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>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

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>Eternal, India’s food-delivery and quick-commerce platform, reported 54% B2C NOV growth, with Blinkit turning profitable and food-delivery growth accelerating.</li>
<li>Blinkit’s INR 102 crore adjusted EBITDA profit reduces dependence on food-delivery subsidies, while 223% consolidated EBITDA growth strengthens operating leverage and earnings visibility.</li>
<li>The quarter improves Eternal’s earnings quality, but the investment debate now shifts to Blinkit’s capital intensity and ability to deliver 40%+ steady-state pre-tax ROCE.</li>
</ul>


Eternal, India’s food-delivery and quick-commerce platform, reported 54% B2C NOV growth, with Blinkit turning profitable and food-delivery growth accelerating.
Blinkit’s INR 102 crore adjusted EBITDA profit reduces dependence on food-delivery subsidies, while 223% consolidated EBITDA growth strengthens operating leverage and earnings visibility.
The quarter improves Eternal’s earnings quality, but the investment debate now shifts to Blinkit’s capital intensity and ability to deliver 40%+ steady-state pre-tax ROCE.


Eternal: Blinkit Profitability Driving a Strong Quarter!

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.</li>
<li>Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.</li>
<li>After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.</li>
</ul>


Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.
Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.
After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.


Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Foreign investors have continued to sell <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> while local mutual funds have been buying. That has led to foreign room increasing above 40%.</li>
<li>Estimated passive buying from global passive index trackers in August is 218.7m shares (US$665m; 6.7x ADV; 12.5x delivery volume) and there appears to be some positioning in the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in the last 2 months as positioning for the passive buying builds. A lowering of Swiggy's FOL could provide additional impetus.</li>
</ul>


Foreign investors have continued to sell Eternal (ETERNAL IN) while local mutual funds have been buying. That has led to foreign room increasing above 40%.
Estimated passive buying from global passive index trackers in August is 218.7m shares (US$665m; 6.7x ADV; 12.5x delivery volume) and there appears to be some positioning in the stock.

Eternal (ETERNAL IN) has outperformed Swiggy (SWIGGY IN) in the last 2 months as positioning for the passive buying builds. A lowering of Swiggy's FOL could provide additional impetus.


Eternal (ETERNAL IN): Foreign Room Increase & Passive Buying in August

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>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Eternal (ETERNAL IN)

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: Blinkit Profitability Driving a Strong Quarter!

Eternal's food-delivery platform sees 54% B2C growth, Blinkit turns profitable with INR 102 crore EBITDA profit, investment focus shifts to...

Sudarshan Bhandari

Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...

Manishi Raychaudhuri