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. 

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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>Industry Outlook: We expect the M-HCV market volumes to marginally decline YoY in FY25 (~400,000 MHCV volumes).</li><li>As per the management, Q4FY25E is expected to perform better sequentially with ~1,10,000 MHCV units (largely flat YoY). For FY26E, we expect low single-digit growth in the MHCV segment.</li><li>Long-term growth drivers: (1) Product diversification to new bus axles (expect axles for 13.5/15 mt buses to begin commercial production by FY26E post final trials by the end-user OEMs) (2) electric vehicle (EV) axles (3) Increased export share post plant modernising (expect parent Meritor to play a vital role).</li></ul><p><em>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.</em></p>

Industry Outlook: We expect the M-HCV market volumes to marginally decline YoY in FY25 (~400,000 MHCV volumes).As per the management, Q4FY25E is expected to perform better sequentially with ~1,10,000 MHCV units (largely flat YoY). For FY26E, we expect low single-digit growth in the MHCV segment.Long-term growth drivers: (1) Product diversification to new bus axles (expect axles for 13.5/15 mt buses to begin commercial production by FY26E post final trials by the end-user OEMs) (2) electric vehicle (EV) axles (3) Increased export share post plant modernising (expect parent Meritor to play a vital role).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.

Automotive Axles Ltd - Focus on Product Diversification & New Share of Businesses