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 Axis Top Picks Basket delivered a return of 15.3% in the last three months against the 11.9% return posted by the Nifty 50, outperforming the Nifty 50 by a notable margin of 3.4%.</li><li>Moreover, over the last one month, the basket has gained 2.6%. We are happy to share that our Top Picks Basket has delivered an impressive return of 321% since its inception (May’20), which stands well above the 167% return delivered by the NIFTY 50 index over the same period.</li><li>India’s Domestic Economy Well-Positioned: Despite external risks, India’s domestic growth trajectory remains intact, with key macroeconomic factors supporting a stronger FY26 compared to FY25.</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 Axis Top Picks Basket delivered a return of 15.3% in the last three months against the 11.9% return posted by the Nifty 50, outperforming the Nifty 50 by a notable margin of 3.4%.Moreover, over the last one month, the basket has gained 2.6%. We are happy to share that our Top Picks Basket has delivered an impressive return of 321% since its inception (May’20), which stands well above the 167% return delivered by the NIFTY 50 index over the same period.India’s Domestic Economy Well-Positioned: Despite external risks, India’s domestic growth trajectory remains intact, with key macroeconomic factors supporting a stronger FY26 compared to FY25.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.

Axis Top Picks for the Month of June 2025

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.

<ul><li>Oil India: Our BUY recommendation on Oil India with a revised target price of INR 490 is premised on oil production growth at 10% CAGR and gas production growth at 21% CAGR over FY25-27E</li><li>Q4FY25 standalone EBITDA at INR 19.8bn (-15% YoY, -7% QoQ) and PAT at INR 15.9bn (-21.6% YoY, +30.3% QoQ) came in below our estimates due to lower-than-expected volume and higher opex</li><li>Oil and gas production stood at 1.65mmtoe (-0.2%YoY, -2.8% QoQ). Medplus Health Services: EBITDA^ grew 29% YoY despite muted sales (pharmacy +1% YoY, diagnostics +21% YoY) and higher staff costs (+21%), led by 398 bps YoY expansion in gross margin (driven by increased private label share to 23.3%) and flat SG&amp;A</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.

Oil India: Our BUY recommendation on Oil India with a revised target price of INR 490 is premised on oil production growth at 10% CAGR and gas production growth at 21% CAGR over FY25-27EQ4FY25 standalone EBITDA at INR 19.8bn (-15% YoY, -7% QoQ) and PAT at INR 15.9bn (-21.6% YoY, +30.3% QoQ) came in below our estimates due to lower-than-expected volume and higher opexOil and gas production stood at 1.65mmtoe (-0.2%YoY, -2.8% QoQ). Medplus Health Services: EBITDA^ grew 29% YoY despite muted sales (pharmacy +1% YoY, diagnostics +21% YoY) and higher staff costs (+21%), led by 398 bps YoY expansion in gross margin (driven by increased private label share to 23.3%) and flat SG&amp;AContent 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: Oil India, Medplus Health Services, JK Lakshmi Cement, Sansera Engineering

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.</li><li>The growth will be driven by i) Mid to High Single-digit volume growth in 2Ws, ii) Low to mid-singledigit growth for PVs/CVs, and iii) Low teens volume growth in the tractor industry.</li><li>The expected YoY EBITDA margin remains flattish due to higher discounts/ advertisement expenses and negative operating leverage being partly offset by price hikes taken over the past 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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.The growth will be driven by i) Mid to High Single-digit volume growth in 2Ws, ii) Low to mid-singledigit growth for PVs/CVs, and iii) Low teens volume growth in the tractor industry.The expected YoY EBITDA margin remains flattish due to higher discounts/ advertisement expenses and negative operating leverage being partly offset by price hikes taken over the past 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.

<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>Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in sales</li><li>The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)</li><li>HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% 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.

Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in salesThe hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% YoYContent 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: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

India

Sansera Engineering manufactures complex and critical precision-engineered components for both automotive and non-automotive sectors. The company's products include components for engines, transmissions, suspension, braking, and chassis systems for two-wheelers, passenger vehicles, and commercial vehicles, as well as parts for aerospace, defense, and semiconductor equipment. Headquartered in Bengaluru, India, the company was founded in 1981.

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Sansera Engineering (SANSERA IN)

Axis Top Picks for the Month of June 2025

The Axis Top Picks Basket delivered a return of 15.3% in the last three months against the 11.9% return posted by the Nifty 50, outperforming the...

Axis Direct

HSIE Results Daily: Oil India, Medplus Health Services, JK Lakshmi Cement, Sansera Engineering

Our BUY recommendation on Oil India with a revised target price of INR 490 is premised on oil production growth at 10% CAGR and gas production...

HDFC Securities

Q4FY25 Earnings Preview - Automobile

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.

Axis Direct

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

HSIE Results Daily: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)

HDFC Securities

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