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. 

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.

Equity Bottom-Up

<ul><li>Resilient Performance: V-Mart reported 22% YoY revenue growth, and SSSG stood at 11% for both V-Mart and Unlimited stores.</li><li>However, the quarter was impacted due to the temporary GST transitory, along with unseasonal rains in core Puja markets.</li><li>Gross margin expanded 3 bps YoY to 33.6%, supported by planned liquidation and better realisation at the end of seasonal sales. </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.

Resilient Performance: V-Mart reported 22% YoY revenue growth, and SSSG stood at 11% for both V-Mart and Unlimited stores.However, the quarter was impacted due to the temporary GST transitory, along with unseasonal rains in core Puja markets.Gross margin expanded 3 bps YoY to 33.6%, supported by planned liquidation and better realisation at the end of seasonal sales. 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.

V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY

Thematic (Sector/Industry)

<ul><li>Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.</li><li>While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.</li><li>Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. </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.

Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. 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.

<ul><li>Demand Recovery Gains Momentum: Discretionary consumption witnessed a sharp improvement during the quarter, supported by demand recovery following the GST rate cuts implemented towards the end of Q2FY26.</li><li>The QSR segment delivered strong growth, driven by improving same-store sales growth (SSSG) and higher footfall.</li><li>Apparel companies also reported broad-based demand recovery, with value-focused players continuing to outperform. </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.

Demand Recovery Gains Momentum: Discretionary consumption witnessed a sharp improvement during the quarter, supported by demand recovery following the GST rate cuts implemented towards the end of Q2FY26.The QSR segment delivered strong growth, driven by improving same-store sales growth (SSSG) and higher footfall.Apparel companies also reported broad-based demand recovery, with value-focused players continuing to outperform. 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.

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.

<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

<ul><li>Steady Performance: Most discretionary segments delivered high single-digit revenue growth, although demand in the mass-market category remained muted amid cautious festive spending.</li><li>In contrast, premium brands continued to see healthy traction across channels.</li><li>QSR demand trends were mixed, while value-focused retailers such as V-Mart and D-Mart registered relatively resilient performance.</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.

Steady Performance: Most discretionary segments delivered high single-digit revenue growth, although demand in the mass-market category remained muted amid cautious festive spending.In contrast, premium brands continued to see healthy traction across channels.QSR demand trends were mixed, while value-focused retailers such as V-Mart and D-Mart registered relatively resilient performance.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.

India

V-Mart is a value retail chain in India, primarily targeting Tier II, III, and IV cities, offering fashion apparel, footwear, accessories, and general merchandise. The company also operates a digital marketplace platform. V-Mart was founded in 2002 and is headquartered in Gurugram, Haryana, India.

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V-Mart (VMART IN)

V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY

EBITDA grew 85.2% YoY to Rs 72 Cr, with margin expansion of 302 bps to 8.9%, driven by improved gross margins and a 53% reduction in Lime Road losses.

Axis Direct

Q1FY27 Consolidated Earnings Preview

The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary...

Axis Direct

Top Conviction Ideas - “Retail”

Discretionary consumption witnessed a sharp improvement during the quarter, supported by demand recovery following the GST rate cuts implemented...

Axis Direct

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

Top Conviction Ideas - “Retail”

Most discretionary segments delivered high single-digit revenue growth, although demand in the mass-market category remained muted amid cautious...

Axis Direct

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