External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>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

Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth (+23.6% YoY) and improving operating efficiency</li><li>Credit costs remained elevated largely driven by MSME (11% of AUM) and captive 2W/3W (1.5% of AUM), leading to management guidance for credit costs of upper end of 1.85-1.95% range for FY26</li><li>However, BAF’s post-pandemic cross-functional investments continue to drive higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.8%), which is likely to sustain during FY26-FY28E</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.

Bajaj Finance: Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth (+23.6% YoY) and improving operating efficiencyCredit costs remained elevated largely driven by MSME (11% of AUM) and captive 2W/3W (1.5% of AUM), leading to management guidance for credit costs of upper end of 1.85-1.95% range for FY26However, BAF’s post-pandemic cross-functional investments continue to drive higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.8%), which is likely to sustain during FY26-FY28EContent 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: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries...

<ul><li>We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due to higher refining GRMs</li><li>Upstream segment earnings to decline by 0.2% YoY but grow by 6.3% QoQ owing to sequential rise in crude prices and rupee depreciation</li><li>We expect high LNG spot rate to have an adverse impact on natural gas offtake volume from Industrial and Commercial customers</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.

We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due to higher refining GRMsUpstream segment earnings to decline by 0.2% YoY but grow by 6.3% QoQ owing to sequential rise in crude prices and rupee depreciationWe expect high LNG spot rate to have an adverse impact on natural gas offtake volume from Industrial and Commercial customersContent 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 and Gas (Q2FY26 Result Preview): Strong refining margins to lift earnings

<ul><li>Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflation</li><li>The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies</li><li>The focus is to improve field force productivity with new divisions for launches and expand market reach</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.

Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflationThe company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapiesThe focus is to improve field force productivity with new divisions for launches and expand market reachContent 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: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

India

Petronet LNG Ltd. was formed by the Government of India to import liquefied natural gas (LNG) into the country. The Company is a joint venture between GAIL, ONGC, IOC and BPCL. Petronet LNG has also selected GAZ de France as a strategic partner. The Company has set up LNG receiving ports in Dahej (Gujarat) and Kochi (Kerala).

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Petronet LNG (PLNG IN)

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

HSIE Results Daily: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries...

Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth...

HDFC Securities

Oil and Gas (Q2FY26 Result Preview): Strong refining margins to lift earnings

We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due...

HDFC Securities

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

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