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>GLAND’s base business (Ex-Cenexi) registered an 8% YoY revenue degrowth due to lower volumes; however, EBITDA margins expanded to ~38.7%, improving by 500 bps YoY and 444 bps QoQ, exceeding expectations.</li><li>Cenexi reported revenue of Rs 372 Cr (-16% YoY), an EBITDA loss of Rs 32 Cr, and EBITDA margins of -8.5%, impacted by unannounced inspections by ANSM.</li><li>However, management expects a positive EBITDA by Q3FY26E despite near-term headwinds and has guided for revenue of 200 Mn Euro in FY26.</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>

GLAND’s base business (Ex-Cenexi) registered an 8% YoY revenue degrowth due to lower volumes; however, EBITDA margins expanded to ~38.7%, improving by 500 bps YoY and 444 bps QoQ, exceeding expectations.Cenexi reported revenue of Rs 372 Cr (-16% YoY), an EBITDA loss of Rs 32 Cr, and EBITDA margins of -8.5%, impacted by unannounced inspections by ANSM.However, management expects a positive EBITDA by Q3FY26E despite near-term headwinds and has guided for revenue of 200 Mn Euro in FY26.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.

Gland Pharma Ltd - Base Business Faces Volume Decline; New Launches Offer Optimism