❁Stocks❁ ❁Result❁& BREAKING News

Vikran Engineering: ₹153.76 Cr POWERGRID Order • Secured ₹153.76 Cr order from POWERGRID for 400 kV AIS Extension Substation Package SS-136T. • Project includes extension of 400/220 kV Tumkur-II Pooling Substation and civil works for ±300 MVAR STATCOM. • Project will support integration of an additional 2.7 GW renewable energy capacity. • Scope covers design, engineering, supply, erection, testing and commissioning. • Execution period: 21 months from Notification of Award.

HSBC on Insurance IRDAI proposes a broad redesign of insurance distribution and cost structure to improve insurance affordability and penetration Proposed EoM limits are stringent &, if implemented, can have a wide implication across insurers, brokers, and lenders Relatively, SBILIFE appears least impacted while HDFCLIFE, MAXF & PB FIN could see higher potential impact

HSBC on Vishal Mega Mart Buy, TP Rs 153 Analyst meet Key highlights 1) Apparel: co discussed the launch of a new format called Beyond & Co (average selling price (ASP) of around INR900), & its process, execution, and inventory selection is what differentiates the company vs other peers. VMM’s apparel remains a fast fashion focused collection, 2) General Merchandise: private label share varies across sub-segments with highest in home furnishings at around 35%. Co intends to expand the range in toys, 3) FMCG: private label penetration is more or less covered in most categories across HPC and Foods. Gross margins for private labels are around 2x of third-party brands While Q2FY27 could see some moderation in performance due to festive shift, expect unchanged full year performance

BERNSTEIN ON INSURANCE Proposed Commission Cuts Far More Severe Than Expected, PB Fintech Likely To Be Most Impacted Proposed Take-rate Caps Could Materially Pressure PB Fintech's Unit Economics, In Health & Motor Insurers Could Also See Some Drag On Health & Term Growth LIC & SBI Life Relatively Better Placed Due To Lower Costs & Higher Agency/ULIP Mix Lower Distribution Costs Could Eventually Be Passed On To Customers, Supporting Some Vol Growth Expect Significant Industry Pushback Against The Proposals Near-term Stk Moves Could Reflect Pressure On PB Fintech From Larger-than-expected Commission Cuts

CLSA on Varun Beverage High Conviction O-P, TP Rs 629 VBL management expects India volumes to grow at a similar pace to the previous quarter (excluding April). Management also indicated that discounting has been rationalised, with Campa progressively reducing its entry pack from 200ml to 180ml and now 150ml, while Pepsi’s 400ml offering at Rs.20 remains unchanged PET & sugar related cost pressures should be manageable through mix and pricing VBL’s c.4m-retailer network is central to its ability to scale adjacencies.

CITI ON INSURANCE • Proposed commission caps could sig nificantly tighten insurance distribution economics • Current commissions on credit linked products are often multiple times the proposed caps • Group credit life payouts have risen toward 45% while NBFC channels average around 42% • Citi estimates distribution economics could compress 70% to 90% in several high margin categories if mplemented as proposed • Compulsory bundling of insurance with loans and credit could be banned outright • Proposed rules cover commissions, incentives, rewards, gifts, trips and related party payments

MACQUARIE ON NSE INITIATES OUTPERFORM | TP ₹1,965 • Macquarie calls NSE “The Dominator”, supported by its leading market share, deep liquidity and strong network effects. • Forecasts around 12% revenue CAGR over FY26–30E, driven by non-transaction revenues and new products. • Closing Auction Session (CAS) could weigh on near-term cash equity, derivatives and MTF trading activity. • NSE trades at around 30x FY29E P/E vs ~18x for international exchanges, but Macquarie sees the premium supported by superior growth and returns. • At the ₹1,965 target price, NSE would trade at around 2.5x PEG, broadly in line with global peers. • Valuation implies around 22x FY29E EV/EBITDA and 29.5x FY29E P/E. • Further re-rating could come from stronger adoption of new products and monthly options.

Macquarie on BSE Initiate O-P, TP Rs 4000 View BSE, Asia’s oldest stock exchange, as “The Challenger” as its pivot to index options has made it a credible competitor to NSE. BSE's platform expansion and share gains create revenue and margin optionality, supporting strong cash generation. Earnings growth, margin expansion and platform optionality underpin our positive outlook.

GOLDMAN SACHS ON PIRAMAL PHARMA BUY | TP ₹250 • Management reiterated low-to-mid teens topline growth guidance for FY27, with EBITDA and PAT expected to grow faster. • Guidance could be reviewed upward after Q2. • Medium-term target maintained to double revenue to $2 bn by FY30 with around 25% margin. • Growth is expected to be driven by a couple of large CDMO opportunities. • Management acknowledged the FY30 target could still be a stretch.

CLSA ON CESC OUTPERFORM TP ₹204 • CLSA sees CESC as an emerging transition play. • Believes 2x PAT by 2030 is achievable. • Estimates around 16% sales CAGR and 19% EBITDA CAGR over FY26–29E. • Growth supported by renewable scale-up, improving subsidiary profitability and a growing IPP portfolio. • Expansion is expected to be funded by strong distribution cash flows. • This could support structurally higher earnings growth and returns.

Macquarie on Groww Initiate O-P, TP Rs 260 See digital financial-services platform GROWW as a 'Disruptor' as it upends India's retail stock brokerage industry with its tech-first platform. GROWW's platform-based approach creates flywheel benefits driving share gains, high margins, and significant cash generation.

Macquarie on Angle One Initiate Neutral, TP Rs 285 Consider Angel One a 'Transformer,' as it transitions from a "Bricks & Mortar" broker to a "Bricks & Clicks" model. However, we see several challenges due to increased competition, high earnings sensitivity to reduced volumes, and high proportion of float income.

Jefferies on Vishal Mega Mart Buy, TP Rs 160 VMM exposed its mid-level mgmt., a first alongside CEO, popularly known as GK. VMM’s value-for-money playbook is evolving with rising aspirations. Mgmt. sees a long growth runway via store expansion, refurbishments, private labels, & quick commerce, while new formats expand TAM. Despite heavy investments in tech, supply chain & automation, strong volumes and sourcing advantages underpin confidence in sustaining margins.

Nomura on GE Vernova Buy, TP Rs 6000 Management meet takeaways Robust HVDC pipeline: With recent USD1.5bn HVDC order, estimate GVTD’s HVDC order book at USD2.2bn Steady ex-HVDC TAM growth: According to management, GVTD’s ex-HVDC TAM will grow to USD8.5bn by CY30E from USD5.2bn in CY25, at a 10% CAGR led by robust investments in grid modernization, renewables, and AI data centers (DC) Rapid expansion in export opportunities: Management expects export opportunities to log 18% CAGR over CY25-30E with its FY26 base export order inflow (OI) of INR12bn growing 10-15% y-y Expanding capacity prudently: GVTD is investing INR10bn to expand transformer/AIS/GIS capacity by 50%/25%/25% by Dec-28E (INR8.1bn), adding HVDC/VSC-STATCOM valve lines by early 2027E (INR1.4bn), and building AIS/GIS components plant by Dec-26E (INR0.6bn) Ample execution visibility, margin guidance intact: A robust order book provides healthy revenue visibility, though HVDC execution is back-ended (48-54 months vs 18-24 months for transformers). Management reiterated mid-20s EBITDA margin guidance for FY27E. HVDC orders may lead to gross margin dilution, but management aims to sustain EBITDA margin beyond FY27E through higher operating leverage Strong tailwinds underpin multi-year growth cycle: GEV expects stronger growth in 2030- 40E vs 2020-30E, driven by sustained demand and pricing power. GVTD management concurs and expects to benefit from GEV's strong OI, given its strategic importance to GEV

Jefferies on Bajaj Finance Buy, TP Rs 1280 BAF will seek shareholder approval to raise capital While leverage is manageable at 4.9x with healthy ROE of 21%, strong loan growth (23% Cagr) & staggered monetisation of 87% stake in BHFL & mgt succession in Mar-28 may have pushed raising. Assuming they raise c.10% of FY28 net worth, it may be c.Rs150bn, which can lift FY28e EPS by 1%, BVPS by 7%, ROE tapers marginally.

𝗘𝗦𝗗𝗦 𝗦𝗢𝗙𝗧𝗪𝗔𝗥𝗘 𝗦𝗢𝗟𝗨𝗧𝗜𝗢𝗡 𝗤𝟭 Result 𝗡𝗲𝘁 𝗣𝗿𝗼𝗳𝗶𝘁: ₹29.3 Cr vs ₹25.7 Cr YoY | ↑14% | ↓57% QoQ 𝗥𝗲𝘃𝗲𝗻𝘂𝗲: ₹133.7 Cr vs ₹124.6 Cr YoY | ↑7% | ↓20% QoQ 𝗘𝗕𝗜𝗧𝗗𝗔: ₹56 Cr vs ₹52 Cr YoY | ↑7% | ↓45% QoQ 𝗘𝗣𝗦: ₹2.9 vs ₹2.6 YoY | ↑12% | ↓57% QoQ 𝗠𝗮𝗿𝗴𝗶𝗻: 42.0% vs 42.1% YoY | 61.2% QoQ

BLOCK DEAL IN WELSPUN LIVING Welspun Group Master Trust Sells 2.45 Cr Shs (2.59% Eq) In Co For 525.88 Cr On NSE Fidelity Investment Trust Buys 2.22 Cr Shs (2.35% Eq) In Co For 477.98 Cr Quant MF Buys 22.3 Lk Shs (0.24% Eq) In Co For 47.9 Cr Deal Was Executed At An Avg Price Of 214.9/Sh On NSE

August AviationData: Domestic Passenger Traffic Drops 6.34% MoM In August 2026 ✈️AirIndia Market Share At 26.7% Vs 24% In July ✈️IndiGo Market Share At 65% Vs 67.4% In July ✈️SpiceJet Market Share At 1.2% Vs 1.6% In July ✈️AkasaAir Market Share At 5.5% Vs 5.5% In July

DIXON IN FOCUS SAMSUNG INDIA ELECTRONICS PROFIT DECLINED 36 PER CENT TO RS 7,228.10 CRORE FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026, ACCORDING TO A ROC FILING BY THE CONSUMER ELECTRONICS MAJOR

Euphoria Infotech: ₹4.03 Cr Work Order from Webel Technology • Received work order from Webel Technology Limited, a Government of West Bengal undertaking. • Scope: Online UG Admission Portal services under the Department of Higher Education, Government of West Bengal. • Order value: ₹4.03 Cr. • Execution period: 7 months. • Services relate to the 2026–27 academic session. • Order awarded by a domestic entity and is not a related-party transaction.