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>EBITDA Contracts due to Higher Fuel Costs: The company’s EBITDA/scm was down 25%/35% YoY/QoQ to Rs 8/scm mainly led by higher gas cost.</li><li>The increase in gas cost was led by – (i) Change in gas mix – higher volumes led to a higher weighted average cost due to reliance on spot RLNG and HPHT.</li><li>APM and NWG allocation declined QoQ in Q2FY26 (APM from 1.7 mmscmd to 1.68 mmscmd and NWG from 0.5 mmscmd to 0.35 mmscmd; (ii) Depreciation of Rupee vis-à-vis US Dollars by 2 Rs QoQ in Q2FY26; (iii) Increase in unified base price, the effective APM price post co-mingling with CBG Gas was up to $7/mmbtu despite the upper cap of $6.75/mmbtu.</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>

EBITDA Contracts due to Higher Fuel Costs: The company’s EBITDA/scm was down 25%/35% YoY/QoQ to Rs 8/scm mainly led by higher gas cost.The increase in gas cost was led by – (i) Change in gas mix – higher volumes led to a higher weighted average cost due to reliance on spot RLNG and HPHT.APM and NWG allocation declined QoQ in Q2FY26 (APM from 1.7 mmscmd to 1.68 mmscmd and NWG from 0.5 mmscmd to 0.35 mmscmd; (ii) Depreciation of Rupee vis-à-vis US Dollars by 2 Rs QoQ in Q2FY26; (iii) Increase in unified base price, the effective APM price post co-mingling with CBG Gas was up to $7/mmbtu despite the upper cap of $6.75/mmbtu.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.

Mahanagar Gas Ltd - Margins Contract, Volume Growth Remains Robust