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Equity Bottom-Up

Aditya Birla Lifestyle Brands / Equity Bottom-Up

<ul><li>ABLBL’s recovery across segments remains steady</li><li>Weeding off unprofitable stores seems largely behind in Lifestyle brands (LB), and early signs of a pick- up in expansion are visible (59 net stores in Q3FY26 vs a muted H1FY26)</li><li>Channel checks suggest demand till mid-February remained healthy, post which a moderation was witnessed</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABLBL’s recovery across segments remains steadyWeeding off unprofitable stores seems largely behind in Lifestyle brands (LB), and early signs of a pick- up in expansion are visible (59 net stores in Q3FY26 vs a muted H1FY26)Channel checks suggest demand till mid-February remained healthy, post which a moderation was witnessedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Lifestyle Brands: Recovery Remains Steady, Maintain BUY

Thematic (Sector/Industry)

<ul><li>Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.</li><li>This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.</li><li>We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businesses</li><li>Adjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)</li><li>Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segment</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businessesAdjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segmentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

<ul><li>Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~20% YoY revenue growth in Q3</li><li>The growth primarily stems from jewelry (gold price-led) and new-age businesses (customer acquisition push)</li><li>In other sectors, demand continues to remain subdued</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~20% YoY revenue growth in Q3The growth primarily stems from jewelry (gold price-led) and new-age businesses (customer acquisition push)In other sectors, demand continues to remain subduedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary (Q3FY26 Results Preview): Q3FY26 – a mixed bag

India

Aditya Birla Lifestyle Brands Limited (ABLBL) is a leading Indian branded apparel company. It engages in the retail of garments and accessories, including western wear brands like Louis Philippe, Van Heusen, Allen Solly, Peter England, and Simon Carter, as well as sportswear under Reebok and innerwear under Van Heusen. The company operates a retail footprint of over 4.8 million sq. ft., with a network of exclusive brand outlets, multi-brand outlets, and shop-in-shops across India. ABLBL was incorporated in 2024 and is headquartered in Mumbai, India.

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Aditya Birla Lifestyle Brands (ABLBL IN)

Aditya Birla Lifestyle Brands: Recovery Remains Steady, Maintain BUY

Weeding off unprofitable stores seems largely behind in Lifestyle brands (LB), and early signs of a pick- up in expansion are visible (59 net...

HDFC Securities

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

Consumer Discretionary (Q3FY26 Results Preview): Q3FY26 – a mixed bag

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~20% YoY revenue growth in Q3 The growth primarily stems from...

HDFC Securities

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