External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></div></div></div></div><p><em>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.</em></p>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.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.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

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.

<div><div><div><ul><li>NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.</li></ul><div><div><div><ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.</li></ul></div><div><div><div><ul><li>V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.</li></ul></div></div></div></div></div></div></div></div><p><em>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.</em></p>

NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.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: NTPC, Shree Cement, V-Guard Industries, Sobha

Equity Bottom-Up

<ul><li>Sobha (SDL) reported a robust Q2FY26 quarterly performance, validating our thesis with our ground-level assessment, which highlighted a critical inflection point in the Bengaluru real estate market</li><li>We had concluded that as investor demand wanes at these elevated prices, developers reliant on them would face headwinds, while those with a strong end-user value proposition would be resilient</li><li>SDL has not merely navigated this shift but has thrived, delivering record-breaking sales</li></ul><p><em>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.</em></p>

Sobha (SDL) reported a robust Q2FY26 quarterly performance, validating our thesis with our ground-level assessment, which highlighted a critical inflection point in the Bengaluru real estate marketWe had concluded that as investor demand wanes at these elevated prices, developers reliant on them would face headwinds, while those with a strong end-user value proposition would be resilientSDL has not merely navigated this shift but has thrived, delivering record-breaking salesContent 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.

Sobha: On Track for a Record Year. Maintain BUY

<ul><li>Amidst noises of IT slowdown and redundancies, we visited Bengaluru to understand ground level impact of the same</li><li>We met property consultants, companies, and financiers to gauge demand undercurrent at current property prices</li><li>Over the FY13-21 period, property prices increased from INR 6,500/sqft to INR 7,000/sqft, largely remaining flat with 1% growth CAGR</li></ul><p><em>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.</em></p>

Amidst noises of IT slowdown and redundancies, we visited Bengaluru to understand ground level impact of the sameWe met property consultants, companies, and financiers to gauge demand undercurrent at current property pricesOver the FY13-21 period, property prices increased from INR 6,500/sqft to INR 7,000/sqft, largely remaining flat with 1% growth CAGRContent 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.

Sobha: Stable Demand, Strong Growth. Maintain BUY

<ul><li>Sobha Ltd (SDL) reported a strong Q1FY26 presales performance, up 11% YoY to INR 20.8bn, driven by robust sustenance sales in Gurugram, Bengaluru, and other markets (INR 10bn), along with healthy new launches contributing INR 10.8bn (72% of the INR 15bn launched GDV)</li><li>The company also delivered 1.07msf across key projects, showcasing its execution strength and in-house development capabilities</li><li>H2FY26 is expected to see an even stronger momentum, with big launches including Gurgaon Sector 63A (INR 30bn GDV), Pune, Mumbai, and Bengaluru (INR 30bn)</li></ul><p><em>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.</em></p>

Sobha Ltd (SDL) reported a strong Q1FY26 presales performance, up 11% YoY to INR 20.8bn, driven by robust sustenance sales in Gurugram, Bengaluru, and other markets (INR 10bn), along with healthy new launches contributing INR 10.8bn (72% of the INR 15bn launched GDV)The company also delivered 1.07msf across key projects, showcasing its execution strength and in-house development capabilitiesH2FY26 is expected to see an even stronger momentum, with big launches including Gurgaon Sector 63A (INR 30bn GDV), Pune, Mumbai, and Bengaluru (INR 30bn)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.

Sobha: Strong kick-off to FY26. Maintain BUY

India

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

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Sobha Ltd (SOBHA IN)

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

HSIE Results Daily: NTPC, Shree Cement, V-Guard Industries, Sobha

NTPC:Generation/salesincreased3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand. Coal PAF improved marginally in Q4...

HDFC Securities

Sobha: On Track for a Record Year. Maintain BUY

Sobha (SDL) reported a robust Q2FY26 quarterly performance, validating our thesis with our ground-level assessment, which highlighted a critical...

HDFC Securities

Sobha: Stable Demand, Strong Growth. Maintain BUY

Over the FY13-21 period, property prices increased from INR 6,500/sqft to INR 7,000/sqft, largely remaining flat with 1% growth CAGR

HDFC Securities

Sobha: Strong kick-off to FY26. Maintain BUY

The company also delivered 1.07msf across key projects, showcasing its execution strength and in-house development capabilities

HDFC Securities

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