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

SBI Life Insurance Co Ltd / Equity Bottom-Up

<ul><li>GST Impact to be Offset By Favourable Product Mix Shift: In Q2, SBILIFE’s VNB growth (+14.5% YoY) outpaced APE growth (+10% YoY), driving VNB margins (calc.) higher at 27.9% vs 26.9%/27.5% YoY/QoQ.</li><li>During the quarter, the impact of the GST rate cut was 80bps, of which 20bps was attributable to business booked post-GST rationalisation (after 22nd Sep’25) due to Input Tax Credit (ITC) disallowance.</li><li>Excluding the GST impact, H1 VNB margins would have been strong at 28.5%. </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>

GST Impact to be Offset By Favourable Product Mix Shift: In Q2, SBILIFE’s VNB growth (+14.5% YoY) outpaced APE growth (+10% YoY), driving VNB margins (calc.) higher at 27.9% vs 26.9%/27.5% YoY/QoQ.During the quarter, the impact of the GST rate cut was 80bps, of which 20bps was attributable to business booked post-GST rationalisation (after 22nd Sep’25) due to Input Tax Credit (ITC) disallowance.Excluding the GST impact, H1 VNB margins would have been strong at 28.5%. 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.

SBI Life Insurance Ltd - Margins Surprise Positively; GST Impact Manageable!