Fundamental Analysis (Long term)

Syrma SGS Update Management Commentary - FY27 revenue growth above 30%. - Expects to beat guidance by 10–15%. - Export guidance maintained at ₹1,500 crore. - Strong growth expected in automotive. - Memory price pass-through may lag. - Middle East disruption impacts supply. Growth Impact - Strong revenue outlook. - Export momentum remains robust. - Supply risks under watch.

Sulphur Value Chain: AJC Know-your-ValueChains!

India’s Precision machining + Auto Parts strengths lie in its lower labor and land costs; China remains most competitive despite rising wages; other developed markets lead on manufacturing infrastructure and IP protection

MTAR Technologies Update FY27 Growth Outlook - Reiterated 80% revenue growth guidance. - EBITDA margin guided at 24% ±100 bps. - Expanding Aerospace & Defence presence. - Entering data centre infrastructure. - Focus on critical technology indigenisation. Growth Impact - Broadens product portfolio. - Deepens existing customer business. - Adds new global customers.

TTK Prestige says Confident after a strong Q1, with demand remaining healthy. FY27 Guidance: Revenue +15–20% with margins stable at these levels ✅ Shift from unbranded to branded cookware ✅ Faster replacement cycles, supporting steady demand

Capri Global says Gold Loan Business 🪙 Delinquencies remain under control 🪙 LTV at 71%. 🪙 Per-branch AUM at ₹19 cr Guidance: Maintain NIMs, ROA at 4.5% & ROE around 20%–21% range

PUNITA KUMAR SINHA PACIFIC PARADIGM ADVISORS The Hype Around Al Is Settling Into A Reality Check China Developing Al Models At Much Lower Costs Vs US See Foreign Investors' Investments Coming Back Into India Financials Posting Good Results, NBFCs Strong Compounders Have A Positive Outlook On Diagnostic & Healthcare Names Reversal Of Al Trade Will Get FII Flows Back To India Biggest Risk For Flls To Invest In India Is The Currency India Is Looking Attractive In The Emerging Market Theme

CHOLA FINANCE - CONF CALL Management guided a minimum 3.5% pre-tax ROA for FY27 with potential for improvement. Asset quality showed only mild seasonal deterioration (Stage 2 improved 33 bps YoY, Stage 3 up 13 bps YoY, net delinquency improved 20 bps YoY); management remains confident of continued improvement through FY27, citing strong July trends and no visible stress from macro risks (weak monsoon, geopolitical tensions) as of now. Disbursement recognition methodology was changed (from cheque handover to cheque clearance/bank debit date) starting this quarter, temporarily lowering reported disbursement growth in LAP, home loans and used vehicles (like-for-like growth still ~20%+); management expects this alignment effect to normalize from Q2 FY27 onward More than 500 Concalls Highlights @Concalls3

Happiest Minds Tech: Guidance - - Concall Update • Management continues to focus on achieving its FY27 revenue guidance of 12.5% growth, supported by a strong start to the fiscal year. • This FY27 guidance implies a strong compounded quarterly growth rate (CQGR) of around 5% for the remaining three quarters, requiring conversion of pipeline deals. • The FY27 guidance does not include any potential acquisitions but accounts for deals already secured. • Achieving the guidance relies on converting mid- to large-size deals in the pipeline, with some expected to start generating revenue in Q3 and Q4. • The aspiration for 15% growth in FY28 remains unchanged, with the FY27 performance intended to set a strong platform for this future growth. More than 500 Concalls Highlights @Concalls3

Tilaknagar Industries: Guidance - - Concall Update • For FY '27, the combined business is expected to achieve high-single-digit to low-double-digit volume growth, with an upgrade to mid-teens annual volume growth for the next couple of years from FY '28 onwards due to new launches. Revenues are projected to grow at least 300 basis points higher than volume growth. • Consolidated EBITDA margins are targeted to reach 16% to 18% by FY '29 with an upward bias, improving from the 15.5% base set in Q4 FY '26 for FY '27. This will be driven by optimizing packaging, processes, and supply chain, leading to operating leverage and economies of scale. • The company aims to reduce net debt to approximately INR1,700 crores by March '27 from INR2,100 crores in Q1 FY '27, targeting a net debt-to-EBITDA ratio below 1x by March '29 through efficient capital deployment and disciplined debt management. • A price increase is expected in Telangana in Q2, which could provide an incremental margin impact of 150 to 200 basis points on an annualized basis. • Strategic priorities include generating demand for brands to deliver double-digit volume growth, expanding the luxury and premium portfolio leveraging the pan-India distribution strength of Imperial Blue and Mansion House, and increasing trade and consumer engagements for Imperial Blue.

𝗦𝗵𝗮𝗱𝗼𝘄𝗳𝗮𝘅 | 𝗧𝗵𝗲 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗜𝘀 𝗕𝘂𝗶𝗹𝘁. 𝗡𝗼𝘄 𝗜𝘁 𝗛𝗮𝘀 𝘁𝗼 𝗪𝗼𝗿𝗸 𝗛𝗮𝗿𝗱𝗲𝗿. Shadowfax is trying to put 𝗺𝗼𝗿𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗻𝗲𝘁𝘄𝗼𝗿𝗸. That's where the economics get interesting. ▪️ 𝗢𝗻𝗲 𝗻𝗲𝘁𝘄𝗼𝗿𝗸, 𝗺𝗼𝗿𝗲 𝘂𝘀𝗲 𝗰𝗮𝘀𝗲𝘀. D2C, SMEs, large shipments, vertical quick commerce and critical logistics can ride on the same backbone. The infrastructure changes little; 𝘄𝗵𝗮𝘁 𝗶𝘁 𝗲𝗮𝗿𝗻𝘀 𝗰𝗮𝗻 𝗰𝗵𝗮𝗻𝗴𝗲 𝗮 𝗹𝗼𝘁. ▪️ 𝗠𝗶𝘅 𝗰𝗮𝗻 𝗼𝘂𝘁𝗴𝗿𝗼𝘄 𝘃𝗼𝗹𝘂𝗺𝗲. D2C grew 𝟮.𝟱× in FY26 and earns 𝟭𝟱-𝟮𝟬% better pricing than enterprise shipments. A richer mix can therefore push earnings faster than parcel growth. ▪️ 𝟭𝟱 → 𝟭𝟬𝟬 𝗱𝗮𝗿𝗸 𝘀𝘁𝗼𝗿𝗲𝘀 matters because of what happened before the expansion: nearly two years of validation. Management tested first, then committed to scale. That is a much better signal than aggressive expansion before proving the economics. ▪️ 𝗖𝗮𝗽𝗮𝗰𝗶𝘁𝘆 𝗶𝘀 𝗿𝘂𝗻𝗻𝗶𝗻𝗴 𝗮𝗵𝗲𝗮𝗱 𝗼𝗳 𝗱𝗲𝗺𝗮𝗻𝗱. Logistics real estate expanded 𝟯𝟱% in six months, coverage reached 𝟭𝟱,𝟲𝟬𝟬 pin codes, with 120-150 added monthly. Costs come first; the payoff comes only if utilisation catches up. ▪️ 𝗔𝗜 𝗶𝘀 𝗮𝗻 𝗲𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 𝗹𝗲𝘃𝗲𝗿. Better routing, rider allocation and warehouse operations matter because small efficiency gains get multiplied across a large network. ▪️ 𝗧𝗵𝗲 𝗻𝘂𝗺𝗯𝗲𝗿 𝗜'𝗱 𝘄𝗮𝘁𝗰𝗵 𝗶𝘀 𝗲𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗽𝗲𝗿 𝗻𝗲𝘁𝘄𝗼𝗿𝗸. If more higher-value business flows through the same warehouses, riders and routes, earnings can scale faster than the physical network itself.

RadicoKhaitan Raises Guidance: 🟢Upgrades P&A volume growth guidance to over 25% for FY27 🟢Upgrades P&A volume growth guidance to over 25% from 20% 🟢Expect to deliver margin of around 20% for FY27

AURUM estimates a 23X demand supply gap for co-living and family rental properties by CY30 - Organized supply of 9lakh rental units against demand of 2 crore units.

Gravita India down 8% on dissappointing Q1 results 15-20% of our supply chain sourcing was through gulf, which was disrupted in Q1 , the reason behind the volume decline and utilization decline Lower lead tonnage (43,897 MT vs 48,889 MT in Q4FY26) EBITDA margin - declined to 9.80% in Q1FY27 from 10.74% in Q1FY26 PAT margin - declined to 7.21% in Q1FY27 from 8.97% in Q1FY26 Diversification into copper, aluminium, plastic, rubber and lithium. Entry into copper came via the RMIL acquisition, 99.44% stake for ₹561.84 Cr, adding 31,200 MTPA capacity in Sarigam, Gujarat. Capex plan through FY29E - existing verticals: ₹107 Cr (FY25), ₹200 Cr (FY26), ₹250 Cr (FY27E), ₹375 Cr (FY28E), ₹190 Cr (FY29E). Vision 2030 remains intact

Q1 FY27 notes for companies that posted blockbuster results: Sterlite Tech R R Kabel Ujjivan SFB Ramkrishna Forgings Sterlite Tech: - PAT at 197cr. 3.5x FY26 full year - revenue 87% y/y. margin at 20.8%, guidance at 23% - order book at record 18618cr, Q1 wins of 13100cr - 1.1bn multi year hyperscaler deal secured thru FY2029 - data center segment at 21% of sales, targeting 50% this year - connectivity attach rate at 16% targeting 25% by Q4 - QIP raised 1500cr and net debt free - capex at 500cr pa. for 3 years for de bottlenecking - India DC capacity to grow 7x to 10GW by 2031 - my estimates are around 1000cr PAT this year. Ramkrishna Forgings: - revenue up 20% y/y, PAT 172% y/y - rail wheel JV is big trigger, 80000 wheels confirmed from Railways plus 25000 from JV partner - FY29 revenue target of 8000cr at 22-25% CAGR - asset turn target of 2.5x on 3700cr net block equals 9000cr revenue at peak - major capex is behind, FY27 capex only 350cr - debt reduction of 400-500cr taking net debt from 1900cr to 1500cr - exports targeting 35% of sales which will highest ever - PV segment order book at 50/50 between EV and IC - can do 900cr+ PAT by FY29 Ujjivan SFB: - PAT at 317cr. ROA of 2.2% and ROE of 18.2% - borrower base growing again after 7q of degrowth - 1.72 lakh new customers added in Q1 - ROA guidance raised to 1.8-2%, credit cost guidance cut to 0.9-1% from higher - gold loan book at 1020cr up 249% y/y - secured book at 50% of gross loan book for first time - 2000cr equity raise planned for H2 FY27 - CASA target at 29-30% for FY27 and 35% by FY30 - MFI slippages down to 1.72% annualized from 2.68% - can do around 2000cr+ PAT by FY29 at 2.4% ROA RR Kabel: - highest ever qtr revenue and pat - W&C volumes grew 17% y/y - volume guidance at 18% in W&C and 25% in FMEG - 1200cr capex for FY26-28 with 80% in cable, 650cr to be deployed in FY27 - scaling from LV to HV cables up to 220KV by FY28 - wires utilization at 65-70% and cables at 90% - 2-3% market share shifting from unorganized to organized annually - new wire capacity will be added this q - cable capacities will be added later this year - can do around 1400cr PAT by FY29 (my estimates)

Avenue Supermarts (DMart) | Investor Call Highlights Store Expansion - FY27 store growth 15%. - FY26 expansion was 20%. - Land acquisition remains bottleneck. - Lease model can accelerate growth. - Expansion target remains achievable. Business Performance - Metro SSSG at mid-single digits. - Competition and store maturity impact. - Tier 1/2 productivity initially lower. - Majority products competitively priced. Customer Value - Average order value ₹1,600. - Customers save 10%+ on average. - Focus remains on value retailing. Competition - Q-commerce concentrated in metros. - Long-term impact seen as limited. - Competition tracked continuously. - Best-value positioning maintained. Margins - Gross margin guided around 14%. - Efficiency gains offset competition. - Sourcing benefits passed to customers. Management Commentary - Capital not a constraint. - Manpower not a constraint. - Operational efficiencies improving. - Long-term growth outlook remains intact. Impact - Neutral. - Slower store expansion. - Value proposition remains strong. - Margin discipline continues. - Q-commerce impact manageable. Key Takeaway - Avenue Supermarts expects slower store additions in FY27 due to execution constraints, but remains confident in maintaining its value-led retail model, stable margins, and long-term growth despite rising q-commerce competition.

Tilaknagar 🥃 EBITDA aspiration FY27 EBITDA = ₹650–680 cr FY29 =₹1,000 cr 🥃 Deleveraging Decline to ~₹1,700 cr by FY27-end vs ~₹2,100 cr as of June 2026 Telangana update Pushing for a price hike, ₹560 cr of receivables pending

Fabtech Technologies: FY27 Growth Outlook • The company expects 20–25% YoY organic growth in FY27. • Management expects Q2 to remain steady, with stronger execution in H2 FY27. • The company expects opportunities in Africa to further strengthen its business pipeline. • Order book: Over ₹900 crore. • Market Capitalisation: Approximately ₹600 crore.