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)

<div><div><div><ul><li>D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</li></ul><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></div></div></div></div></div></div></div></div></div><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>

D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.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.

FMCG -  D2C Is Here to Stay; Omni-Channel the Way Forward

<ul><li><span style="font-size: var(--content-font-size);">D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</span></li></ul><div><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></div></div></div></div></div></div></div><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>

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

<ul><li>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</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>

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent 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.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

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

<ul><li>Nestlé India reported a modest 2.5% YoY revenue growth in Q1FY26, supported by robust double-digit growth in beverages and confectionery and a rebound in volumes for the MAGGI noodles franchise.</li><li>However, performance in the Milk &amp; Nutrition portfolio was mixed.</li><li>EBITDA declined 1.3% YoY, with margins contracting 156 bps to 21.7%, weighed down by a 250 bps decline in gross margins due to elevated input costs and higher operating expenses from recent capacity expansions.</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>

Nestlé India reported a modest 2.5% YoY revenue growth in Q1FY26, supported by robust double-digit growth in beverages and confectionery and a rebound in volumes for the MAGGI noodles franchise.However, performance in the Milk &amp; Nutrition portfolio was mixed.EBITDA declined 1.3% YoY, with margins contracting 156 bps to 21.7%, weighed down by a 250 bps decline in gross margins due to elevated input costs and higher operating expenses from recent capacity expansions.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.

Pick of the Week: Nestlé India Limited - 30th August, 2025

<ul><li>Mixed Performance with Margin Pressure: Nestlé reported a modest 2.5% YoY revenue growth, driven by strong double-digit growth in beverages and confectionery, along with a rebound in volumes for MAGGI noodles.</li><li>However, the Milk and Nutrition segment delivered a mixed performance.</li><li>EBITDA declined 1.3% YoY, with margins contracting 156 bps to 21.7%, impacted by a 250 bps drop in gross margins due to elevated input costs and higher operational expenses from expanded manufacturing. </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>

Mixed Performance with Margin Pressure: Nestlé reported a modest 2.5% YoY revenue growth, driven by strong double-digit growth in beverages and confectionery, along with a rebound in volumes for MAGGI noodles.However, the Milk and Nutrition segment delivered a mixed performance.EBITDA declined 1.3% YoY, with margins contracting 156 bps to 21.7%, impacted by a 250 bps drop in gross margins due to elevated input costs and higher operational expenses from expanded manufacturing. 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.

Nestle India Ltd - Margins Pressure, Long-Term Outlook Remains Intact

India

Nestle India Limited is the Indian subsidiary of the Swiss multinational company Nestlé, operating as a prominent player in India's Fast-Moving Consumer Goods (FMCG) industry. The company manufactures and sells a diverse range of food products, beverages, chocolates, and confectioneries, with key brands including Maggi, Nescafé, and KitKat. Nestle India Limited was incorporated on March 28, 1959, and is headquartered in Gurugram, Haryana, India.

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Nestle India (NEST IN)

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

Pick of the Week: Nestlé India Limited - 30th August, 2025

Nestlé India reported a modest 2.5% YoY revenue growth in Q1FY26, supported by robust double-digit growth in beverages and confectionery and a...

Axis Direct

Nestle India Ltd - Margins Pressure, Long-Term Outlook Remains Intact

Nestlé reported a modest 2.5% YoY revenue growth, driven by strong double-digit growth in beverages and confectionery, along with a rebound in...

Axis Direct

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