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

Prestige Estates Projects / Equity Bottom-Up

Prestige Estates Projects Ltd. develops real estate.  The Company builds residential projects including apartments, villas, plotted developments and integrated townships; commercial projects including corporate office buildings and technology parks; hotels and resorts; and retail buildings.

<ul><li>PEPL had a tough time navigating approval challenge, which resulted in weak 9MFY25 presale of INR 100bn vs INR 230bn of FY25 guidance</li><li>Whilst it may unnerve investors looking at short term, the land is not going anywhere and will eventually convert into a launch</li><li>We had written earlier in our note ‘Approval challenges may play spoil sport’ about Bengaluru facing approval issues and the delay extended by one quarter</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>

PEPL had a tough time navigating approval challenge, which resulted in weak 9MFY25 presale of INR 100bn vs INR 230bn of FY25 guidanceWhilst it may unnerve investors looking at short term, the land is not going anywhere and will eventually convert into a launchWe had written earlier in our note ‘Approval challenges may play spoil sport’ about Bengaluru facing approval issues and the delay extended by one quarterContent 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.

Prestige Estates: Readying for a Comeback. Maintain BUY

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.</li>
<li>Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.</li>
<li>India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.</li>
</ul>


The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.
Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.
India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.


#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.</li>
<li>Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.</li>
<li>The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.</li>
</ul>


India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.
Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.
The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.


India’s Power Surge: What Is Fueling the Demand Boom in 2025?

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Transformers & Rectifiers (India) Ltd / Forensic Accounting

Transformers & Rectifiers India Limited manufactures a wide range of transformers. The Company's products include power generation, transmission, and distribution transformers.

Transformers & Rectifiers (India) Ltd (TRIL IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/transformers-rectifiers-india-ltd" target="_blank" data-smartkarma-citation="entities:4606:1" rel="noopener">Transformers &amp; Rectifiers (India) Ltd (TRIL IN)</a>  is a prominent player in the manufacturing of transformers and reactors with the largest private sector facility in India producting diverse product range</li>
<li>With three transformer manufacturing facilities, the company has embarked on a capex spree, with planned additions of ~30,000-35,000 MVA. </li>
<li>Taking about forensics, the company has faced concerns with regarding liquidity, issuance of a stop-deal notice and stop payment by a major customer, write offs, etc.</li>
</ul>



Transformers &amp; Rectifiers (India) Ltd (TRIL IN)  is a prominent player in the manufacturing of transformers and reactors with the largest private sector facility in India producting diverse product range
With three transformer manufacturing facilities, the company has embarked on a capex spree, with planned additions of ~30,000-35,000 MVA. 
Taking about forensics, the company has faced concerns with regarding liquidity, issuance of a stop-deal notice and stop payment by a major customer, write offs, etc.


Transformers & Rectifiers (India) Ltd- Ambitious Targets

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>We analyze FIIs' and DIIs' buying/selling trend across sectors and their sector-wise stances relative to benchmarks to assess which sectors they would buy or sell in the near term.</li>
<li>FIIs and DIIs have bought consumer discretionary and healthcare secularly. They recently started buying financials and IT, after prolonged selling.  They've also secularly bought industrials, barring the last two quarters.</li>
<li>We conclude that both FIIs and DIIs shall continue to buy financials, industrials and consumer discretionary. They would also buy healthcare and sell materials, energy, IT and consumer staples.</li>
</ul>


We analyze FIIs' and DIIs' buying/selling trend across sectors and their sector-wise stances relative to benchmarks to assess which sectors they would buy or sell in the near term.
FIIs and DIIs have bought consumer discretionary and healthcare secularly. They recently started buying financials and IT, after prolonged selling.  They've also secularly bought industrials, barring the last two quarters.
We conclude that both FIIs and DIIs shall continue to buy financials, industrials and consumer discretionary. They would also buy healthcare and sell materials, energy, IT and consumer staples.


Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

India
Insights on India

Prestige Estates: Readying for a Comeback. Maintain BUY

PEPL had a tough time navigating approval challenge, which resulted in weak 9MFY25 presale of INR 100bn vs INR 230bn of FY25 guidance

HDFC Securities

#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

Transformers & Rectifiers (India) Ltd- Ambitious Targets

TRL is a key player in transformer manufacturing in India, and has been on a capex spree. We highlight doubts on backward integration, stop-deal...

Nitin Mangal

Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...

Manishi Raychaudhuri

Prestige Estates: Readying for a Comeback. Maintain BUY

PEPL had a tough time navigating approval challenge, which resulted in weak 9MFY25 presale of INR 100bn vs INR 230bn of FY25 guidance

HDFC Securities

#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

​Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

​India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

Transformers & Rectifiers (India) Ltd- Ambitious Targets

​TRL is a key player in transformer manufacturing in India, and has been on a capex spree. We highlight doubts on backward integration, stop-deal...

Nitin Mangal

Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

​Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...

Manishi Raychaudhuri

Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

TRL is a key player in transformer manufacturing in India, and has been on a capex spree. We highlight doubts on backward integration, stop-deal...

Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...