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>A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.</li><li>In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.</li><li>Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. </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.

A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. 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.

<ul><li>Cumulative all-India electricity demand over Jul’25-Sep'25 stood at 449 BU as compared to 435 BU for the same period last year (3.3% increase YoY and 0.8% QoQ).</li><li>The peak demand was 230 GW for Q2FY26 in Aug’25 (vs. 231 GW during Q2FY25 in Sep’24), a 0.4% YoY decline.</li><li>The electricity demand saw a steady recovery despite an extended monsoon. </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.

Cumulative all-India electricity demand over Jul’25-Sep'25 stood at 449 BU as compared to 435 BU for the same period last year (3.3% increase YoY and 0.8% QoQ).The peak demand was 230 GW for Q2FY26 in Aug’25 (vs. 231 GW during Q2FY25 in Sep’24), a 0.4% YoY decline.The electricity demand saw a steady recovery despite an extended monsoon. 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.

Q2FY26 Earnings Preview - Power and Ancillaries

<ul><li>The Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.</li><li>These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.</li><li>Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. </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.

The Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. 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.

<ul><li>The Finance Minister of India will present the Union Budget FY25-26 on 1 st Feb’25.</li><li>The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the reforms outside the purview of the Budget.</li><li>H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown, especially in the urban area, extended monsoon, and inflation.</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.

The Finance Minister of India will present the Union Budget FY25-26 on 1 st Feb’25.The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the reforms outside the purview of the Budget.H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown, especially in the urban area, extended monsoon, and inflation.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), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>JSW Energy (JSWE) reported 2QFY25 EBITDA of INR16.8b, below our estimate of INR19.3b.</li><li>While net generation was up 14% YoY, EBITDA was negatively affected by lower merchant spreads and a one-time tariff impact from the hydro business.</li><li>Adjusted 2Q PAT was 20% above our estimate at INR8.5b (est.</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.

JSW Energy (JSWE) reported 2QFY25 EBITDA of INR16.8b, below our estimate of INR19.3b.While net generation was up 14% YoY, EBITDA was negatively affected by lower merchant spreads and a one-time tariff impact from the hydro business.Adjusted 2Q PAT was 20% above our estimate at INR8.5b (est.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.

JSW Energy - EBITDA Miss but Capacity Ramp-Up Plans on Track

India

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

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JSW Energy Ltd (JSW IN)

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

Q2FY26 Earnings Preview - Power and Ancillaries

Cumulative all-India electricity demand over Jul’25-Sep'25 stood at 449 BU as compared to 435 BU for the same period last year (3.3% increase YoY...

Axis Direct

Q1FY26 - Consolidated Earnings Preview

Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators.

Axis Direct

Pre-Budget Expectations 2025-26

The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the...

Axis Direct

JSW Energy - EBITDA Miss but Capacity Ramp-Up Plans on Track

While net generation was up 14% YoY, EBITDA was negatively affected by lower merchant spreads and a one-time tariff impact from the hydro business.

Motilal Oswal

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