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 discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negative</li><li>Excluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%</li><li>We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for most</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 discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negativeExcluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for mostContent 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 (Q1FY26 Results Preview): Q1FY26–a mixed bag

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%</li><li>The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%</li><li>Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)</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.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)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: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

<ul><li>Our discretionary universe’s performance continues to be a mixed bag</li><li>Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers</li><li>Ex-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)</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 discretionary universe’s performance continues to be a mixed bagOur coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliersEx-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)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 (Q4FY25 Results Preview): Q4FY25–a mixed bag

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.</li><li>Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.</li><li>However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. </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.

The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. 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>Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on QSR and footwear.</li><li>However, value retailer V-Mart performed relatively better and remains optimistic about future growth.</li><li>Premium vs. value segment: While the premium, luxury, and value segments remain strong, urban consumption, footwear, and QSR continue to face pressure.</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.

Consumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on QSR and footwear.However, value retailer V-Mart performed relatively better and remains optimistic about future growth.Premium vs. value segment: While the premium, luxury, and value segments remain strong, urban consumption, footwear, and QSR continue to face pressure.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 Retail Limited owns, operates, and franchises a chain of family lifestyle stores in India. The Company operates medium sized hypermarket format retail stores that sell clothes, accessories, and footwear for men, women, and kids; cosmetics, luggage, toys, and games; and food, non-food, and staple items.

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V-Mart Retail (VMART IN)

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

Q4FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 4.8%/2.9%/1.3% YoY, respectively, for the quarter.

Axis Direct

Retail Sector: Q3FY25 Review

onsumer demand remains tepid: Discretionary demand remains subdued, with a more pronounced impact on QSR and footwear. However, value retailer V...

Axis Direct

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