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>The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.</li><li>Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.</li><li>However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. </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 Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. 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>In Q4FY25E, the road construction companies under coverage are anticipated to report a 2% YoY decline in revenue due to a lower executable order book at KNR Constructions Ltd and PNC Infratech Ltd.</li><li>Adjusted EBITDA is expected to decrease by 2%, and Adjusted PAT is projected to be 4% lower on a YoY basis.</li><li>Adjusted EBITDA margins are estimated at 14.4%, compared to 13.6% in the same period last year. </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.

In Q4FY25E, the road construction companies under coverage are anticipated to report a 2% YoY decline in revenue due to a lower executable order book at KNR Constructions Ltd and PNC Infratech Ltd.Adjusted EBITDA is expected to decrease by 2%, and Adjusted PAT is projected to be 4% lower on a YoY basis.Adjusted EBITDA margins are estimated at 14.4%, compared to 13.6% in the same period last year. 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.

Q4FY25 Earnings Preview - Infra-Road and Others

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>We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025</li><li>It is considered one of the largest global exhibitions dedicated to the power sector and promoting Make in India</li><li>The event gathers key stakeholders from various segments of the power and renewable energy industry, including transmission and distribution (T&amp;D) players, equipment manufacturers, and EPC service providers, making it a platform for sharing key insights, current innovations, collaboration, and understanding the future trends shaping the sector.</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.

We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025It is considered one of the largest global exhibitions dedicated to the power sector and promoting Make in IndiaThe event gathers key stakeholders from various segments of the power and renewable energy industry, including transmission and distribution (T&amp;D) players, equipment manufacturers, and EPC service providers, making it a platform for sharing key insights, current innovations, collaboration, and understanding the future trends shaping the sector.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.

Capital Goods: Elecrama 2025 - Key Takeaways

<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

<ul><li>In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.</li><li>EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.</li><li>EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. </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.

In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. 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.

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

India

KEC International is an Indian multinational company and a global Engineering, Procurement, and Construction (EPC) major. It specializes in power transmission and distribution, railways, civil, urban infrastructure, oil and gas pipelines, renewables, and cables. The company also manufactures electric power transmission towers and a range of power and special-purpose cables. KEC International is headquartered in Mumbai, India, and was founded on May 7, 1945.

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KEC International (KECI IN)

Q4FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 4.8%/2.9%/1.3% YoY, respectively, for the quarter.

Axis Direct

Q4FY25 Earnings Preview - Infra-Road and Others

In Q4FY25E, the road construction companies under coverage are anticipated to report a 2% YoY decline in revenue due to a lower executable order...

Axis Direct

Capital Goods: Elecrama 2025 - Key Takeaways

We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025

HDFC Securities

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

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook...

Axis Direct

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