External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing margins</li><li>IOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumes</li><li>Reported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing marginsIOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumesReported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)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: Indian Oil Corporation, TVS Motor, SRF...

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>This insight details about the weekly changes in the holding company discount in India.</li>
<li>We track the reasons for change in the holdco discount if any.</li>
<li>While this note captures 4 holding companies, we intend to add more names in coming weeks.</li>
</ul>


This insight details about the weekly changes in the holding company discount in India.
We track the reasons for change in the holdco discount if any.
While this note captures 4 holding companies, we intend to add more names in coming weeks.


HoldCo Weekly (18 Sep): Where’s the Discount?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>
Global chemical inventory levels are at decade lows, and product prices have begun stabilizing across key segments, signaling the early stages of a demand-led recovery. </li>
<li>The capex cycle is largely behind us, setting the stage for strong free cash flow generation even as select sub-segments like amines, fluorine, and pyridines see pricing and volume tailwinds. 
</li>
<li>We adopt a selective bullish view, with momentum expected in companies that have strategically aligned capex, strong product-market fit, and established global customer relationships. 
</li>
</ul>



Global chemical inventory levels are at decade lows, and product prices have begun stabilizing across key segments, signaling the early stages of a demand-led recovery. 
The capex cycle is largely behind us, setting the stage for strong free cash flow generation even as select sub-segments like amines, fluorine, and pyridines see pricing and volume tailwinds. 

We adopt a selective bullish view, with momentum expected in companies that have strategically aligned capex, strong product-market fit, and established global customer relationships. 



Thematic Report on What’s Different About the Chemical Recovery This Time?

<ul><li>Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQ</li><li>Addition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25</li><li>Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarter</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.

Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQAddition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarterContent 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.

Chemicals (Q1FY26 Results Preview): Brewing momentum

<ul><li>In the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)</li><li>If private capex is picking up, then why isn’t that visible in credit growth of the banking system?</li><li>Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.</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.

In the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)If private capex is picking up, then why isn’t that visible in credit growth of the banking system?Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.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.

Capex Tracker: Private and central capex strong, states fall behind

India

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

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SRF Ltd (SRF IN)

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies...

HDFC Securities

HoldCo Weekly (18 Sep): Where’s the Discount?

This insight details about the weekly changes in the holding company discount in India and where do we see near term triggers.

Sreemant Dudhoria

Thematic Report on What’s Different About the Chemical Recovery This Time?

Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...

Sudarshan Bhandari

Chemicals (Q1FY26 Results Preview): Brewing momentum

Acutaas Chemicals, Clean Science and Technology, and Aether Industries’ performance should be supported by ramp-up in recently-commissioned plants.

HDFC Securities

Capex Tracker: Private and central capex strong, states fall behind

Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&T, Maruti, Mahindra & Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.

HDFC Securities

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HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies...

HDFC Securities

HoldCo Weekly (18 Sep): Where’s the Discount?

This insight details about the weekly changes in the holding company discount in India and where do we see near term triggers.

Sreemant Dudhoria

Thematic Report on What’s Different About the Chemical Recovery This Time?

​Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...

Sudarshan Bhandari

Chemicals (Q1FY26 Results Preview): Brewing momentum

Acutaas Chemicals, Clean Science and Technology, and Aether Industries’ performance should be supported by ramp-up in recently-commissioned plants.

HDFC Securities

Capex Tracker: Private and central capex strong, states fall behind

Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&T, Maruti, Mahindra & Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.

HDFC Securities

Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...