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.

Thematic (Sector/Industry)

<ul><li>Cement demand expected to grow 10% YoY: After a subdued performance in H1FY25, with year-on-year (YoY) growth of only 2–3%, cement demand witnessed a notable recovery in Q3 and Q4FY25, expanding at a high singledigit pace.</li><li>This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction activity.</li><li>For the full year FY25, the industry recorded overall growth in the range of 4–5%.</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.

Cement demand expected to grow 10% YoY: After a subdued performance in H1FY25, with year-on-year (YoY) growth of only 2–3%, cement demand witnessed a notable recovery in Q3 and Q4FY25, expanding at a high singledigit pace.This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction activity.For the full year FY25, the industry recorded overall growth in the range of 4–5%.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.

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>Oil India: Our BUY recommendation on Oil India with a revised target price of INR 490 is premised on oil production growth at 10% CAGR and gas production growth at 21% CAGR over FY25-27E</li><li>Q4FY25 standalone EBITDA at INR 19.8bn (-15% YoY, -7% QoQ) and PAT at INR 15.9bn (-21.6% YoY, +30.3% QoQ) came in below our estimates due to lower-than-expected volume and higher opex</li><li>Oil and gas production stood at 1.65mmtoe (-0.2%YoY, -2.8% QoQ). Medplus Health Services: EBITDA^ grew 29% YoY despite muted sales (pharmacy +1% YoY, diagnostics +21% YoY) and higher staff costs (+21%), led by 398 bps YoY expansion in gross margin (driven by increased private label share to 23.3%) and flat SG&amp;A</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.

Oil India: Our BUY recommendation on Oil India with a revised target price of INR 490 is premised on oil production growth at 10% CAGR and gas production growth at 21% CAGR over FY25-27EQ4FY25 standalone EBITDA at INR 19.8bn (-15% YoY, -7% QoQ) and PAT at INR 15.9bn (-21.6% YoY, +30.3% QoQ) came in below our estimates due to lower-than-expected volume and higher opexOil and gas production stood at 1.65mmtoe (-0.2%YoY, -2.8% QoQ). Medplus Health Services: EBITDA^ grew 29% YoY despite muted sales (pharmacy +1% YoY, diagnostics +21% YoY) and higher staff costs (+21%), led by 398 bps YoY expansion in gross margin (driven by increased private label share to 23.3%) and flat SG&amp;AContent 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: Oil India, Medplus Health Services, JK Lakshmi Cement, Sansera Engineering

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

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> raised about US$252m in its 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>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its 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.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.</li>
<li>Sectors with notable activity include financials, real estate, and specialty chemicals.</li>
<li>Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.</li>
</ul>


Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.
Sectors with notable activity include financials, real estate, and specialty chemicals.
Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.


Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

<ul><li>Cement demand is expected to grow 10% YoY: After a subdued H1FY25 (2- 3% YoY growth), cement demand exhibited improvement in Q3FY25, growing in high single digits, and the momentum is expected to continue in Q4, driven by enhanced government capital expenditure and a rebound in construction activities post-monsoon.</li><li>The overall performance for the first nine months of FY25 remained subdued, with demand growth around 3-4% YoY.</li><li>Cement demand in India has shown resilience, particularly in Q4FY25, following a strong December 2024. </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.

Cement demand is expected to grow 10% YoY: After a subdued H1FY25 (2- 3% YoY growth), cement demand exhibited improvement in Q3FY25, growing in high single digits, and the momentum is expected to continue in Q4, driven by enhanced government capital expenditure and a rebound in construction activities post-monsoon.The overall performance for the first nine months of FY25 remained subdued, with demand growth around 3-4% YoY.Cement demand in India has shown resilience, particularly in Q4FY25, following a strong December 2024. 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.

India

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

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JK Lakshmi Cement (JKLC IN)

Q1FY26 Earnings Preview - CEMENT

This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction...

Axis Direct

HSIE Results Daily: Oil India, Medplus Health Services, JK Lakshmi Cement, Sansera Engineering

Our BUY recommendation on Oil India with a revised target price of INR 490 is premised on oil production growth at 10% CAGR and gas production...

HDFC Securities

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Promoters increased stakes in key large-cap Indian stocks in March'25, signaling strong conviction. Focus on financials, real estate, and chemicals...

Sreemant Dudhoria,CFA

Q4FY25 Earnings Preview - CEMENT

Cement demand is expected to grow 10% YoY: After a subdued H1FY25 (2- 3% YoY growth), cement demand exhibited improvement in Q3FY25, growing in...

Axis Direct

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