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>Robust Order Book: As of 31 st March, 2026, the company’s order book stood at Rs 13,447 Cr, up 85% YoY, supported by an order inflow of Rs 10,925 Cr in FY26.</li><li>Within the order book, 67% comprises within-group projects, while the remaining 33% is from external projects.</li><li>In terms of segment mix, Government projects account for 25%, Industrial projects 2%, institutional projects 38%, and residential projects 35%.</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.

Robust Order Book: As of 31 st March, 2026, the company’s order book stood at Rs 13,447 Cr, up 85% YoY, supported by an order inflow of Rs 10,925 Cr in FY26.Within the order book, 67% comprises within-group projects, while the remaining 33% is from external projects.In terms of segment mix, Government projects account for 25%, Industrial projects 2%, institutional projects 38%, and residential projects 35%.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.

PSP Projects Ltd - Strong Execution Momentum to Drive Revenue Growth

<ul><li>Robust Order Book: As of 30th June’25, the company’s order book stood at Rs 6,514 Cr, supported by an order inflow of Rs 107 Cr in Q1FY26.</li><li>For FY26, the management expects an order inflow of Rs 7,000–7,500 Cr with Adani Group and Rs 2,000 Cr individually.</li><li>The strong order backlog ensures revenue visibility over the next 2 years, with the company projected to deliver a revenue CAGR of 33% over FY25–27E.</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.

Robust Order Book: As of 30th June’25, the company’s order book stood at Rs 6,514 Cr, supported by an order inflow of Rs 107 Cr in Q1FY26.For FY26, the management expects an order inflow of Rs 7,000–7,500 Cr with Adani Group and Rs 2,000 Cr individually.The strong order backlog ensures revenue visibility over the next 2 years, with the company projected to deliver a revenue CAGR of 33% over FY25–27E.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.

PSP Projects Ltd - Execution Is Key to Drive Revenue Growth

Thematic (Sector/Industry)

<ul><li>In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.</li><li>EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.</li><li>EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. </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.

In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook in KNR Constructions Ltd and PNC Infratech Ltd.EBITDA is expected to decrease by 4%, and APAT is projected to be 10.7% lower on YoY basis.EBITDA margins are estimated at 14.2%, compared to 14.6% in the same period last year. 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.

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 41% over the last one year, beating the benchmark Nifty 50 index (31.1% return over the same period) by a wide margin.</li><li>Also, it delivered a return of 2.7% in the last month against the 1.1% returns posted by Nifty 50 over the same period.</li><li>A few picks that reported excellent returns included Lupin (17.2%), TVS Motor Company (11.2%), Aurobindo Pharma (9.4%), HCL Technologies (6.7%) and Bharti Airtel (6.5%). </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.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 41% over the last one year, beating the benchmark Nifty 50 index (31.1% return over the same period) by a wide margin.Also, it delivered a return of 2.7% in the last month against the 1.1% returns posted by Nifty 50 over the same period.A few picks that reported excellent returns included Lupin (17.2%), TVS Motor Company (11.2%), Aurobindo Pharma (9.4%), HCL Technologies (6.7%) and Bharti Airtel (6.5%). 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.

Axis Research Scorecard Report for Aug 2024

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costs</li><li>Loan growth was strong across segments, offset by a slowdown in the Xpress credit portfolio</li><li>Deposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trends</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.

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costsLoan growth was strong across segments, offset by a slowdown in the Xpress credit portfolioDeposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trendsContent 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: State Bank of India, Thermax, Aptus Value Housing Finance India

India

PSP Projects Limited operates as a construction company. The Company offers industrial, institutional, government, and residential projects construction, as well as allied services including planning, designing, and post-construction activities. PSP Projects serves the private and public sectors in India.

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PSP Projects (PSPPL IN)

PSP Projects Ltd - Strong Execution Momentum to Drive Revenue Growth

Robust Order Book: As of 31 st March, 2026, the company’s order book stood at Rs 13,447 Cr, up 85% YoY, supported by an order inflow of Rs 10,925...

Axis Direct

PSP Projects Ltd - Execution Is Key to Drive Revenue Growth

Robust Order Book: As of 30th June’25, the company’s order book stood at Rs 6,514 Cr, supported by an order inflow of Rs 107 Cr in Q1FY26.

Axis Direct

Q3FY25 Earnings Preview - INFRA-ROAD & OTHERS

In Q3FY25, the road construction companies under coverage are anticipated to report 3% degrowth YoY in revenue due to a lower executable orderbook...

Axis Direct

Axis Research Scorecard Report for Aug 2024

A few picks that reported excellent returns included Lupin (17.2%), TVS Motor Company (11.2%), Aurobindo Pharma (9.4%), HCL Technologies (6.7%) and...

Axis Direct

HSIE Results Daily: State Bank of India, Thermax, Aptus Value Housing Finance India

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth...

HDFC Securities

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