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>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

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

<ul>
<li>Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>.</li>
<li>Antfin has been selling off its stake since it pared around 12% in its Nov'21 IPO. As of date of writing, it had a 9.85% stake remaining in the firm.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake since it pared around 12% in its Nov'21 IPO. As of date of writing, it had a 9.85% stake remaining in the firm.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


PayTM Block - US$242m Secondary Block Deal a Small One to Digest

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crizac" target="_blank" data-smartkarma-citation="entities:41120:1" rel="noopener">Crizac (CRIZAC IN)</a> is looking to raise US$120m in its upcoming India IPO.</li>
<li>Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
In this note, we talk about the company’s historical performance.


Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

<ul><li>IndiaMART (INMART) reported 2QFY25 revenue growth of 18% YoY/5% QoQ, in line with our estimate of 18.8% YoY growth.</li><li>Collection growth was soft at 6% YoY to INR3.5b.</li><li>Deferred revenue rose 19% YoY to INR14.8b.</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.

IndiaMART (INMART) reported 2QFY25 revenue growth of 18% YoY/5% QoQ, in line with our estimate of 18.8% YoY growth.Collection growth was soft at 6% YoY to INR3.5b.Deferred revenue rose 19% YoY to INR14.8b.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 - Churn in Lower-Rung Accounts Persists

India

IndiaMART InterMESH operates as an online B2B marketplace, connecting buyers with suppliers across India for a wide range of products and services, primarily serving small and medium enterprises. The platform facilitates business interactions and offers solutions like lead generation and digital marketing. It is headquartered in Noida, Uttar Pradesh, India, and was founded in 1996.

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IndiaMART (INMART IN)

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

PayTM Block - US$242m Secondary Block Deal a Small One to Digest

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in One 97 Communications Ltd (PayTM).

Akshat Shah

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

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

IndiaMART - Churn in Lower-Rung Accounts Persists

IndiaMART (INMART) reported 2QFY25 revenue growth of 18% YoY/5% QoQ, in line with our estimate of 18.8% YoY growth. Collection growth was soft at...

Motilal Oswal

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