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>Thermal &amp; Lignite Power Plants Status: The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98% availability.</li><li>The targeted CODs for Units II and III are May’25 and Oct’25. The company expects to float tenders for the 2*500 MW TPS-II Lignite-based expansion plant by Mar’25 and the Talabira Phase II thermal plant by Jun’25.</li><li>The 3*125 MW Lignite-based thermal power plant, along with a captive Lignite mine in Rajasthan as per the agreement with RVUNL, is expected to be completed in the next 36 to 40 months.</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.

Thermal &amp; Lignite Power Plants Status: The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98% availability.The targeted CODs for Units II and III are May’25 and Oct’25. The company expects to float tenders for the 2*500 MW TPS-II Lignite-based expansion plant by Mar’25 and the Talabira Phase II thermal plant by Jun’25.The 3*125 MW Lignite-based thermal power plant, along with a captive Lignite mine in Rajasthan as per the agreement with RVUNL, is expected to be completed in the next 36 to 40 months.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.

NLC India Limited  - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

<ul><li>PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 696 Cr, up 174% YoY but down 29% QoQ, surpassing consensus estimates by 185%.</li><li>Consolidated net sales stood at Rs 4,411 Cr, up 39% YoY and 21% QoQ, beating consensus estimates by 45%.</li><li>EBITDA came in at Rs 1,827 Cr, up 102% YoY and 70% QoQ, exceeding consensus estimates by 150%.</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.

PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 696 Cr, up 174% YoY but down 29% QoQ, surpassing consensus estimates by 185%.Consolidated net sales stood at Rs 4,411 Cr, up 39% YoY and 21% QoQ, beating consensus estimates by 45%.EBITDA came in at Rs 1,827 Cr, up 102% YoY and 70% QoQ, exceeding consensus estimates by 150%.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.

NLC India Limited  - Decent Q3; Despite Seasonally Weak Quarter

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

<ul>
<li>Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.</li>
<li>A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.</li>
<li>Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.</li>
</ul>


Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.


Vikram Solar IPO - Riding India’s Renewable Energy Wave

Thematic (Sector/Industry)

<ul><li>Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.</li><li>The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.</li><li>The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.</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.

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.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.

Q1FY26 Earnings Preview - Power & Ancillaries

<ul><li>Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.</li><li>For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).</li><li>Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. </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.

Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. 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.

Q4FY25 Earnings Preview - Power & Ancillaries

India

NLC India Limited operates as a mining and power company. The Company focuses on lignite mining, as well as provides thermal and renewable power generation services. NLC India serves clients in India.

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

NLC India (NLC IN)

NLC India Limited - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98%...

Axis Direct

NLC India Limited - Decent Q3; Despite Seasonally Weak Quarter

PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 696 Cr, up 174% YoY but down 29% QoQ,...

Axis Direct

Vikram Solar IPO - Riding India’s Renewable Energy Wave

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

Q1FY26 Earnings Preview - Power & Ancillaries

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year. The peak demand was...

Axis Direct

Q4FY25 Earnings Preview - Power & Ancillaries

For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NLC India Limited - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98%...

Axis Direct

NLC India Limited - Decent Q3; Despite Seasonally Weak Quarter

PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 696 Cr, up 174% YoY but down 29% QoQ,...

Axis Direct

Vikram Solar IPO - Riding India’s Renewable Energy Wave

​Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

Q1FY26 Earnings Preview - Power & Ancillaries

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year. The peak demand was...

Axis Direct

Q4FY25 Earnings Preview - Power & Ancillaries

For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224...

Axis Direct

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...