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>Soft Quarter: Relaxo reported a sharp 7.5% YoY revenue decline, due to demand softness in the mass market segment and delayed purchases ahead of the implementation of GST 2.0.</li><li>Meanwhile, general trade remained subdued during the quarter, as distributors and channel partners focused on clearing legacy inventory ahead of the transition.</li><li>Management expects this softness to be temporary, with normalisation anticipated over the next few quarters as the channel replenishes stocks. R</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.

Soft Quarter: Relaxo reported a sharp 7.5% YoY revenue decline, due to demand softness in the mass market segment and delayed purchases ahead of the implementation of GST 2.0.Meanwhile, general trade remained subdued during the quarter, as distributors and channel partners focused on clearing legacy inventory ahead of the transition.Management expects this softness to be temporary, with normalisation anticipated over the next few quarters as the channel replenishes stocks. RContent 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.

Relaxo Footwears Ltd. - Soft Quarter, Steady Recovery Expected; Maintain HOLD

<ul><li>Demand weakness, but margins stay resilient: Relaxo reported a sharp 13% YoY revenue decline, driven by a 14% drop in volumes amid muted consumer sentiment in the mass and mid-market segments.</li><li>Competitive intensity remained elevated in general trade, with regional players gaining share post the GST rate hike from 5% to 12%.</li><li>Despite the challenging demand environment, realisations improved 1% YoY to Rs 151 per pair. </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.

Demand weakness, but margins stay resilient: Relaxo reported a sharp 13% YoY revenue decline, driven by a 14% drop in volumes amid muted consumer sentiment in the mass and mid-market segments.Competitive intensity remained elevated in general trade, with regional players gaining share post the GST rate hike from 5% to 12%.Despite the challenging demand environment, realisations improved 1% YoY to Rs 151 per pair. 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.

Relaxo Footwear - Subdued Revenue; Operating Margins Strengthened

<ul><li>Disappointing performance: The company reported a weak performance as demand continued to remain muted.</li><li>Relaxo’s revenue declined 7% YoY to Rs 695 Cr, falling short of expectations due to a 10% YoY drop in volumes (9% YoY decline in FY25).</li><li>However, average realisation per pair improved by 3% YoY to Rs 153. Gross margins were impacted by inventory correction, while EBITDA margins remained steady at 16.1%, supported by a ~21% YoY reduction in other expenses, primarily due to lower ad-spends amid subdued demand. </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.

Disappointing performance: The company reported a weak performance as demand continued to remain muted.Relaxo’s revenue declined 7% YoY to Rs 695 Cr, falling short of expectations due to a 10% YoY drop in volumes (9% YoY decline in FY25).However, average realisation per pair improved by 3% YoY to Rs 153. Gross margins were impacted by inventory correction, while EBITDA margins remained steady at 16.1%, supported by a ~21% YoY reduction in other expenses, primarily due to lower ad-spends amid subdued demand. 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.

Relaxo Footwears Ltd - Demand Environment Remains Subdued; Maintain HOLD

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.

Thematic (Sector/Industry)

<ul><li>Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point</li><li>Weaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)</li><li>Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium term</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.

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this pointWeaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium termContent 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: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

<ul><li>Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negative</li><li>Excluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%</li><li>We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for most</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.

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negativeExcluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for mostContent 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.

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

India

Relaxo Footwears Ltd. is the marketing company for Relaxo Group.  The Group manufactures Hawai and lightweight chappals.

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Relaxo Footwears (RLXF IN)

Relaxo Footwears Ltd. - Soft Quarter, Steady Recovery Expected; Maintain HOLD

Soft Quarter: Relaxo reported a sharp 7.5% YoY revenue decline, due to demand softness in the mass market segment and delayed purchases ahead of...

Axis Direct

Relaxo Footwear - Subdued Revenue; Operating Margins Strengthened

Relaxo reported a sharp 13% YoY revenue decline, driven by a 14% drop in volumes amid muted consumer sentiment in the mass and mid-market segments.

Axis Direct

Relaxo Footwears Ltd - Demand Environment Remains Subdued; Maintain HOLD

Relaxo’s revenue declined 7% YoY to Rs 695 Cr, falling short of expectations due to a 10% YoY drop in volumes (9% YoY decline in FY25).

Axis Direct

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point

HDFC Securities

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few...

HDFC Securities

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