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>Muted Revenue Trajectory: Jyothy Labs reported a marginal increase in revenue by 0.3% YoY in Q2FY26 to Rs 736 Cr, supported by 2.8% volume growth.</li><li>The recent GST rate revision led to temporary channel realignment, while general trade remained subdued. In contrast, modern trade, e-commerce, and quick commerce channels posted healthy double-digit growth.</li><li>The value–volume divergence was driven by MRP reductions, higher grammage, and promotional initiatives. </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>

Muted Revenue Trajectory: Jyothy Labs reported a marginal increase in revenue by 0.3% YoY in Q2FY26 to Rs 736 Cr, supported by 2.8% volume growth.The recent GST rate revision led to temporary channel realignment, while general trade remained subdued. In contrast, modern trade, e-commerce, and quick commerce channels posted healthy double-digit growth.The value–volume divergence was driven by MRP reductions, higher grammage, and promotional initiatives. 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.

Jyothy Labs Ltd - Muted Quarter, Margins Slip; Maintain HOLD

Jyothy Laboratories

Jyothy Labs Ltd - Muted Quarter, Margins Slip; Maintain HOLD