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>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

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

<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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

<ul><li>Strong Order Book of &gt;3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.</li><li>The orderbook comprises a diversified client base including PSUs and Independent power producers as well as commercial and industrial players.</li><li>The orderbook is expected to grow further as the company is in constant discussions with both existing and potential customers.</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.

Strong Order Book of &gt;3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.The orderbook comprises a diversified client base including PSUs and Independent power producers as well as commercial and industrial players.The orderbook is expected to grow further as the company is in constant discussions with both existing and potential customers.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 - Strong Execution; Growth Outlook Remains Intact

India

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

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INOX India Limited (INOX IN)

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

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

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

Inox Wind Limited - Strong Execution; Growth Outlook Remains Intact

Strong Order Book of >3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.

Axis Direct

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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

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

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

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Inox Wind Limited - Strong Execution; Growth Outlook Remains Intact

Strong Order Book of >3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.

Axis Direct