External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

<ul><li>IndiaMART has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growth</li><li>However, we believe the impact is now moderating as the various initiatives undertaken by the company begin to take effect</li><li>Although the improvement is not yet fully visible in the reported metrics, we expect the worst to be behind and anticipate that even a marginal reduction in churn could drive a recovery in net additions to around 20K (vs~10K in 1H FY25 annualised) and collections growth to high teens YoY</li></ul>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.

IndiaMART has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growthHowever, we believe the impact is now moderating as the various initiatives undertaken by the company begin to take effectAlthough the improvement is not yet fully visible in the reported metrics, we expect the worst to be behind and anticipate that even a marginal reduction in churn could drive a recovery in net additions to around 20K (vs~10K in 1H FY25 annualised) and collections growth to high teens YoYContent 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.

Indiamart Intermesh: Improving Growth Visibility, Limited Downside. Maintain BUY

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

<ul><li>We attended Siemens India’s (SIL) analyst day, where management highlighted a possible pick-up in the private sector capex as private consumption increases on the back of recent income tax and GST rate cuts</li><li>The impact of tariff on exports continues to be an overhang and conclusion of the trade deal with the US will improve sentiment for incurring capex</li><li>Further, the government capex continues to drive growth as visible in new order inflow (OI) for Smart Infrastructure (SI) and Mobility (MO) witnessing growth of 21% and 34% (5-year CAGR, FY21-25) and revenue growth of 20% and 38% (5-year CAGR, FY21-25)</li></ul>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.

We attended Siemens India’s (SIL) analyst day, where management highlighted a possible pick-up in the private sector capex as private consumption increases on the back of recent income tax and GST rate cutsThe impact of tariff on exports continues to be an overhang and conclusion of the trade deal with the US will improve sentiment for incurring capexFurther, the government capex continues to drive growth as visible in new order inflow (OI) for Smart Infrastructure (SI) and Mobility (MO) witnessing growth of 21% and 34% (5-year CAGR, FY21-25) and revenue growth of 20% and 38% (5-year CAGR, FY21-25)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.

Siemens: Bottoming Out, Capex Recovery. Maintain BUY

Fine Organic Industries Ltd / Equity Bottom-Up

Fine Organic Industries Limited manufactures specialty chemicals. The Company offers additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, and other applications. Fine Organic Industries serves customers worldwide.

<ul><li>We maintain SELL recommendation on Fine Organics with a TP of INR 3,600</li><li>The company is likely to incur a capex of INR 7.5bn for SEZ expansion, which would be spread over FY25-28</li><li>It will shift the export operations to the SEZ plant once it becomes operational</li></ul>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.

We maintain SELL recommendation on Fine Organics with a TP of INR 3,600The company is likely to incur a capex of INR 7.5bn for SEZ expansion, which would be spread over FY25-28It will shift the export operations to the SEZ plant once it becomes operationalContent 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.

Fine Organic Industries: Muted Volume Growth. Maintain SELL

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

<ul><li>We maintain our BUY rating on JK Lakshmi (JKLC) with a revised target price of INR 1,080/share (10x FY28E consolidated EBITDA), post our interaction with the management</li><li>The company is confident of growing faster than the industry as it has exhibited in H1FY26</li><li>The fall in cement prices (majorly in non-trade) in Oct’25 is expected to drag down NSR QoQ and flatten margin QoQ in Q3FY26</li></ul>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.

We maintain our BUY rating on JK Lakshmi (JKLC) with a revised target price of INR 1,080/share (10x FY28E consolidated EBITDA), post our interaction with the managementThe company is confident of growing faster than the industry as it has exhibited in H1FY26The fall in cement prices (majorly in non-trade) in Oct’25 is expected to drag down NSR QoQ and flatten margin QoQ in Q3FY26Content 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.

JK Lakshmi Cement: Volume Momentum Remains Strong. Maintain BUY

Siemens Energy India Limited operates as an energy company. The Company provides power transmission and generation for gas and steam turbines, large generators, and associated control technology. Siemens Energy India serves customers in India.

<ul><li>We attended Siemens Energy India (SEL) analyst day, where management articulated a strategy that capitalizes on its unique position at the confluence of India's energy growth and the global energy transition</li><li>SEL is strategically positioned in the high-growth power transmission (T&amp;D) business and stable power generation &amp; services</li><li>Exports (23% of FY25 revenue) are largely driven by T&amp;D products like transformers whilst services (~26% of FY25 revenue) is driven by Gas/Steam turbines installation in India</li></ul>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.

We attended Siemens Energy India (SEL) analyst day, where management articulated a strategy that capitalizes on its unique position at the confluence of India's energy growth and the global energy transitionSEL is strategically positioned in the high-growth power transmission (T&amp;D) business and stable power generation &amp; servicesExports (23% of FY25 revenue) are largely driven by T&amp;D products like transformers whilst services (~26% of FY25 revenue) is driven by Gas/Steam turbines installation in IndiaContent 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.

Siemens Energy: Well Energized for Transition. Maintain BUY

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.

HDFC Securities
External broker reports(aggregated public sources)
• HDFC Securities

Indiamart Intermesh: Improving Growth Visibility, Limited Downside. Maintain BUY

IndiaMART has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growth

HDFC Securities

Siemens: Bottoming Out, Capex Recovery. Maintain BUY

The impact of tariff on exports continues to be an overhang and conclusion of the trade deal with the US will improve sentiment for incurring capex

HDFC Securities

Fine Organic Industries: Muted Volume Growth. Maintain SELL

We maintain SELL recommendation on Fine Organics with a TP of INR 3,600. The company is likely to incur a capex of INR 7.5bn for SEZ expansion...

HDFC Securities

JK Lakshmi Cement: Volume Momentum Remains Strong. Maintain BUY

We maintain our BUY rating on JK Lakshmi (JKLC) with a revised target price of INR 1,080/share (10x FY28E consolidated EBITDA), post our...

HDFC Securities

Siemens Energy: Well Energized for Transition. Maintain BUY

SEL is strategically positioned in the high-growth power transmission (T&D) business and stable power generation & services

HDFC Securities