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 pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY).</li><li>The US business reported growth of 7.7% in CC terms, while uncertainty was around trade tariffs.</li><li>In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q4FY25.</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 pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business (11.2% YoY).The US business reported growth of 7.7% in CC terms, while uncertainty was around trade tariffs.In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth in Q4FY25.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.

Top Conviction Ideas - “Pharmaceutical & Hospitals” - Q4FY25 Pharma Review

<ul><li>The Axis Top Picks Basket delivered a return of 15.3% in the last three months against the 11.9% return posted by the Nifty 50, outperforming the Nifty 50 by a notable margin of 3.4%.</li><li>Moreover, over the last one month, the basket has gained 2.6%. We are happy to share that our Top Picks Basket has delivered an impressive return of 321% since its inception (May’20), which stands well above the 167% return delivered by the NIFTY 50 index over the same period.</li><li>India’s Domestic Economy Well-Positioned: Despite external risks, India’s domestic growth trajectory remains intact, with key macroeconomic factors supporting a stronger FY26 compared to FY25.</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 Axis Top Picks Basket delivered a return of 15.3% in the last three months against the 11.9% return posted by the Nifty 50, outperforming the Nifty 50 by a notable margin of 3.4%.Moreover, over the last one month, the basket has gained 2.6%. We are happy to share that our Top Picks Basket has delivered an impressive return of 321% since its inception (May’20), which stands well above the 167% return delivered by the NIFTY 50 index over the same period.India’s Domestic Economy Well-Positioned: Despite external risks, India’s domestic growth trajectory remains intact, with key macroeconomic factors supporting a stronger FY26 compared to FY25.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.

Axis Top Picks for the Month of June 2025

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>Max Healthcare Institute: EBITDA^ grew 28% YoY, with 29% YoY sales growth (hospital sales up 29%, acquired/new unit sales at INR 3.9 bn, and Max Labs up 21%)</li><li>Margin corrected by 77 bps to 27.2% due to integration of new/acquired hospitals</li><li>ARPOB was flat YoY (+7% growth existing units) and occupancy was at 75%</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.

Max Healthcare Institute: EBITDA^ grew 28% YoY, with 29% YoY sales growth (hospital sales up 29%, acquired/new unit sales at INR 3.9 bn, and Max Labs up 21%)Margin corrected by 77 bps to 27.2% due to integration of new/acquired hospitalsARPOB was flat YoY (+7% growth existing units) and occupancy was at 75%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: Max Healthcare Institute, Mankind Pharma, J Kumar Infraprojects

<ul><li>The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations</li><li>The EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countries</li><li>This time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)</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 US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nationsThe EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countriesThis time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)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.

Pharmaceuticals: US to cut Rx drug price, no impact on generics

<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.

India

Max Healthcare Institute Limited operates a chain of hospitals. The Hospital offers urology, oncology, orthopaedics, eye care, dermatology, lung transplant, nutrition and dietetics, dental care, ganstroenterology, and rehabilitation services. Max Healthcare Institute serves patients in India.

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Max Healthcare Institute (MAXHEALT IN)

Top Conviction Ideas - “Pharmaceutical & Hospitals” - Q4FY25 Pharma Review

The pharmaceutical universe under our coverage reported Q4FY25 growth of 12.3% YoY and 2.3% QoQ, driven by strong growth in the India business...

Axis Direct

Axis Top Picks for the Month of June 2025

The Axis Top Picks Basket delivered a return of 15.3% in the last three months against the 11.9% return posted by the Nifty 50, outperforming the...

Axis Direct

HSIE Results Daily: Max Healthcare Institute, Mankind Pharma, J Kumar Infraprojects

Max Healthcare Institute: EBITDA^ grew 28% YoY, with 29% YoY sales growth (hospital sales up 29%, acquired/new unit sales at INR 3.9 bn, and Max...

HDFC Securities

Pharmaceuticals: US to cut Rx drug price, no impact on generics

The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations

HDFC Securities

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

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