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>Titan: Titan’s top line grew 22% YoY to INR 141.6bn (HSIE: INR 148.2bn)</li><li>Jewellery (ex-bullion) sales grew 24% YoY to INR125.6bn (in-line)</li><li>Festive purchases resulted in double-digit buyer growth in jewellery, moderation was seen after Nov-23 though Consolidated EBITDAM contracted 55 bps YoY to 11% (in-line)</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.

Titan: Titan’s top line grew 22% YoY to INR 141.6bn (HSIE: INR 148.2bn)Jewellery (ex-bullion) sales grew 24% YoY to INR125.6bn (in-line)Festive purchases resulted in double-digit buyer growth in jewellery, moderation was seen after Nov-23 though Consolidated EBITDAM contracted 55 bps YoY to 11% (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: Titan, Astral, Aditya Birla Capital, IRB Infra

<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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 recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

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

Equity Derivatives

<ul>
<li>Ethos has crossed 100 boutiques, Q1 FY27 revenue grew 33.3%, and owned brand Favre Leuba is entering its commercial scale-up phase.</li>
<li>Owned and exclusive brands can offer better economics, differentiation and global optionality than conventional authorised retail.</li>
<li>The thesis is no longer only store-led growth; investors must separately value retail execution and the risk-adjusted option value of brand ownership.</li>
</ul>


Ethos has crossed 100 boutiques, Q1 FY27 revenue grew 33.3%, and owned brand Favre Leuba is entering its commercial scale-up phase.
Owned and exclusive brands can offer better economics, differentiation and global optionality than conventional authorised retail.
The thesis is no longer only store-led growth; investors must separately value retail execution and the risk-adjusted option value of brand ownership.


Ethos Limited: From Luxury Retailer To Brand Owner & Moving into Jewellery

<ul><li>State Bank of India: SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly offset by a provision reversal</li><li>Loan growth moderated (+12.4% YoY) as domestic margins stabilised at 3.45% (-2bps sequentially)</li><li>Gross slippages clocked in at 0.5% annualised, partly offset by healthy recoveries/w-offs, resulting in GNPAs trending further lower (2.6%)</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 Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly offset by a provision reversalLoan growth moderated (+12.4% YoY) as domestic margins stabilised at 3.45% (-2bps sequentially)Gross slippages clocked in at 0.5% annualised, partly offset by healthy recoveries/w-offs, resulting in GNPAs trending further lower (2.6%)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: State Bank of India, Titan, Gujarat Gas, Relaxo Footwears, Orient Electric

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

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs-limited" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (AMAGI IN)</a> raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement</li>
</ul>



Amagi Media Labs (AMAGI IN) raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
In this note, we will talk about the lockup dynamics and possible placement


Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

India

Titan Company Limited is an Indian fashion accessories company that primarily manufactures jewellery, watches, and eyewear. The company also offers fragrances, fashion accessories, and Indian dress wear under various brands. It is part of the Tata Group and was founded in 1984, with its corporate headquarters in Bengaluru, India.

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Titan (TTAN IN)

HSIE Results Daily: Titan, Astral, Aditya Birla Capital, IRB Infra

Festive purchases resulted in double-digit buyer growth in jewellery, moderation was seen after Nov-23 though Consolidated EBITDAM contracted 55...

HDFC Securities

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

Ethos Limited: From Luxury Retailer To Brand Owner & Moving into Jewellery

The premiumisation story is moving beyond higher watch prices. Ethos is using distribution, boutiques, customer data and the revival of Favre Leuba...

Sudarshan Bhandari

HSIE Results Daily: State Bank of India, Titan, Gujarat Gas, Relaxo Footwears, Orient Electric

SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly...

HDFC Securities

Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

A group of investors, including Trudy Holdings, AVP I Fund, and Accel India, have launched a INR6bn (US$63m) selldown, together selling 10.9m...

Akshat Shah

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