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>Demand Outlook: Management noted that geopolitical uncertainty and tariff negotiations are impacting sectors such as manufacturing, retail, CPG, and communications.</li><li>However, the company does not foresee any major improvement in the macro environment in the near term.</li><li>Deal Wins/Pipeline: Infosys secured $4.8 Bn in large deals, with 57% being net new. </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.

Demand Outlook: Management noted that geopolitical uncertainty and tariff negotiations are impacting sectors such as manufacturing, retail, CPG, and communications.However, the company does not foresee any major improvement in the macro environment in the near term.Deal Wins/Pipeline: Infosys secured $4.8 Bn in large deals, with 57% being net new. 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.

Infosys Ltd. - Growth Momentum Intact; Revenue Visibility in FY27

<ul><li>Macro Headwinds: The business environment remains uncertain due to unresolved tariffs and geopolitical situations, leading clients to be cautious with discretionary spending and delaying decision-making.</li><li>Deal Wins/Pipeline: Infosys secured $3.1 Bn in large deals, with 67% being net new.</li><li>The company is benefiting from vendor consolidation, supported by its strong delivery capabilities and AI innovation</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.

Macro Headwinds: The business environment remains uncertain due to unresolved tariffs and geopolitical situations, leading clients to be cautious with discretionary spending and delaying decision-making.Deal Wins/Pipeline: Infosys secured $3.1 Bn in large deals, with 67% being net new.The company is benefiting from vendor consolidation, supported by its strong delivery capabilities and AI innovationContent 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.

Infosys Ltd - In-Line Performance; Steady Growth Ahead

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

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?

<ul>
<li>Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.</li>
<li>AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.</li>
<li>The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.</li>
</ul>


Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.
AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.
The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.


Thematic Report- Indian IT: AI Is Rewriting the Business Model

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

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

Infosys Ltd. - Growth Momentum Intact; Revenue Visibility in FY27

Management noted that geopolitical uncertainty and tariff negotiations are impacting sectors such as manufacturing, retail, CPG, and communications.

Axis Direct

Infosys Ltd - In-Line Performance; Steady Growth Ahead

The business environment remains uncertain due to unresolved tariffs and geopolitical situations, leading clients to be cautious with discretionary...

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

Thematic Report- Indian IT: AI Is Rewriting the Business Model

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

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

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52-week Range

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Infosys Ltd. - Growth Momentum Intact; Revenue Visibility in FY27

Management noted that geopolitical uncertainty and tariff negotiations are impacting sectors such as manufacturing, retail, CPG, and communications.

Axis Direct

Infosys Ltd - In-Line Performance; Steady Growth Ahead

The business environment remains uncertain due to unresolved tariffs and geopolitical situations, leading clients to be cautious with discretionary...

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

Thematic Report- Indian IT: AI Is Rewriting the Business Model

​Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

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

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

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...