External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.</li><li>This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.</li><li>We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. </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.

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. 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.

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

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>
India's domestic gas supply collapsed after the US-Iran war shut the Strait of Hormuz, cutting 85-90% of natural gas imports and triggering emergency government rationing.</li>
<li>
Ceramics, QSR chains, food delivery, and gig workers face severe disruption; induction appliance makers and domestic-focused CGD operators emerge as clear structural beneficiaries.</li>
<li>
 Duration determines the damage: a short shock(Scenario-1) is a blip, but a prolonged crisis(Scenario-3) permanently rewires India's cooking fuel mix and equity positioning across sectors.</li>
</ul>



India's domestic gas supply collapsed after the US-Iran war shut the Strait of Hormuz, cutting 85-90% of natural gas imports and triggering emergency government rationing.

Ceramics, QSR chains, food delivery, and gig workers face severe disruption; induction appliance makers and domestic-focused CGD operators emerge as clear structural beneficiaries.

 Duration determines the damage: a short shock(Scenario-1) is a blip, but a prolonged crisis(Scenario-3) permanently rewires India's cooking fuel mix and equity positioning across sectors.


India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors

<ul>
<li>India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.</li>
<li>Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.</li>
<li>The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.</li>
</ul>


India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.
Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.
The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.


Reverse Flip: Why Indian Startups Are Coming Back Home Again?

<ul>
<li>Blinkit has reached 2,027 dark stores as of December 2025, while Swiggy Instamart has moderated its pace to 1,136 stores, focusing instead on increasing store size and SKU depth.</li>
<li>The divergence reveals two distinct survival strategies: Blinkit is weaponizing its scale to achieve operating leverage, while Instamart betting on higher-margin non-grocery categories (32% of mix) to offset delivery costs.</li>
<li>This analysis unpacks the unit economics and management signals defining the next phase of India's Q-Commerce war.</li>
</ul>


Blinkit has reached 2,027 dark stores as of December 2025, while Swiggy Instamart has moderated its pace to 1,136 stores, focusing instead on increasing store size and SKU depth.
The divergence reveals two distinct survival strategies: Blinkit is weaponizing its scale to achieve operating leverage, while Instamart betting on higher-margin non-grocery categories (32% of mix) to offset delivery costs.
This analysis unpacks the unit economics and management signals defining the next phase of India's Q-Commerce war.


The Great Dark Store Race: Contrasting View on Expansion by Blinkit and Swiggy Instamart

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.


MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand...

HDFC Securities

India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors

India's gas supply crisis post US-Iran war leads to rationing, disrupting various industries; duration of crisis crucial for long-term impact and...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

The Great Dark Store Race: Contrasting View on Expansion by Blinkit and Swiggy Instamart

Blinkit and Swiggy Instamart take different approaches in the Q-Commerce war in India: Blinkit focuses on scale for operating leverage, while...

Nimish Maheshwari

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand...

HDFC Securities

India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors

​India's gas supply crisis post US-Iran war leads to rationing, disrupting various industries; duration of crisis crucial for long-term impact and...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

​Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

The Great Dark Store Race: Contrasting View on Expansion by Blinkit and Swiggy Instamart

​Blinkit and Swiggy Instamart take different approaches in the Q-Commerce war in India: Blinkit focuses on scale for operating leverage, while...

Nimish Maheshwari

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

India's gas supply crisis post US-Iran war leads to rationing, disrupting various industries; duration of crisis crucial for long-term impact and...

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Blinkit and Swiggy Instamart take different approaches in the Q-Commerce war in India: Blinkit focuses on scale for operating leverage, while...