External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul>
<li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production</li>
<li>Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth</li>
<li>The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% YoY</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.


ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production
Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth
The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% YoY

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.

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

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>India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.</li>
<li>While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed</li>
<li>Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.</li>
</ul>


India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.
While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed
Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.


Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

Event-Driven

<ul>
<li>SEMICON India 2026 launched the rollout of Semicon 2.0, a Rs 1,27,500 crore program, alongside roughly Rs 1 lakh crore of stated commitments and more than 40 agreements.</li>
<li>Incentives have shifted from fabs toward equipment, materials, gases and chemicals, precisely the layers where India still imports almost everything it consumes.</li>
<li>Three plants ship chips today and the first fab lands in 2028. Listed-market capture is far narrower than the headline numbers imply.</li>
</ul>


SEMICON India 2026 launched the rollout of Semicon 2.0, a Rs 1,27,500 crore program, alongside roughly Rs 1 lakh crore of stated commitments and more than 40 agreements.
Incentives have shifted from fabs toward equipment, materials, gases and chemicals, precisely the layers where India still imports almost everything it consumes.
Three plants ship chips today and the first fab lands in 2028. Listed-market capture is far narrower than the headline numbers imply.


SEMICON India 2026 Review: Key Announcements

<ul><li>The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.</li><li>Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).</li><li>Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segment</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 aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segmentContent 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.

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

<ul><li>Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display</li><li>No new hybrid models were unveiled</li><li>We believe the company’s intention for the expo was to spotlight the EV, although hybrids remain an integral part of their core strategy</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.

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on displayNo new hybrid models were unveiledWe believe the company’s intention for the expo was to spotlight the EV, although hybrids remain an integral part of their core strategyContent 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.

Autos: Bharat Mobility Expo 2025 - Key Takeways

India

Samvardhana Motherson International Limited is an Indian multinational manufacturer of automotive components. The company produces wiring harnesses, plastic components, rearview mirrors, and other integrated modules for passenger cars and commercial vehicles. It also diversified into non-automotive sectors like aerospace, health & medical, and logistics. The company was established in 1986 and is headquartered in Noida, Uttar Pradesh, India.

Samvardhana Motherson International (MOTHERSO IN)

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Samvardhana Motherson International (MOTHERSO IN)

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

SEMICON India 2026 Review: Key Announcements

Semicon 2.0 represents a shift from creating individual semiconductor manufacturing facilities towards building an integrated ecosystem.

Nimish Maheshwari

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

Autos: Bharat Mobility Expo 2025 - Key Takeways

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display. No new hybrid models were unveiled

HDFC Securities

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HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

​India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

SEMICON India 2026 Review: Key Announcements

Semicon 2.0 represents a shift from creating individual semiconductor manufacturing facilities towards building an integrated ecosystem.

Nimish Maheshwari

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

Autos: Bharat Mobility Expo 2025 - Key Takeways

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display. No new hybrid models were unveiled

HDFC Securities

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.