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>Volume-led growth: Hindustan Unilever (HUL) reported a 7.3% YoY increase in revenue in Q4FY26, driven by 6% underlying volume growth, the strongest in the past 12 quarters, reflecting broad-based category traction.</li><li>Demand conditions remained stable during the quarter, supported by a conducive macro environment marked by policy support measures and relatively benign inflation, which aided consumer confidence and provided relief to household budgets.</li><li>However, towards the end of the period, escalating Middle East tensions led to a sharp rise in crude-linked input costs, coupled with supply-side disruptions and persistent currency depreciation, posing near-term headwinds.</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-led growth: Hindustan Unilever (HUL) reported a 7.3% YoY increase in revenue in Q4FY26, driven by 6% underlying volume growth, the strongest in the past 12 quarters, reflecting broad-based category traction.Demand conditions remained stable during the quarter, supported by a conducive macro environment marked by policy support measures and relatively benign inflation, which aided consumer confidence and provided relief to household budgets.However, towards the end of the period, escalating Middle East tensions led to a sharp rise in crude-linked input costs, coupled with supply-side disruptions and persistent currency depreciation, posing near-term headwinds.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.

Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>As <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> demerged ice cream entity, Kwality Wall’s faces a mandatory open offer from parent <a href="https://www.smartkarma.com/entities/unilever-plc" target="_blank" data-smartkarma-citation="entities:22197:1" rel="noopener">Unilever PLC (ULVR LN)</a> subsidiary Magnum HoldCo to consolidate its controlling stake</li>
<li>The stock listed at a 25% percent discount as investors flagged low margins and high capital intensity compared to peers</li>
<li>Management justifies the split citing the business's distinct cold-chain operating model and the need for independent capital allocation to drive growth</li>
</ul>


As Hindustan Unilever (HUVR IN) demerged ice cream entity, Kwality Wall’s faces a mandatory open offer from parent Unilever PLC (ULVR LN) subsidiary Magnum HoldCo to consolidate its controlling stake
The stock listed at a 25% percent discount as investors flagged low margins and high capital intensity compared to peers
Management justifies the split citing the business's distinct cold-chain operating model and the need for independent capital allocation to drive growth


Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut

<ul><li>Soft Quarter: HUL reported a muted performance with sales up 0.6% YoY and flat underlying volumes.</li><li>Growth during the quarter was primarily price-led, supported by residual pricing benefits in categories such as skin cleansing, beverages, and skincare.</li><li>Management attributed the subdued performance to temporary market disruptions caused by the transition to new pricing structures.</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.

Soft Quarter: HUL reported a muted performance with sales up 0.6% YoY and flat underlying volumes.Growth during the quarter was primarily price-led, supported by residual pricing benefits in categories such as skin cleansing, beverages, and skincare.Management attributed the subdued performance to temporary market disruptions caused by the transition to new pricing structures.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.

Hindustan Unilever Ltd - GST Transition Led to Short-Term Impact; Maintain HOLD

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.</li>
<li>Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.</li>
<li>India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.</li>
</ul>


Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.
Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.
India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.


The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

India

Hindustan Unilever Limited (HUL) is an Indian fast-moving consumer goods company that manufactures and sells a wide range of products, including foods, beverages, cleaning agents, and personal care items. It is a subsidiary of the Anglo-Dutch company Unilever, with leading brands like Surf Excel, Dove, Lifebuoy, and Lakmé. The company is headquartered in Mumbai, India, and was founded in 1933.

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Hindustan Unilever (HUVR IN)

Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery

Hindustan Unilever (HUL) reported a 7.3% YoY increase in revenue in Q4FY26, driven by 6% underlying volume growth, the strongest in the past 12...

Axis Direct

Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut

Hindustan Unilever's ice cream entity faces open offer as it demerges, stock listed at 25% discount due to low margins and high capital intensity....

Nimish Maheshwari

Hindustan Unilever Ltd - GST Transition Led to Short-Term Impact; Maintain HOLD

Growth during the quarter was primarily price-led, supported by residual pricing benefits in categories such as skin cleansing, beverages, and...

Axis Direct

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery

Hindustan Unilever (HUL) reported a 7.3% YoY increase in revenue in Q4FY26, driven by 6% underlying volume growth, the strongest in the past 12...

Axis Direct

Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut

​Hindustan Unilever's ice cream entity faces open offer as it demerges, stock listed at 25% discount due to low margins and high capital intensity....

Nimish Maheshwari

Hindustan Unilever Ltd - GST Transition Led to Short-Term Impact; Maintain HOLD

Growth during the quarter was primarily price-led, supported by residual pricing benefits in categories such as skin cleansing, beverages, and...

Axis Direct

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

​Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Hindustan Unilever's ice cream entity faces open offer as it demerges, stock listed at 25% discount due to low margins and high capital intensity....

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...