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>Our discretionary universe’s performance continues to be a mixed bag</li><li>Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers</li><li>Ex-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)</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.

Our discretionary universe’s performance continues to be a mixed bagOur coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliersEx-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)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.

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

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

<ul>
<li>Brent crude prices have fallen below $70 per barrel, driven by rising non-OPEC supply, weak global demand, and geopolitical shifts, easing inflationary pressures in oil-importing economies like India.</li>
<li>Lower crude prices benefit OMCs, paints, tyres, and aviation, boosting margins, while upstream oil producers and government revenue face pressure, creating a mixed impact on India's economy.</li>
<li>Oil prices may remain range-bound in the mid-$60s to $70s, with OPEC+ production strategies, global demand trends, and geopolitical risks shaping future market movements.</li>
</ul>


Brent crude prices have fallen below $70 per barrel, driven by rising non-OPEC supply, weak global demand, and geopolitical shifts, easing inflationary pressures in oil-importing economies like India.
Lower crude prices benefit OMCs, paints, tyres, and aviation, boosting margins, while upstream oil producers and government revenue face pressure, creating a mixed impact on India's economy.
Oil prices may remain range-bound in the mid-$60s to $70s, with OPEC+ production strategies, global demand trends, and geopolitical risks shaping future market movements.


How Is the Decline in Oil Prices Reshaping India’s Economy?

<ul><li>Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%</li><li>Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expenses</li><li>However, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.</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.

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expensesHowever, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.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.

HSIE Results Daily: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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.

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

<ul><li>Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)</li><li>DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)</li><li>The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunities</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.

Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunitiesContent 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: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

India

Kansai Nerolac Paints is a leading Indian manufacturer of a diversified range of decorative and industrial coatings. The company offers interior and exterior wall paints, wood and metal coatings, automotive coatings, powder coatings, and construction chemicals, along with professional home painting services. It is headquartered in Mumbai, Maharashtra, India, and was founded in 1920.

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

Kansai Nerolac Paints (KNPL IN)

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

How Is the Decline in Oil Prices Reshaping India’s Economy?

Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...

Nimish Maheshwari

HSIE Results Daily: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%

HDFC Securities

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

How Is the Decline in Oil Prices Reshaping India’s Economy?

​Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...

Nimish Maheshwari

HSIE Results Daily: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%

HDFC Securities

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next...

HDFC Securities

Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...