Trade SMARTLY

• M&M Financial Services → Board to consider increasing borrowing limit on April 24 View: Neutral (Short term) • HDFC Bank → Approved investment of up to ₹1,000 cr in HDFC Life (subject to RBI approval) View: Neutral (Short term) • Firstsource Solutions → Launched intelligence engine ‘Kairos’ View: Positive (Medium term) • Rishabh Instruments → Secured ₹30 cr order from Germany-based energy company View: Positive (Short term) • Rashi Peripherals → Approved incorporation of subsidiary & acquisition of RP Tech Electronics (₹1 lakh deal + ₹10 cr investment) View: Neutral (Short term) • Motisons Jewellers → Approved redemption of 50 lakh preference shares View: Neutral (Short term) • Dodla Dairy → Subsidiary allotted 7.15 acres land in Bihar for new dairy plant View: Positive (Medium to Long term) • TVS Motor → Increased stake in DriveX Mobility to 92.4% (from 87.4%) View: Neutral (Short term) • CESC → Signed PPAs for 600 MW wind-solar hybrid projects (25-year tenure) View: Positive (Medium to Long term) • City Union Bank → Opened 4 new branches across multiple states View: Positive (Short to Medium term) • Associated Alcohols & Breweries → NCLT Kochi approved resolution plan for SDF Industries View: Neutral (Short term) • R Systems → NCLT approved merger of Velotio & Scaleworx with the company View: Neutral (Short term) • Paytm → Converted ₹197 cr loan into equity in First Games (stake now 82.6%); approved ₹90 cr DLG View: Neutral (Short term) • DCX Systems → Secured ₹9.3 cr order for transmitter-receiver modules View: Positive (Short term) • KPI Green Energy → Received inter-state power trading licence from CERC View: Positive (Medium to Long term) • Brookfield REIT → Launched ₹2,000 cr QIP (₹323 issue price, ~2.1% discount); proceeds for debt repayment View: Neutral to Marginally Positive (Short term)

2. Waaree Renewable Technologies Ltd CMP: ₹1,060 | Mcap: ₹11,063 cr Financial Overview • Revenue: ₹1,102.4 cr → +131.3% YoY | +29.5% QoQ • EBITDA: ₹206.8 cr → +63.7% YoY | +30.1% QoQ • PAT: ₹155.7 cr → +66.1% YoY | +29.8% QoQ • Valuation: → TTM P/E: 23.1x Margins • 4QFY26: 18.8% • 3QFY26: 18.7% • 4QFY25: 26.5% Key Performance Indicators • Unexecuted order book: 2.8 GW • Bidding pipeline: ~36 GW • Recent order wins: → 420 MW, 35 MW & 14 MW ground-mounted solar projects Note • Concall scheduled on 17 Apr at 4:00 PM *Key Corporate Developments* • Axis Bank → Board to consider fundraising via equity & debt on April 25 View: Neutral (Short term) • DCM Shriram → Entered JV ‘PolyTek’ with Teknor Apex to expand polymer compounds business View: Positive (Medium to Long term) • DCB Bank → Board to consider fundraising via debt & QIP on April 24 View: Neutral (Short term) • Hindustan Copper → Clarified no JV talks with Codelco; media reports have no impact View: Neutral (Short term) • Pennar Industries → Bandhan MF increased stake to 5.05% View: Neutral (Short term) • Isgec Heavy Engineering → Signed MoU with Nigeria Sugar Council for technical support View: Positive (Short to Medium term) • Gravita India → Increased stake in Rashtriya Metal to 99.44% View: Neutral (Short term) • Aditya Infotech → Formed 50:50 JV with Orient Cables for cable manufacturing View: Positive (Medium to Long term) • RVNL → Emerged L1 bidder for ₹967 cr East Coast Railway project View: Positive (Short to Medium term) • Samvardhana Motherson → Dissolved France-based unit GIE Groupe AD View: Neutral (Short term)

Earnings in Focus – 17 Apr (4QFY26) • Jio Financial Services • Bajaj Consumer Care • Mastek • Madhya Bharat Agro Products • National Standard (India) • Hathway Cable & Datacom *Quarterly Result Update – 4QFY26* 1. HDFC Asset Management Company Ltd CMP: ₹2,662 | Mcap: ₹1,14,065 cr Financial Overview • Revenue: ₹1,052 cr → +17% YoY | -2% QoQ • Other income: ₹12 cr → -91% YoY | -93% QoQ (due to volatile markets & higher bond yields) • Revenue yield: 45.3 bps → (vs 46.6 bps YoY | 46.5 bps QoQ) • EBITDA: ₹845 cr → +16% YoY | -4% QoQ → Margin: 80.4% (vs 81.0% YoY) • Operating yield: 36.4 bps → (vs 37.7 bps YoY | 37.9 bps QoQ) • PAT: ₹623 cr → -3% YoY | -19% QoQ → Core PAT: ₹614 cr (+13% YoY) • QAAUM: ₹9,27,500 cr → +20% YoY | Flat QoQ • Equity QAAUM: ₹6,05,000 cr → +23% YoY | Flat QoQ • SIP AUM: ₹2,01,000 cr (+15% YoY) • Market share: → Overall: 11.4% (vs 11.5% YoY) → Equity: 13.0% (vs 12.8% YoY) • AUM mix: → Equity: 65.2% → Debt: 19.0% → Liquid: 8.5% → Others: 7.3% • Dividend: ₹54 per share (final) Key Concall Takeaways • Retail investor participation remains strong despite market volatility → Continued SIP inflows and long-term investing behaviour → Investors accumulating during market corrections • Investor behaviour stable across direct & assisted channels → Assisted channels show higher investor retention • Key monitorable: → Investor behaviour if market weakness continues for long • SIP trends: → Strong and resilient inflows → ~40% SIP flows from B-30 cities → Increasing penetration across India • Lumpsum flows remain volatile → Investors deploy during corrections → Tend to redeem in strong markets • Yield profile: → Blended yield: ~45 bps (stable) → Equity: 56 bps → Debt: 27–28 bps → Liquid: 12–13 bps • PMS yields in-line with equity • AIF yields slightly higher than equity • Regulatory impact: → TER changes to impact ~3–4 bps → Largely offset through cost control & commission rationalisation → Minimal impact on profitability • Product strategy: → Portfolio largely complete across categories → New launches to be selective (sectoral/thematic/passive) • SIF products under development → Focus on differentiated offerings rather than immediate AUM growth • Cost & tech focus: → Tech & employee cost to grow in line with business → Focus on efficiency & digital expansion • Digital adoption: → ~97% transactions digital → Targeting near 100% • Leadership addition: → Rajan Anandan added to tech committee to drive AI & tech initiatives View & Valuation • Healthy growth supported by stable inflows and strong market share • Strong SIP momentum and retail participation to support AUM growth • Increasing financialisation remains a long-term tailwind • Valuation: → P/E: 34x / 30x (FY27E / FY28E) View: Positive Target Price: ₹3,110

Market Updates – 17 April 2026 Flat start expected on cautious Asian cues • Indian markets closed marginally lower yesterday → Sensex & Nifty down ~0.1%–0.2% → Broader markets outperformed → Midcap: +0.6% → Smallcap: +0.9% • Sectoral performance: → Top gainers: Metals, IT → Top losers: Banks, Auto, Oil & Gas • US markets closed at record highs → Dow: +0.2% → S&P 500: +0.3% → Nasdaq: +0.4% → Supported by Israel–Lebanon ceasefire • US macro data: → Weekly jobless claims at 207k (vs 215k estimate) • Global cues: → Asian markets trading cautious ahead of weekend → GIFT Nifty indicates flat opening

Discussed about this one Infra EPC company which is conservatively estimating to grow at a north of 80% growth rate in FY27. https://youtube.com/shorts/pD5vhRwwy6A?si=xN6XoDRo7NjScqUa

• JK Tyre & Industries → To invest ₹1.3 cr for 26% stake in Roofsol Renewable View: Neutral (Short term) • Fino Payments Bank → Migrating Core Banking System to Finacle (₹200 cr cost) View: Neutral (Short term) • Sterling & Wilson Renewable Energy → Issued ₹317 cr parent guarantee for subsidiary’s South Africa solar projects View: Neutral (Short term) • Samvardhana Motherson → Completed merger of German subsidiaries; also received small order (~USD 28,518) from California authority View: Neutral (Short term) • Suraj Estate Developers → Acquired land in Dadar (West) with ~₹100 cr GDV potential View: Positive (Medium term) • GHV Infra → Secured ₹815 cr civil works contract from APCO Infra (Maharashtra) View: Positive (Short to Medium term) • Spandana Sphoorty Financial → Board to consider bond issuance on April 20 View: Neutral (Short term) • John Cockerill India → Received ₹300 cr order from JSW Steel Coated Products View: Positive (Short to Medium term) • 63 Moons Technologies → 63SATS platform revenue surged 24x to ₹87 cr in FY26 View: Positive (Short term) Lock-in Update • Garuda Construction & Engg → Lock-in: 1.5 years Shares: 1.9 cr (20% of equity)

Key corporate Developments • Baazar Style Retail → Received ₹23 cr insurance claim for FY25 warehouse fire damage View: Neutral (Short term) • Rubicon Research → To acquire 85% stake in Arinna Lifesciences for ₹176 cr View: Positive (Medium to Long term) • Aurobindo Pharma → Expanded CMO partnership with Merck Sharp; arm to set up greenfield project (USD 150–175 mn investment) View: Positive (Medium to Long term) • Tata Communications → Issued commercial paper worth ₹400 cr View: Neutral (Short term) • Adani Enterprises → Approved allotment of 90.1 lakh shares to Adani Emerging Business shareholders View: Neutral (Short term) • Indiqube → Secured ₹52 cr contract from Japanese e-commerce major View: Positive (Short to Medium term) • SAMHI Hotels → Signed lease for ~162-room Noida hotel; arm partnered with Ingka Group for upscale project View: Positive (Medium term) • Varun Beverages → Acquired 29.99% stake in FPEL HR2 Energy (₹1.6 cr) View: Neutral (Short term) • City Union Bank → Opened 3 new branches; total now 959 View: Positive (Short to Medium term) • Triveni Turbines → Completed merger of TSE Engineering with TTAPL (effective April 1) View: Neutral (Short term) • Jeena Sikho Lifecare → Received NABH accreditation for Noida hospital View: Positive (Short to Medium term) • JK Cement → Invested ₹2.1 cr in SPV Mehrauni Electro View: Neutral (Short term) • Brigade Enterprises → Signed agreement for 8.63-acre Bengaluru project (₹7,200 cr GDV) View: Positive (Medium to Long term) • Infosys → Entered multi-year partnership with Carlos Alcaraz as Global Brand Ambassador View: Neutral to Marginally Positive (Short term) • MedPlus Health Services → Received suspension orders for 2 store drug licenses; impact ~₹7 lakh revenue View: Marginally Negative (Short term) • Container Corporation of India → Placed ₹175 cr order with Braithwaite & Co for 9 BLSS spine-car rakes View: Neutral (Short term) • Shriram Finance → Board to consider fundraising proposals on April 24 View: Neutral (Short term)

Quarterly Result Update – 4QFY26 1. HDB Financial Services Ltd CMP: ₹644 | Mcap: ₹53,463 cr Financial Overview • NII: ₹2,399 cr → +22% YoY | +5% QoQ • PPOP: ₹1,675 cr → +27% YoY | +8% QoQ → Supported by moderate opex growth • PAT: ₹751 cr → +41% YoY | +17% QoQ → Driven by improved asset quality & lower provisions • AUM: ₹1,18,493 cr → +11% YoY | +3% QoQ • Disbursements: ₹19,922 cr → +13% YoY | +11% QoQ • Asset Quality: → Gross Stage 3: 2.4% (vs 2.8% QoQ | 2.3% YoY) → Net Stage 3: 1.1% • NIM: 8.2% → +68 bps YoY | +14 bps QoQ • Credit cost: 2.4% → (vs 2.4% YoY | 2.5% QoQ) • Opex/Loan: 3.8% (vs 3.7% QoQ) • RoA / RoE: 2.5% / 14.8% → (vs 2.0% / 13.6% YoY) • Dividend: ₹2 per share Key Concall Takeaways • Business momentum remained healthy despite geopolitical tensions in Mar’26 → No moderation in credit demand observed → Focus remains on growth strategy • Key monitorables: → Supply chain normalization → Resolution of West Asia conflict • Asset quality stress stabilised in: → Asset finance → Unsecured personal loans → Growth expected to revive in these segments → AUM growth guidance: Nominal GDP + 6–7% (medium term) • Segmental outlook: → Used CV segment (8% of AUM): Focus area → New CV segment: Expected to grow in-line with industry → Unsecured business loans: → Expected to gain traction in FY27 → Supported by improving asset quality → Asset finance: → AUM growth: +10% YoY → Disbursement: -1% YoY → Asset quality improving • Yield & cost trends: → Asset yields stable; past moderation due to product mix change → Expected to improve with revival in unsecured lending → Cost of Borrowing (CoB): → Down 53 bps YoY | 26 bps QoQ → Expected to remain stable • Asset quality improvement: → Enterprise lending PCR moderation linked to PD & LGD dynamics → Asset finance GNPA improved: → 3.8% (vs 4.3% QoQ) → Driven by better recovery & controlled slippages • Margin & cost outlook: → Margin guidance: ~8% → Opex/AUM: 3.7–3.8% → Driven by investments in AI/tech & collections • Operational efficiency: → Branch rationalisation: → 1,730 branches (vs 1,771 in Jun’25) → Focus on larger branches for efficiency & faster TAT View & Valuation • AUM growth remained moderate due to slower growth in enterprise lending & asset finance • Margin expansion driven by: → Stable yields → Lower cost of borrowing • Asset quality stabilised with: → Better recoveries → Lower forward slippages • Credit cost expected to trend down further • Key focus ahead: → Growth revival → Macro stability (West Asia, supply chain) • Valuation: → P/B: 2.3x / 2.0x (FY27E / FY28E) Fair Value: ₹710 – ₹720

Market Environment & Updates – 16 April 2026 Global cues indicate a firm opening for Indian markets • Indian equity markets saw a sharp rebound on Wednesday → Sensex & Nifty surged ~1.6% each → Broader markets outperformed • Key drivers: → Optimism on US–Iran peace talks → Stabilising crude oil prices • Sectoral trend: → All NSE sectors closed in green → Consumer Durables & IT led gains • US markets continued rally → S&P 500: +0.8% → Nasdaq: +1.6% → Driven by de-escalation hopes (US–Israel–Iran) → S&P 500 crossed 7,000 (all-time high) • Global cues: → Asian markets trading positive → GIFT Nifty indicates flat to positive opening Earnings in Focus – 16 Apr (4QFY26) • Wipro • HDFC Life Insurance • HDFC AMC • CRISIL • Angel One • Waaree Renewable Technologies • Alok Industries • VST Industries • SG Finserve • Amir Chand Jagdish Kumar (Exports)

Key Actionables • Minda Corporation → Spark Minda forms JV with Turntide (51:49) to develop EV motor controllers & motors in India View: Positive (Medium to Long term) • Tata Communications → To announce results & dividend on April 22 View: Neutral (Short term) • Indoco Remedies → USFDA completed pre-approval inspection at Aurangabad facility View: Marginally Positive (Short term) • Dixon Technologies → Clarified Noida labour issue is industry-wide; no material impact on operations View: Marginally Negative (Short term) • GAIL → Plans 600 MW solar project in UP (₹3,295 cr capex) View: Positive (Medium to Long term) • Ujjivan Small Finance Bank → RBI returned universal banking licence application; advised to reapply after portfolio diversification View: Marginally Negative (Short term) • Indian Overseas Bank → Reduced MCLR by 5 bps; overnight at 7.90%, 1Y & 2Y at 8.75% View: Neutral (Short term) • Canara HSBC Life Insurance → Signed corporate agency agreement with Odisha Grameen Bank for product distribution View: Positive (Short to Medium term) • Zota Health → Seeks approval to increase Section 186 limit to ₹1,000 cr (from ₹500 cr) for investments/acquisitions View: Neutral (Short term) • Onix Solar Energy → Board meeting on April 17 to consider equity fundraising View: Neutral (Short term) • Travel Food Services → Delhi HC set aside arbitral award in Goa case; allowed AAI’s plea View: Neutral (Short term) • Arisinfra Solutions → Signed MoU with Capacite Infra for ₹800 cr material procurement View: Positive (Short to Medium term) • LIC → Approved 1:1 bonus issue (up to ₹6,325 cr); credit expected by June 12 View: Neutral (Short term) • Hubtown → NCLT directs shareholder meeting for merger with Saicharan Consultancy View: Neutral (Short term) • Pitti Engineering → NCLT approved waiver of shareholder meeting for merger with PIPL & DFPL View: Neutral (Short term) • Healthcare Global Enterprises → Acquired additional 34% stake in Vizag hospital (₹155 cr); stake now 85% View: Neutral (Short term) • Windsor Machines → Approved conversion of 27.8 lakh warrants into equity shares View: Neutral (Short term)

3. Swaraj Engines Ltd CMP: ₹3,907 | Mcap: ₹4,747 cr Financial Overview • Revenue: ₹546 cr → +20.3% YoY • EBITDA: ₹75 cr → +21.0% YoY • PAT: ₹55 cr → +22.2% YoY • Engine sales volume: 55,004 units → +20.6% YoY • Valuation: → Trading at 23.9x FY26 P/E • Dividend: → Final dividend of ₹110 per share (FY26) EBITDA Margin Trend • 4QFY26: 13.7% • 3QFY26: 13.1% • 4QFY25: 13.7% View & Valuation • Reported a decent set of numbers with strong volume growth • Growth reflects healthy demand for Swaraj tractor segment • Key risk ahead: → Possible El-Nino impact on monsoon → Could affect tractor demand • High base of last year may also impact FY27 growth Key Actionables • Alkem Laboratories → Incorporated new subsidiary in Dubai (AED 3.7 mn investment) View: Neutral (Short term) • Samvardhana Motherson → Clarified Noida labour issues due to misinformation; operations compliant, working to restore normalcy View: Marginally Negative (Short term) • Hindustan Zinc → Won potash & halite block in Rajasthan (1,841.2 hectares) View: Positive (Medium to Long term) • City Union Bank → Opened 6 new branches; total branches now 956 View: Positive (Long term) • ICICI Bank → Board meeting on Apr 18 to consider fundraising via debt instruments View: Neutral (Short term) • Cyient → Initiated liquidation process of Infotech HAL View: Neutral (Short term) • Godawari Power & Ispat → Subsidiary signed 5-year agreement with EVE Power for BESS project (20 GWh, 628 Ah LFP cells) View: Positive (Short to Medium term) • HG Infra Engineering → Secured ₹519 cr order for civil & P-way works (Mirzapur, UP) View: Positive (Short to Medium term) • Jaykay Enterprises → To acquire Patange Industries for ₹5 cr View: Neutral (Short term)

2. Nuvoco Vistas Corporation Ltd CMP: ₹307 | Mcap: ₹10,954 cr Financial Overview • Revenue: ₹3,307 cr → +22.4% QoQ | +8.7% YoY (4QFY26) → FY26 revenue: ₹11,388 cr (+9.5% YoY) • EBITDA: ₹588 cr → +53.1% QoQ | +6.5% YoY (4QFY26) → FY26 EBITDA: ₹1,857 cr (+35.3% YoY) • PAT: ₹141 cr → +185.2% QoQ | -14.9% YoY (4QFY26) → FY26 PAT: ₹360 cr (vs ₹22 cr in FY25) • Cement sales volume: 6.0 MMT → +5.3% YoY (highest-ever quarterly volume) • Valuation: → FY27E / FY28E EV/EBITDA: 8.1x / 7.2x Margins • 4QFY26: 17.8% • 3QFY26: 14.2% • 4QFY25: 18.1% • FY26: 16.4% • FY25: 13.2% Key Result Takeaways • Trade mix remained stable at 75% (YoY) • Premiumisation share: → 44% (vs 44% QoQ | 40% YoY) • Net debt: ₹4,445 cr → (vs ₹4,217 cr in Dec’25) • Capex / Expansion: → New bulk cement terminal at Sachana, Gujarat → Capacity: ~1.5 MMTPA with railway siding • Strategic investment: → 26% stake in Clean Max Ilghop Pvt Ltd (₹26 cr) → Focus on renewable energy initiatives View & Valuation • Delivered decent performance with record quarterly volumes • PAT declined YoY due to higher expenses • Focus on cost optimisation via: → Renewable energy → Efficiency improvement projects • Key monitorable: → Input cost trajectory amid geopolitical environment Note • Earnings concall scheduled today at 4:30 PM

Quarterly Result Update – 4QFY26 1. ICICI Prudential Asset Management Company Ltd CMP: ₹3,354 | Mcap: ₹1,65,750 cr Financial Overview • Revenue: ₹1,517 cr → +20% YoY | Flat QoQ • Revenue yield: ~46 bps → (vs 48 bps in 3QFY26) • EBITDA: ₹1,160 cr → +30% YoY | +2% QoQ → Margin: 76.5% (vs 75.3% QoQ | 70.5% YoY) • PAT: ₹763 cr → +10% YoY | -17% QoQ → Core PAT: ₹829 cr (+27% YoY) • QAAUM: ₹11,04,787 cr → +26% YoY | +3% QoQ • Equity QAAUM: ₹6,20,401 cr → +27% YoY | +2% QoQ • Market share: → Overall: 13.5% (vs 13.3% QoQ) – 2nd highest → Equity: 14.2% (vs 13.8% YoY) – highest Key Concall Takeaways • Inflows remained resilient despite subdued equity returns over the last 18 months → Retail participation sustained even during volatility → No major impact on inflows during Feb–Mar despite West Asia conflict • Management continues to emphasize: → Realistic return expectations → Asset allocation discipline → Long-term investing approach • PMS segment QAAUM declined QoQ → Impacted by MTM losses • Transfer of ICICI Venture funds completed → Includes Private Equity, Early-stage PE & Affordable Real Estate funds → AUM ~₹463 cr → Helps expand offerings to private investors • Yield profile: → FY26 gross yield: 52 bps | Net yield: 48.3 bps → Segment-wise: → Equity: 67 bps → Debt: 32 bps → Liquid: 12 bps → Passive: 10 bps → Arbitrage: 30 bps • Alternates business (PMS + AIF): → Gross yield: 2% → Net yield: 98 bps → Advisory yields: 33 bps → Higher yields driven by favourable product mix • Customer addition trends: → Strong growth in new-to-industry customers → Driven by digital channels & financialisation in Tier 2–4 cities → Young & first-time investors contributing • Fintech channel traction: → 50–60% of new MF customers via fintech platforms → Deep integration helping expand reach • Product pipeline: → Working on 4–5 new fund offerings → Likely to launch 1–2 NFOs soon across MF & SIF categories • ESOP / ESU approval: Total non-cash compensation expense estimated at ₹120–130 cr → P&L impact: → FY27: ₹64–68 cr → FY28: ₹36–40 cr → FY29: ₹18–22 cr • TER regulation impact: Management guided ~3–4 bps impact due to new TER regulations (effective April 1, 2026) → Company working on mitigation strategies • New product launches (SIF): → iSIF Equity Ex-Top 100 Long-Short Fund → iSIF Hybrid Long-Short Fund → Combined AUM: ₹190 cr (as of Mar’26) View & Valuation • Performance remains resilient with healthy core profitability growth • Revenue yields saw slight sequential compression → Due to higher passive / ETF mix • Strong inflows leading to market share gains → Highest market share in equity MF segment • Product expansion strengthened → Post ICICI Ventures fund integration • Valuation: → Trading at 42x / 36x FY27E / FY28E P/E • Premium justified by: → Strong inflows → Higher equity AUM mix → Consistent fund performance Fair Value: ₹3,600 – ₹3,650

Provisional Business Update – 4QFY26 1. Shanti Gold Ltd • Revenue growth: ~120% YoY Past Trend (YoY): → 3QFY26: 110% → 2QFY26: 62% → 1QFY26: 22% → FY26: ~80% (provisional) → FY25: 56% → FY24: 5% • Volume growth: 25% YoY Past Trend (YoY): → 3QFY26: 31% → 2QFY26: 10% → 1QFY26: -8% → FY26: ~15% (provisional) • Key highlights: → Strong performance despite high gold prices → Highest-ever quarterly performance in 4QFY26 → Driven by wedding season demand and elevated gold prices

Market Environment & Updates – 15 April 2026 Global markets show strong positive cues for Indian markets • Indian equity markets ended Monday on a weak note → Sensex & Nifty declined ~0.9% each • Key reasons for decline: → Sharp spike in crude oil prices → Failure of US–Iran peace talks (Islamabad) • Sectoral impact: → Nifty Auto was worst hit (-2.1%) → Dragged by fresh policy developments • US markets closed higher overnight → Dow: +0.7% → S&P 500: +1.2% → Nasdaq: +2.0% → Driven by renewed optimism on US–Iran talks • Global cues: → Asian markets trading positive → GIFT Nifty indicates gap-up opening *Earnings in Focus – 15 Apr (4QFY26)* • ICICI Lombard General Insurance • HDB Financial Services • Elecon Engineering • Tejas Networks • Media Matrix Worldwide • Reliance Industrial Infra • Lotus Chocolate

Key Corporate News/Developments • Ashiana Housing → Acquired 28.6 acres land in Pune; project potential ~₹1,800 cr View: Positive (Short to Medium term) • Saatvik Green Energy → Secured ₹109 cr order for Solar PV Modules from EPC players View: Positive (Short term) • Godfrey Phillips → Plaintiffs withdrew suit filed in Delhi High Court View: Positive (Short to Medium term) • Eicher Motors → Launched ‘Flying Flea’ electric motorcycle (₹2.8 lakh) View: Positive (Short to Medium term) • Ashoka Buildcon → Redeemed NCDs worth ₹100 cr View: Neutral (Short to Medium term) • Sandur Manganese → Signed Forest Lease Agreement for Kammathuru Iron Ore Mine (Karnataka) View: Positive (Short to Medium term) • BSE → Received SEBI approval to launch derivatives on Focused IT Index View: Positive (Short to Medium term) • Thermax → Acquired additional 35.82% stake in Exactspace Tech; total stake now 51% View: Neutral to Positive (Short term) • TCS → Renewed strategic partnership with Marks & Spencer View: Positive (Short to Medium term) • Poonawalla Fincorp → Opened QIP; floor price at ₹390.3 (~3% discount to CMP) View: Neutral (Short term) • GHV Infra → Secured ₹105 cr construction order from GHV India (Kalwa projects) View: Positive (Short term) • JSW Energy → Exercised call option to acquire remaining 26% stake in JSW Mahanadi Power View: Neutral to Positive (Short to Medium term)

2. Anand Rathi Wealth Ltd CMP: ₹3,548 | Mcap: ₹29,462 cr Financial Overview • Revenue grew 30% YoY to ₹288 cr • EBITDA declined 7% YoY to ₹85 cr → Margin at 29.5% (vs 40.9% YoY) → Impacted by elevated operating expenses • PAT grew 41% YoY to ₹103 cr • AUM stood at ₹93,087 cr (+21% YoY) → Declined 6% QoQ due to market volatility • Net inflows declined 3% YoY to ₹3,379 cr → Equity MF inflows remained flat • Equity Mutual Fund share in AUM: 51% → (vs 53% in Mar’25) Operational Highlights • Active client families: 13,395 (+14% YoY) • Relationship Managers (RM): 401 (vs 380 YoY) • AUM per RM increased ~14% YoY to ₹226 cr Guidance & Corporate Action • FY27 guidance: → AUM growth: 29% → Revenue growth: 18% → PAT growth: 19% • Dividend: ₹7 per share (final) • Bonus issue: 1:1 (subject to approval) View • Performance in-line during the quarter • Sequential AUM decline due to market volatility • Margins impacted by higher employee costs (RM additions) Note • Analyst concall scheduled on 10 Apr’26 at 2 PM

Market Updates – 10 April 2026 Quarterly Result Update – 4QFY26 1. Tata Consultancy Services Ltd. (TCS) CMP: ₹2,588 | Mcap: ₹9,36,271 cr Financial Overview • Revenue stood at ₹70,698 cr, up 5.4% QoQ and 9.6% YoY; CC revenue grew 1.2% QoQ • Operating profit came at ₹17,870 cr, up 5.8% QoQ and 14.5% YoY • PAT stood at ₹13,718 cr, up 2.1% QoQ and 12.2% YoY → (3QFY26 PAT excluded one-time exceptional impact of new labour code) • Board declared final dividend of ₹31 per share for FY26 • Overall performance was decent with a cautious outlook for FY27 • Trading at FY27E / FY28E P/E of 16.8x / 15.7x Operating Margin • 4QFY26: 25.3% • 3QFY26: 25.2% • 4QFY25: 24.1% Key Con-call Takeaways • Performance broadly in-line with expectations; third consecutive quarter of sequential growth • Strong deal wins of $12 bn with increasing traction in AI-led opportunities across service lines • AI revenue run-rate reached $2.4 bn, indicating early monetisation momentum • Growth remained broad-based across markets and verticals → ERU (Energy, Resource & Utilities): +6.1% QoQ (CC) → CBG (Consumer Business Group): +2.8% QoQ (CC) • Geography-wise growth led by → UK: +2.4% QoQ (CC) → North America: +1.4% QoQ (CC) • However, FY26 revenue declined 2.4% YoY (CC), reflecting ongoing macro headwinds • Margin improvement; highest in 4 years: Operating margin stood at 25.3% (+10 bps QoQ / +110 bps YoY). FY26 margin came at 25%, the highest in the last four years. → Driven by: → Operational efficiencies & cost optimisation → Improved utilisation → Lower subcontracting costs (higher on-roll billable headcount) → Operating leverage from better revenue conversion → Currency tailwinds → Partly offset by: → Continued investments in AI → Wage and skill cost pressures → Normalisation of travel & discretionary expenses • Deal wins remained strong: 4QFY26 TCV stood at $12 bn (+29% QoQ). TTM deal wins at $40.7 bn (+3.6% YoY), highest ever. → Included 3 mega deals in the quarter (5 in FY26) → Strong traction in digital engineering & cloud modernisation → Healthy client additions across $100 mn, $50 mn & $1 mn buckets → Growth returned in mid and large client segments after ~2 years • Macro environment remains fragile: Geopolitical tensions impacted Travel & Transport vertical, while BFSI and other verticals remained largely resilient. → Despite this, deal pipeline remains strong → Driven by cost optimisation, vendor consolidation, and AI/cloud transformation demand • AI adoption accelerating across functions: Strong traction in AI-led transformation programs supported by OpenAI partnership → ~40% reduction in software deployment timelines via AI → Increasing client focus on AI-driven cost optimisation → No negative client reaction post Anthropic developments → Strategy: → Build industry-specific AI agents across functions → Partner with multiple AI model providers (OpenAI + Anthropic) • FY27 outlook – cautiously optimistic: Management expects stronger growth momentum in 2HFY27 → No formal guidance provided → Strong deal pipeline supports growth visibility → Medium-term margin target: ~26% • Headcount update: Added 2,356 employees; total headcount at 5.84 lakh (Mar’26) → Wage hikes effective April 2026 → Estimated ~100 bps margin impact (front-loaded) → Likely to be offset through productivity, utilisation & cost optimisation View & Valuation • Stock trades at 16.8x / 15.7x FY27E / FY28E earnings • Margin profile remains strong → FY26 margin at 25% (4-year high) → Targeting ~26% going forward • Strong positioning driven by: → AI-led transformation focus → Software productivity initiatives → Large-scale AI infrastructure (100 MW → ~1 GW via OpenAI partnership) • Overall performance remains in-line with expectations → Resilient margins with cautious demand outlook View: Positive stance maintained Target Price: ₹3,200 (Long-term investment horizon)

Provisional Business Update – 4QFY26 1. The Phoenix Mills Ltd • Retail consumption: → ₹4,251 cr (+30.9% YoY) – 4Q → ₹16,578 cr (+20.6% YoY) – FY26 • Commercial Offices: → Leasing >2.2 msf in FY26 → Occupancy: ~70% → Portfolio expanded to ~4.8 msf • Residential: → Sales: ₹471 cr vs ₹212 cr YoY • Hospitality: → RevPAR growth: ~6–7% → Occupancy: ~86% View: Strong momentum across segments, Positive (Short term) 2. Prestige Estates Projects Ltd • Pre-sales: → ₹7,697 cr (+10% YoY) – 4Q → ₹30,024 cr (+76% YoY) – FY26 • Growth driven by: → Strong launches + inventory sales → Key markets: Bengaluru, NCR, Mumbai, Hyderabad, Chennai View: Record sales performance, Positive (Short term) Key Actionables • Brent Crude → Prices declined ~12.5% post US–Iran ceasefire Impact: Positive for OMCs, Airlines, Paints, Tyres, Chemicals; Negative for upstream (ONGC, Oil India, Vedanta) • Gold Financing Companies → Gold prices up ~3% (~$4,800/oz) View: Positive • Alkem Laboratories → Launched ‘A To Z Daily’ multivitamin in domestic market View: Positive (Short to Medium term) • Aditya Birla Real Estate → Birla Estates secured ₹1,600 cr bookings (Gurugram project) View: Positive (Short term) • Thomas Cook India → Opened new franchise outlet in Guwahati (Northeast expansion) View: Positive (Short to Medium term) • Arvind SmartSpaces → Strategic pact for Mumbai project (~₹2,400 cr potential) View: Positive (Short to Medium term) • Biocon → Launched Denosumab biosimilars (Bosaya & Aukelso) in US View: Positive (Short to Medium term) • CleanMax Enviro → Commissioned 185 MW hybrid renewable project (Gujarat) View: Positive (Medium to Long term) • Prince Pipes → Acquired new manufacturing facility in Gujarat View: Neutral (Medium to Long term) • GAIL India → Signed LNG carrier charter agreement with Alpha Gas (Greece) View: Positive (Short term) • Infosys → Partnered with Harness for AI-driven software delivery View: Positive (Medium to Long term) • Dredging Corporation of India → MoU with Colombo Dockyard for ship repair & shipbuilding View: Positive (Medium to Long term) • Aurobindo Pharma → USFDA approval for Dapagliflozin + Metformin tablets View: Positive (Short to Medium term) • Prostarm Info → Secured ₹165 cr EPC order from Solarium Green Energy View: Positive (Short to Medium term) • Swan Defence → Order worth ₹1,500–3,000 cr for ammonia carriers View: Positive (Short term) • LIC → Board meeting on Apr 13 to consider bonus share issue View: Positive (Short term) • IKS Health → Launched audit-ready medical coding solutions View: Positive (Medium term) • Shringar House → Entered gold bridal jewellery segment View: Positive (Short to Medium term) • Lupin → USFDA approval for Dapagliflozin tablets View: Positive (Short to Medium term) Lock-in Update • Sedemac Mechatronics → 1-month lock-in | 10 lakh shares (~3% of equity) Insider Trade • C.E. Info Systems → Promoter bought 46,000 shares

Market Sentiment / Updates – 8 April 2026 Risk-on sentiment as US–Iran agree to 2-week ceasefire • USA & Iran agreed to a 2-week ceasefire → Announcement came just before Trump’s Strait of Hormuz deadline • Global reaction: → Brent crude down ~12.5% to $95/barrel → Dollar Index eased to 98.8 → US 10Y yield at 4.24% → Dow Futures up ~1,050 points • Asian markets: → Trading strong with 2–4% gains • GIFT Nifty संकेत → Gap-up opening (~650 points) expected • Key focus today: → RBI policy decision → Start of 4QFY26 earnings season