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.

Equity Bottom-Up

<ul><li>Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.</li><li>Maruti Suzuki commanded nearly 45.4% share of India's total passenger vehicle exports in Q2FY26.</li><li>The company is confident of exceeding its guidance of 400,000 units in exports for FY26, having achieved an all-time high half-yearly export of 207,459 units in H1FY26.</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.

Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.Maruti Suzuki commanded nearly 45.4% share of India's total passenger vehicle exports in Q2FY26.The company is confident of exceeding its guidance of 400,000 units in exports for FY26, having achieved an all-time high half-yearly export of 207,459 units in H1FY26.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.

Maruti Suzuki Ltd - Export-Led Growth Aids Performance

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>MSIL decisively shifted to UVs, reaching a 41% segment share in FY25 via key launches (Brezza, Grand Vitara), fundamentally reversing market share losses to become a full-range powerhouse.</li>
<li>The revised GST flat rate of 40% for SUVs reduces prices and boosts affordability, creating a powerful dual catalyst with the festive season for significant volume and market share growth.</li>
<li>Strong exports grew by 17.5%, establishing MSIL as the parent's global EV hub and mitigating local risks, while high EBITDA margins (~13%) ensure profitable and sustainable growth.</li>
</ul>


MSIL decisively shifted to UVs, reaching a 41% segment share in FY25 via key launches (Brezza, Grand Vitara), fundamentally reversing market share losses to become a full-range powerhouse.
The revised GST flat rate of 40% for SUVs reduces prices and boosts affordability, creating a powerful dual catalyst with the festive season for significant volume and market share growth.
Strong exports grew by 17.5%, establishing MSIL as the parent's global EV hub and mitigating local risks, while high EBITDA margins (~13%) ensure profitable and sustainable growth.


Maruti Suzuki's Resurgence: Winning with SUVs and a Timely Tax Break

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.</li>
<li>It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.</li>
<li>Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year. </li>
</ul>


Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year. 


Maruti E‑Vitara Launch: Make in India, Make for the World...

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/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

<ul><li>Domestic Market Outlook: The Indian PV industry witnessed a muted growth of 2% YoY in FY25, compared to 8.4% in FY24 (Maruti saw flat domestic volumes).</li><li>The slowdown was attributed to a high base effect and affordability pressures, particularly impacting entrysegment cars (with SUVs/MPVs accounting for over 65% of industry sales mix respectively in FY25 vs less than 35% in FY19).</li><li>In terms of powertrain mix, CNG and diesel vehicles each constituted around 18% of sales, hybrids made up 2.4%, and EVs contributed 2.7%.</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.

Domestic Market Outlook: The Indian PV industry witnessed a muted growth of 2% YoY in FY25, compared to 8.4% in FY24 (Maruti saw flat domestic volumes).The slowdown was attributed to a high base effect and affordability pressures, particularly impacting entrysegment cars (with SUVs/MPVs accounting for over 65% of industry sales mix respectively in FY25 vs less than 35% in FY19).In terms of powertrain mix, CNG and diesel vehicles each constituted around 18% of sales, hybrids made up 2.4%, and EVs contributed 2.7%.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.

Maruti Suzuki  - FY26: A Mix of Opportunities and Challenges for Maruti

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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

Maruti Suzuki India (MSIL IN)

Maruti Suzuki Ltd - Export-Led Growth Aids Performance

Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.

Axis Direct

Maruti Suzuki's Resurgence: Winning with SUVs and a Timely Tax Break

MSIL dominates UV segment with 41% share, boosted by key launches and revised GST rates, driving volume and market share growth with strong...

Sudarshan Bhandari

Maruti E‑Vitara Launch: Make in India, Make for the World...

PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...

Nimish Maheshwari

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Maruti Suzuki - FY26: A Mix of Opportunities and Challenges for Maruti

Domestic Market Outlook: The Indian PV industry witnessed a muted growth of 2% YoY in FY25, compared to 8.4% in FY24 (Maruti saw flat domestic...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Maruti Suzuki Ltd - Export-Led Growth Aids Performance

Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.

Axis Direct

Maruti Suzuki's Resurgence: Winning with SUVs and a Timely Tax Break

​MSIL dominates UV segment with 41% share, boosted by key launches and revised GST rates, driving volume and market share growth with strong...

Sudarshan Bhandari

Maruti E‑Vitara Launch: Make in India, Make for the World...

​PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...

Nimish Maheshwari

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Maruti Suzuki - FY26: A Mix of Opportunities and Challenges for Maruti

Domestic Market Outlook: The Indian PV industry witnessed a muted growth of 2% YoY in FY25, compared to 8.4% in FY24 (Maruti saw flat domestic...

Axis Direct

MSIL dominates UV segment with 41% share, boosted by key launches and revised GST rates, driving volume and market share growth with strong...

PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...