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>The Finance Minister of India will present the Union Budget FY25-26 on 1 st Feb’25.</li><li>The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the reforms outside the purview of the Budget.</li><li>H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown, especially in the urban area, extended monsoon, and inflation.</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.

The Finance Minister of India will present the Union Budget FY25-26 on 1 st Feb’25.The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the reforms outside the purview of the Budget.H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown, especially in the urban area, extended monsoon, and inflation.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>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>The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.</li><li>EBITDA is expected to decline by 2.5%, while APAT is projected to be 1.5% higher YoY.</li><li>EBITDA margins are estimated at 14.2%, compared to 14.8% 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.

The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.EBITDA is expected to decline by 2.5%, while APAT is projected to be 1.5% higher YoY.EBITDA margins are estimated at 14.2%, compared to 14.8% 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.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>Bangladesh, India's 2nd largest trading partner in Asia is under a political crisis leading to instability and uncertainty. </li>
<li>Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. </li>
<li>There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.</li>
</ul>


Bangladesh, India's 2nd largest trading partner in Asia is under a political crisis leading to instability and uncertainty. 
Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. 
There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.


Bangladesh Chaos: Impact on Indian Companies

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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (KRT IN)</a> raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Realty Trust (KRT IN) raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.
KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

India

RITES Limited is an Indian public sector undertaking that operates under the Ministry of Railways, Government of India. The company offers consultancy, engineering, and project delivery services across various infrastructure sectors, including railways, highways, metros, urban development, and airports. RITES also provides services like leasing and export of railway rolling stock and turnkey construction projects. Headquartered in Gurugram, Haryana, India, RITES was incorporated on April 26, 1974.

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RITES (RITE IN)

Pre-Budget Expectations 2025-26

The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the...

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

Q2FY25 Earnings Preview - INFRA-ROAD

The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.

Axis Direct

Bangladesh Chaos: Impact on Indian Companies

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-Budget Expectations 2025-26

The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the...

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

Q2FY25 Earnings Preview - INFRA-ROAD

The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.

Axis Direct

Bangladesh Chaos: Impact on Indian Companies

​Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...