ELECON.NSE News

In this briefing: One Click Group Limited - One Click, Many Returns Avenue Supermarts - Margin Surprises Positively Kotak Mahindra Bank: Navigating Growth-Margin-Asset Quality Trade-Off. Maintain BUY Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Avenue Supermarts Ltd. - Store Additions Support Growth; LFL Remains Weak 1. One Click Group Limited - One Click, Many Returns One Click Group Limited (ASX:1CG) is an Australian technology platform company focused on online, self-directed financial and life-admin services. One Click Life is its consumer fintech platform and aims to be a one-stop digital solution for personal finance and administration tasks – from lodging tax returns and obtaining cash advances to applying for mortgages, buying health insurance and creating a will. Registered users on the platform have been growing strongly (220,000 users as of October 2025, up from the 170,000 at the end of 2024), translating to strong operating leverage – revenue is increasing commensurately with user growth while expenses are relatively stable. 2.

In this briefing: Avenue Supermarts - Margin Surprises Positively Kotak Mahindra Bank: Navigating Growth-Margin-Asset Quality Trade-Off. Maintain BUY Autos: CVs Well-Poised but Headwinds to Limit Upside Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Avenue Supermarts Ltd. - Store Additions Support Growth; LFL Remains Weak 1. Avenue Supermarts - Margin Surprises Positively DMART reported a standalone revenue of INR 176.1bn in Q3, reflecting a 13.2% YoY growth. Management attributed partial moderation in growth to deflation in staples. Q3FY26 SSSG stood at 5.6%. The company added ten new stores in Q3. Sales density declined ~0.5% YoY to INR39.7k/sq. ft. annualized. Margins surprised positively, as GM expanded 50bps YoY to 14.6% (HSIE: 14.1%), driven by higher share of non-foods (up 43bps) and GM&A (up 15bps) and lower share of lower-margin foods category (down 58bps) in the mix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Avenue Supermarts - Margin Surprises Positively Kotak Mahindra Bank: Navigating Growth-Margin-Asset Quality Trade-Off. Maintain BUY Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Avenue Supermarts Ltd. - Store Additions Support Growth; LFL Remains Weak AIRTELAFRI- Recalibrating Projections for the Telco Bellwether 1. Avenue Supermarts - Margin Surprises Positively DMART reported a standalone revenue of INR 176.1bn in Q3, reflecting a 13.2% YoY growth. Management attributed partial moderation in growth to deflation in staples. Q3FY26 SSSG stood at 5.6%. The company added ten new stores in Q3. Sales density declined ~0.5% YoY to INR39.7k/sq. ft. annualized. Margins surprised positively, as GM expanded 50bps YoY to 14.6% (HSIE: 14.1%), driven by higher share of non-foods (up 43bps) and GM&A (up 15bps) and lower share of lower-margin foods category (down 58bps) in the mix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Back to Normal! Forecast – HoSE Indexes review in 1Q26 Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Avenue Supermarts Ltd. - Store Additions Support Growth; LFL Remains Weak 1. Back to Normal! Since mid-December liquidity has been quite low in the commodity futures markets. This will change now again with traders coming back to their desks after holiday break. Meanwhile, the government shutdown-induced delay in CoT reports is now fully resolved again - we’re back to normal data-wise as well! 2. Forecast – HoSE Indexes review in 1Q26 VPL as a new entrant in VN30 basket Based on our calculation, VPL is obviously eligible to be added to the VN30 basket in the upcoming review, thanks to: 1) its 11th–ranked market capitalization, which makes VPL a must-have component and 2) it has eventually met the minimum six-month listing requirement on the HSX, while all other eligibility criteria have been satisfied since its IPO in May 2025.

In this briefing: Forecast – HoSE Indexes review in 1Q26 Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Avenue Supermarts Ltd. - Store Additions Support Growth; LFL Remains Weak Macro & Markets: Deductions and delusions 1. Forecast – HoSE Indexes review in 1Q26 VPL as a new entrant in VN30 basket Based on our calculation, VPL is obviously eligible to be added to the VN30 basket in the upcoming review, thanks to: 1) its 11th–ranked market capitalization, which makes VPL a must-have component and 2) it has eventually met the minimum six-month listing requirement on the HSX, while all other eligibility criteria have been satisfied since its IPO in May 2025. In contrast, BCM is clearly eliminated, due to its failure to meet one of the two liquidity screening requirements – the minimum average daily trading value of VND30bn, like BVH’s case in the last review. As of 4Q25, BCM’s average daily trading value reached only VND26.8bn, below the required threshold, so the stock is set to be removed from the basket in the January review.

In this briefing: Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Avenue Supermarts Ltd. - Store Additions Support Growth; LFL Remains Weak Macro & Markets: Deductions and delusions Sweden: Growth Picked up in November 1. Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations GigaDevice Semiconductor (603986 CH) (GD), an IC design house, raised around US$690m in its H-share listing. GD is a leading specialty memory chip and MCU company in mainland China. We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics. 2. Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Short-Term Issues Impacting Revenue Recognition: Despite a robust order book, the company reported revenues of Rs 522 Cr during the quarter, reflecting a modest YoY growth of 4%.

In this briefing: Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Avenue Supermarts Ltd. - Store Additions Support Growth; LFL Remains Weak AIRTELAFRI- Recalibrating Projections for the Telco Bellwether PVD [BUY +20.7%] - Bright E&P Outlook Supports Further Rig Expansion AGIG: Initiating Coverage - From Landfill to SAF - 12 January 2026 1. Elecon Engineering Company Ltd - Growth Visible Beyond Short-Term Hiccups; Maintain BUY Short-Term Issues Impacting Revenue Recognition: Despite a robust order book, the company reported revenues of Rs 522 Cr during the quarter, reflecting a modest YoY growth of 4%. The subdued performance was largely attributable to order delays and execution deferrals arising from customer-driven factors. Flattish revenue growth, higher employee costs, and an unfavourable product mix also weighed on margins during the quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Indian markets extended losses for a fifth straight session as tariff concerns weighed on sentiment. Stocks such as Manappuram Finance, IEX and Elecon Engineering declined sharply, while Mazagon Dock, BHEL, NALCO and Hindustan Zinc saw buying interest.

In this briefing: HCL Technologies Ltd - Inline Performance; Steady Execution TCSs $7 Billion Bet: Building Indias AI Backbone ICICI Bank (ICICIBC IN / IBN US) Earnings Preview: Strong Track Record Points to Post-Result Gains Exencial Industry Tidings 14/10/2025 The Beat Ideas: Elecon Engineering - Defence-Grade Precision, Global-Scale Ambition 1. HCL Technologies Ltd - Inline Performance; Steady Execution Steady Recovery across Key Verticals: In CC terms, Financial Services and Technology & Services segments continued to report healthy growth of 11.4% YoY and 13.9% YoY, respectively. Telecommunications, Media, Publishing & Entertainment, Retail & CPG, and Public Services segments grew by 11.7% YoY, 5.5% YoY, and 2.2% YoY, respectively. Overall, the ER&D and IT businesses recorded growth of 13.4% YoY and 3.8% YoY, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.