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>Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4-5% growth YoY, despite a low base</li><li>This is majorly attributed to early onset of monsoon in India this time</li><li>We estimate our coverage universe to report 7% YoY volume growth in Q1FY26</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.

Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4-5% growth YoY, despite a low baseThis is majorly attributed to early onset of monsoon in India this timeWe estimate our coverage universe to report 7% YoY volume growth in Q1FY26Content 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.

Cement: Margin Recovery Continues as Prices Firm Up

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Tamil Nadu has imposed a INR 160/tonne tax on limestone, using a recent Supreme Court ruling that empowers states to levy mineral-bearing land taxes.</li>
<li>Limestone is a major cost component for cement. This tax could shrink EBITDA by up to 9% for exposed players and trigger similar levies in other states.</li>
<li>Cement sector cost structures now face structural regulatory risk. Monitor pricing discipline closely- margins hinge on the industry's ability to pass on this burden.</li>
</ul>


Tamil Nadu has imposed a INR 160/tonne tax on limestone, using a recent Supreme Court ruling that empowers states to levy mineral-bearing land taxes.
Limestone is a major cost component for cement. This tax could shrink EBITDA by up to 9% for exposed players and trigger similar levies in other states.
Cement sector cost structures now face structural regulatory risk. Monitor pricing discipline closely- margins hinge on the industry's ability to pass on this burden.


New Mineral Tax in Tamil Nadu: Impact on Cement Producers

<ul>
<li>Domestic investors (DIIs, retail, and HNIs) now hold 26.67% of non-promoter shares, narrowing the gap with FIIs, whose stakes have dropped to a 12-year low.</li>
<li>This shift signifies growing domestic confidence and a stabilizing market environment, reducing dependency on volatile FII flows amid global uncertainties.</li>
<li>Movement of the stock prices mostly dependent on FII moves rather than DII or Retail Investors. </li>
</ul>


Domestic investors (DIIs, retail, and HNIs) now hold 26.67% of non-promoter shares, narrowing the gap with FIIs, whose stakes have dropped to a 12-year low.
This shift signifies growing domestic confidence and a stabilizing market environment, reducing dependency on volatile FII flows amid global uncertainties.
Movement of the stock prices mostly dependent on FII moves rather than DII or Retail Investors. 


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>TRCL’s 2QFY25 earnings beat our estimates, aided by lower-than-estimated opex/t (6% below our estimate).</li><li>EBITDA declined ~22% YoY to INR3.1b (~26% beat) and EBITDA/t declined 20% YoY to INR695 (est. INR584).</li><li>The company is focusing on non-core asset monetization and has monetized non-core assets worth INR3.8b as of Oct’24 out of the targeted value of INR10b by Jun’25. </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.

TRCL’s 2QFY25 earnings beat our estimates, aided by lower-than-estimated opex/t (6% below our estimate).EBITDA declined ~22% YoY to INR3.1b (~26% beat) and EBITDA/t declined 20% YoY to INR695 (est. INR584).The company is focusing on non-core asset monetization and has monetized non-core assets worth INR3.8b as of Oct’24 out of the targeted value of INR10b by Jun’25. 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.

The Ramco Cements - Lower Opex/T Drives Earnings Beat

India

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ramco Cements (TRCL IN)

Cement: Margin Recovery Continues as Prices Firm Up

Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4...

HDFC Securities

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

New Mineral Tax in Tamil Nadu: Impact on Cement Producers

Tamil Nadu imposes tax on limestone, impacting cement sector profits and potentially setting precedent for other states. Regulatory risk increases...

Nimish Maheshwari

Who Is Moving Indian Markets?

Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.

Nimish Maheshwari

The Ramco Cements - Lower Opex/T Drives Earnings Beat

TRCL’s 2QFY25 earnings beat our estimates, aided by lower-than-estimated opex/t (6% below our estimate). EBITDA declined ~22% YoY to INR3.1b (~26%...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cement: Margin Recovery Continues as Prices Firm Up

Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4...

HDFC Securities

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

New Mineral Tax in Tamil Nadu: Impact on Cement Producers

​Tamil Nadu imposes tax on limestone, impacting cement sector profits and potentially setting precedent for other states. Regulatory risk increases...

Nimish Maheshwari

Who Is Moving Indian Markets?

​Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.

Nimish Maheshwari

The Ramco Cements - Lower Opex/T Drives Earnings Beat

TRCL’s 2QFY25 earnings beat our estimates, aided by lower-than-estimated opex/t (6% below our estimate). EBITDA declined ~22% YoY to INR3.1b (~26%...

Motilal Oswal

Tamil Nadu imposes tax on limestone, impacting cement sector profits and potentially setting precedent for other states. Regulatory risk increases...

Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.