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. 

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Equity Bottom-Up

<ul><li>Operational Highlights in Q4FY25: (1) Uno Minda began commercial production of additional capacity of 2 Mn per annum wheels at the 2W alloy wheel plant at Supa.</li><li>(2) Board approved capex for expansion of 2WAW capacity by an additional 1.5 Mn per annum at Bawal, Haryana – expected SOP Q2 FY27.</li><li>(3) 30K wheels per month facility of alloy wheel four-wheeler at Bawal commissioned. Powertrain products at Khed City, Pune with estimated capex of Rs 423 Cr.</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.

Operational Highlights in Q4FY25: (1) Uno Minda began commercial production of additional capacity of 2 Mn per annum wheels at the 2W alloy wheel plant at Supa.(2) Board approved capex for expansion of 2WAW capacity by an additional 1.5 Mn per annum at Bawal, Haryana – expected SOP Q2 FY27.(3) 30K wheels per month facility of alloy wheel four-wheeler at Bawal commissioned. Powertrain products at Khed City, Pune with estimated capex of Rs 423 Cr.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.

Uno Minda - PAT Misses Estimates on Higher Depreciation & Financing Costs

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

<ul><li>UNO MINDA is a leading Tier 1 supplier of proprietary automotive solutions to OEMs.</li><li>It operates over 73 manufacturing plants across India, Indonesia, Vietnam, Spain, Morocco, Mexico, Colombia, and Germany, with design centers in Taiwan, Japan, and Spain, and sales offices in North America, Europe, and ASEAN countries.</li><li>With more than 26 product lines, over 1,000 business partners, and a workforce of over 23,000, the company reaches more than 50,000 touch points. </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.

UNO MINDA is a leading Tier 1 supplier of proprietary automotive solutions to OEMs.It operates over 73 manufacturing plants across India, Indonesia, Vietnam, Spain, Morocco, Mexico, Colombia, and Germany, with design centers in Taiwan, Japan, and Spain, and sales offices in North America, Europe, and ASEAN countries.With more than 26 product lines, over 1,000 business partners, and a workforce of over 23,000, the company reaches more than 50,000 touch points. 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.

Axis Punch: UNO MINDA Ltd - 08th April, 2025

<ul><li>Operational Highlights in Q3FY25: (1) Uno Minda began commercial production at an advanced manufacturing facility at Khed city for 4W Lighting commissioned in Q3FY25.</li><li>(2) NCLT approves the merger of Minda Kosei, Kosei Minda and Kosei Minda Mould into Uno Minda Ltd.</li><li>(3) The company’s board approved Capex for expansion of the Casting facility at Hosur from 11kMT per annum to 15kMT per annum.</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.

Operational Highlights in Q3FY25: (1) Uno Minda began commercial production at an advanced manufacturing facility at Khed city for 4W Lighting commissioned in Q3FY25.(2) NCLT approves the merger of Minda Kosei, Kosei Minda and Kosei Minda Mould into Uno Minda Ltd.(3) The company’s board approved Capex for expansion of the Casting facility at Hosur from 11kMT per annum to 15kMT per annum.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.

Uno Minda - Expect Operational Outperformance to Continue

<ul><li>Operational Highlights in Q2FY25: (1) Expanded into ASEAN markets through PTMA for the manufacturing of long tail lamps for PVs.</li><li>(2) TRMN and TG Minda's Neemrana plant commenced operations for producing seat belts and smart keys.</li><li>(3) Minda Onkyo signed a TLA with Mobis for the manufacturing of speakers in India. </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.

Operational Highlights in Q2FY25: (1) Expanded into ASEAN markets through PTMA for the manufacturing of long tail lamps for PVs.(2) TRMN and TG Minda's Neemrana plant commenced operations for producing seat belts and smart keys.(3) Minda Onkyo signed a TLA with Mobis for the manufacturing of speakers in India. 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.

Uno Minda - Robust EBITDA Margins in Q2FY25

India

Uno Minda is a leading Indian manufacturer and global supplier of innovative automotive components and systems for original equipment manufacturers (OEMs). The company specializes in products such as lighting systems, alloy wheels, switches, seating systems, and acoustic products, serving passenger cars, commercial vehicles, and two- and three-wheelers, including electric and hybrid platforms. Uno Minda is headquartered in Gurugram, Haryana, India, and was founded in 1958.

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Uno Minda (UNOMINDA IN)

Uno Minda - PAT Misses Estimates on Higher Depreciation & Financing Costs

Uno Minda began commercial production of additional capacity of 2 Mn per annum wheels at the 2W alloy wheel plant at Supa.

Axis Direct

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Axis Punch: UNO MINDA Ltd - 08th April, 2025

UNO MINDA is a leading Tier 1 supplier of proprietary automotive solutions to OEMs. It operates over 73 manufacturing plants across India,...

Axis Direct

Uno Minda - Expect Operational Outperformance to Continue

Operational Highlights in Q3FY25: (1) Uno Minda began commercial production at an advanced manufacturing facility at Khed city for 4W Lighting...

Axis Direct

Uno Minda - Robust EBITDA Margins in Q2FY25

Operational Highlights in Q2FY25: (1) Expanded into ASEAN markets through PTMA for the manufacturing of long tail lamps for PVs.

Axis Direct

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