External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>The building materials sector experienced soft demand in Q1FY26</li><li>Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoons</li><li>We project a 6% YoY revenue growth for our coverage universe, driven by volume growth</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 building materials sector experienced soft demand in Q1FY26Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoonsWe project a 6% YoY revenue growth for our coverage universe, driven by volume growthContent 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.

Building Materials (Q1FY26 Results Preview): Another Subdued Quarter

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

<ul><li>BSE: BSE reported a strong quarter, with revenue and PAT coming better than our estimate</li><li>The revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building revenue (IPO related)</li><li>BSE saw an impressive gain in its options premium market share, which increased by ~630bps to reach 18.8% in Q4, following the regulatory changes introduced in January 2025</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.

BSE: BSE reported a strong quarter, with revenue and PAT coming better than our estimateThe revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building revenue (IPO related)BSE saw an impressive gain in its options premium market share, which increased by ~630bps to reach 18.8% in Q4, following the regulatory changes introduced in January 2025Content 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: BSE, Kajaria Ceramics

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hindware-home-innovation-limited" target="_blank" data-smartkarma-citation="entities:44385:1" rel="noopener">Hindware Home Innovation (HINDWARE IN)</a> plans to demerge its consumer appliances division into a separate listed entity.</li>
<li>Demerger removes loss-making drag, improving profitability and segment-specific valuation clarity.</li>
<li>Unlocks hidden value; better execution with new CEO with clear growth trajectory may lead further value creation for shareholders.</li>
</ul>



Hindware Home Innovation (HINDWARE IN) plans to demerge its consumer appliances division into a separate listed entity.
Demerger removes loss-making drag, improving profitability and segment-specific valuation clarity.
Unlocks hidden value; better execution with new CEO with clear growth trajectory may lead further value creation for shareholders.


Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?

<ul><li>Asian Paints: APNT’s consolidated revenue declined 6.1% YoY to INR 85.5bn (HSIE: INR 89bn)</li><li>The decorative and industrial business collectively clocked 1.7% volume growth and 6.6% decline in value growth in Q3 (decorative value/value growth came in at 1.6/-7.8%)</li><li>Muted consumer demand (especially in the urban centers) coupled with downtrading and a weak festive season impacted revenue</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.

Asian Paints: APNT’s consolidated revenue declined 6.1% YoY to INR 85.5bn (HSIE: INR 89bn)The decorative and industrial business collectively clocked 1.7% volume growth and 6.6% decline in value growth in Q3 (decorative value/value growth came in at 1.6/-7.8%)Muted consumer demand (especially in the urban centers) coupled with downtrading and a weak festive season impacted revenueContent 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: Asian Paints, Godrej Properties, KEC International, Eris Lifesciences

India

Kajaria Ceramics Limited manufactures glazed and unglazed ceramic tiles. The Company sells its products in India and it also exports them to other countries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kajaria Ceramics (KJC IN)

Building Materials (Q1FY26 Results Preview): Another Subdued Quarter

The building materials sector experienced soft demand in Q1FY26. Demand was satisfactory in April and May but decelerated in June due to the early...

HDFC Securities

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

HSIE Results Daily: BSE, Kajaria Ceramics

The revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building...

HDFC Securities

Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?

Hindware Home Innovation to demerge consumer appliances division, improving profitability and unlocking hidden value for shareholders.

Nimish Maheshwari

HSIE Results Daily: Asian Paints, Godrej Properties, KEC International, Eris Lifesciences

The decorative and industrial business collectively clocked 1.7% volume growth and 6.6% decline in value growth in Q3 (decorative value/value...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Building Materials (Q1FY26 Results Preview): Another Subdued Quarter

The building materials sector experienced soft demand in Q1FY26. Demand was satisfactory in April and May but decelerated in June due to the early...

HDFC Securities

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

HSIE Results Daily: BSE, Kajaria Ceramics

The revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building...

HDFC Securities

Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?

​Hindware Home Innovation to demerge consumer appliances division, improving profitability and unlocking hidden value for shareholders.

Nimish Maheshwari

HSIE Results Daily: Asian Paints, Godrej Properties, KEC International, Eris Lifesciences

The decorative and industrial business collectively clocked 1.7% volume growth and 6.6% decline in value growth in Q3 (decorative value/value...

HDFC Securities

Hindware Home Innovation to demerge consumer appliances division, improving profitability and unlocking hidden value for shareholders.