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.

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>MCX is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growth</li><li>The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ</li><li>We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% 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.

MCX is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growthThe revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQWe expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% QoQContent 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.

Exchanges, Staffing and Internet: Recovery in sight

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.</li><li>JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/share</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/shareContent 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: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

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

Exchanges, Staffing and Internet: Recovery in sight

The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ. We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/...

HDFC Securities

HSIE Results Daily: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates

HDFC Securities

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