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>Focus on customer retention provides cushion: Management has intensified its focus on improving customer retention. It noted that acquiring low-quality, low-intent customers artificially inflates Customer Acquisition Costs (CAC) while reducing Lifetime Value (LTV).</li><li>To enhance retention, the company is focusing on better cataloguing, improved curation, and integrating credit offerings into transactions.</li><li>To further strengthen marketplace safety, IndiaMART is transitioning to 100% OTP verification for buyers, expanding GST and bank account verification processes, and rolling out a "Know Your Seller" page. </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.

Focus on customer retention provides cushion: Management has intensified its focus on improving customer retention. It noted that acquiring low-quality, low-intent customers artificially inflates Customer Acquisition Costs (CAC) while reducing Lifetime Value (LTV).To enhance retention, the company is focusing on better cataloguing, improved curation, and integrating credit offerings into transactions.To further strengthen marketplace safety, IndiaMART is transitioning to 100% OTP verification for buyers, expanding GST and bank account verification processes, and rolling out a "Know Your Seller" page. 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 - Multiple Initiatives Adopted for Long-Term Profitability

<ul><li>Rising ARPU Growth: ARPU continues to be the key driver of revenue growth and is currently rising at around 9% annually.</li><li>The recent Silver plan price hike, the first in six years, will benefit gradually as the revised pricing applies only to new subscriptions.</li><li>Management expects ARPU to grow at 6–10% annually going forward, while a recovery in customer additions can provide an extra growth boost.</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.

Rising ARPU Growth: ARPU continues to be the key driver of revenue growth and is currently rising at around 9% annually.The recent Silver plan price hike, the first in six years, will benefit gradually as the revised pricing applies only to new subscriptions.Management expects ARPU to grow at 6–10% annually going forward, while a recovery in customer additions can provide an extra growth boost.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 - Weak Quarter; Growth Guidance Remains Intact

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.

<ul><li>IndiaMART has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growth</li><li>However, we believe the impact is now moderating as the various initiatives undertaken by the company begin to take effect</li><li>Although the improvement is not yet fully visible in the reported metrics, we expect the worst to be behind and anticipate that even a marginal reduction in churn could drive a recovery in net additions to around 20K (vs~10K in 1H FY25 annualised) and collections growth to high teens YoY</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 has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growthHowever, we believe the impact is now moderating as the various initiatives undertaken by the company begin to take effectAlthough the improvement is not yet fully visible in the reported metrics, we expect the worst to be behind and anticipate that even a marginal reduction in churn could drive a recovery in net additions to around 20K (vs~10K in 1H FY25 annualised) and collections growth to high teens YoYContent 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: Improving Growth Visibility, Limited Downside. Maintain BUY

<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

Thematic (Sector/Industry)

<ul><li>Persistent Systems: Persistent Systems (PSYS) delivered a strong Q3FY26, beating expectations with +4.1% QoQ CC revenue growth and a +40bps QoQ adjusted margin expansion, driven by robust execution</li><li>Growth was broad-based, led by strong performance in the Healthcare and BFSI verticals and the Americas region</li><li>The order book remained healthy with a new TTM TCV of USD 369mn (+11% YoY) and new ACV of USD 256mn (+31% YoY), supporting a continued growth momentum</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.

Persistent Systems: Persistent Systems (PSYS) delivered a strong Q3FY26, beating expectations with +4.1% QoQ CC revenue growth and a +40bps QoQ adjusted margin expansion, driven by robust executionGrowth was broad-based, led by strong performance in the Healthcare and BFSI verticals and the Americas regionThe order book remained healthy with a new TTM TCV of USD 369mn (+11% YoY) and new ACV of USD 256mn (+31% YoY), supporting a continued growth momentumContent 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: Persistent Systems, AU Small Finance Bank, Oberoi Realty, CreditAccess Grameen

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 Ltd - Multiple Initiatives Adopted for Long-Term Profitability

To enhance retention, the company is focusing on better cataloguing, improved curation, and integrating credit offerings into transactions.

Axis Direct

Indiamart Intermesh Ltd - Weak Quarter; Growth Guidance Remains Intact

Management expects ARPU to grow at 6–10% annually going forward, while a recovery in customer additions can provide an extra growth boost.

Axis Direct

Indiamart Intermesh: Improving Growth Visibility, Limited Downside. Maintain BUY

IndiaMART has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growth

HDFC Securities

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

HSIE Results Daily: Persistent Systems, AU Small Finance Bank, Oberoi Realty, CreditAccess Grameen

Persistent Systems (PSYS) delivered a strong Q3FY26, beating expectations with +4.1% QoQ CC revenue growth and a +40bps QoQ adjusted margin...

HDFC Securities

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