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>Pre-Sales Show Slight Growth: In Q4FY25, our coverage universe reported pre-sales of Rs 36,092 Cr, which remained flattish YoY.</li><li>This performance was primarily impacted by delayed launches and the ongoing election cycle, which subdued the usual surge in bookings.</li><li>While some companies outperformed their annual guidance, such as SignatureGlobal and Man Infraconstruction, others, including Oberoi, Prestige, and Arvind SmartSpaces, fell short of their booking expectations. </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.

Pre-Sales Show Slight Growth: In Q4FY25, our coverage universe reported pre-sales of Rs 36,092 Cr, which remained flattish YoY.This performance was primarily impacted by delayed launches and the ongoing election cycle, which subdued the usual surge in bookings.While some companies outperformed their annual guidance, such as SignatureGlobal and Man Infraconstruction, others, including Oberoi, Prestige, and Arvind SmartSpaces, fell short of their booking expectations. 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.

Top Conviction Ideas - “Real Estate” - Stable Presales; Launch Spillovers Set Stage for FY26E Growth

<ul><li>We expect companies under our coverage to show a 36% decline in pre-sales for Q4FY25 YoY.</li><li>This is primarily due to the already high base established in the previous financial year's Q4.</li><li>Companies like Man Infraconstruction and Arvind Smartspaces are set to report healthy growth for the 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.

We expect companies under our coverage to show a 36% decline in pre-sales for Q4FY25 YoY.This is primarily due to the already high base established in the previous financial year's Q4.Companies like Man Infraconstruction and Arvind Smartspaces are set to report healthy growth for the 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.

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

Equity Bottom-Up

SignatureGlobal India Pvt Ltd / Equity Bottom-Up

SignatureGlobal India Pvt Ltd (1468641D IN)

<ul><li>Pre-sales for the year remain intact: Signature Global clocked pre-sales of Rs 2,640 Cr for the quarter, down 15% YoY.</li><li>This decline was primarily driven by delayed launches, which were caused by approval delays and are expected to continue into H2FY26.</li><li>The company is positioned to achieve its FY26 target of pre-sales of Rs 12,500 Cr, having already achieved 21% of the target. </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.

Pre-sales for the year remain intact: Signature Global clocked pre-sales of Rs 2,640 Cr for the quarter, down 15% YoY.This decline was primarily driven by delayed launches, which were caused by approval delays and are expected to continue into H2FY26.The company is positioned to achieve its FY26 target of pre-sales of Rs 12,500 Cr, having already achieved 21% of the target. 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.

Signature Global Ltd - On-Track Performance; Poised for Growth

<ul><li>SignatureGlobal India is one of the largest real estate development companies in the NCR/Delhi regions in the affordable and mid-income segments.</li><li>The company has now shifted its focus to mid and premium housing and has been successful in doing so.</li><li>Its ongoing portfolio stands at 10.4 Mn sq. ft. and has a 24.6 Mn sq. ft. of forthcoming portfolio.</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.

SignatureGlobal India is one of the largest real estate development companies in the NCR/Delhi regions in the affordable and mid-income segments.The company has now shifted its focus to mid and premium housing and has been successful in doing so.Its ongoing portfolio stands at 10.4 Mn sq. ft. and has a 24.6 Mn sq. ft. of forthcoming portfolio.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.

Pick of the Week: SSignatureGlobal India Ltd - 31st May 2025

India

SignatureGlobal (India) Private Limited operates as a real estate and infrastructure development company. The Company develops residential buildings, retail properties, and commercial projects. SignatureGlobal (India) serves customers in India.

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SignatureGlobal India Pvt Ltd (1468641D IN)

Top Conviction Ideas - “Real Estate” - Stable Presales; Launch Spillovers Set Stage for FY26E Growth

Pre-Sales Show Slight Growth: In Q4FY25, our coverage universe reported pre-sales of Rs 36,092 Cr, which remained flattish YoY.

Axis Direct

Q4FY25 Earnings Preview - Real Estate

We expect companies under our coverage to show a 36% decline in pre-sales for Q4FY25 YoY. This is primarily due to the already high base...

Axis Direct

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

Signature Global Ltd - On-Track Performance; Poised for Growth

Pre-sales for the year remain intact: Signature Global clocked pre-sales of Rs 2,640 Cr for the quarter, down 15% YoY. This decline was primarily...

Axis Direct

Pick of the Week: SSignatureGlobal India Ltd - 31st May 2025

SignatureGlobal India is one of the largest real estate development companies in the NCR/Delhi regions in the affordable and mid-income segments.

Axis Direct

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