bn).Total volume grew 3.4% YoY and 8.2% QoQ primarily led by recovery in Morbi sales.EBITDA/scm declined 31.6% QoQ to Rs4.4 amid higher spot LNG prices and APM de-allocation.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.

Gujarat Gas (GUJGA IN) - Weak Near-Term Outlook

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>Gujarat Gas (GUJGA) reported 26/28% YoY decline in EBITDA/PAT to INR 3.8bn/INR 2.2bn (I-Sec est. of INR 4.1/INR 2.3bn) in Q3FY25.</li><li>Volume of 9.5mmscmd vs our estimate of 9.4mmscmd was offset by lower margin (EBITDA margin of INR 4,4/scm vs estimated INR 4.8/scm).</li><li>Morbi volume estimated at ~3.35mmscmd was up 0.5mmscmd QoQ due to relatively better pricing vs propane in Q3, even as YoY trends remain subdued due to continued export softness owing to shipping disruptions/weak demand globally.</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.

Gujarat Gas (GUJGA) reported 26/28% YoY decline in EBITDA/PAT to INR 3.8bn/INR 2.2bn (I-Sec est. of INR 4.1/INR 2.3bn) in Q3FY25.Volume of 9.5mmscmd vs our estimate of 9.4mmscmd was offset by lower margin (EBITDA margin of INR 4,4/scm vs estimated INR 4.8/scm).Morbi volume estimated at ~3.35mmscmd was up 0.5mmscmd QoQ due to relatively better pricing vs propane in Q3, even as YoY trends remain subdued due to continued export softness owing to shipping disruptions/weak demand globally.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.

Gujarat Gas - Flattish Q3FY25 Result; Prospects Look Better for Next 12 Months

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>Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)</li><li>Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demand</li><li>Extended monsoon did partially impact sales momentum though</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.

Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demandExtended monsoon did partially impact sales momentum thoughContent 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: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

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Gujarat Gas Ltd (GUJGA IN)

Gujarat Gas (GUJGA IN) - Weak Near-Term Outlook

Gujarat Gas (GUJGA) reported EBITDA of Rs3.8bn (down 26% QoQ, PLe: Rs3.6bn, BBGe: Rs4.4bn) and PAT of Rs2.2bn (down 27.8% QoQ, PLe: Rs1.9bn, BBGe:...

Prabhudas Lilladhar

Gujarat Gas - Flattish Q3FY25 Result; Prospects Look Better for Next 12 Months

Gujarat Gas (GUJGA) reported 26/28% YoY decline in EBITDA/PAT to INR 3.8bn/INR 2.2bn (I-Sec est. of INR 4.1/INR 2.3bn) in Q3FY25.

ICICI Securities Limited

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

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

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Gujarat Gas (GUJGA IN) - Weak Near-Term Outlook

Gujarat Gas (GUJGA) reported EBITDA of Rs3.8bn (down 26% QoQ, PLe: Rs3.6bn, BBGe: Rs4.4bn) and PAT of Rs2.2bn (down 27.8% QoQ, PLe: Rs1.9bn, BBGe:...

Prabhudas Lilladhar

Gujarat Gas - Flattish Q3FY25 Result; Prospects Look Better for Next 12 Months

Gujarat Gas (GUJGA) reported 26/28% YoY decline in EBITDA/PAT to INR 3.8bn/INR 2.2bn (I-Sec est. of INR 4.1/INR 2.3bn) in Q3FY25.

ICICI Securities Limited

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

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.