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>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</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.

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent 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.

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. 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

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than industry expectations due to higher-than-expected gross margins.</li><li>Net sales of the company surged by 28% YoY and 24% QoQ to Rs33.8bn in 1QFY26. This trend was largely driven by four-wheeler volumes, which increased 37% YoY and 26% QoQ, with sales clocking in at 3,557 units compared to 2,605 units in 1QFY25 and 2,817 units in 4QFY25.</li><li>We maintain our BUY call for SAZEW as company is currently trading at an FY26/FY27F PE of 6.5/5.3x.</li></ul>

SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than industry expectations due to higher-than-expected gross margins.Net sales of the company surged by 28% YoY and 24% QoQ to Rs33.8bn in 1QFY26. This trend was largely driven by four-wheeler volumes, which increased 37% YoY and 26% QoQ, with sales clocking in at 3,557 units compared to 2,605 units in 1QFY25 and 2,817 units in 4QFY25.We maintain our BUY call for SAZEW as company is currently trading at an FY26/FY27F PE of 6.5/5.3x.

Sazgar Engineering (SAZEW): 1QFY26 EPS at Rs73.06, Up 5% YoY - Higher Than Industry Expectations

<ul><li>We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on Sep 25, 2025.</li><li>Company revealed its likely sales figures post new model launches: We have revised up our unit sales forecast for the company by 39% in FY27F to 20,800 units, translating into monthly sales of ~1,730 units, comprising ~330 units from the new launches of Canon and TANK variants and ~1,400 units from the existing Haval variants.</li><li>New line to double the production capacity: Company revealed a hefty capex plan with outlay of Rs11.5bn for a new facility which will double the existing capacity of 24k units to 48k units.</li></ul>

We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on Sep 25, 2025.Company revealed its likely sales figures post new model launches: We have revised up our unit sales forecast for the company by 39% in FY27F to 20,800 units, translating into monthly sales of ~1,730 units, comprising ~330 units from the new launches of Canon and TANK variants and ~1,400 units from the existing Haval variants.New line to double the production capacity: Company revealed a hefty capex plan with outlay of Rs11.5bn for a new facility which will double the existing capacity of 24k units to 48k units.

Sazgar Engineering (SAZEW): Earnings Revised Up By 61% For FY27; Target Price Revised Up To Rs2,656/Share

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by lower revenue from the C&amp;W segment.</li><li>Lower margin in switchgear and higher-than-expected loss in Lloyd resulted in ~1% YoY decline in EBITDA (7% miss).</li><li>OPM stood at 8.7% vs. an estimated 9.3% for the quarter. PAT declined ~3% YoY to INR2.8b (13% miss) in 3QFY25. The Switchgear segment’s margin was lower on account of a change in channel mix (higher sales in the project business) and factory underabsorption due to plant relocation.</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.

Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by lower revenue from the C&amp;W segment.Lower margin in switchgear and higher-than-expected loss in Lloyd resulted in ~1% YoY decline in EBITDA (7% miss).OPM stood at 8.7% vs. an estimated 9.3% for the quarter. PAT declined ~3% YoY to INR2.8b (13% miss) in 3QFY25. The Switchgear segment’s margin was lower on account of a change in channel mix (higher sales in the project business) and factory underabsorption due to plant relocation.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.

Havells India - Healthy Revenue Growth; Margin a Bit Lower

India

Havells India is a multinational fast-moving electrical goods (FMEG) company that manufactures and distributes a diverse range of industrial and consumer electrical products. Their offerings include circuit protection devices, cables and wires, motors, fans, modular switches, lighting, home appliances, and air conditioners. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1958.

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

Havells India (HAVL IN)

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs ...

HDFC Securities

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

Sazgar Engineering (SAZEW): 1QFY26 EPS at Rs73.06, Up 5% YoY - Higher Than Industry Expectations

SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than...

Topline Securities

Havells India - Healthy Revenue Growth; Margin a Bit Lower

Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs ...

HDFC Securities

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

Sazgar Engineering (SAZEW): 1QFY26 EPS at Rs73.06, Up 5% YoY - Higher Than Industry Expectations

SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than...

Topline Securities

Sazgar Engineering (SAZEW): Earnings Revised Up By 61% For FY27; Target Price Revised Up To Rs2,656/Share

We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on...

Topline Securities

Havells India - Healthy Revenue Growth; Margin a Bit Lower

Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by...

Motilal Oswal