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.

Thematic (Sector/Industry)

<ul><li>Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.</li><li>While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.</li><li>Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. </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.

Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. 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.

<ul><li>Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver subtle positive performance in Q1FY27, with aggregate revenue rising 7% YoY and by 2% QoQ to Rs 38,268 Cr.</li><li>However, EBITDA is estimated to decline 6% YoY but rise by 6.5% QoQ to Rs 7,949 Cr, while adjusted PAT is likely to shrink 17% YoY but moderately rise by 5% sequentially to Rs 4,233 Cr.</li><li>According to IQVIA data, chronic care segments like cardiovascular and anti-diabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. </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.

Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver subtle positive performance in Q1FY27, with aggregate revenue rising 7% YoY and by 2% QoQ to Rs 38,268 Cr.However, EBITDA is estimated to decline 6% YoY but rise by 6.5% QoQ to Rs 7,949 Cr, while adjusted PAT is likely to shrink 17% YoY but moderately rise by 5% sequentially to Rs 4,233 Cr.According to IQVIA data, chronic care segments like cardiovascular and anti-diabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. 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.

<ul><li>A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.</li><li>In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.</li><li>Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. </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.

A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. 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.

Equity Bottom-Up

Rainbow Children's Medicare / Equity Bottom-Up

<ul><li>We initiate coverage on Rainbow Children’s Medicare with a BUY recommendation and a DCFbased Target Price (TP) of Rs 1,625/share (EV/EBITDA of 23x H1FY28E EBITDA), implying an upside of 20% from the CMP.</li><li>Rainbow enjoys strong brand recognition in pediatric care, built over decades through consistent delivery of high-quality child healthcare services.</li><li>The company has established a wide moat by offering specialised care across multiple complex pediatric specialities, including Neonatology, Pediatric Cardiology, Pediatric Oncology, and Pediatric Orthopaedics, which together contribute a significant portion of overall revenue.</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 initiate coverage on Rainbow Children’s Medicare with a BUY recommendation and a DCFbased Target Price (TP) of Rs 1,625/share (EV/EBITDA of 23x H1FY28E EBITDA), implying an upside of 20% from the CMP.Rainbow enjoys strong brand recognition in pediatric care, built over decades through consistent delivery of high-quality child healthcare services.The company has established a wide moat by offering specialised care across multiple complex pediatric specialities, including Neonatology, Pediatric Cardiology, Pediatric Oncology, and Pediatric Orthopaedics, which together contribute a significant portion of overall revenue.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.

Rainbow Children's Medicare Ltd - Asset-Light Model: Excellence, Scale...

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>Rainbow’s Q3FY25 print was largely in line with our estimates as revenue/EBITDA grew 18%/14% YoY, respectively.</li><li>Ramp up in new hospitals remains strong with breakeven expected for Hyderabad hospitals (commissioned during Q4FY24) within the next quarter.</li><li>Delay in commissioning of hospitals in the pipeline, however, was a slight dampener in our view.</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.

Rainbow’s Q3FY25 print was largely in line with our estimates as revenue/EBITDA grew 18%/14% YoY, respectively.Ramp up in new hospitals remains strong with breakeven expected for Hyderabad hospitals (commissioned during Q4FY24) within the next quarter.Delay in commissioning of hospitals in the pipeline, however, was a slight dampener in our view.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.

Rainbow Children's Medicare - In-Line Quarter; Execution Delay a Slight Dampener

India

Rainbow Children's Medicare Limited is a leading multi-specialty pediatric, obstetrics, and gynecology healthcare chain in India. The company provides a comprehensive suite of services including newborn and pediatric intensive care, multi-specialty pediatric services, and women's healthcare services such as normal and complex obstetric care, fetal medicine, and fertility treatments. Headquartered in Hyderabad, Telangana, the company was founded in 1999.

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Rainbow Children's Medicare (RAINBOW IN)

Q1FY27 Consolidated Earnings Preview

The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary...

Axis Direct

Result Preview:Pharma & Healthcare

We expect pharmaceutical companies under our coverage to deliver subtle positive performance in Q1FY27, with aggregate revenue rising 7% YoY and by...

Axis Direct

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

Rainbow Children's Medicare Ltd - Asset-Light Model: Excellence, Scale...

We initiate coverage on Rainbow Children’s Medicare with a BUY recommendation and a DCFbased Target Price (TP) of Rs 1,625/share (EV/EBITDA of 23x...

Axis Direct

Rainbow Children's Medicare - In-Line Quarter; Execution Delay a Slight Dampener

Ramp up in new hospitals remains strong with breakeven expected for Hyderabad hospitals (commissioned during Q4FY24) within the next quarter.

Emkay

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