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>Higher Advertisement Expenses: The company plans to maintain a quarterly advertising budget of Rs 6–10 Cr to further optimise the platform.</li><li>These expenses are primarily directed toward driving platform traffic, generating unique business inquiries, and improving transactions and inquiry delivery.</li><li>Customer Churn and Retention: Churn remains elevated among silver subscribers, while it is well controlled for gold and platinum subscribers. </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.

Higher Advertisement Expenses: The company plans to maintain a quarterly advertising budget of Rs 6–10 Cr to further optimise the platform.These expenses are primarily directed toward driving platform traffic, generating unique business inquiries, and improving transactions and inquiry delivery.Customer Churn and Retention: Churn remains elevated among silver subscribers, while it is well controlled for gold and platinum subscribers. 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.

Indiamart Intermesh Ltd - Subdued Performance; Stable Growth Outlook

<ul><li>In Q1FY26, IndiaMart Intermesh reported a revenue of Rs 372 Cr vs Rs 331 Cr in Q1FY25, up 12.3% YoY and 4.8% QoQ.</li><li>EBITDA stood at Rs 134 Cr vs Rs 119 Cr in Q1FY25, up 12.1% YoY and 2.4% QoQ, while EBITDA margin fell by 84 bps QoQ to 35.9% due to higher employee and other expenses.</li><li>EBIT stood at Rs 127 Cr vs Rs 111 Cr in Q1FY25, up 14.1% YoY and 3.7% QoQ. </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.

In Q1FY26, IndiaMart Intermesh reported a revenue of Rs 372 Cr vs Rs 331 Cr in Q1FY25, up 12.3% YoY and 4.8% QoQ.EBITDA stood at Rs 134 Cr vs Rs 119 Cr in Q1FY25, up 12.1% YoY and 2.4% QoQ, while EBITDA margin fell by 84 bps QoQ to 35.9% due to higher employee and other expenses.EBIT stood at Rs 127 Cr vs Rs 111 Cr in Q1FY25, up 14.1% YoY and 3.7% QoQ. 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.

Indiamart Intermesh - Growth Stability; Marketing Expenditure to Accelerate

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>Motilal Oswal's research report onIndiaMART IndiaMART (INMART) reported 3QFY25 revenue growth of 16% YoY/1.9% QoQ, in line with our estimate of 17.6% YoY growth.</li><li>Collection growth was 10% YoY at INR3.6b.</li><li>Deferred revenue rose 17% YoY to INR14.9b.</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.

Motilal Oswal's research report onIndiaMART IndiaMART (INMART) reported 3QFY25 revenue growth of 16% YoY/1.9% QoQ, in line with our estimate of 17.6% YoY growth.Collection growth was 10% YoY at INR3.6b.Deferred revenue rose 17% YoY to INR14.9b.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.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.


JD Industrials IPO Trading - Decent Pricing but Weakish Demand

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> raised around US$606m in its India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Meesho Ltd IPO Trading - Robust Overall Demand

India

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

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IndiaMart (INMART IN)

Indiamart Intermesh Ltd - Subdued Performance; Stable Growth Outlook

Higher Advertisement Expenses: The company plans to maintain a quarterly advertising budget of Rs 6–10 Cr to further optimise the platform.

Axis Direct

Indiamart Intermesh - Growth Stability; Marketing Expenditure to Accelerate

EBITDA stood at Rs 134 Cr vs Rs 119 Cr in Q1FY25, up 12.1% YoY and 2.4% QoQ, while EBITDA margin fell by 84 bps QoQ to 35.9% due to higher employee...

Axis Direct

IndiaMART - Waiting for an Upturn

Motilal Oswal's research report onIndiaMART IndiaMART (INMART) reported 3QFY25 revenue growth of 16% YoY/1.9% QoQ, in line with our estimate of...

Motilal Oswal

JD Industrials IPO Trading - Decent Pricing but Weakish Demand

JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point. Demand overall was weakish.

Sumeet Singh

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

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