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>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimate</li><li>Earnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimateEarnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)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.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segment</li><li>FES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impact</li><li>We remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)</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.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segmentFES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impactWe remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)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.

HSIE Results Daily: Mahindra & Mahindra, Petronet LNG

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li>GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.</li><li>The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.</li><li>This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).</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.

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).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.

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

Equity Bottom-Up

<ul><li>India’s total gas consumption during the first four months of FY26 (Apr 25- Jul 25) has declined by 6.8% YoY and gas imports have declined by 9.7% YoY</li><li>Higher reduction in gas imports compared to the decline in total gas consumption was owing to higher LNG prices compared to alternative fuels</li><li>LNG price fell in August 25 (-7.4% MoM) and September 25 (-2.4% MoM till 19th Sep 25) but is still at 18.7% premium to Fuel Oil (FO) prices</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.

India’s total gas consumption during the first four months of FY26 (Apr 25- Jul 25) has declined by 6.8% YoY and gas imports have declined by 9.7% YoYHigher reduction in gas imports compared to the decline in total gas consumption was owing to higher LNG prices compared to alternative fuelsLNG price fell in August 25 (-7.4% MoM) and September 25 (-2.4% MoM till 19th Sep 25) but is still at 18.7% premium to Fuel Oil (FO) pricesContent 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.

Petronet LNG: Volume Growth Challenges Persist. Maintain REDUCE

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>PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line.</li><li>Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income booked for CY24 was Rs1.17bn.</li><li>Dahej utilization in Q3 was 95% (in-line) with long-term volume flat QoQ and tolling volume down 7% QoQ.</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.

PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line.Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income booked for CY24 was Rs1.17bn.Dahej utilization in Q3 was 95% (in-line) with long-term volume flat QoQ and tolling volume down 7% QoQ.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.

Petronet LNG - In-Line Performance, Attractive Valuation

India

Petronet LNG is an Indian oil and gas company primarily engaged in the import, storage, and regasification of liquefied natural gas (LNG). It operates LNG receiving and regasification terminals, with major facilities in Dahej, Gujarat, and Kochi, Kerala, supplying regasified LNG to various sectors including fertilizers, city gas distribution, refineries, and power generation. The company was founded on April 2, 1998, and is headquartered in New Delhi, India.

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Petronet LNG (PLNG IN)

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Petronet LNG

Mahindra & Mahindra: Mahindra & Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES...

HDFC Securities

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil & Gas pack even as the rest of the sector companies are trapped...

Nirmal Bang

Petronet LNG: Volume Growth Challenges Persist. Maintain REDUCE

India’s total gas consumption during the first four months of FY26 (Apr 25- Jul 25) has declined by 6.8% YoY and gas imports have declined by 9.7% YoY

HDFC Securities

Petronet LNG - In-Line Performance, Attractive Valuation

PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line. Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income...

Emkay

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