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>Macro Headwinds: The quarter began with considerable macro uncertainty with slowing growth in both the US and Europe.</li><li>Clients paused net new spending due to uncertainties related to tariffs.</li><li>However, GenAI continues to remain in demand.</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.

Macro Headwinds: The quarter began with considerable macro uncertainty with slowing growth in both the US and Europe.Clients paused net new spending due to uncertainties related to tariffs.However, GenAI continues to remain in demand.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.

Zensar Technologies Ltd - Steady Performance; Digital Transformation to Lead Growth

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zen-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20721:1" rel="noopener">Zen Technologies (ZEN IN)</a> reported record-high quarterly and annual financial performance in Q4 &amp; FY25, surpassing internal guidance for the year. Strategic acquisitions in naval simulation, drone components&amp; robotics completed.</li>
<li>The strong financials and acquisitions significantly diversify capabilities and market reach, positioning Zen to capitalise on increasing defence spending and evolving warfare needs.</li>
<li>Performance exceeds expectations, reinforcing confidence in Zen's indigenous technology leadership and growth trajectory, despite potential short-term order inflow volatility.</li>
</ul>



Zen Technologies (ZEN IN) reported record-high quarterly and annual financial performance in Q4 &amp; FY25, surpassing internal guidance for the year. Strategic acquisitions in naval simulation, drone components&amp; robotics completed.
The strong financials and acquisitions significantly diversify capabilities and market reach, positioning Zen to capitalise on increasing defence spending and evolving warfare needs.
Performance exceeds expectations, reinforcing confidence in Zen's indigenous technology leadership and growth trajectory, despite potential short-term order inflow volatility.


Zen Technologies Q4 FY25 Update: Record Performance & Strategic Expansion

Thematic (Sector/Industry)

<ul>
<li>Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   </li>
<li>The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   </li>
<li>High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.</li>
</ul>


Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   
The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   
High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.


Indian Defence Sector: A Sustainable Boom Or A Trap?

<ul><li>Hi-Tech vertical continues to face challenges: While the company witnessed robust Total Contract Value (TCV) performance in Q2FY25, driven by significant contract wins predominantly in the Banking, Financial Services, and Insurance (BFSI) sectors and related areas, the high-tech segment continued to face challenges, reflecting ongoing struggles in that sector.</li><li>Revenue growth to improve in the long term: Revenue growth for Zensar is expected to improve in the long term, driven by organisational restructuring, incentivisation of sales, and cross-selling.</li><li>However, near-term challenges persist.</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.

Hi-Tech vertical continues to face challenges: While the company witnessed robust Total Contract Value (TCV) performance in Q2FY25, driven by significant contract wins predominantly in the Banking, Financial Services, and Insurance (BFSI) sectors and related areas, the high-tech segment continued to face challenges, reflecting ongoing struggles in that sector.Revenue growth to improve in the long term: Revenue growth for Zensar is expected to improve in the long term, driven by organisational restructuring, incentivisation of sales, and cross-selling.However, near-term challenges persist.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.

Zensar Technologies Ltd. - Inline Revenue Growth; Improved Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at a number of upcoming listings in India.</li>
<li>There was a revival in placement flows during the week, after a lull over the past few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at a number of upcoming listings in India.
There was a revival in placement flows during the week, after a lull over the past few weeks.


ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

India

Zen Technologies Limited manufactures, buys, sells, imports, exports, assembles and maintains computers, electronic gadgets and allied products, in addition to providing consultancy advice and services based on computer software and hardware packages.  Zen also develops, constructs, fabricates and sells training simulators and Allied Products to armed forces, security and police agencies.

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Zen Technologies (ZEN IN)

Zensar Technologies Ltd - Steady Performance; Digital Transformation to Lead Growth

Macro Headwinds: The quarter began with considerable macro uncertainty with slowing growth in both the US and Europe. Clients paused net new...

Axis Direct

Zen Technologies Q4 FY25 Update: Record Performance & Strategic Expansion

Zen Technologies (ZEN IN) exceeds financial expectations with record-high performance in Q4 & FY25, strategic acquisitions strengthen market...

Sudarshan Bhandari

Indian Defence Sector: A Sustainable Boom Or A Trap?

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Zensar Technologies Ltd. - Inline Revenue Growth; Improved Outlook

Revenue growth for Zensar is expected to improve in the long term, driven by organisational restructuring, incentivisation of sales, and cross...

Axis Direct

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zensar Technologies Ltd - Steady Performance; Digital Transformation to Lead Growth

Macro Headwinds: The quarter began with considerable macro uncertainty with slowing growth in both the US and Europe. Clients paused net new...

Axis Direct

Zen Technologies Q4 FY25 Update: Record Performance & Strategic Expansion

​Zen Technologies (ZEN IN) exceeds financial expectations with record-high performance in Q4 & FY25, strategic acquisitions strengthen market...

Sudarshan Bhandari

Indian Defence Sector: A Sustainable Boom Or A Trap?

​Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Zensar Technologies Ltd. - Inline Revenue Growth; Improved Outlook

Revenue growth for Zensar is expected to improve in the long term, driven by organisational restructuring, incentivisation of sales, and cross...

Axis Direct

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Zen Technologies (ZEN IN) exceeds financial expectations with record-high performance in Q4 & FY25, strategic acquisitions strengthen market...

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...