External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>CV Industry Outlook: AL’s domestic MHCV market share stood at ~31.5% in Q4FY24 (down from ~32% in Q4FY23) and the LCV market share stood at 11.3% (down from 11.7% in Q4FY23).</li><li>We expect the domestic CV industry growth outlook to remain subdued in the near term owing to the high base of last year as well as some impact of union elections.</li><li>However, long-term demand appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy replacement demand (specifically in the passenger vehicles), iii) Good traction on infrastructure projects, iv) The vehicle scrappage policy and v) Stable freight demand.</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.

CV Industry Outlook: AL’s domestic MHCV market share stood at ~31.5% in Q4FY24 (down from ~32% in Q4FY23) and the LCV market share stood at 11.3% (down from 11.7% in Q4FY23).We expect the domestic CV industry growth outlook to remain subdued in the near term owing to the high base of last year as well as some impact of union elections.However, long-term demand appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy replacement demand (specifically in the passenger vehicles), iii) Good traction on infrastructure projects, iv) The vehicle scrappage policy and v) Stable freight demand.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.

Ashok Leyland  - Strong EBITDA in Q4FY24; Expect Flattish MHCV Volumes Ahead

<ul><li>The CV industry has grown at a CAGR of ~21% over FY21-24E. After a strong upcycle we factor muted growth over the next few quarters because of a high base; and hence downgrade our rating from BUY to HOLD on the stock as valuation appears full at CMP.</li><li>Post the recent run-up in stock price, the valuation appears full and hence we downgrade our rating from BUY to HOLD with the TP at Rs 180/share (earlier Rs 205/share), valuing the stock at 18x P/E on FY26E EPS (earlier 19x P/E on Sep’25E EPS ).</li><li>Ashok Leyland’s Q3FY24 reported robust numbers - Revenue grew by 3% YoY (4% down QoQ), a 1.4% beat on our estimate due to higher ASP. </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.

The CV industry has grown at a CAGR of ~21% over FY21-24E. After a strong upcycle we factor muted growth over the next few quarters because of a high base; and hence downgrade our rating from BUY to HOLD on the stock as valuation appears full at CMP.Post the recent run-up in stock price, the valuation appears full and hence we downgrade our rating from BUY to HOLD with the TP at Rs 180/share (earlier Rs 205/share), valuing the stock at 18x P/E on FY26E EPS (earlier 19x P/E on Sep’25E EPS ).Ashok Leyland’s Q3FY24 reported robust numbers - Revenue grew by 3% YoY (4% down QoQ), a 1.4% beat on our estimate due to higher ASP. 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.

Ashok Leyland - Robust Q3FY24; CV Industry Outlook Flattish in the Near Term

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.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset quality</li><li>Loan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerate</li><li>Deposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balances</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.

State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset qualityLoan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerateDeposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balancesContent 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.

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

<ul>
<li>We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>Names in this auto-focused edition include <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> .</li>
<li>Bearish names include <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> and <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> as a potential name to be bullish on.</li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
Names in this auto-focused edition include Mahindra &amp; Mahindra (MM IN), Maruti Suzuki India (MSIL IN), Ola Electric (OLAELEC IN), Tata Motors Ltd (TTMT IN) .
Bearish names include Tata Motors Ltd (TTMT IN) , Escorts Kubota Limited (ESCORTS IN) and Ola Electric (OLAELEC IN) as a potential name to be bullish on.


Namaste India 🙏 | Earnings Edition - Autos

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

Ashok Leyland - Strong EBITDA in Q4FY24; Expect Flattish MHCV Volumes Ahead

AL’s domestic MHCV market share stood at ~31.5% in Q4FY24 (down from ~32% in Q4FY23) and the LCV market share stood at 11.3% (down from 11.7% in...

Axis Direct

Ashok Leyland - Robust Q3FY24; CV Industry Outlook Flattish in the Near Term

Ashok Leyland’s Q3FY24 reported robust numbers - Revenue grew by 3% YoY (4% down QoQ), a 1.4% beat on our estimate due to higher ASP.

Axis Direct

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset...

HDFC Securities

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland

State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable...

HDFC Securities

Namaste India 🙏 | Earnings Edition - Autos

We highlight key earnings and call takeaways from companies like Mahindra & Mahindra, Maruti Suzuki India, Ola Electric, and Tata Motors.

Pranav Bhavsar

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