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>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26</li><li>P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)</li><li>Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and HydrogenContent 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: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes, Petronet LNG,

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Poonawalla Fincorp’s (PFL) 3QFY25 PAT declined ~93% YoY to ~INR187m (vs. MOFSLe: INR1.52b). NII grew ~25% YoY to ~INR6.1b (in line), while PPoP grew ~7% YoY to ~INR3.7b (in line).</li><li>Other income declined ~2% YoY and ~32% QoQ to ~INR581m, due to no assignment income or write-backs in 3Q.</li><li>Opex in 3QFY25 rose 50% YoY to INR3b, with C/I ratio declining to ~45% (PQ: 57%).</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.

Poonawalla Fincorp’s (PFL) 3QFY25 PAT declined ~93% YoY to ~INR187m (vs. MOFSLe: INR1.52b). NII grew ~25% YoY to ~INR6.1b (in line), while PPoP grew ~7% YoY to ~INR3.7b (in line).Other income declined ~2% YoY and ~32% QoQ to ~INR581m, due to no assignment income or write-backs in 3Q.Opex in 3QFY25 rose 50% YoY to INR3b, with C/I ratio declining to ~45% (PQ: 57%).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.

Poonawalla Fincorp - Legacy Book Stress Keeps Credit Costs Elevated

<ul><li>Motilal Oswal's research report onPoonawalla Fincorp Poonawalla Fincorp (PFL)’s 4QFY24 NII grew 48% YoY to ~INR5.6b (in line), while its PPoP surged 103% YoY to ~INR4.1b (in line).</li><li>PFL’s 4QFY24 PAT jumped 84% YoY/25% QoQ to ~INR3.3b (9% beat), while its FY24 normalized PAT grew 75% YoY to ~INR10.3b.</li><li>Opex rose 12% YoY to ~INR2.3b (~9% above estimate), with the C/I ratio being broadly stable QoQ at ~36% (PY: ~51%).</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.

Motilal Oswal's research report onPoonawalla Fincorp Poonawalla Fincorp (PFL)’s 4QFY24 NII grew 48% YoY to ~INR5.6b (in line), while its PPoP surged 103% YoY to ~INR4.1b (in line).PFL’s 4QFY24 PAT jumped 84% YoY/25% QoQ to ~INR3.3b (9% beat), while its FY24 normalized PAT grew 75% YoY to ~INR10.3b.Opex rose 12% YoY to ~INR2.3b (~9% above estimate), with the C/I ratio being broadly stable QoQ at ~36% (PY: ~51%).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.

Poonawalla Fincorp - Operating Profit in Line

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>Poonawalla Fincorp (PFL), in its board meeting held on 14-Dec-2022, approved the sale of its housing finance subsidiary – Poonawalla Housing Finance (PHFL) – to TPG (Perseus SG Pte., an entity affiliated with TPG Global, LLC).</li><li>The deal has been struck at Rs39bn, which values PHFL at a trailing Sep-22 P/BVPS of 3.4x.</li><li>This is broadly in line with our TP implied trailing Sep-22 valuation of 3.3x for the consolidated entity.</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.

Poonawalla Fincorp (PFL), in its board meeting held on 14-Dec-2022, approved the sale of its housing finance subsidiary – Poonawalla Housing Finance (PHFL) – to TPG (Perseus SG Pte., an entity affiliated with TPG Global, LLC).The deal has been struck at Rs39bn, which values PHFL at a trailing Sep-22 P/BVPS of 3.4x.This is broadly in line with our TP implied trailing Sep-22 valuation of 3.3x for the consolidated entity.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.

Poonawalla Fincorp (PFL) - Sale of Housing Finance Subsidiary to TPG

India

Poonawalla Fincorp Limited is a non-banking finance company that provides consumer and MSME financing services in India. The company offers a diversified product suite including personal, business, and asset-backed loans, along with supply chain financing and insurance products. It was incorporated in 1978 and is headquartered in Pune, India.

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Poonawalla Fincorp (POONAWAL IN)

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes, Petronet LNG,

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

Poonawalla Fincorp - Legacy Book Stress Keeps Credit Costs Elevated

Poonawalla Fincorp’s (PFL) 3QFY25 PAT declined ~93% YoY to ~INR187m (vs. MOFSLe: INR1.52b). NII grew ~25% YoY to ~INR6.1b (in line), while PPoP...

Motilal Oswal

Poonawalla Fincorp - Operating Profit in Line

Motilal Oswal's research report onPoonawalla Fincorp Poonawalla Fincorp (PFL)’s 4QFY24 NII grew 48% YoY to ~INR5.6b (in line), while its PPoP...

Motilal Oswal

Poonawalla Fincorp (PFL) - Sale of Housing Finance Subsidiary to TPG

The deal has been struck at Rs39bn, which values PHFL at a trailing Sep-22 P/BVPS of 3.4x. This is broadly in line with our TP implied trailing Sep...

Emkay

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