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>Q1FY27 EBITDA/scm recovered sequentially by 29% QoQ to Rs 7.82/scm (down 37% YoY from a high base of Rs 12.49/scm in Q1FY26), as gas cost/scm rose further to Rs 39.85/scm (Q4FY26: Rs 35.10/scm; Q1FY26: Rs 32.20/scm) on continued dependence on pooled gas ($12.50–$13/MMBTU) and Brent-linked contracts ($13–$14/MMBTU) through the West Asia crisis.</li><li>The QoQ improvement was driven by (i) the full-quarter benefit of the cumulative Rs 5/kg CNG price hike taken since February, against only a partial-quarter impact in Q4FY26, and (ii) a sharp I&amp;C realisation increase of Rs 27–32/scm (~70–80% YoY) as Brent averaged $95–100/bbl in Q1FY27 versus $60–63/bbl in Q4FY26.</li><li>Management flagged that near-term margins remain difficult to call given the crisis reignited in early July, but reiterated its structural endeavour to sustain EBITDA/scm in the Rs 8–9/scm range over the longer term.</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>

Q1FY27 EBITDA/scm recovered sequentially by 29% QoQ to Rs 7.82/scm (down 37% YoY from a high base of Rs 12.49/scm in Q1FY26), as gas cost/scm rose further to Rs 39.85/scm (Q4FY26: Rs 35.10/scm; Q1FY26: Rs 32.20/scm) on continued dependence on pooled gas ($12.50–$13/MMBTU) and Brent-linked contracts ($13–$14/MMBTU) through the West Asia crisis.The QoQ improvement was driven by (i) the full-quarter benefit of the cumulative Rs 5/kg CNG price hike taken since February, against only a partial-quarter impact in Q4FY26, and (ii) a sharp I&amp;C realisation increase of Rs 27–32/scm (~70–80% YoY) as Brent averaged $95–100/bbl in Q1FY27 versus $60–63/bbl in Q4FY26.Management flagged that near-term margins remain difficult to call given the crisis reignited in early July, but reiterated its structural endeavour to sustain EBITDA/scm in the Rs 8–9/scm range over the longer term.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: QoQ Margin Recovery Led by Higher Realizations; Volume Trajectory Largely Intact