External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Our discretionary universe’s performance continues to be a mixed bag</li><li>Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers</li><li>Ex-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)</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.

Our discretionary universe’s performance continues to be a mixed bagOur coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliersEx-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)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 Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.</li><li>Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.</li><li>Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. </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 Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. 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.

<ul><li>After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities</li><li>So far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectively</li><li>These performances follow massive returns of 29%,60% and 70% respectively generated by these indices in FY24</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.

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilitiesSo far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectivelyThese performances follow massive returns of 29%,60% and 70% respectively generated by these indices in FY24Content 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.

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

Equity Bottom-Up

<ul><li>Overall, B2C NoV grew 55% YoY (15.7% QoQ) to reach INR 201.8bn in Q1FY26</li><li>Food delivery (FD) NOV growth at 13% (INR89.7bn) remained subdued (largely in-line), primarily impacted by sluggish discretionary demand, which led to an increase in restaurant-funded discounts</li><li>FD’s adj EBITDAM (as % of NoV) saw a QoQ decline of 20bps to 5%, largely attributable to seasonal factors such as elevated delivery partner incentives due to festive and weather-led shortages</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 55% YoY (15.7% QoQ) to reach INR 201.8bn in Q1FY26Food delivery (FD) NOV growth at 13% (INR89.7bn) remained subdued (largely in-line), primarily impacted by sluggish discretionary demand, which led to an increase in restaurant-funded discountsFD’s adj EBITDAM (as % of NoV) saw a QoQ decline of 20bps to 5%, largely attributable to seasonal factors such as elevated delivery partner incentives due to festive and weather-led shortagesContent 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 (1QFY26 Results Review): Zomato Print In-Line, Blinkit Beats Expectations

<ul><li>NOV Growth: Zomato's B2C business reported a 16% QoQ and 55% YoY increase in net order value (NOV), reaching Rs 20,183 Cr.</li><li>The company’s consolidated revenue grew 70% YoY and 23% QoQ to Rs 7,167 Cr in Q1FY26, primarily driven by strong growth in the Quick Commerce segment, which saw a 127% YoY (25% QoQ) rise in NOV.</li><li>Blinkit Quarterly Losses Peaked Out: The company added 243 stores during the quarter, taking the total store count to 1,544, and remains on track to achieve its target of 2,000 stores.</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.

NOV Growth: Zomato's B2C business reported a 16% QoQ and 55% YoY increase in net order value (NOV), reaching Rs 20,183 Cr.The company’s consolidated revenue grew 70% YoY and 23% QoQ to Rs 7,167 Cr in Q1FY26, primarily driven by strong growth in the Quick Commerce segment, which saw a 127% YoY (25% QoQ) rise in NOV.Blinkit Quarterly Losses Peaked Out: The company added 243 stores during the quarter, taking the total store count to 1,544, and remains on track to achieve its target of 2,000 stores.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 Bottoming Out; Competitive Intensity Remains

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)

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

Q2FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver a Revenue/EBITDA/PAT growth of 4.5%/6%/4.1% respectively for the quarter.

Axis Direct

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities

HDFC Securities

Eternal (1QFY26 Results Review): Zomato Print In-Line, Blinkit Beats Expectations

Food delivery (FD) NOV growth at 13% (INR89.7bn) remained subdued (largely in-line), primarily impacted by sluggish discretionary demand, which led...

HDFC Securities

Eternal Ltd (Zomato) - Growth Bottoming Out; Competitive Intensity Remains

NOV Growth: Zomato's B2C business reported a 16% QoQ and 55% YoY increase in net order value (NOV), reaching Rs 20,183 Cr.

Axis Direct

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