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

Max Healthcare Institute / Equity Bottom-Up

<ul><li>Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,460 Cr, in line with our expectations, supported by flat ARPOB and contributions from new hospitals and steady occupancy.</li><li>Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 78,000, flat YoY (Existing units +7% Growth YoY), while overall occupancy improved to 76% and Mature Hospitals reported 80%. Occupancy led to a 26% YoY growth in occupied bed days.</li><li>EBITDA Margins and Profitability: EBITDA margins compressed by 74 bps to 24.1% over the year, despite the addition of new assets.</li></ul><p><em>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.</em></p>

Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,460 Cr, in line with our expectations, supported by flat ARPOB and contributions from new hospitals and steady occupancy.Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 78,000, flat YoY (Existing units +7% Growth YoY), while overall occupancy improved to 76% and Mature Hospitals reported 80%. Occupancy led to a 26% YoY growth in occupied bed days.EBITDA Margins and Profitability: EBITDA margins compressed by 74 bps to 24.1% over the year, despite the addition of new assets.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.

Max Healthcare Institute Ltd - Growth Intact; Margins Under Pressure

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> reported 8% revenue growth in Q1FY26, driven by a 14% rise in ARPOB and 4% reduction in ALOS. EBITDA margin expanded 230bps to 20.0%.</li>
<li>Kerala revenue grew 5% as compared with 4% decline in Q4FY25, driven by 6% QoQ increase in-patient volumes and 200 bps QoQ increase in occupancy, reflecting early signs of recovery.</li>
<li>Q1FY26 results ensure that the momentum is back. With strong base business, proposed merger with QCIL, and expansion plan, Aster DM is well-positioned for 20%+ revenue growth through FY28.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) reported 8% revenue growth in Q1FY26, driven by a 14% rise in ARPOB and 4% reduction in ALOS. EBITDA margin expanded 230bps to 20.0%.
Kerala revenue grew 5% as compared with 4% decline in Q4FY25, driven by 6% QoQ increase in-patient volumes and 200 bps QoQ increase in occupancy, reflecting early signs of recovery.
Q1FY26 results ensure that the momentum is back. With strong base business, proposed merger with QCIL, and expansion plan, Aster DM is well-positioned for 20%+ revenue growth through FY28.


2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.</li>
<li>Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.</li>
</ul>


With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.


NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Max Healthcare Institute / Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.


Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>With the review period nearing completion, there could be 4 changes (including 1 migration) for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.</li>
<li>Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.</li>
</ul>


With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.


NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

India

Max Healthcare Institute Limited is a leading Indian for-profit private hospital chain that operates 21 healthcare facilities with over 6,000 beds across North India, including Delhi NCR, Haryana, Punjab, Uttarakhand, Maharashtra, Uttar Pradesh, and Odisha. The company provides a wide range of medical and healthcare services across more than 30 specialties, including oncology, cardiac sciences, neurosciences, and orthopedics. Additionally, it offers diagnostic services through Max Lab and home healthcare services via Max@Home. Headquartered in New Delhi, India, the company was founded in 2001.

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

Max Healthcare Institute (MAXHEALT IN)

Max Healthcare Institute Ltd - Growth Intact; Margins Under Pressure

Max Healthcare reported revenue of Rs 2,460 Cr, in line with our expectations, supported by flat ARPOB and contributions from new hospitals and...

Axis Direct

2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

Aster DM reported 8% revenue growth in Q1FY26, driven by increased ARPOB and reduced ALOS. Strong performance indicates momentum is back, with...

Tina Banerjee

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Max Healthcare Institute Ltd - Growth Intact; Margins Under Pressure

Max Healthcare reported revenue of Rs 2,460 Cr, in line with our expectations, supported by flat ARPOB and contributions from new hospitals and...

Axis Direct

2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

​Aster DM reported 8% revenue growth in Q1FY26, driven by increased ARPOB and reduced ALOS. Strong performance indicates momentum is back, with...

Tina Banerjee

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

Aster DM reported 8% revenue growth in Q1FY26, driven by increased ARPOB and reduced ALOS. Strong performance indicates momentum is back, with...