External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimatesEarnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPGContent 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: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Navin Fluorine International / Equity Bottom-Up

<ul><li>We are revising our estimates downward due to a slower-than-expected recovery in the Specialty Chemicals.</li><li>While we believe the longterm growth prospects remain strong, the growth is likely to pick up towards the end of FY25, subject to project stabilization and optimal capacity utilization.</li><li>We value the stock at 27x FY26E, with a TP of Rs 3,135/share, which implies a downside of 17% from the CMP.</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 are revising our estimates downward due to a slower-than-expected recovery in the Specialty Chemicals.While we believe the longterm growth prospects remain strong, the growth is likely to pick up towards the end of FY25, subject to project stabilization and optimal capacity utilization.We value the stock at 27x FY26E, with a TP of Rs 3,135/share, which implies a downside of 17% from the CMP.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.

Navin Fluorine International Ltd. - Specialty Chemicals Headwinds Continue

<ul><li>Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.</li><li>However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.</li><li>Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. </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.

Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. 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.

Chemicals and Midcaps Q1FY25 Result Preview

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Motilal Oswal's research report onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our estimates.</li><li>The beat was driven by a strong performance in the Specialty Chemicals business, which was well supported by growth in the HPP segment.</li><li>Gross margin was 50%, while EBITDA margin dipped 10.7pp YoY to 18.3%.</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.

Motilal Oswal's research report onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our estimates.The beat was driven by a strong performance in the Specialty Chemicals business, which was well supported by growth in the HPP segment.Gross margin was 50%, while EBITDA margin dipped 10.7pp YoY to 18.3%.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.

Navin Fluorine International - Strong Performance Led by Specialty and HPP Businesses

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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.

<ul><li>Prabhudas Lilladher's research report onNavin Fluorine International Navin Fluorine International (NFIL) reported a revenue of Rs6bn (-13.6% YoY/ 20% QoQ).</li><li>The topline was 21% higher than PLe estimates of 4.9bn (Cons est. 5.4bn).</li><li>The growth was driven by HPP and Specialty Chemicals vertical which saw 18% and 45% growth respectively. </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.

Prabhudas Lilladher's research report onNavin Fluorine International Navin Fluorine International (NFIL) reported a revenue of Rs6bn (-13.6% YoY/ 20% QoQ).The topline was 21% higher than PLe estimates of 4.9bn (Cons est. 5.4bn).The growth was driven by HPP and Specialty Chemicals vertical which saw 18% and 45% growth respectively. 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.

Navin Fluorine International - HFO to Drive Growth

India

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

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Navin Fluorine International (NFIL IN)

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Navin Fluorine International Ltd. - Specialty Chemicals Headwinds Continue

While we believe the longterm growth prospects remain strong, the growth is likely to pick up towards the end of FY25, subject to project...

Axis Direct

Chemicals and Midcaps Q1FY25 Result Preview

Chemicals& Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to...

Axis Direct

Navin Fluorine International - Strong Performance Led by Specialty and HPP Businesses

Motilal Oswal's research report onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our...

Motilal Oswal

Navin Fluorine International - HFO to Drive Growth

Prabhudas Lilladher's research report onNavin Fluorine International Navin Fluorine International (NFIL) reported a revenue of Rs6bn (-13.6% YoY/...

Prabhudas Lilladhar

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