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.

Thematic (Sector/Industry)

<ul><li>BSE: BSE reported a strong quarter, with revenue and PAT coming better than our estimate</li><li>The revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building revenue (IPO related)</li><li>BSE saw an impressive gain in its options premium market share, which increased by ~630bps to reach 18.8% in Q4, following the regulatory changes introduced in January 2025</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.

BSE: BSE reported a strong quarter, with revenue and PAT coming better than our estimateThe revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building revenue (IPO related)BSE saw an impressive gain in its options premium market share, which increased by ~630bps to reach 18.8% in Q4, following the regulatory changes introduced in January 2025Content 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.

HSIE Results Daily: BSE, Kajaria Ceramics

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%</li><li>The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%</li><li>Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)</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.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)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.

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

<ul><li>State Bank of India: SBIN’s earnings missed our estimates on account of elevated opex (INR 16bn) towards performance-linked incentives, partly offset by strong treasury/MTM gains and revaluation of SRs (INR39bn)</li><li>Loan growth (+12% YoY) disappointed owing to lower growth in the corporate book due to higher repayments from PSU exposures</li><li>Deposit growth (+9% YoY, +2.9% QoQ) was soft as CASA ratio improved to 38.4% (+84bps QoQ), aided by seasonality in CA balances</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.

State Bank of India: SBIN’s earnings missed our estimates on account of elevated opex (INR 16bn) towards performance-linked incentives, partly offset by strong treasury/MTM gains and revaluation of SRs (INR39bn)Loan growth (+12% YoY) disappointed owing to lower growth in the corporate book due to higher repayments from PSU exposuresDeposit growth (+9% YoY, +2.9% QoQ) was soft as CASA ratio improved to 38.4% (+84bps QoQ), aided by seasonality in CA balancesContent 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.

HSIE Results Daily: State Bank of India, Kotak Mahindra Bank, Avenue Supermarts...

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)</li><li>In Q4FY25, UTCEM delivered robust 17% volume growth (aided by Kesoram and India Cements consolidation)</li><li>Unit EBITDA expanded INR 223/MT QoQ to INR 1,126/MT on input cost reduction and op-lev gains, which more than offset the impact of poor performance of Kesoram and India Cements</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)In Q4FY25, UTCEM delivered robust 17% volume growth (aided by Kesoram and India Cements consolidation)Unit EBITDA expanded INR 223/MT QoQ to INR 1,126/MT on input cost reduction and op-lev gains, which more than offset the impact of poor performance of Kesoram and India CementsContent 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.

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company,...

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q4FY25 earnings missed our estimates on account of elevated credit costs (2.3% annualised), despite steady AUM growth (+26% YoY) and improving operating efficiency</li><li>A challenging macro continued to take a toll on asset quality as credit costs trended north of management guidance (2.1% for FY25) even as the management guided for marginal moderation in FY26 credit costs to ~1.9%</li><li>BAF’s post-pandemic cross-functional investments are gradually reflecting in higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.9%), which are likely to sustain over FY26E-FY27E</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.

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY25 earnings missed our estimates on account of elevated credit costs (2.3% annualised), despite steady AUM growth (+26% YoY) and improving operating efficiencyA challenging macro continued to take a toll on asset quality as credit costs trended north of management guidance (2.1% for FY25) even as the management guided for marginal moderation in FY26 credit costs to ~1.9%BAF’s post-pandemic cross-functional investments are gradually reflecting in higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.9%), which are likely to sustain over FY26E-FY27EContent 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.

HSIE Results Daily: Bajaj Finance, Trent, Ambuja Cement, Oberoi Realty, IndiaMART InterMESH

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.

HDFC Securities
External broker reports(aggregated public sources)
• HDFC Securities

HSIE Results Daily: BSE, Kajaria Ceramics

The revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

HSIE Results Daily: State Bank of India, Kotak Mahindra Bank, Avenue Supermarts...

SBIN’s earnings missed our estimates on account of elevated opex (INR 16bn) towards performance-linked incentives, partly offset by strong treasury...

HDFC Securities

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company,...

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

HSIE Results Daily: Bajaj Finance, Trent, Ambuja Cement, Oberoi Realty, IndiaMART InterMESH

Bajaj Finance’s (BAF) Q4FY25 earnings missed our estimates on account of elevated credit costs (2.3% annualised), despite steady AUM growth (+26%...

HDFC Securities