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.

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>Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new competition.</li><li>Standalone EBITDA grew by just 4.5% YoY despite strong 17% volume growth, reflecting higher promotional spend, product shift towards lower ASP variants and competitive pricing.</li><li>We estimate EBITDA CAGR of 8–9% over FY25–28E, which trails historical performance and consensus expectations.</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>

Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new competition.Standalone EBITDA grew by just 4.5% YoY despite strong 17% volume growth, reflecting higher promotional spend, product shift towards lower ASP variants and competitive pricing.We estimate EBITDA CAGR of 8–9% over FY25–28E, which trails historical performance and consensus expectations.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.

Eicher Motors - Focus on Volume Growth & Overall EBITDA Improvement