External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Tata Elxsi (TELX) offers a strong long-term investment opportunity across its key verticals, despite current macroeconomic headwinds</li><li>The transportation segment is showing recovery signs, particularly with the stabilization of the JLR account and strategic wins, with OEMs such as Mercedes-Benz, Suzuki, and a European player, including a USD 50mn deal</li><li>The company is well-positioned in automotive micro trends, with sustained demand expected in ADAS, SDV, infotainment, and electrification beyond Q2FY26</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.

Tata Elxsi (TELX) offers a strong long-term investment opportunity across its key verticals, despite current macroeconomic headwindsThe transportation segment is showing recovery signs, particularly with the stabilization of the JLR account and strategic wins, with OEMs such as Mercedes-Benz, Suzuki, and a European player, including a USD 50mn dealThe company is well-positioned in automotive micro trends, with sustained demand expected in ADAS, SDV, infotainment, and electrification beyond Q2FY26Content 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.

Tata Elxsi: Improving Growth Trajectory. Upgrade to ADD

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>Indian Railways has officially commissioned the upgraded Kavach 4.0 on 738 route km, featuring advanced location accuracy and direct integration with modern electronic interlocking systems.</li>
<li>His rollout enables safe 160 kmph operations on high-density corridors while standardizing the technology required to cover India’s entire 68,000 km rail network by 2030.</li>
<li>The shift to Version 4.0 has consolidated the market, creating a massive revenue visibility of INR 50,000 crore for certified leaders like HBL Engineering and Kernex Microsystems.</li>
</ul>


Indian Railways has officially commissioned the upgraded Kavach 4.0 on 738 route km, featuring advanced location accuracy and direct integration with modern electronic interlocking systems.
His rollout enables safe 160 kmph operations on high-density corridors while standardizing the technology required to cover India’s entire 68,000 km rail network by 2030.
The shift to Version 4.0 has consolidated the market, creating a massive revenue visibility of INR 50,000 crore for certified leaders like HBL Engineering and Kernex Microsystems.


India’s Kavach 4.0: The ₹50,000 Crore Safety Boom Enters High-Gear

<ul><li>The Indian IT services sector is positioned for a growth recovery starting in 2026, following a phase of muted performance from 2022 to 2025</li><li>The upcoming revival is expected to be underpinned by AI services, which are emerging as the key growth engine, as reflected in the increasing traction of AI-led deal wins</li><li>Drawing a parallel with the previous major cloud transformation cycle (2016–2018), the sector initially experienced growth moderation during the transition phase, as enterprises realigned to new delivery models and progressively shifted workloads to the cloud</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 Indian IT services sector is positioned for a growth recovery starting in 2026, following a phase of muted performance from 2022 to 2025The upcoming revival is expected to be underpinned by AI services, which are emerging as the key growth engine, as reflected in the increasing traction of AI-led deal winsDrawing a parallel with the previous major cloud transformation cycle (2016–2018), the sector initially experienced growth moderation during the transition phase, as enterprises realigned to new delivery models and progressively shifted workloads to the cloudContent 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.

Information Technology: Growth revival: Cloud to AI led services

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of M-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.</li>
</ul>


We analysed the earning revision of component stocks of M-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.


M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (2908709Z IJ)</a> (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.</li>
<li>CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. </li>
<li>It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.</li>
</ul>



Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.


Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

India

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

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Tata Elxsi Ltd (TELX IN)

Tata Elxsi: Improving Growth Trajectory. Upgrade to ADD

Tata Elxsi (TELX) offers a strong long-term investment opportunity across its key verticals, despite current macroeconomic headwinds

HDFC Securities

India’s Kavach 4.0: The ₹50,000 Crore Safety Boom Enters High-Gear

Indian Railways upgrades to Kavach 4.0 for safer, faster operations on high-density corridors, with potential for massive revenue growth.

Nimish Maheshwari

Information Technology: Growth revival: Cloud to AI led services

The Indian IT services sector is positioned for a growth recovery starting in 2026, following a phase of muted performance from 2022 to 2025

HDFC Securities

M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed M-India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Elxsi: Improving Growth Trajectory. Upgrade to ADD

Tata Elxsi (TELX) offers a strong long-term investment opportunity across its key verticals, despite current macroeconomic headwinds

HDFC Securities

India’s Kavach 4.0: The ₹50,000 Crore Safety Boom Enters High-Gear

​Indian Railways upgrades to Kavach 4.0 for safer, faster operations on high-density corridors, with potential for massive revenue growth.

Nimish Maheshwari

Information Technology: Growth revival: Cloud to AI led services

The Indian IT services sector is positioned for a growth recovery starting in 2026, following a phase of muted performance from 2022 to 2025

HDFC Securities

M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed M-India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

Indian Railways upgrades to Kavach 4.0 for safer, faster operations on high-density corridors, with potential for massive revenue growth.