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>Volume-led Growth, Margin Weighed by Twizza: Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).</li><li>Domestic demand remained strong, aided by the onset of the season, despite a muted April, while consolidated realisations improved 1.2% YoY, supported by better pricing in international markets.</li><li>Although revenue delivered a healthy ~20% YoY growth, EBITDA margins fell short of street expectations, primarily due to the consolidation of the Twizza business in South Africa, which currently operates at structurally lower margins than VBL's core India business.</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>

Volume-led Growth, Margin Weighed by Twizza: Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).Domestic demand remained strong, aided by the onset of the season, despite a muted April, while consolidated realisations improved 1.2% YoY, supported by better pricing in international markets.Although revenue delivered a healthy ~20% YoY growth, EBITDA margins fell short of street expectations, primarily due to the consolidation of the Twizza business in South Africa, which currently operates at structurally lower margins than VBL's core India business.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.

Varun Beverages Ltd. - Volume-Led Growth; However, Margin & Valuation Weigh on Sentiment