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>Macro-economic outlook: Overall macro environment remains volatile, particularly due to tariff-related discussions.</li><li>Meanwhile, discretionary spending on AI initiatives continues to be weak, supporting large deals aimed at enterprise budget changes.</li><li>Deal wins/pipeline: In Q4FY25, the company secured a landmark $1.6 Bn deal - a 13- year engineering services agreement with Sabre. </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.

Macro-economic outlook: Overall macro environment remains volatile, particularly due to tariff-related discussions.Meanwhile, discretionary spending on AI initiatives continues to be weak, supporting large deals aimed at enterprise budget changes.Deal wins/pipeline: In Q4FY25, the company secured a landmark $1.6 Bn deal - a 13- year engineering services agreement with Sabre. 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.

Coforge Ltd. - In-Line Performance; Strong Revenue Visibility

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

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> is looking to raise about US$151m in its India IPO.</li>
<li>Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Aditya Infotech IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coforge-ltd" target="_blank" data-smartkarma-citation="entities:8639:1" rel="noopener">Coforge (COFORGE IN)</a>'s $1.56 billion deal with Sabre positions it as a major player in travel technology, but concerns over Sabre’s financial stability create potential risks for long-term execution.</li>
<li>Acquisitions of Rythmos and TMLabs align with Coforge’s strategy to enhance cloud, data, and enterprise IT capabilities, strengthening its market position in airline and ServiceNow implementation services.</li>
<li>While analysts recognize strong revenue visibility, Sabre’s $5.1 billion debt and negative net worth raise cash flow concerns, leading to a divided outlook on Coforge’s future profitability and risk exposure.</li>
</ul>



Coforge (COFORGE IN)'s $1.56 billion deal with Sabre positions it as a major player in travel technology, but concerns over Sabre’s financial stability create potential risks for long-term execution.
Acquisitions of Rythmos and TMLabs align with Coforge’s strategy to enhance cloud, data, and enterprise IT capabilities, strengthening its market position in airline and ServiceNow implementation services.
While analysts recognize strong revenue visibility, Sabre’s $5.1 billion debt and negative net worth raise cash flow concerns, leading to a divided outlook on Coforge’s future profitability and risk exposure.


Coforge’s $1.56 Billion Bet: A Game-Changer or a Risky Move?

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Coforge reported revenue of $369.4 million, up 26.8% q-o-q/32.8% y-o-y.</li><li>Organic revenue stood at $309.8 million, up 5.5% q-o-q in constant currency terms, beating our estimate of $305.9 million.</li><li>Adjusted EBITDA margin declined ~127 bps q-o-q to 16.6% owing to wage hike.</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.

Coforge reported revenue of $369.4 million, up 26.8% q-o-q/32.8% y-o-y.Organic revenue stood at $309.8 million, up 5.5% q-o-q in constant currency terms, beating our estimate of $305.9 million.Adjusted EBITDA margin declined ~127 bps q-o-q to 16.6% owing to wage hike.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.

Coforge Ltd - Robust Quarter, Maintain BUY

India

Coforge Limited provides information technology services. The Company serves customers in India.

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Coforge (COFORGE IN)

Coforge Ltd. - In-Line Performance; Strong Revenue Visibility

Meanwhile, discretionary spending on AI initiatives continues to be weak, supporting large deals aimed at enterprise budget changes.

Axis Direct

Aditya Infotech IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Aditya Infotech is looking to raise about US$151m in its India IPO. We have looked at the company’s past performance previously. In this note, we...

Akshat Shah

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Coforge’s $1.56 Billion Bet: A Game-Changer or a Risky Move?

Coforge's $1.56 billion deal with Sabre boosts its travel tech presence, but concerns over Sabre's financial stability pose risks for long-term...

Nimish Maheshwari

Coforge Ltd - Robust Quarter, Maintain BUY

Coforge reported revenue of $369.4 million, up 26.8% q-o-q/32.8% y-o-y. Organic revenue stood at $309.8 million, up 5.5% q-o-q in constant currency...

Sharekhan

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Coforge Ltd. - In-Line Performance; Strong Revenue Visibility

Meanwhile, discretionary spending on AI initiatives continues to be weak, supporting large deals aimed at enterprise budget changes.

Axis Direct

Aditya Infotech IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Aditya Infotech is looking to raise about US$151m in its India IPO. We have looked at the company’s past performance previously. In this note, we...

Akshat Shah

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Coforge’s $1.56 Billion Bet: A Game-Changer or a Risky Move?

​Coforge's $1.56 billion deal with Sabre boosts its travel tech presence, but concerns over Sabre's financial stability pose risks for long-term...

Nimish Maheshwari

Coforge Ltd - Robust Quarter, Maintain BUY

Coforge reported revenue of $369.4 million, up 26.8% q-o-q/32.8% y-o-y. Organic revenue stood at $309.8 million, up 5.5% q-o-q in constant currency...

Sharekhan

Coforge's $1.56 billion deal with Sabre boosts its travel tech presence, but concerns over Sabre's financial stability pose risks for long-term...