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>Healthy Topline Performance: ITC reported a healthy 20.7% YoY revenue growth in Q1FY26, driven by broad-based performance across key segments.</li><li>The Cigarette business grew 7.6% YoY, supported by resilient volumes and continued premiumisation.</li><li>Agri Business surged 39% YoY on the back of robust trading activity and strong leaf tobacco exports. FMCG (ex-Notebooks) maintained solid growth at 8.6% YoY, led by Staples, Biscuits, Dairy, Premium Personal Wash, Homecare, and Agarbatti. </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.

Healthy Topline Performance: ITC reported a healthy 20.7% YoY revenue growth in Q1FY26, driven by broad-based performance across key segments.The Cigarette business grew 7.6% YoY, supported by resilient volumes and continued premiumisation.Agri Business surged 39% YoY on the back of robust trading activity and strong leaf tobacco exports. FMCG (ex-Notebooks) maintained solid growth at 8.6% YoY, led by Staples, Biscuits, Dairy, Premium Personal Wash, Homecare, and Agarbatti. 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.

ITC Ltd - Healthy Revenue Growth, Margins Miss; Maintain BUY

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> recently announced the strategic acquisition of Century Pulp and Paper (CPP) from AB Real Estate (ABREL) for INR 3,500 crore on a slump sale basis.  </li>
<li>This Business Transfer Agreement (BTA) occurs amid an industry downturn marked by surging input costs, subdued demand, and competition from low-priced imports.</li>
<li>This acquisition significantly expands ITC's paper segment capacity by 60%, targeting a 30-40% EBITDA per tonne improvement.</li>
</ul>



ITC Ltd (ITC IN) recently announced the strategic acquisition of Century Pulp and Paper (CPP) from AB Real Estate (ABREL) for INR 3,500 crore on a slump sale basis.  
This Business Transfer Agreement (BTA) occurs amid an industry downturn marked by surging input costs, subdued demand, and competition from low-priced imports.
This acquisition significantly expands ITC's paper segment capacity by 60%, targeting a 30-40% EBITDA per tonne improvement.


Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

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.

<ul><li>ITC’s 3QFY25 results were below our estimates in all categories except agribusiness</li><li>Cigarette volume growth of 5%+ exceeded our estimate of 3%, driven by: a) strong performance in differentiated variants and premium segments, b) sustained volume recovery from the illicit segment, and c) in our view, channel filling ahead of the Union Budget</li><li>Cigarette EBIT margin contracted by 211bps YoY to 60.5% due to a sharp escalation in tobacco prices (up 25-30% YoY), higher trade incentives, and increased competitive intensity.</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.

ITC’s 3QFY25 results were below our estimates in all categories except agribusinessCigarette volume growth of 5%+ exceeded our estimate of 3%, driven by: a) strong performance in differentiated variants and premium segments, b) sustained volume recovery from the illicit segment, and c) in our view, channel filling ahead of the Union BudgetCigarette EBIT margin contracted by 211bps YoY to 60.5% due to a sharp escalation in tobacco prices (up 25-30% YoY), higher trade incentives, and increased competitive intensity.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.

ITC (3QFY25): Core Disappoints once Again, Agri Surprises. Maintain REDUCE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> Hotels demerger aims to unlock the intrinsic value of the hotels business and enable a sharper focus on growth.</li>
<li>ITC Hotels is aiming to reach a portfolio of 200+ hotels with 18,000+ keys by 2030 from a robust pipeline of 140 Hotels with about 13000 Keys in 2024.</li>
<li>ITC Hotels inheriting a strong balance sheet with zero debt and cash reserves may list around 113-170 per share.</li>
</ul>



ITC Ltd (ITC IN) Hotels demerger aims to unlock the intrinsic value of the hotels business and enable a sharper focus on growth.
ITC Hotels is aiming to reach a portfolio of 200+ hotels with 18,000+ keys by 2030 from a robust pipeline of 140 Hotels with about 13000 Keys in 2024.
ITC Hotels inheriting a strong balance sheet with zero debt and cash reserves may list around 113-170 per share.


ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC Ltd - Healthy Revenue Growth, Margins Miss; Maintain BUY

Healthy Topline Performance: ITC reported a healthy 20.7% YoY revenue growth in Q1FY26, driven by broad-based performance across key segments.

Axis Direct

Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...

Nimish Maheshwari

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

ITC (3QFY25): Core Disappoints once Again, Agri Surprises. Maintain REDUCE

Cigarette EBIT margin contracted by 211bps YoY to 60.5% due to a sharp escalation in tobacco prices (up 25-30% YoY), higher trade incentives, and...

HDFC Securities

ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

ITC Hotels Limited(ITCHL) has informed us today that ITCHL has received approval from the NSE and BSE for listing and trading of its equity shares...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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ITC Ltd - Healthy Revenue Growth, Margins Miss; Maintain BUY

Healthy Topline Performance: ITC reported a healthy 20.7% YoY revenue growth in Q1FY26, driven by broad-based performance across key segments.

Axis Direct

Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

​ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...

Nimish Maheshwari

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

ITC (3QFY25): Core Disappoints once Again, Agri Surprises. Maintain REDUCE

Cigarette EBIT margin contracted by 211bps YoY to 60.5% due to a sharp escalation in tobacco prices (up 25-30% YoY), higher trade incentives, and...

HDFC Securities

ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

ITC Hotels Limited(ITCHL) has informed us today that ITCHL has received approval from the NSE and BSE for listing and trading of its equity shares...

Nimish Maheshwari

ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...