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>Domestic Business Softness Due to Weather &amp; Regulatory Disruptions: PI Industries’ domestic business declined 13% YoY in Q2FY26, as erratic and excessive rainfall impacted sales and led to higher inventory levels.</li><li>Furthermore, regulatory changes in the biologicals segment weighed on growth momentum.</li><li>The management indicated that the regulatory challenges have been resolved and expects business performance to normalize in the coming quarters.</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.

Domestic Business Softness Due to Weather &amp; Regulatory Disruptions: PI Industries’ domestic business declined 13% YoY in Q2FY26, as erratic and excessive rainfall impacted sales and led to higher inventory levels.Furthermore, regulatory changes in the biologicals segment weighed on growth momentum.The management indicated that the regulatory challenges have been resolved and expects business performance to normalize in the coming quarters.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.

PI Industries Ltd - Short-Term Headwinds Persist; Maintain HOLD

<ul><li>Biological Segment Impacted by Regulatory Changes: PI Industries’ domestic business reported 6% YoY growth in Q1FY26, reaching Rs 339 Cr, with domestic revenue excluding biologicals rising by 13% YoY.</li><li>Revenue from biological products declined ~38% YoY due to regulatory changes in Jun’25, which impacted sales across the industry.</li><li>Additional challenges included cash flow pressures from fertiliser shortages, low commodity prices, and elevated channel inventory.</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.

Biological Segment Impacted by Regulatory Changes: PI Industries’ domestic business reported 6% YoY growth in Q1FY26, reaching Rs 339 Cr, with domestic revenue excluding biologicals rising by 13% YoY.Revenue from biological products declined ~38% YoY due to regulatory changes in Jun’25, which impacted sales across the industry.Additional challenges included cash flow pressures from fertiliser shortages, low commodity prices, and elevated channel inventory.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.

PI Industries Ltd - Facing Headwinds on Multiple Fronts; Downgrade to HOLD

<ul><li>Strong Growth in Domestic Brands: PI Industries' domestic segment recorded a 21% YoY growth in Q4, reaching Rs 338 Cr.</li><li>This performance was primarily driven by a 24% YoY increase in volumes and a 10% YoY rise in revenue from biologicals, reflecting stronger farmer adoption of sustainable crop protection solutions.</li><li>Robust demand during the Rabi season, aided by higher acreage under wheat, rice, and pulses, further contributed to volume growth. </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.

Strong Growth in Domestic Brands: PI Industries' domestic segment recorded a 21% YoY growth in Q4, reaching Rs 338 Cr.This performance was primarily driven by a 24% YoY increase in volumes and a 10% YoY rise in revenue from biologicals, reflecting stronger farmer adoption of sustainable crop protection solutions.Robust demand during the Rabi season, aided by higher acreage under wheat, rice, and pulses, further contributed to volume growth. 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.

PI Industries Ltd - Focus On New Growth Avenues as Agchem Exports Slow Down

<ul><li>Headwinds in CSM Business to continue in Near-Term: PI’s CSM business showed a modest 2% YoY growth, with volumes increasing by 5% YoY and new products growing by 40% YoY in Q3.</li><li>However, due to declining demand, the management anticipates a recovery in H2CY25, expecting high inventories in certain products to decrease by that time.</li><li>Accordingly, the management has revised its revenue growth forecast for FY25, lowering it from high single-digit to low single-digit growth.</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.

Headwinds in CSM Business to continue in Near-Term: PI’s CSM business showed a modest 2% YoY growth, with volumes increasing by 5% YoY and new products growing by 40% YoY in Q3.However, due to declining demand, the management anticipates a recovery in H2CY25, expecting high inventories in certain products to decrease by that time.Accordingly, the management has revised its revenue growth forecast for FY25, lowering it from high single-digit to low single-digit growth.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.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MSCI India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.</li>
</ul>


We analysed the earning revision of component stocks of MSCI India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.


MSCI India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

India

PI Industries Limited manufactures agricultural and fine chemicals, and polymers. The Company produces fine chemicals; crop protection, plant nutrients, and seeds; and engineering plastics for use in the automobile, electrical, and home appliances industries.

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Pi Industries (PI IN)

PI Industries Ltd - Short-Term Headwinds Persist; Maintain HOLD

PI Industries’ domestic business declined 13% YoY in Q2FY26, as erratic and excessive rainfall impacted sales and led to higher inventory levels.

Axis Direct

PI Industries Ltd - Facing Headwinds on Multiple Fronts; Downgrade to HOLD

PI Industries’ domestic business reported 6% YoY growth in Q1FY26, reaching Rs 339 Cr, with domestic revenue excluding biologicals rising by 13% YoY.

Axis Direct

PI Industries Ltd - Focus On New Growth Avenues as Agchem Exports Slow Down

Robust demand during the Rabi season, aided by higher acreage under wheat, rice, and pulses, further contributed to volume growth.

Axis Direct

PI Industries Ltd - Modest CSM Growth

Headwinds in CSM Business to continue in Near-Term: PI’s CSM business showed a modest 2% YoY growth, with volumes increasing by 5% YoY and new...

Axis Direct

MSCI India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed MSCI India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

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