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NTPC | POWER MECH | BHEL | UCIL TO BOOST URANIUM OUTPUT Nuclear Growth - India targets 100 GW nuclear capacity by 2047. - Nuclear expansion requires stronger domestic fuel security. - Uranium demand expected to rise significantly. UCIL Expansion - UCIL plans to expand uranium mining. - Processing capacity also targeted for expansion. - Existing facilities including Tummalapalle under focus. - Rohil project environmental clearance is underway. Industry Impact - Higher uranium output strengthens fuel security. - Supports India's long-term nuclear expansion. - Creates opportunities across nuclear supply chain. - Could benefit engineering and power companies.

GUJARAT GAS | OTHER CITY GAS STOCKS | PNG DRIVE 3.0 Policy Push - Government plans to accelerate PNG adoption. - Focus on households and industries. - Priority likely for existing pipeline cities. - Push follows LPG supply security concerns. Industry Impact - Higher PNG adoption could boost utilisation. - City-gas infrastructure utilisation may improve. - CGD volumes could see additional growth. - Dependence on imported LPG may reduce. Key Takeaway - Positive for city-gas distribution companies. - Existing pipeline networks could benefit most.

ONGC | US LICENCE ENABLES FULL VENEZUELA OPERATIONS Licence Update - US Treasury/OFAC licence clears operations. - Key sanctions-related restrictions have been removed. - ONGC can resume full Venezuelan operations. - Opens scope for expanded activities. Production Opportunity - Higher production could support growth. - Greater operational flexibility improves project potential. - Operatorship may be explored for key projects. Venezuela Assets - ONGC Videsh holds San Cristobal stake. - Also holds interest in Carabobo projects. - Company expects recovery of pending dividends. - Dividend recovery could improve cash flows.

JINDAL STAINLESS | ₹900 CR COLD ROLLING CAPACITY EXPANSION Capacity Expansion - Plans ₹900 Cr cold rolling investment. - Capacity targeted at 2.67 Mn tonnes. - Expansion targeted for completion by FY28. - Rising industrial demand drives expansion. Maharashtra Facility - Planning ₹40,000 Cr manufacturing facility. - Facility planned in Maharashtra. - Focus on specialised steel grades. - Targets strategic and emerging sectors. Key Takeaway - Expansion strengthens value-added steel capabilities. - New capacity supports long-term growth. - Specialised grades offer strategic opportunities.

🛡️ 𝗗𝗲𝗳𝗲𝗻𝗰𝗲, 𝗔𝗲𝗿𝗼𝘀𝗽𝗮𝗰𝗲 & 𝗘𝗹𝗲𝗰𝘁𝗿𝗼𝗻𝗶𝗰𝘀 | 𝗙𝗬𝟮𝟳 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲 A few companies in this space are expecting strong growth in FY27. Here are the numbers I’m tracking 👇 🔹 𝗠𝗧𝗔𝗥 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗲𝘀 FY27 revenue growth: 80% 🔹 𝗦𝘆𝗿𝗺𝗮 𝗦𝗚𝗦 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 FY27 revenue growth: 35%+ 🔹 𝗕𝗵𝗮𝗿𝗮𝘁 𝗘𝗹𝗲𝗰𝘁𝗿𝗼𝗻𝗶𝗰𝘀 Revenue growth: 15% 🔹 𝗲𝗠𝘂𝗱𝗵𝗿𝗮 Organic revenue growth: 18% PAT CAGR target: 25% 🔹 𝗧𝗮𝘁𝗮 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗲𝘀 Double-digit growth expected H2 acceleration expected 🔹 𝗡𝗲𝘄𝗴𝗲𝗻 𝗦𝗼𝗳𝘁𝘄𝗮𝗿𝗲 Double-digit revenue growth expected The interesting part is that the opportunity is not limited to traditional defence companies. Electronics manufacturing, aerospace components, digital systems and defence technology are all becoming part of the larger ecosystem. 𝗚𝗿𝗼𝘄𝘁𝗵 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗶𝘀 𝗼𝗻𝗲 𝘁𝗵𝗶𝗻𝗴. 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻, 𝗺𝗮𝗿𝗴𝗶𝗻𝘀, 𝗼𝗿𝗱𝗲𝗿 𝗶𝗻𝗳𝗹𝗼𝘄𝘀 𝗮𝗻𝗱 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 𝘄𝗶𝗹𝗹 𝘁𝗲𝗹𝗹 𝘁𝗵𝗲 𝗿𝗲𝗮𝗹 𝘀𝘁𝗼𝗿𝘆. Which company are you tracking most closely in this space? 👀 Save this for future reference 🔖

RELIANCE | MRPL | CHENNAI PETRO | DOMESTIC LPG SUPPLY BOOST Production Targets - 21 refineries and upstream companies covered. - Maximum LPG production levels set first-time. - Combined potential reaches 63,810 tonnes per day. - Capacity equals over 2x FY26 output. - Equivalent to around 70% daily consumption. Supply Security - Higher production activated during supply constraints. - Aims to reduce dependence on LPG imports. - Strengthens domestic supply security. - Reduces vulnerability to import disruptions. Reliance Industries - Older refinery receives highest allocation. - Maximum allocation reaches 18,000 tonnes per day. Other Measures - Production schedules reviewed every six months. - Companies must maintain adequate LPG storage. - Transportation infrastructure must remain adequate. Key Takeaway - Policy strengthens domestic LPG availability. - Refiners gain strategic importance during disruptions.

VOLTAS | 50:50 JV WITH ATOMBERG FOR AC COMPRESSORS JV Details - Voltas and Atomberg plan Indian JV. - Equal 50:50 ownership structure proposed. - Focus on Room AC compressors. - Covers development and manufacturing. - Commercialisation also included in scope. Strategic Focus - Build indigenous compressor technology. - Develop local manufacturing capabilities. - Increase component localisation. - Strengthen supply-chain resilience. - Reduce dependence on concentrated global sources. Next Steps - Transaction remains subject to due diligence. - Definitive agreements yet to be signed. - Applicable regulatory approvals remain pending.

AMAGI MEDIA LABS | H2 PROFITABILITY & AI EXPANSION H2 Outlook - Business remains historically H2-weighted. - Operating leverage improves as revenue scales. - H1 contributed 47% of FY26 revenue. - H1 contributed only 37% of adjusted EBITDA. - Stronger H2 profitability expected. AI Expansion - Broader AI product suite planned for Q2. - AI offerings to expand beyond news. - New products could strengthen growth opportunities. Near-Term Impact - Q2 YoY growth faces 600 bps headwind. - Prior-year revenue timing benefit drives comparison. Long-Term Focus - Focus remains on durable revenue growth. - Improving EBITDA conversion remains a priority. - Stronger cash generation remains key objective.

JOHN COCKERILL INDIA | H2 GROWTH & PROFITABILITY OUTLOOK H2 Outlook - Significant H2 revenue improvement expected. - New project ramp-up to drive growth. - ₹2,000 Cr target may not be achieved. - Revenue expected to remain close to target. - US entity consolidation supports revenue. Order Pipeline - Robust pipeline across India and Asia. - Europe and USA pipelines remain strong. - Additional domestic orders expected before year-end. - International order wins also expected. Profitability - H2 profitability expected to improve. - Project maturity should support margins. - Restructuring benefits expected to aid profitability. - Higher-margin services to support earnings. Expansion - New China workshop targeted for Q3 2026. - Workshop will assemble specialised equipment.

HONASA CONSUMER | FY27 GROWTH & MARGIN OUTLOOK FY27 Growth - Growth expected above high-teens CAGR guidance. - Mamaearth expected to outperform double-digit CAGR. - Strong business momentum supports growth outlook. Margin Outlook - FY27 EBITDA margin targeted up 150–200 bps. - Long-term EBITDA margin target remains 15%. - Margin expansion remains a key priority. Growth Strategy - Growth-first approach continues. - Reinvestment planned in younger brands. - New categories remain a key focus. Cost Management - Crude oil and packaging costs rising. - Q1 impact limited through inventory management. - Calibrated price hikes taken near Q1-end. - Pricing actions aim to offset inflation. - No material gross-margin impact expected.

TATA MOTORS PV | FY27 GROWTH & MARGIN OUTLOOK India PV Outlook - Higher double-digit volume growth targeted. - Festive demand expected to support volumes. - New launches should support growth momentum. Margin Outlook - Q2 margins expected to remain flattish QoQ. - H2 margin improvement expected from PLI benefits. - Commodity pressures to be managed through pricing. - Faster cost reductions to support margins. JLR Outlook - FY27 guidance maintained despite weak Q1. - Stronger performance required through remaining year. - Annual revenue growth targeted around 10%. - US market remains a key focus. EV Strategy - Four new EV launches planned. - EV mix expected margin-neutral to accretive. - Premium positioning supports EV profitability. PLI Benefits - Nexon EV currently PLI-qualified. - Harrier.ev currently PLI-qualified. - Tiago EV under certification. - Punch EV under certification. - Sierra EV under certification. - PLI benefits expected from Q3. - Entire eligible portfolio targeted by Q4.

AXISCADES | FY27 GROWTH & ACQUISITION STRATEGY FY27 Targets - Revenue target ₹1,377 Cr annualised proforma. - EBITDA target stands at ₹270 Cr. - PAT target around ₹135 Cr. - Organic growth to replace divested EBITDA. - Acquisitions to support EBITDA replacement. Defence Growth - Defence growth targeted above 35% YoY. - Growth expected for next three years. - Strong order visibility supports outlook. Zeda Growth - Zeda revenue growth targeted above 100%. - Organic expansion supports strong growth. - New business transfers add further growth. Acquisition Strategy - Two acquisitions planned by Q2 FY27. - One acquisition planned in Aerospace. - One acquisition planned for Zeda. - Two additional acquisitions targeted by FY27-end. - Four acquisitions planned in total. Business Restructuring - AD Solutions remains loss-making. - Exit targeted by Q4 FY27.

DIAMOND POWER INFRA | FY27 GROWTH & MARGIN OUTLOOK FY27 Guidance - Revenue target stands at ₹4,300–4,500 Cr. - EBITDA margin targeted at 11–13%. - Margins expected to strengthen through FY27. - Execution expected to ramp up from Q2. - H2 growth expected to accelerate. FY28 Outlook - Revenue target stands around ₹7,500 Cr. - Capacity utilisation targeted around 60%. - Target applies to conductors and cables. Growth Potential - Peak revenue potential around ₹14,000 Cr. - Potential achievable within next three years. - Assumes around 75% capacity utilisation. Margin Outlook - Higher-value MV and EHV cables support margins. - Margin improvement expected during Q3–Q4. Capacity Utilisation - FY27 conductor utilisation targeted around 40%. - FY27 cable utilisation targeted around 50–52%. Tax Benefit - Accumulated tax losses provide future benefits. - Tax benefits expected for at least two years.

JSW CEMENT | FY27 VOLUME GROWTH & MARGIN OUTLOOK FY27 Outlook - Volume growth targeted in high-teens. - Growth includes Cement and GGBS. - New North operations also included. - GGBS volumes expected to grow high-single digits. Regional Growth - Strong infrastructure demand expected across MMR. - Pune remains a key growth market. - South India demand expected to remain strong. - North operations target EBITDA breakeven in Q2 FY27. - North business expected profitable thereafter. Margins & Costs - Higher utilisation should improve North profitability. - Cost-reduction initiatives support margin expansion. - Fuel costs expected stable during Q2. - Fuel costs expected to decline from Q3. - Higher domestic coal usage supports savings. - Lignite usage also supports cost reduction. Capex - FY27 capex guidance maintained at ₹2,300 Cr.

AMBER ENTERPRISES | FY27 GROWTH GUIDANCE & STRATEGY FY27 Guidance - Consumer Durables growth targeted at 13–15%. - Electronics revenue growth targeted above 40%. - Railway and Defence growth targeted at 30–35%. - EBITDA margins targeted at 15–16%. Electronics Growth - PCBA expected to drive strong growth. - PCB business remains a key growth driver. - Industrial and Automation also support expansion. - Electronics growth targeted above 40%. Consumer Durables - AC demand likely subdued through Diwali. - Inventory liquidation remains a near-term headwind. - Stronger demand expected from November onwards. Long-Term Strategy - Focus shifting toward higher-value EMS segments. - Industrial applications remain a priority. - Medical EMS offers growth opportunities. - Defence and Aerospace remain key focus areas. Fundraising - Resolution approved for raising ₹5,000 Cr. - Fundraising quantum yet to be finalised. - Structure and utilisation remain under evaluation.

UNICOMMERCE ESOLUTIONS | H2 FY27 GROWTH & PROFITABILITY OUTLOOK Growth Outlook - Uniware growth expected above 15% YoY from Q4. - Shipway growth targeted above 20% YoY from Q4. - Growth momentum expected to strengthen in H2. Profitability - H2 profitability expected to improve. - Stronger growth supports operating leverage. - Shipway targets adjusted EBITDA breakeven from Q3. - Uniware margins currently around 35%. Investment Impact - Majority of FY27 investments front-loaded in H1. - Front-loaded investments temporarily impact profitability. - Benefits expected to emerge during H2. - Faster growth should improve operating leverage.

SHILCHAR TECHNOLOGIES | FY27 GUIDANCE & CAPACITY EXPANSION FY27 Guidance - Revenue target maintained around ₹800 Cr. - Guidance maintained despite soft Q1. - Existing 7,500 MVA capacity nearing full utilisation. - Capacity targeted at near 100% utilisation. Margin Outlook - Margins expected to improve from Q2. - Historical 30% EBITDA margin remains achievable. - Recovery depends on geopolitical normalisation. - Higher export mix supports margin recovery. - Higher domestic mix may moderate FY27 margins. Order Book - Current order book is 70% domestic. - Export business impacted by shipping costs. - West Asia uncertainty continues affecting exports. FY28 Growth - New 6,500 MVA capacity targeted April 2027. - New capacity expected to drive FY28 growth. - Capacity expansion strengthens long-term growth visibility.

ADITYA BIRLA REAL ESTATE | FY27 LAUNCH PIPELINE & GROWTH OUTLOOK FY27 Pipeline - Launch pipeline stands around ₹9,600 Cr. - Majority launches planned during Q3 and Q4. - New GDV addition targeted at ₹10,000–15,000 Cr. Growth Target - Annual pre-sales target ₹15,000 Cr. - Target expected within next 2–3 years. - Growth expected to accelerate with launches. Spending - FY27 construction spend planned at ₹1,200–1,300 Cr. - Spending supports project execution. Market Outlook - Premium housing demand remains resilient. - MMR continues showing strong demand. - NCR demand remains healthy. - Pune and Bengaluru remain resilient markets. Expansion - Evaluating new land acquisition opportunities. - Noida and Gurgaon auctions under evaluation. Q1 Update - Q1 sales remained muted. - Lack of new launches impacted performance. - FY27 growth expected significantly back-ended. - Q3 and Q4 expected to drive growth.

ENDURANCE TECHNOLOGIES | Q2–Q4 FY27 GROWTH OUTLOOK Near-Term Outlook - Q2 and Q3 performance expected to improve. - Commodity cost pass-through supports recovery. - Softer aluminium prices should ease pressure. - Margins expected to recover progressively. Q4 FY27 Ramp-Up - Significant business ramp-up expected from Q4. - Shendra 4W castings plant drives growth. - New battery pack business supports expansion. Capex - FY27 capex guided around ₹800 Cr. - Focus remains on automation and efficiency. - Quality improvement remains a key priority. Growth Drivers - ABS mandate extension supports demand. - Lower-CC vehicles provide additional opportunity. - Europe remains a challenging market. - Weaker competitors could create opportunities. M&A - Strategic M&A opportunities under evaluation. - Focus spans automotive and non-automotive segments.

H.G. INFRA | FY27 GUIDANCE & H2 EXECUTION OUTLOOK FY27 Guidance - Revenue target ₹6,000–6,500 Cr. - EBITDA margin targeted at 13.5–14%. - Order inflow target ₹11,000–12,000 Cr. - Around ₹5,500 Cr orders secured in Q1. H2 Outlook - Strong execution ramp-up expected in H2. - Pune-Shirur project supports growth. - Orissa Ring Road supports growth. - Faster BESS execution expected. - Transmission execution expected to accelerate. - H2 margins targeted above 15%. FY28 Outlook - Revenue target around ₹7,000 Cr. - Strong execution supports FY28 growth. Key Timelines - Pune-Shirur appointed date expected by October 2026. - Orissa Ring Road date expected by October 2026. - Higher H2 revenue improves fixed-cost absorption. - Better absorption should support margin recovery.