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>Page Industries posted a steady Q4FY25 performance, with revenue rising 10.3% YoY, supported by 8.5% volume growth (9.2 Mn units).</li><li>Growth was driven by strong traction in modern trade and emerging channels such as quick commerce.</li><li>The company continued expanding its retail footprint, scaling to 1.11 Lc MBOs, 1,453 EBOs, and 1,803 LFS. </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.

Page Industries posted a steady Q4FY25 performance, with revenue rising 10.3% YoY, supported by 8.5% volume growth (9.2 Mn units).Growth was driven by strong traction in modern trade and emerging channels such as quick commerce.The company continued expanding its retail footprint, scaling to 1.11 Lc MBOs, 1,453 EBOs, and 1,803 LFS. 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.

Page Industries Ltd - Beat On All Front; Maintain HOLD

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower.</li><li>Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.</li><li>Demand commentary remained subdued, albeit growth trends may improve slightly as growth impact due to the ARS implementation is largely over.</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.

PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower.Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.Demand commentary remained subdued, albeit growth trends may improve slightly as growth impact due to the ARS implementation is largely over.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.

Page Industries - Q3 Beat on Good Margin Execution; Demand Trends Remain Sluggish

<ul><li>Resilient performance despite challenging environment: Page Industries delivered a resilient performance in Q3FY25, with revenue growing 7% YoY, though slightly below estimates.</li><li>Volume growth stood at 5% YoY, supported by a favourable category mix.</li><li>The Athleisure segment saw strong traction, aided by deeper market penetration. </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.

Resilient performance despite challenging environment: Page Industries delivered a resilient performance in Q3FY25, with revenue growing 7% YoY, though slightly below estimates.Volume growth stood at 5% YoY, supported by a favourable category mix.The Athleisure segment saw strong traction, aided by deeper market penetration. 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.

Page Industries Ltd - Margin Expansion Driven by Cost Savings; Maintain HOLD

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/raymond-lifestyle-limited" target="_blank" data-smartkarma-citation="entities:43905:1" rel="noopener">Raymond Lifestyle (RAYMONDL IN)</a> recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.</li>
<li>The correction made Raymond Lifestyle a special situation value bet.</li>
<li>The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment</li>
</ul>



Raymond Lifestyle (RAYMONDL IN) recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.
The correction made Raymond Lifestyle a special situation value bet.
The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment


Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Lenskart Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> raised around US$825m in its India IPO, with a very strong anchor book.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

India

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

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

Page Industries (PAG IN)

Page Industries Ltd - Beat On All Front; Maintain HOLD

Page Industries posted a steady Q4FY25 performance, with revenue rising 10.3% YoY, supported by 8.5% volume growth (9.2 Mn units).

Axis Direct

Page Industries - Q3 Beat on Good Margin Execution; Demand Trends Remain Sluggish

PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower.

Emkay

Page Industries Ltd - Margin Expansion Driven by Cost Savings; Maintain HOLD

Resilient performance despite challenging environment: Page Industries delivered a resilient performance in Q3FY25, with revenue growing 7% YoY,...

Axis Direct

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Page Industries Ltd - Beat On All Front; Maintain HOLD

Page Industries posted a steady Q4FY25 performance, with revenue rising 10.3% YoY, supported by 8.5% volume growth (9.2 Mn units).

Axis Direct

Page Industries - Q3 Beat on Good Margin Execution; Demand Trends Remain Sluggish

PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower.

Emkay

Page Industries Ltd - Margin Expansion Driven by Cost Savings; Maintain HOLD

Resilient performance despite challenging environment: Page Industries delivered a resilient performance in Q3FY25, with revenue growing 7% YoY,...

Axis Direct

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

​Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...