External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>KNPL delivered stable results in a tepid demand environment led by ~4% volume growth as high single digit growth in Industrial Paints and success of new initiatives like Paint+, wood coatings, waterproofing and Projects business.</li><li>Competitive intensity remains intense as Birla Opus has garnered around 4-5% market share.</li><li>Medium term outlook looks positive given 1) pickup in discretionary demand post tax cuts 2) positive outlook in non-auto industrials led by strong order pipeline across Infra, Railways, Powder coatings etc.</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.

KNPL delivered stable results in a tepid demand environment led by ~4% volume growth as high single digit growth in Industrial Paints and success of new initiatives like Paint+, wood coatings, waterproofing and Projects business.Competitive intensity remains intense as Birla Opus has garnered around 4-5% market share.Medium term outlook looks positive given 1) pickup in discretionary demand post tax cuts 2) positive outlook in non-auto industrials led by strong order pipeline across Infra, Railways, Powder coatings etc.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.

Kansai Nerolac Paints (KNPL IN) - Industrial Segment Leads Growth

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>Asian Paints achieved a 7-quarter high in Q2FY26 with 10.9% domestic volume growth, driven by easing raw material costs and strategic integration, leading to a 2% margin expansion. 
</li>
<li>Despite heavy monsoons, strong execution drove a double-digit volume rebound, signaling stabilized consumer demand. This coupled with a key competitor's executive loss, validates the firm's defensive market position.</li>
<li>Asian Paints' strong performance deserves a premium valuation but justifying it hinges on the perfect execution of its backward integration project and defending its competitive position. 
</li>
</ul>


Asian Paints achieved a 7-quarter high in Q2FY26 with 10.9% domestic volume growth, driven by easing raw material costs and strategic integration, leading to a 2% margin expansion. 

Despite heavy monsoons, strong execution drove a double-digit volume rebound, signaling stabilized consumer demand. This coupled with a key competitor's executive loss, validates the firm's defensive market position.
Asian Paints' strong performance deserves a premium valuation but justifying it hinges on the perfect execution of its backward integration project and defending its competitive position. 



Decoding Asian Paints Execution Supremacy Amidst New Competition

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.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gains</li><li>Loan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained muted</li><li>Deposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balances</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.

State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gainsLoan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained mutedDeposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balancesContent 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: State Bank of India, Titan, Berger Paints, JK Cement, Kansai Nerolac,...

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement...

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/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Groww IPO - Peer Comp and Thoughts on Valuation

India

Kansai Nerolac Paints Limited manufactures paints, varnishes and enamels. The Company also fabricates synthetic resins, organic & inorganic pigments and oils. Kansai Nerolac's products are used for decorative, marine and industrial purposes.

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Kansai Nerolac Paints (KNPL IN)