External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

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>The higher share of premium MPV/SUVs and exports in the sales mix will drive volume growth by 7% CAGR in FY24-27E.</li><li>We value the stock at 27xP/E of its FY26 EPS (unchanged) to arrive at our TP of Rs 14,235 (Rs 13,650 earlier) on account of sustained margins on the back of export volume growth, better mix of SUVs, CNG, and Hybrid in the sales mix.</li><li>However, with growth volume expectations in the entrylevel car segment remaining muted in the near term and limited upside potential as positives are largely factored in, we maintain a HOLD rating with an upside of 8% from the current market price (CMP).</li></ul><p><em>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.</em></p>

The higher share of premium MPV/SUVs and exports in the sales mix will drive volume growth by 7% CAGR in FY24-27E.We value the stock at 27xP/E of its FY26 EPS (unchanged) to arrive at our TP of Rs 14,235 (Rs 13,650 earlier) on account of sustained margins on the back of export volume growth, better mix of SUVs, CNG, and Hybrid in the sales mix.However, with growth volume expectations in the entrylevel car segment remaining muted in the near term and limited upside potential as positives are largely factored in, we maintain a HOLD rating with an upside of 8% from the current market price (CMP).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.

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