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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in 1HFY25).</li><li>Apple Chemie (subsidiary) clocked robust sales growth of 28% YoY.</li><li>Consolidated sales rose 7% YoY to INR3.0b (in line).</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.

Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in 1HFY25).Apple Chemie (subsidiary) clocked robust sales growth of 28% YoY.Consolidated sales rose 7% YoY to INR3.0b (in line).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.

Indigo Paints - In-Line Revenue; Watchful for Demand Pickup in 2HFY25

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Indigo Paints Limited’s (IPL’s) Q2FY2025 numbers were in line with expectations; consolidated revenues grew 7.4% y-o-y, OPM fell 124 bps y-o-y to 13.9% and PAT declined 12.1% y-o-y.</li><li>Management expects demand to improve in Q3 on seasonality (festive and wedding driven demand) and pent-up demand.</li><li>It eyes at least double-digit revenue growth in H2.Margin contraction in Q2 was mainly due to price cuts undertaken in H2FY24. </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.

Indigo Paints Limited’s (IPL’s) Q2FY2025 numbers were in line with expectations; consolidated revenues grew 7.4% y-o-y, OPM fell 124 bps y-o-y to 13.9% and PAT declined 12.1% y-o-y.Management expects demand to improve in Q3 on seasonality (festive and wedding driven demand) and pent-up demand.It eyes at least double-digit revenue growth in H2.Margin contraction in Q2 was mainly due to price cuts undertaken in H2FY24. 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.

Indigo Paints Ltd - Soft Q2; Better Prospects Ahead

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>The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.</li>
<li>Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.</li>
<li>Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.</li>
</ul>


The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.
Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.
Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.


Asian Paints (APNT IN) | Navigating Turbulence

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the Northeast.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>


Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the Northeast.
In this note, we will talk about the lockup dynamics and possible placement.


Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> plans to raise around US$165m in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we talk about the updates from the recent filings and our final thoughts on valuations.</li>
</ul>



SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we talk about the updates from the recent filings and our final thoughts on valuations.


Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

India

Indigo Paints Limited manufactures paints. The Company supplies exterior and interior paints. Indigo Paints serves customers in India.

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Indigo Paints (INDIGOPN IN)

Indigo Paints - In-Line Revenue; Watchful for Demand Pickup in 2HFY25

Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in...

Motilal Oswal

Indigo Paints Ltd - Soft Q2; Better Prospects Ahead

Indigo Paints Limited’s (IPL’s) Q2FY2025 numbers were in line with expectations; consolidated revenues grew 7.4% y-o-y, OPM fell 124 bps y-o-y to...

Sharekhan

Asian Paints (APNT IN) | Navigating Turbulence

Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...

Pranav Bhavsar

Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.

Sumeet Singh

Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO. In this note, we talk about the RHP updates and provide our thoughts on...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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Indigo Paints - In-Line Revenue; Watchful for Demand Pickup in 2HFY25

Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in...

Motilal Oswal

Indigo Paints Ltd - Soft Q2; Better Prospects Ahead

Indigo Paints Limited’s (IPL’s) Q2FY2025 numbers were in line with expectations; consolidated revenues grew 7.4% y-o-y, OPM fell 124 bps y-o-y to...

Sharekhan

Asian Paints (APNT IN) | Navigating Turbulence

​Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...

Pranav Bhavsar

Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.

Sumeet Singh

Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO. In this note, we talk about the RHP updates and provide our thoughts on...

Sumeet Singh

Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...