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. 

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Equity Bottom-Up

<ul><li>Largely In Line Q2: EBITDA came in at Rs 228 Cr (up 32%/24% YoY/QoQ), in line with consensus and ahead of our estimates, driven by stronger-than-expected execution at 202 GW (vs. our estimate at 190 GW).</li><li>EBITDA margin stood at 20% ahead of the 18-19% guidance.</li><li>Strong Orderbook and Sustained Visibility: Orderbook stands at 3,235 MW (marginally up from 3,108 MW in Q1FY26), driven by 380 MW of inflows vs. 348 MW supplies in H1FY26. </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.

Largely In Line Q2: EBITDA came in at Rs 228 Cr (up 32%/24% YoY/QoQ), in line with consensus and ahead of our estimates, driven by stronger-than-expected execution at 202 GW (vs. our estimate at 190 GW).EBITDA margin stood at 20% ahead of the 18-19% guidance.Strong Orderbook and Sustained Visibility: Orderbook stands at 3,235 MW (marginally up from 3,108 MW in Q1FY26), driven by 380 MW of inflows vs. 348 MW supplies in H1FY26. 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.

Inox Wind Limited - Q2 Largely In Line with Consensus; H2FY26 Execution Under Focus

<ul><li>Margin Guidance Revised Upwards: The company’s EBITDA margins stood robust at 22% in Q1FY26.</li><li>It has revised the EBITDA margin guidance upwards, from 17-18% to 18-19% for FY26 post strong Q1 performance, along with initiatives like 1,200 MW of New Nacelle plant and Hub manufacturing unit in Gujarat and deployment of the first set of cranes on project sites.</li><li>Execution guidance unchanged: Q1FY26 execution stood weak at 146 MW, up only 4% YoY but down 38% 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.

Margin Guidance Revised Upwards: The company’s EBITDA margins stood robust at 22% in Q1FY26.It has revised the EBITDA margin guidance upwards, from 17-18% to 18-19% for FY26 post strong Q1 performance, along with initiatives like 1,200 MW of New Nacelle plant and Hub manufacturing unit in Gujarat and deployment of the first set of cranes on project sites.Execution guidance unchanged: Q1FY26 execution stood weak at 146 MW, up only 4% YoY but down 38% 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.

Inox Wind Limited - Q1FY26 Earnings Call: Execution Guidance Unchanged...

<ul><li>EBITDA and PAT Beats Consensus: The company’s EBITDA and PAT grew 35% and 93% YoY, respectively, beating our and consensus estimates.</li><li>EBITDA margins stood at 22%, well above the guidance of 17%.</li><li>During the quarter, the company has taken a deferred tax charge of Rs 40 Cr, which is a non-cash accounting adjustment. </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.

EBITDA and PAT Beats Consensus: The company’s EBITDA and PAT grew 35% and 93% YoY, respectively, beating our and consensus estimates.EBITDA margins stood at 22%, well above the guidance of 17%.During the quarter, the company has taken a deferred tax charge of Rs 40 Cr, which is a non-cash accounting adjustment. 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.

Inox Wind Limited - Execution Shortfall; Margins Surprise

<ul><li>Guidance Maintained: Execution in Q4FY25 stood at 236 MW, up 83%/25% YoY/QoQ, while FY25 execution was at 705 MW (up 88% YoY), a shortfall against the company’s guidance of 800 MW.</li><li>However, it has maintained its 1,200 MW/2GW execution guidance for FY26/FY27, respectively.</li><li>Execution pace was skewed towards H2FY25, and even in FY26, we expect 60% of its execution target to be met in H2FY26.</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.

Guidance Maintained: Execution in Q4FY25 stood at 236 MW, up 83%/25% YoY/QoQ, while FY25 execution was at 705 MW (up 88% YoY), a shortfall against the company’s guidance of 800 MW.However, it has maintained its 1,200 MW/2GW execution guidance for FY26/FY27, respectively.Execution pace was skewed towards H2FY25, and even in FY26, we expect 60% of its execution target to be met in H2FY26.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.

Inox Wind Limited - FY25 Execution Shortfall, But Outlook Remains Bright

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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

India

INOX India (INOX) is a manufacturer of cryogenic equipment.

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INOX India Limited (INOX IN)

Inox Wind Limited - Q2 Largely In Line with Consensus; H2FY26 Execution Under Focus

Largely In Line Q2: EBITDA came in at Rs 228 Cr (up 32%/24% YoY/QoQ), in line with consensus and ahead of our estimates, driven by stronger-than...

Axis Direct

Inox Wind Limited - Q1FY26 Earnings Call: Execution Guidance Unchanged...

The company’s EBITDA margins stood robust at 22% in Q1FY26. It has revised the EBITDA margin guidance upwards, from 17-18% to 18-19% for FY26 post...

Axis Direct

Inox Wind Limited - Execution Shortfall; Margins Surprise

The company’s EBITDA and PAT grew 35% and 93% YoY, respectively, beating our and consensus estimates. EBITDA margins stood at 22%, well above the...

Axis Direct

Inox Wind Limited - FY25 Execution Shortfall, But Outlook Remains Bright

Guidance Maintained: Execution in Q4FY25 stood at 236 MW, up 83%/25% YoY/QoQ, while FY25 execution was at 705 MW (up 88% YoY), a shortfall against...

Axis Direct

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

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