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.

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>Blinkit's strategic approach provides long-term revenue visibility: In Q1FY27, management raised its long-term Quick Commerce margin guidance to the upper end of the 5–6% range, supported by broad-based productivity gains across dark stores, warehousing, supply chain, and marketing.</li><li>Inventory losses have stabilized at ~1.8% of NOV, while net working capital is expected to normalize at 12 days, reflecting improving operational efficiency.</li><li>These structural improvements enhance confidence in Blinkit's ability to scale profitably despite ongoing investments.</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.

Blinkit's strategic approach provides long-term revenue visibility: In Q1FY27, management raised its long-term Quick Commerce margin guidance to the upper end of the 5–6% range, supported by broad-based productivity gains across dark stores, warehousing, supply chain, and marketing.Inventory losses have stabilized at ~1.8% of NOV, while net working capital is expected to normalize at 12 days, reflecting improving operational efficiency.These structural improvements enhance confidence in Blinkit's ability to scale profitably despite ongoing investments.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.

Eternal Ltd (Zomato)  - Growth Trajectory Remains Intact; Maintain BUY

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.

<ul><li>Overall, B2C NoV grew ~54% YoY (4.5% QoQ) to INR 268.8bn in Q4FY26 (in-line)</li><li>Eternal’s food delivery (FD) sustained its recovery momentum with NOV increasing 18.8% YoY to INR97.6bn (vs 16.6% in Q3, in-line), driven by strategic focus on improving affordability across select consumer cohorts FD adj</li><li>EBITDAM (as % of NoV) remained largely stable QoQ at 5.5% (HSIE: 5.6%), as improving revenue per order and operating efficiencies offset the shift toward lower value orders</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.

Overall, B2C NoV grew ~54% YoY (4.5% QoQ) to INR 268.8bn in Q4FY26 (in-line)Eternal’s food delivery (FD) sustained its recovery momentum with NOV increasing 18.8% YoY to INR97.6bn (vs 16.6% in Q3, in-line), driven by strategic focus on improving affordability across select consumer cohorts FD adjEBITDAM (as % of NoV) remained largely stable QoQ at 5.5% (HSIE: 5.6%), as improving revenue per order and operating efficiencies offset the shift toward lower value ordersContent 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.

Eternal (4QFY26 Results Review): FD Recovery Continues, Blinkit-Peers Gap Likely Rising.

<ul><li>Eternal continues to remain a lap-up over peers across segments</li><li>In FD, we suspect (on a low base) MTU additions/order/NOV growth are likely to improve (20/24/18% YoY respectively) as the impact of an aggressive Gold membership program (in Q2FY26) starts to bear fruit in terms of MTU recruits</li><li>The recent LPG shortages have caused menu restrictions</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.

Eternal continues to remain a lap-up over peers across segmentsIn FD, we suspect (on a low base) MTU additions/order/NOV growth are likely to improve (20/24/18% YoY respectively) as the impact of an aggressive Gold membership program (in Q2FY26) starts to bear fruit in terms of MTU recruitsThe recent LPG shortages have caused menu restrictionsContent 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.

Eternal: Eternal Remains a Lap-Up on Peers, Upgrade to 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

Eternal is an Indian multinational technology and consumer-services holding company, operating various digital platforms. Its core businesses include Zomato for food delivery and dining, Blinkit for quick-commerce grocery delivery, Hyperpure for business-to-business food supply, and District for live events and online ticketing. The company was founded on January 18, 2010, as DC Foodiebay Online Services and is headquartered in Gurugram, Haryana, India.

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Eternal (ETERNAL IN)

Axis Top Picks for the month of October 2026

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%.

Axis Direct

Eternal Ltd (Zomato) - Growth Trajectory Remains Intact; Maintain BUY

Inventory losses have stabilized at ~1.8% of NOV, while net working capital is expected to normalize at 12 days, reflecting improving operational...

Axis Direct

Eternal (4QFY26 Results Review): FD Recovery Continues, Blinkit-Peers Gap Likely Rising.

EBITDAM (as % of NoV) remained largely stable QoQ at 5.5% (HSIE: 5.6%), as improving revenue per order and operating efficiencies offset the shift...

HDFC Securities

Eternal: Eternal Remains a Lap-Up on Peers, Upgrade to BUY

In FD, we suspect (on a low base) MTU additions/order/NOV growth are likely to improve (20/24/18% YoY respectively) as the impact of an aggressive...

HDFC Securities

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

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