External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Bajaj Auto: The company maintained a steady margin performance and expects this to continue into Q1 as well, on the back of operating leverage, forex tailwinds, and cost optimization efforts</li><li>Export sales continues to move upward, aided by good growth in Latin America and recovery in Nigeria</li><li>On the domestic front, we expect continuing product interventions for motorcycles and rising traction in the EV segment to aid growth</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.

Bajaj Auto: The company maintained a steady margin performance and expects this to continue into Q1 as well, on the back of operating leverage, forex tailwinds, and cost optimization effortsExport sales continues to move upward, aided by good growth in Latin America and recovery in NigeriaOn the domestic front, we expect continuing product interventions for motorcycles and rising traction in the EV segment to aid growthContent 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: Bajaj Auto, Hero MotoCorp, Shree Cement, PB Fintech...

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>The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. </li>
<li>Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. </li>
<li>Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.</li>
</ul>


The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. 
Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. 
Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.


Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

<ul><li>State Bank of India: SBIN’s Q3FY26 earnings beat estimates on the back of healthy growth on both sides of the balance sheet, stable margins, in-line asset quality, and interim dividend from SBI Funds management (~INR2.2bn)</li><li>Loan growth (+15% YoY) continued to outpace the system, led by pick-up in the corporate segment, even as growth in RAM segments remained strong</li><li>Deposit growth (+9% YoY, 2% QoQ) was relatively soft, while the CASA ratio declined to 37.5% (-46bps QoQ), with softer traction in CA balances</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.

State Bank of India: SBIN’s Q3FY26 earnings beat estimates on the back of healthy growth on both sides of the balance sheet, stable margins, in-line asset quality, and interim dividend from SBI Funds management (~INR2.2bn)Loan growth (+15% YoY) continued to outpace the system, led by pick-up in the corporate segment, even as growth in RAM segments remained strongDeposit growth (+9% YoY, 2% QoQ) was relatively soft, while the CASA ratio declined to 37.5% (-46bps QoQ), with softer traction in CA balancesContent 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: State Bank of India, Tata Steel, Shree Cement, Repco Home Finance

<ul><li>Cement demand fails to accelerate in Q3FY26: The industry was expecting cement demand to accelerate toward ~10% growth in H2FY26E following the GST rate cut</li><li>However, based on discussions with cement companies, dealers, and marketing executives, cement demand in Q3FY26 remained subdued at ~5% YoY, similar to H1FY26</li><li>Weak demand in the first half of the quarter impacted overall growth</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.

Cement demand fails to accelerate in Q3FY26: The industry was expecting cement demand to accelerate toward ~10% growth in H2FY26E following the GST rate cutHowever, based on discussions with cement companies, dealers, and marketing executives, cement demand in Q3FY26 remained subdued at ~5% YoY, similar to H1FY26Weak demand in the first half of the quarter impacted overall growthContent 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 (Q3FY26 Results Preview): Muted demand, stable prices, healthy margins

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.</li>
<li>BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.</li>
<li>Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.</li>
</ul>


NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.
BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.
Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.


NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

India

Shree Cement is an Indian cement manufacturer and one of the largest producers in the country. The company manufactures and sells various cement products, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and ready-mix concrete. It also operates in power generation. Shree Cement was founded in 1979 and is headquartered in Kolkata, India.

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Shree Cement (SRCM IN)

HSIE Results Daily: Bajaj Auto, Hero MotoCorp, Shree Cement, PB Fintech...

The company maintained a steady margin performance and expects this to continue into Q1 as well, on the back of operating leverage, forex...

HDFC Securities

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

HSIE Results Daily: State Bank of India, Tata Steel, Shree Cement, Repco Home Finance

State Bank of India: SBIN’s Q3FY26 earnings beat estimates on the back of healthy growth on both sides of the balance sheet, stable margins, in...

HDFC Securities

Cement (Q3FY26 Results Preview): Muted demand, stable prices, healthy margins

Cement demand fails to accelerate in Q3FY26: The industry was expecting cement demand to accelerate toward ~10% growth in H2FY26E following the GST...

HDFC Securities

NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

NIFTY 50 enters implementation on 30 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

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HSIE Results Daily: Bajaj Auto, Hero MotoCorp, Shree Cement, PB Fintech...

The company maintained a steady margin performance and expects this to continue into Q1 as well, on the back of operating leverage, forex...

HDFC Securities

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

​Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

HSIE Results Daily: State Bank of India, Tata Steel, Shree Cement, Repco Home Finance

State Bank of India: SBIN’s Q3FY26 earnings beat estimates on the back of healthy growth on both sides of the balance sheet, stable margins, in...

HDFC Securities

Cement (Q3FY26 Results Preview): Muted demand, stable prices, healthy margins

Cement demand fails to accelerate in Q3FY26: The industry was expecting cement demand to accelerate toward ~10% growth in H2FY26E following the GST...

HDFC Securities

NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

NIFTY 50 enters implementation on 30 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.