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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Thematic (Sector/Industry)

<ul><li>Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.</li><li>The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.</li><li>In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.</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.

Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.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 Top Picks for the month of October 2026

Equity Bottom-Up

<ul><li>Volume-led Growth, Margin Weighed by Twizza: Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).</li><li>Domestic demand remained strong, aided by the onset of the season, despite a muted April, while consolidated realisations improved 1.2% YoY, supported by better pricing in international markets.</li><li>Although revenue delivered a healthy ~20% YoY growth, EBITDA margins fell short of street expectations, primarily due to the consolidation of the Twizza business in South Africa, which currently operates at structurally lower margins than VBL's core India business.</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.

Volume-led Growth, Margin Weighed by Twizza: Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).Domestic demand remained strong, aided by the onset of the season, despite a muted April, while consolidated realisations improved 1.2% YoY, supported by better pricing in international markets.Although revenue delivered a healthy ~20% YoY growth, EBITDA margins fell short of street expectations, primarily due to the consolidation of the Twizza business in South Africa, which currently operates at structurally lower margins than VBL's core India business.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.

Varun Beverages Ltd. - Volume-Led Growth; However, Margin & Valuation Weigh on Sentiment

<ul><li>In Q1CY26, consolidated volumes rose 16.3% YoY to 363 Mn cases, led by India (+14.4%), followed by international markets (+21.4%).</li><li>Domestic demand remained strong in Q1, supported by distribution reach, execution, and capacity investments.</li><li>Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments. </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 Q1CY26, consolidated volumes rose 16.3% YoY to 363 Mn cases, led by India (+14.4%), followed by international markets (+21.4%).Domestic demand remained strong in Q1, supported by distribution reach, execution, and capacity investments.Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments. 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.

Pick of the Week: Varun Beverages Ltd - 09th May, 2026

<ul><li>Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%).</li><li>Domestic demand remained strong, supported by distribution reach, execution, and capacity investments.</li><li>Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments.</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.

Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%).Domestic demand remained strong, supported by distribution reach, execution, and capacity investments.Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments.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.

Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</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.

Market Performance - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.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 Top Picks for the month of September 2026

India

Varun Beverages Limited (VBL) is an Indian multinational company and one of the largest bottlers of PepsiCo beverages in the world outside the United States. It manufactures, bottles, distributes, and sells a wide range of carbonated soft drinks, non-carbonated beverages, and packaged drinking water under trademarks owned by PepsiCo, including popular brands like Pepsi, Mountain Dew, 7UP, Mirinda, Sting, Tropicana, Gatorade, and Aquafina. The company is headquartered in Gurugram, Haryana, India, and was founded in 1995.

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