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 weak demand. However, GenAI continues to witness traction.</li><li>Deal wins: The quarterly order booking was soft, which management attributed to a timing issue and some deals being pushed to the next quarter due to market uncertainty, while the pipeline continues to be healthy despite headwind in the TMT vertical.</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 weak demand. However, GenAI continues to witness traction.Deal wins: The quarterly order booking was soft, which management attributed to a timing issue and some deals being pushed to the next quarter due to market uncertainty, while the pipeline continues to be healthy despite headwind in the TMT vertical.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; Moderate Growth Ahead

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>ZENT reported a decent 3QFY25, with revenue growth of 0.7% QoQ CC (est. flat growth), driven by Manufacturing &amp; Consumer services (up 6.5% QoQ CC) and Healthcare &amp; Lifesciences (up 3.2% QoQ CC).</li><li>Deal TCV came in at USD205.3m (up 1.7% QoQ/22.6% YoY).</li><li>EBIT margin expanded 70bp QoQ to 13.8%, above our estimate of 13.2%. PAT of INR1,598m (up 2.6% QoQ/down 1.2% YoY) beat our estimate of INR1,431m, led by higher EBIT &amp; other income.</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.

ZENT reported a decent 3QFY25, with revenue growth of 0.7% QoQ CC (est. flat growth), driven by Manufacturing &amp; Consumer services (up 6.5% QoQ CC) and Healthcare &amp; Lifesciences (up 3.2% QoQ CC).Deal TCV came in at USD205.3m (up 1.7% QoQ/22.6% YoY).EBIT margin expanded 70bp QoQ to 13.8%, above our estimate of 13.2%. PAT of INR1,598m (up 2.6% QoQ/down 1.2% YoY) beat our estimate of INR1,431m, led by higher EBIT &amp; other income.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.

Thematic (Sector/Industry)

<ul><li>The IT sector is expected to report subdued revenue growth in an otherwise seasonally strong quarter, as persistent global macroeconomic uncertainty and recent US tariff measures continue to dampen discretionary spending</li><li>Clients remain cautious, resulting in slower growth and intensified pricing pressure, although deal activity witnessed some improvement towards the end of the quarter</li><li>The overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.</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 IT sector is expected to report subdued revenue growth in an otherwise seasonally strong quarter, as persistent global macroeconomic uncertainty and recent US tariff measures continue to dampen discretionary spendingClients remain cautious, resulting in slower growth and intensified pricing pressure, although deal activity witnessed some improvement towards the end of the quarterThe overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.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.

IT Sector (Q2FY26E Results Preview): Steering through uncertainty

<ul><li>The newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the previous ~4-5K range</li><li>The new fee applies only to new applications (~22% of total applications) and existing H-1B renewals remain unaffected, providing some relief for the IT sector</li><li>However, increased visa costs are expected to gradually disrupt onsite effort mix, pushing companies to shift delivery to near-shore locations like Canada and Mexico and increase offshoring</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 newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the previous ~4-5K rangeThe new fee applies only to new applications (~22% of total applications) and existing H-1B renewals remain unaffected, providing some relief for the IT sectorHowever, increased visa costs are expected to gradually disrupt onsite effort mix, pushing companies to shift delivery to near-shore locations like Canada and Mexico and increase offshoringContent 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.

IT Sector: H1B visa fee shock, shifts in delivery model

<ul><li>Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS division</li><li>This growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segment</li><li>EBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expenses</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.

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS divisionThis growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segmentEBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expensesContent 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: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

India

Zensar Technologies Ltd. develops software and it also provides IT consulting and related services. The Company has expertise in key verticals of retail, manufacturing, logistics, financial services, telecom and utilities. Zensar offers end-to-end solutions across diverse technology platforms &industry domains through a Global Delivery Model, which delivers 24 X 7 services.

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Zensar Technologies (ZENT IN)

Zensar Technologies Ltd. - Steady Performance; Moderate Growth Ahead

The quarterly order booking was soft, which management attributed to a timing issue and some deals being pushed to the next quarter due to market...

Axis Direct

Zensar - Upbeat Performance

ZENT reported a decent 3QFY25, with revenue growth of 0.7% QoQ CC (est. flat growth), driven by Manufacturing & Consumer services (up 6.5% QoQ CC)

Motilal Oswal

IT Sector (Q2FY26E Results Preview): Steering through uncertainty

The overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.

HDFC Securities

IT Sector: H1B visa fee shock, shifts in delivery model

The newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the...

HDFC Securities

HSIE Results Daily: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS...

HDFC Securities

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