External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Zerodha is slated to clock revenue/PAT at ~INR55bn/25bn (+10/12% YoY) in FY23E.</li><li>Core revenue, at INR43bn (net of pass-through charges), comprises brokerage/float income/other charges at 63/27/10%.</li><li>Sharp moderation in average monthly demat additions at 140k-170k (vs. 320k-350k during 2020-2022) higher than industry levels.</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.

Zerodha is slated to clock revenue/PAT at ~INR55bn/25bn (+10/12% YoY) in FY23E.Core revenue, at INR43bn (net of pass-through charges), comprises brokerage/float income/other charges at 63/27/10%.Sharp moderation in average monthly demat additions at 140k-170k (vs. 320k-350k during 2020-2022) higher than industry levels.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 Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is a wealth management and investment platform designed to simplify investing especially for first-time investors. </li>
<li>Channel feedback indicates Groww's simple UI, and lower cost/fees as the primary reasons for them investing via the platform. </li>
<li>Revenues have seen a COVID-led sharp jump, and growth with low marketing expenses and operational profitability offer a compelling narrative. </li>
</ul>



Groww (1573648D IN) is a wealth management and investment platform designed to simplify investing especially for first-time investors. 
Channel feedback indicates Groww's simple UI, and lower cost/fees as the primary reasons for them investing via the platform. 
Revenues have seen a COVID-led sharp jump, and growth with low marketing expenses and operational profitability offer a compelling narrative. 


Groww Tearsheet - Simplifying Investments and Savings

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

<a href="https://www.smartkarma.com/entities/angel-broking-ltd" target="_blank" data-smartkarma-citation="entities:33510:1" rel="noopener">Angel Broking (ANGELBRK IN)</a>'s stock has risen &gt;4x over the last four months on the back of strong growth in the digital broking industry in India. However, we think the stupendous growth of &gt;17x in Angel's active client base over the past couple of years may not sustain. While the shift to digital and discount broking is inevitable, the recent growth seems to be temporary and will likely reverse led by high customer churn. Cyclicality and heightened competition in the sector will further adversely impact the fundamentals and lead to de-rating of the stock once the euphoria in the sector subsides. The market is also pricing in high optimism around Angel's potential to be a fintech platform. We again differ here based on our insights into Angel's customer base, competitive scenario and nascent track record of Angel in the quasi-passive quant-based asset management and wealth management space.

Angel Broking (ANGELBRK IN)'s stock has risen &gt;4x over the last four months on the back of strong growth in the digital broking industry in India. However, we think the stupendous growth of &gt;17x in Angel's active client base over the past couple of years may not sustain. While the shift to digital and discount broking is inevitable, the recent growth seems to be temporary and will likely reverse led by high customer churn. Cyclicality and heightened competition in the sector will further adversely impact the fundamentals and lead to de-rating of the stock once the euphoria in the sector subsides. The market is also pricing in high optimism around Angel's potential to be a fintech platform. We again differ here based on our insights into Angel's customer base, competitive scenario and nascent track record of Angel in the quasi-passive quant-based asset management and wealth management space.  

Angel Broking: Riding the Digital Broking Wave in India, But It May Slip

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

<a href="https://www.smartkarma.com/entities/zerodha" target="_blank" data-smartkarma-citation="entities:29664:1" rel="noopener">Zerodha (ZERO IN)</a> is attractively placed in the Indian Broking Industry. The core focus on both, the concept of self-service and a tech-savvy trader/investor has helped Zerodha gain market share which it is likely to maintain, in spite of competition inching up. With one of the lowest penetration of shares as a percentage of household savings, the industry dynamics remain favourable. 
With presence across all asset classes for trading/investing and future plans to offer US Equities to clients and asset management services, Zerodha is likely to remain the force to reckon with.

Zerodha (ZERO IN) is attractively placed in the Indian Broking Industry. The core focus on both, the concept of self-service and a tech-savvy trader/investor has helped Zerodha gain market share which it is likely to maintain, in spite of competition inching up. With one of the lowest penetration of shares as a percentage of household savings, the industry dynamics remain favourable. 
With presence across all asset classes for trading/investing and future plans to offer US Equities to clients and asset management services, Zerodha is likely to remain the force to reckon with. 

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Zerodha (ZERO IN)

Zerodha: Outlook on Retail Broking

Zerodha is slated to clock revenue/PAT at ~INR55bn/25bn (+10/12% YoY) in FY23E. Core revenue, at INR43bn (net of pass-through charges), comprises...

HDFC Securities

Zerodha - Outlook on Retail Broking

Zerodha is slated to clock revenue/PAT at ~INR55bn/25bn (+10/12% YoY) in FY23E. Core revenue, at INR43bn (net of pass-through charges), comprises...

HDFC Securities

Groww Tearsheet - Simplifying Investments and Savings

India Unicorn Series: We profile India's Investment platform "Groww". Encouraging user feedback, growth in spite of tight marketing spends &...

Pranav Bhavsar

Angel Broking: Riding the Digital Broking Wave in India, But It May Slip

Angel's stock has risen 4x in the last four months on the back of rise in digital broking in India. However, aggressive customer acquisition...

Ankit Agrawal, CFA

Zerodha | India's Own Robinhood

What’s the primary reason for the Insight (price action, news flow, upcoming events etc)? What action would you suggest to an investor?

Pranav Bhavsar

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