SIVA fundamentals (Study Purposes)🔥 🔥

*Brokerage Update* Citi on India Autos Top picks Maruti, Eicher Motors and Mahindra & Mahindra as Q1FY27 saw 11/19 companies beat EBITDA estimates, demand stayed resilient, management guided high-single to low-double-digit volume growth, EV momentum remained strong, and commodity costs pose a near-term margin risk. Goldman Sachs on Colgate-Palmolive India Maintains Sell with Target Price of ₹2,050 as growth will be driven by premiumisation and higher oral-care consumption, but rising advertising spends are expected to keep EBITDA growth below sales despite stable 69–70% gross margins. Citi on India Equity Strategy Maintains Nifty June 2027 Target Price of 26,800 as BSE100 delivered better-than-expected 6% EBITDA and 9% PAT growth, supported by GST, wage hikes and credit growth, while remaining constructive on Financials, Telecom, Healthcare and Utilities. Nuvama on NMDC Upgrades to Buy with Target Price of ₹97 as iron ore prices are likely to have bottomed, H2FY27 volumes should drive earnings recovery, and the new mining bill removes retrospective tax risk including the ₹15,800 crore contingent liability. Nuvama on BSE Downgrades to Hold with Target Price of ₹3,240 as CAS has structurally reset index option volumes, market share gains are nearing saturation, and RBI bank guarantee norms could further impact volumes from Q4FY27. DAM Capital on Milky Mist Initiates Buy with Target Price of ₹175 as India’s leading value-added dairy pure play is backed by 31.3% revenue CAGR, strong leadership in paneer, cheese and yogurt, and a nationwide farm-to-shelf network. Jefferies on Belrise Maintains Buy with Target Price of ₹280 as strong auto order wins, expansion into renewables and aerospace, and expected 21% EBITDA and 25% EPS CAGR outweigh near-term cost pressures. HSBC on Blue Star Upgrades to Buy with Target Price of ₹1,780 as attractive valuations, a strong order book, data centre opportunities and margin expansion outweigh lower near-term margin guidance. JPMorgan on Colgate-Palmolive India Maintains Neutral with Target Price of ₹2,250 as premiumisation remains the biggest growth lever, with balanced growth expected across volume, pricing and product mix despite near-term margin moderation. Jefferies on BHEL Maintains Underperform with Target Price of ₹270 as execution remains challenging despite improving power equipment demand. Jefferies on Siemens Maintains Hold with Target Price of ₹4,415 as power capex remains supportive, though valuations limit upside. Jefferies on Hindustan Aeronautics Maintains Buy with Target Price of ₹6,800 as defence order visibility and execution remain strong. Jefferies on KEI Industries Maintains Buy with Target Price of ₹6,920 as power transmission and infrastructure capex continue to drive growth. Jefferies on Bharat Electronics Maintains Buy with Target Price of ₹490 as long-term defence demand stays robust despite a lower valuation multiple. CLSA on India Auto Sector Positive on the sector as August retail registrations rose 16% in 2W, 4% in PV, 5% in CV and 14% in tractors, indicating healthy festive demand. Citi on Colgate-Palmolive India Maintains Sell with Target Price of ₹2,000 as premiumisation and affordability support balanced growth, but margin trade-offs are likely to persist. Citi on Akums Drugs Maintains Accumulate with Target Price of ₹860 as improving CDMO earnings quality and a stronger API pricing outlook drive 5–10% FY27–28 EPS upgrades. Citi on India Industrials Positive on Defence and Power Industrials as a widening procurement pipeline, recurring lifecycle services and broad-based power capex provide long-term growth visibility. Jefferies on Radico Khaitan Maintains Accumulate with Target Price of ₹5,200 as India’s premium liquor cycle, vodka leadership, innovation and India–UK FTA benefits are expected to drive sustained margin expansion.

*Citi on India Industrials* Defense: Demand is underpinned by a broad-based program pipeline Procurement is widening in areas such as electronic warfare, autonomous systems & counter systems Some demand should gradually become recurring in nature, as an increasing installed base drives demand for services/lifecycle support Power infra and Utilities: Grid connectivity, land and equipment availability are key execution constraints Capex remains broad-based across generation, storage, transmission and distribution *HSBC on AC Sector* Blue Star – Upgrade to Buy from Hold; TP at Rs 1780 Voltas – Maintain Buy; Cut TP to Rs 1450 from Rs 1460 A strong quarter for the India cooling industry The RAC industry grew 25% in Q1FY27, with estimated volume growth of 20-22% Voltas fared better than Blue Star Looking at summer sales (Jan-Jun), Blue Star had stable margins despite the slow growth from a high base *Dam Cap on Milky Mist* Target ₹175 | Recommendation: Accumulate Pure play exposure to dairy’s fastest growing categories Margins built on mix amid higher working capital GST rationalisation: a durable accelerant to formalisation Best-in-class margin structure, defended through a difficult cost cycle Ad-spends well below FMCG players; margin expansion creates room to scale it *Jefferies on Radico Khaitan* Target ₹5200 | Recommendation: Accumulate Alcobev industry is entering a multi-year premiumisation cycle Trend most evident in vodka, where Radico is the market leader Strong innovation, execution, and a supportive regulatory environment Radico to deliver sector-leading growth in its premium portfolio Premium-mix and India-UK FTA benefits are expected to drive continued margin expansion *Nuvama on BSE* Downgrades to Hold from Buy; target price cut to ₹3,240 from ₹4,090 CAS has reset volumes, with expiry-day decay trading dynamics impaired Index option volumes under CAS have reset to a new low RBI bank guarantee norms expected to start impacting from Q4FY27 Q4FY26 presents the toughest base of the cycle BSE’s contract share at ~51.5%, while ADPTV share stands at ~36% Further contract share gains offer limited incremental upside CAS has dragged the volume run-rate to a new low VIX recovery remains the key swing factor; a move to 16–18 could lift premium per contract and ADPTV *Citi on Akums Drugs* Recommendation: Accumulate Target ₹860 | Earlier Target ₹610 Earnings quality improves on CDMO strength Domestic CDMO remains the key growth driver; other segments stay subdued Hike FY27E/FY28E EPS estimates by 5%/10% to reflect a more constructive API pricing outlook

*BROKERAGE RADAR* *Citi on Colgate* Target ₹2000 | Recommendation: Sell Focus on balanced growth, though margin trade-offs persist Significant runway to increase oral-care consumption Growth expected to become more balanced across volume, price, and mix Driving consumption through greater availability and affordability Premiumisation remains the key growth engine *Jpmorgan on Colgate* Target ₹2250 | Recommendation: Neutral Premiumization takes centre stage Growth ahead of margins Growth to be balanced across volume, price and mix Premiumization is the biggest growth lever Margins likely to moderate in the near-term *Goldman Sachs on Colgate* Maintains Sell; target price at ₹2,050 Growth strategy focused on volume, premiumisation and low single-digit pricing Toothpaste penetration near 100%; consumption frequency remains the key growth runway Urban non-twice-daily brushers decline to 76% from 80%; rural non-daily brushers at 45% vs 55% Per capita usage rising gradually to 1.07x in 2025 vs 1.00x in 2023 Premium mix increases to 18.6% in YTD26 from 14.8% in 2023 Sensitive toothpaste sub-category growing around 10x the overall category pace Gross margin expected at 69–70%, supported by FTG savings EBITDA growth expected to lag sales as advertising spend rises above 16% E-commerce contribution around 2x the category average and fully accretive No timeline for portfolio expansion beyond oral care *Jefferies on Defense and Power Equipments* Power equipment players drive margin uptick Hitachi Energy and Siemens Energy saw margin expansion of 410-450 bps YoY, driven by operating leverage BHEL’s margins turned positive YoY Commodity prices impacted margins of others ex-defence Remain positive on defence and T&D equipment Top picks: Siemens Energy, Hitachi Energy, Hindustan Aeronautics, L&T, and KEI BHEL – Maintain Underperform; Hike TP to Rs 270 from Rs 220 Siemens – Maintain Hold; Hike TP to Rs 4415 from Rs 4000 Hindustan Aeronautics – Maintain Buy; Hike TP to Rs 6800 from Rs 6300 KEI Industries – Maintain Buy; Hike TP to Rs 6920 from Rs 6150 BEL – Maintain Buy; Cut TP to Rs 490 from Rs 550 *Citi on India Autos | Sector Outlook* 11 of 19 stocks beat EBITDA estimates in 1QFY27 Demand outlook better than expected despite monsoon and inflation concerns Managements guide for high-single to low-double-digit volume growth Capacity expansion announcements reflect confidence in demand growth 1Q margins declined YoY, cushioned by tight cost control Elevated commodity costs could impact 2Q margins Sector-wide price hikes taken in July to support margins Middle East geopolitical disruption had minimal impact on volumes EV focus driving incremental volumes across several OEMs Top picks: Maruti, Eicher Motors and Mahindra & Mahindra *CLSA on Auto Sector* Retail registration continue to be healthy for Aug-26 Auto retail registrations continued to witness healthy growth, with festive season approaching During the first 15 days of Aug 2026, retail registrations grew 16%/4%/5%/14% YoY in 2W/PV/CV/Tractors *Jefferies on Belrise* Recommendation: Accumulate Target ₹280 | Earlier Target ₹250 Decent Jun-Q; expanding footprint Cost pressures behind; sanguine on full-year margin Good new order traction; expanding beyond autos *Citi on India Equity Strategy* BSE100 EBITDA and PAT growth at 6% and 9% YoY, well above preview estimates Top-line growth at 14% YoY excluding energy, ahead of estimates Margin pressure seen across Consumer, Industrial and Financial sectors FY27/FY28 earnings estimates unchanged since July Nifty target at 26,800 for June 2027, based on 18x one-year forward PE Positive drivers: GST tailwind, wage hikes and credit growth Key risks: AI productivity impact and elevated crude costs Constructive on Financials, Telecom, Healthcare and Utilities Underweight on IT Services, Staples and Metals

*Poonawalla Fincorp:* Company approved the allotment of 31,500 secured, redeemable, rated and listed NCDs worth Rs. 315 crore through private placement. (Neutral) *Bigbloc Construction:* Company’s subsidiary, Bigbloc Building Elements, received shareholder approval to convert from a private company into a public company. (Neutral) *Shriram Pistons:* Company launched QIP to Raise ₹1,000 Cr. (Neutral) *Netweb Technologies:* Company launched QIP to Raise Up To ₹1,200 Cr (Neutral) *Samvardhana Motherson:* Company’s arm to acquire additional 0.15% stake in Shenzhen Autocruis for $440,000. (Neutral) *PayTM:* Resilient Asset Management B.V. likely to sell up to 4.98% Equity. (Neutral) *Reliance Ind:* Jio to relaunch Prime membership with one-year tariff assurance; Rs 299 plan to get JioHotstar, Gemini. (Neutral) *Sonata Software:* Company has appointed Hariprasad Rebala as Chief AI Officer. (Neutral) *Piccadily Agro Industries:* Company has received no adverse observation/no objection letters from BSE and NSE for its proposed demerger with Piccadily Food & Essentials. (Neutral) *UltraTech Cement:* Company has appointed Jayant Dua as Managing Director and Director. (Neutral) *PNB Housing Finance:* Shareholders approved raising up to Rs 10,000 crore through private placement of NCDs. (Neutral) *Sambhv Steel:* CRISIL assigned Sambhv Steel Tubes an A+/Stable rating for Rs 162 crore of bank debt. (Neutral) *Axis Bank:* Priced USD 300 million senior notes under its USD 5 billion GMTN programme at a 5.179% coupon. (Neutral) *Varun Beverages:* Completed the merger of South Africa-based Twizza with its holding company Bevco. (Neutral) *Lenskart:* Subsidiary Baofeng Framekart Technology incorporated Wenzhou Framekart Trade Co. in China with an investment of RMB 1 million. (Neutral)

*India Daybook – Stocks in News* *Indo MIM:* Q1 Net Profit at Rs. 240 crore vs Rs. 182 crore YoY. Revenue at Rs. 1218 crore vs Rs. 1114 crore YoY. (Positive) *Highway Infrastructure:* NHAI awarded the company an Rs 80.17 crore contract to operate Palayam Fee Plaza for 90 days. (Positive) *Hexaware Technologies:* Company has launched Zero Friction Enterprise, an AI-led framework covering modernisation, cybersecurity, engineering, operations and enterprise software. (Positive) *IIFL Finance:* Fitch upgraded its Long-Term Issuer Default Rating to ‘BB-' from ‘B+', with a Stable outlook. (Positive) *Apollo Micro Systems:* Company has secured orders worth Rs. 80.84 crore from Defence PSUs, state governments and private industries as part of its ordinary course of business. (Positive) *Associated Alcohols & Breweries:* Company received an additional ethanol allocation of 87.4 lakh litres for Q4 ESY 2025-26 from BPCL, over and above the existing allocation. (Positive) *Hatsun Agro:* Co-Brand Arun Icecreams Launches At New York India Day Parade, Expanding Its US Presence. (Positive) *Max Healthcare Institute:* Company plans to expand by around 8,300 Beds, with approximately 4,000 Beds Expected to Be Added Within the Next 3-4 Years. (Positive) *GMR Airports:* Company’s subsidiary GMR Visakhapatnam International Airport commenced operations at Alluri Sitarama Raju International Airport. (Positive) *OM Infra:* Company received a supplementary order worth Rs. 29.01 crore from Uttar Pradesh Jal Nigam for drinking water schemes. (Positive) *Lloyds Engineering Works:* Company’s material subsidiary, Lloyd’s Advance Defence Systems, signed an agreement with Alpar Ingegneria for technology transfer and licensed manufacturing. (Positive) *CESC:* Company secures a 70 MW power supply order from SECI for 25 years at Rs. 5.25/kWh. (Positive) *DCX Systems:* Company and its subsidiary, Raneal Advanced Systems, secured orders worth Rs. 18.28 crore for cable harness and PCBA supply. (Positive) *Uflex:* Company said Egypt line ramp-up and higher utilisation of existing Indian capacity were expected to drive strong revenue growth and healthy EBITDA margins going forward. (Positive) *Juniper Hotels:* Company aimed to double room inventory and EBITDA by FY31 with a planned capex of Rs. 1,930 crore. (Positive) *TCPL Packaging:* Company reported a strong start to FY27, with record quarterly performance driven by robust demand across key businesses, particularly in the domestic market. (Positive) *Sharika Enterprises:* Company secured a purchase order worth Rs. 1.78 crore from LS Cable India for the supply of 24F & 48F OPGW Cable. (Positive) *Jyoti CNC:* Company gets approval for ₹1,020.65-crore investment proposal under MeitY scheme. (Positive) *USL:* Diageo agrees to reformulate India whisky, rum drinks after flavouring breach, sources say. (Positive) *Nelco:* Company enters in strategic Partnership with Elveo (Positive) *Sigma Advanced Systems:* Company has secured Rs 155 crore anti-drone patrol vehicle order. (Positive) *Leap India:* Government of Singapore bought 22lk shares. (Positive) *Lloyds Engineering Works:* Company’s arm partnership with Italy's Alpar Ingegneria. (Positive) *Protean eGov Technologies:* Received an Rs 5.99 crore contract from the Government of Arunachal Pradesh for the Arun Parivar Patra project, with a 48-month tenure. (Positive) *NIIT, NIIT Learning, Aptech:* India PM announced said that one crore youth to be trained in AI over the next year. (Positive) *TVS Motor:* Company launches TVS Orbiter electric scooter in Sri Lanka. (Positive) *Nelco:* Company invested USD 20 million in Lunar Holdco (Elveo Mobile) for satellite D2D and IoT services. (Neutral) *Bharti Airtel:* Airtel Payments Bank announced a board transition, with Shabnam Sinha succeeding Sunil Bharti Mittal as Chairperson. (Neutral) *Focus Lighting and Fixtures:* Company completed a lighting project at Kankaria Lake, Ahmedabad, awarded by the Ahmedabad Municipal Corporation. (Neutral)

*News Headlines from Business News Agencies:* *Business Standard* 📝India is opening its satellite market, but wants room for local players 📝 Tata Sons AGM scheduled for Tuesday likely to be adjourned over Trust issue 📝 Jio-BlackRock to launch regular MF plans through distributors in India 📝 Plea concerning airfares: Fast-tracked framing of rules, Centre tells SC 📝 Govt clears 31 electronic component manufacturing proposals worth ₹7,877 cr 📝 Shabnam Sinha to succeed Sunil Bharti Mittal as Airtel Payments Bank chair 📝 Swiggy launches AI Assistant named 'Guru' for restaurant partners 📝 MCA to examine litigation funding for PUFE transactions under insolvency 📝 BSE and PHDCCI join hands to expand capital-market access for MSMEs 📝 Rising raw material costs may weigh on Pidilite's near-term margins 📝 Gorakhpur gets industrial boost with 2,000-acre township land bank 📝 Muthoot Microfin targets 40% non-JLG share as funding costs decline *Economic Times*   📝India's state-owned KABIL expects to start lithium production in Argentina in 4-5 years 📝Lupin gets USFDA nod for generic tablets to treat excessive daytime sleepiness 📝Greaves Cotton acquires 100% stake in Excel Controlinkage 📝 India set for record soyoil imports as Russia-Ukraine war disrupts sunflower shipments 📝 Qatar launches new UPI route to send money to India 📝 Nestle looks to develop new products to serve users of weight-loss drugs 📝 Atomberg shareholders approve Rs 450-crore fresh issue, Rs 90-crore pre-IPO placement 📝 6 listed Indian REITs distribute Rs 3,136 crore to unitholders in Q1 FY27 📝 India moves counter-drone security beyond military sites with Rs 155 crore orders for mobile patrol vehicles 📝 Klydo founder Pradeep Yadav joins Snabbit as head of operations 📝 India leases 2 MQ-9B jets from US firm under Rs 1,943 crore pact 📝 Hero MotoCorp appoints Srihari Mulgund as Chief Strategy Officer 📝 India's solar module capacity surges, but upstream manufacturing lags: NITI Aayog *Mint* 📝 India’s overall unemployment rate falls in July 📝 Nippon India Mutual Fund launches an income plus arbitrage fund of funds 📝 NCLT pulls up SpiceJet for ‘wasting court’s time’ 📝 L&T Energy Hydrocarbon Offshore secures ₹15,000 crore Middle East order 📝 Coal India weighs more iron ore bids as it plans a pelletization plant 📝 Softer reinsurance rates push GIC Re's global goal further out 📝 Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say 📝 Ashok Leyland’s demand is on the right track, but margins lag 📝 Molbio Diagnostics shares debut at a 21% premium 📝 Dhoot Transmission makes a bumper debut, opens with a 38% premium on NSE

STOCKS WATCHLIST 🟢 Positive Centum Electronics — 5th ECMS tranche announced IIFL Finance — Credit rating upgrade Jyoti CNC — 5th ECMS tranche announced Leap India — Singapore Govt buys 22L shares Lloyds Engineering — Partnership with Alpar Ingegneria, Italy Nelco — Strategic partnership with Elveo Oberoi Realty — Legal relief for Gurugram project Oil India / ONGC — Brent crude crosses $90/bbl SEDEMAC — Credit rating upgrade Sigma Advanced Systems — ₹155cr anti-drone order Syrma SGS — 5th ECMS tranche announced 🔴 Negative Ceigall India — ₹331cr tender cancelled Netweb Tech — ₹1,200cr QIP launched Paytm — Resilient Capital to sell up to 4.98% via block deal Paints / Aviation / OMCs — Higher crude prices may pressure margins SPR Auto Technologies — ₹1,000cr QIP launched Not a buy/sell recommendation.

INDO-MIM LIMITED Q1FY27 NET PROFIT 240.1 CR ( +32% YoY, +73% QoQ ) REVENUE 1,218.7 CR ( +9% YoY, +16% QoQ ) EBITDA 406 CR ( +24% YoY, +103% QoQ ) EBITDA MARGIN ( 33.4% VS 29.3% YoY, 19.1% QoQ )

NMDC | NUVAMA BUY UPGRADE Brokerage View - BUY upgraded from HOLD. - Target price revised to ₹97 from ₹100. - Domestic iron ore prices appear near bottom. - H2 FY27 volumes expected to improve. Q1 FY27 Performance - EBITDA: ₹2,470 Cr. - Iron ore revenue: ₹6,510 Cr. - Iron ore revenue grew 6% YoY. - Sales volume: 11.7 MT, up 2% YoY. - Production: 15.1 MT, up 26% YoY. Key Factors - Higher royalty and premium costs impacted profitability. - Firmer prices expected to support recovery. - Higher H2 volumes expected to aid earnings. Key Takeaway - Nuvama turns positive on NMDC. - Recovery hinges on prices and H2 volumes.

Brokerage Calls IGL - CLSA: OUTPERFORM | TP ₹195 - Nomura: NEUTRAL (DOWNGRADE) | TP ₹155 Hitachi Energy India - Citi: BUY | TP ₹46,700 Kalyan Jewellers - Citi: BUY | TP ₹800 | Unchanged Mahindra & Mahindra - Nomura: BUY | TP ₹4,875 - Citi: BUY | TP ₹4,260 PhysicsWallah - JP Morgan: OVERWEIGHT | TP ₹148 Voltas - Jefferies: BUY | TP ₹1,580 | Prev ₹1,530 - UBS: BUY | TP ₹1,560 - Citi: BUY | TP ₹1,550 - Nomura: NEUTRAL | TP ₹1,357 | Prev ₹1,368 - CLSA: UNDERPERFORM | TP ₹1,160 - Goldman Sachs: SELL | TP ₹1,075 | Prev ₹1,140 Ashok Leyland - UBS: BUY | TP ₹210 | Prev ₹208 - Citi: BUY | TP ₹200 | Prev ₹205 - CLSA: OUTPERFORM | TP ₹196 | Prev ₹183 - Nomura: NEUTRAL | TP ₹194 - Kotak: ADD | TP ₹180 | Prev ₹170 - Goldman Sachs: NEUTRAL | TP ₹175 | Prev ₹162 - Jefferies: HOLD | TP ₹160 Aegis Vopak Terminals - Jefferies: HOLD (DOWNGRADE) | TP ₹280 | Prev ₹240 Titagarh Rail Systems - Jefferies: BUY | TP ₹990 Aditya Birla Real Estate - Jefferies: BUY | TP ₹1,880 Info Edge India - Macquarie: NEUTRAL | TP ₹1,260 NMDC - Goldman Sachs: SELL | TP ₹84 - Citi: SELL | TP ₹80 | Prev ₹85 PTC Industries - Goldman Sachs: BUY | TP ₹25,770 JSW Cement - Citi: BUY | TP ₹160 | Prev ₹165 - Jefferies: BUY | TP ₹150 Endurance Technologies - Citi: BUY | TP ₹3,350 | Prev ₹3,000 Bharat Dynamics - Goldman Sachs: SELL | TP ₹1,150 Alkem Laboratories - Investec: BUY (UPGRADE) | TP ₹6,400 - JP Morgan: NEUTRAL | TP ₹6,100 | Prev ₹5,900 - Macquarie: UNDERPERFORM | TP ₹4,900 Amber Enterprises - Elara: BUY (UPGRADE) | TP ₹8,730 | Prev ₹9,080 - Kotak: BUY | TP ₹8,600 | Prev ₹8,710 - JP Morgan: OVERWEIGHT (UPGRADE) | TP ₹8,350 - CLSA: OUTPERFORM | TP ₹8,100 Max Healthcare - JP Morgan: OVERWEIGHT | TP ₹1,300 - UBS: BUY | TP ₹1,300 - Jefferies: BUY | TP ₹1,260 | Prev ₹1,230 - Citi: BUY | TP ₹1,240 - CLSA: OUTPERFORM | TP ₹1,160 Cochin Shipyard - Kotak: SELL | TP ₹860 | Prev ₹830

Systematix Initiates coverage on Deepak Fertilizers with target of Rs 1900 per share (30% upside) Expect the earnings to inflect in FY27, supported by three key catalysts a) the commissioning of the Gopalpur technical ammonium nitrate (TAN) plant (96% complete) and the Dahej nitric acid complex b) improved feedstock cost visibility under the 15-year Equinor LNG supply, which commenced deliveries from May 2026 c) materially stronger import-parity pricing for ammonia, nitric acid and TAN, driven by tightening global supply chains.

JEFFERIES ON BSE | UNDERPERFORM | TARGET ₹2,940 Broker View - Rating downgraded to Underperform. - Target price cut 16% to ₹2,940. - Previous target stood at ₹3,520. - FY27–29E EPS estimates cut 5–12%. - Stock trades at 44x one-year-forward EPS. Key Risks - Domestic prop traders drive 50% notional turnover. - STT hike could pressure trading activity. - RBI bank guarantee norms remain a headwind. - Closing Auction Session could impact volumes. - August MTD options ADTO declined 12%. - Decline versus July indicates near-term weakness. Market Share - Consensus expects SENSEX market share gains. - Expiry-day market share remains similar to NSE. - Gains outside T+0/T+1 days have slowed. - Further market-share expansion remains uncertain. Key Takeaway - Multiple headwinds could compound earnings pressure. - Elevated valuation leaves limited room for disappointment.

NOMURA ON ASHOK LEYLAND | NEUTRAL | TARGET ₹194 Broker View - Rating: Neutral. - Target price stands at ₹194. - Steady performance expected ahead. - 1Q results were broadly in-line. Margin Outlook - Q1FY27 EBITDA margin stood at 10.1%. - Margin exceeded estimate of 9.7%. - Margins expected to improve gradually. Demand Outlook - Healthy demand outlook remains intact. - Steady growth expected to continue. Valuation - Stock trades at 11.6x FY28F EV/EBITDA. - Valuation appears to be in fair zone. Downside Risks - Weak growth during H2 FY27. - Commodity cost pressures remain a risk. - Regulatory cost pressures could impact margins. Upside Risks - Stronger commercial vehicle upcycle. - Potential market-share gains.

CLSA ON ASHOK LEYLAND | OUTPERFORM | TARGET ₹196 Q1 Assessment - Q1 EBITDA margin stood at 10.1%. - Margin exceeded consensus estimate of 9.6%. - Gross margin remained largely flattish. - Raw material costs increased around 300bps. Margin Outlook - 1.5% Q1 price hike supported margins. - Cost reduction measures also supported profitability. - Low-cost inventory was not the key driver. - Q2 raw material costs remain inflationary. - July price hikes stand around 1–2%. - Further mitigation expected through value re-engineering. Demand Outlook - Volume growth momentum expected to continue. - FY27 demand outlook remains positive. - Strong volumes should support operating leverage.

GS ON ASHOK LEYLAND | NEUTRAL | TARGET ₹175 Q1 Assessment - Q1 results were broadly in-line. - Gross margins remained flat QoQ. - Gross margins declined 90bps YoY. - EBITDA margin declined 100bps YoY. Margin Outlook - Lower-cost inventory limited Q1 margin impact. - FY27 MHCV prices increased 200–225bps. - LCV prices increased over 350bps. - July hikes remain partly unpassed through. - MHCV July hike exceeds 100bps. - LCV July hike exceeds 200bps. - Higher-cost inventory could pressure Q2 margins. - Q2 RM costs exceeded Q4 levels. - Management expects margin softening in Q2. - Margin recovery expected from Q3 FY27. Demand Outlook - Demand remained strong heading into August. - Full-year domestic truck growth outlook remains healthy. - Commercial vehicle demand remains a key monitorable.

CITI ON NMDC | SELL | TARGET ₹80 Q1 Assessment - Q1 EBITDA remained flat YoY. - Volumes increased 2% YoY. - Realizations increased 4% YoY. - No steel sales impacted earnings. - Higher costs also offset growth. - EBITDA margin stood at 36%. - Margin improved from 24% in Q4. - Last-year margin stood at 37%. Price Outlook - July-August price cuts announced. - Fines price now ₹4,500/t excluding royalty. - Current price is 3% below Q1 average. - Domestic prices expected to remain rangebound. - Global price outlook remains subdued. Volume Outlook - YTD dispatches increased around 1% YoY. - Higher ask-rate required for remaining FY27. - Lloyds capacity increased to 25 MTPA. - Earlier Lloyds capacity stood at 10 MTPA. - Lloyds Q1 sales rose 58%. Valuation - NMDC trades at 6.5x Sep27E EV/EBITDA. - Ten-year average stands around 5.5x. - Global peers trade around 4–6x.

NOMURA ON M&M | BUY | TARGET ₹4,875 New Launches - M&M unveiled global pick-up and refreshed BE6. - New Lifestyler targets international markets. - Refreshed BE6 gets additional features. - Software-defined vehicle capabilities strengthen proposition. - Lifestyler positioned competitively in India. Global Pick-up Opportunity - Global addressable market around 1 Mn units annually. - Hilux, Ranger and D-Max are key models. - 3–5% global share implies 30–50k units annually. - Export opportunity could become meaningful. Key Monitorables - Global competition remains intense. - Customer acceptance of Indian brands remains crucial. - Execution across international markets remains important. Valuation - M&M currently trades at 12.8x EV/EBITDA. - Nomura maintains Buy rating. - Target price stands at ₹4,875.

CITI ON M&M | BUY | TARGET ₹4,260 EV Launch - M&M launched BE 6 SPORTEQ EV. - New model expands its BEV lineup. - Loaded with advanced technology features. - BaaS model introduced with the new EV. Technology - New SPORTEQ features available through OTA updates. - Updates begin rolling out from January 2027. - Existing BE 6 owners included. - XEV 9e and XEV 9S owners included. BaaS Model - Starting price ₹11.45 lakh with BaaS. - Battery usage charge ₹3.75 per km. - Deliveries begin August 26, 2026. Growth Outlook - New model could support EV market-share gains. - M&M continues expanding EV capacity. - Growing BEV lineup strengthens EV positioning.

VARUN BEVERAGES | SOUTH AFRICA SUBSIDIARY MERGER Merger Update - Twizza Proprietary merged with Bevco - Both entities form part of South Africa operations - Twizza ceased being a step down subsidiary Strategic Impact - Simplifies South African corporate structure - Streamlines subsidiary structure and operations - Improves organisational efficiency

HCLTECH | AI EMERGING AS KEY TELECOM REVENUE DRIVER Industry Outlook - 60% telecom leaders see AI driving future revenue. - Only 25% feel ready to scale AI. - ~70% see traditional connectivity becoming commoditized. - ~50% consider strategic partnerships critical. Partnership Opportunity - Partnerships span hyperscalers and AI firms. - Software partnerships also gaining importance. - Telecom companies seek transformation capabilities. Strategic Impact - Supports demand for HCLTech AI services. - Benefits cloud transformation opportunities. - Strengthens telecom digital transformation prospects.