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>Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.</li><li>Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.</li><li>The export volume is expected to grow in the mid-teens (despite concerns around KTM).</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.

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.The export volume is expected to grow in the mid-teens (despite concerns around KTM).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.

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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 RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


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>Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls</li>
<li>Top Large Cap Bullish Ideas include <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> &amp; <a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (GOPAL IN)</a> are names that we have a bearish view on. </li>
</ul>


Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls
Top Large Cap Bullish Ideas include HDFC Asset Management Co Ltd (HDFCAMC IN), Bajaj Auto Ltd (BJAUT IN) &amp; Pvr Inox (PVRINOX IN).

D.B. Corp Ltd (DBCL IN), IndiaMart (INMART IN) &amp; Gopal Snacks (GOPAL IN) are names that we have a bearish view on. 


Namaste India 🙏 | Earnings Editions Are Back

<ul><li>Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.</li><li>Bajaj, with its presence in multiple power trains – petrol, CNG, and EVs – is projected to achieve a higher growth rate of 11-12% YoY.</li><li>The company has lined up new launches from Nov’24 onwards which includes new e2W and e3W variants. </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.

Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.Bajaj, with its presence in multiple power trains – petrol, CNG, and EVs – is projected to achieve a higher growth rate of 11-12% YoY.The company has lined up new launches from Nov’24 onwards which includes new e2W and e3W variants. 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.

Bajaj Auto Ltd - Q2 EBITDA Inline; Positives Largely Factored in Rich Valuations

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<ul><li>We met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business.</li><li>The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.</li><li>In exports, the strong demand in Latin America and ASEAN is being offset by the continued slowdown in Africa and Bangladesh, and the management expects exports to post a single-digit growth in FY25E.</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 met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business.The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.In exports, the strong demand in Latin America and ASEAN is being offset by the continued slowdown in Africa and Bangladesh, and the management expects exports to post a single-digit growth in FY25E.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.

Bajaj Auto - Volume Growth to Moderate in the Domestic Market

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market. Latam export volumes grew over 40%

Axis Direct

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

Bajaj Auto Ltd - Q2 EBITDA Inline; Positives Largely Factored in Rich Valuations

Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.

Axis Direct

Bajaj Auto - Volume Growth to Moderate in the Domestic Market

The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market. Latam export volumes grew over 40%

Axis Direct

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

Bajaj Auto Ltd - Q2 EBITDA Inline; Positives Largely Factored in Rich Valuations

Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.

Axis Direct

Bajaj Auto - Volume Growth to Moderate in the Domestic Market

The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.

Motilal Oswal

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...