External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>A mosaic of channel checks and management commentary across earnings calls makes us suspect MBL may be at an interesting point in its expansion journey</li><li>The inferences we drew across channel checks suggest (1) demand continues to stabilize in Q2 (GST-led fluctuations notwithstanding)</li><li>Post the implementation of new GST rates (22 Sept 2025), Sep-25 sales are likely to readjust, (2) &lt; INR2,500 products account for 40% of sales, which could potentially see a rejuvenation in demand as GST savings aid consumer purchasing power</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>

A mosaic of channel checks and management commentary across earnings calls makes us suspect MBL may be at an interesting point in its expansion journeyThe inferences we drew across channel checks suggest (1) demand continues to stabilize in Q2 (GST-led fluctuations notwithstanding)Post the implementation of new GST rates (22 Sept 2025), Sep-25 sales are likely to readjust, (2) &lt; INR2,500 products account for 40% of sales, which could potentially see a rejuvenation in demand as GST savings aid consumer purchasing powerContent 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.

Metro Brands: Walkway could be the joker in the pack. Maintain SELL