External broker reports(aggregated public sources), HDFC Securities

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<ul><li>Bank of Maharashtra: Bank of Maharashtra (BOMH) reported healthy Q4FY26 earnings on the back of strong all-round credit growth (22% YoY), stable margins, and improving asset quality</li><li>Deposit growth (+14% YoY) lagged loan growth, with CASA ratio improving significantly to 52.5% (+297bps QoQ) on account of high seasonality in current account balances</li><li>Credit costs continued to sustain below 1%, with asset quality improving in the agri 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.

Bank of Maharashtra: Bank of Maharashtra (BOMH) reported healthy Q4FY26 earnings on the back of strong all-round credit growth (22% YoY), stable margins, and improving asset qualityDeposit growth (+14% YoY) lagged loan growth, with CASA ratio improving significantly to 52.5% (+297bps QoQ) on account of high seasonality in current account balancesCredit costs continued to sustain below 1%, with asset quality improving in the agri 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: Bank of Maharashtra, Mastek

<ul><li>ICICI Prudential Life Insurance Company: ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)</li><li>VNB margin (24.4%) clocked in above our estimates as the impact of GST input tax credit was offset by increased share of protection, favorable movement in yield curve and improved rider attachment</li><li>However, improvement in VNB margin was a major surprise, as our analysis indicated 150bps net adverse impact on VNB margins for FY26E due to unavailability of GST ITC</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.

ICICI Prudential Life Insurance Company: ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)VNB margin (24.4%) clocked in above our estimates as the impact of GST input tax credit was offset by increased share of protection, favorable movement in yield curve and improved rider attachmentHowever, improvement in VNB margin was a major surprise, as our analysis indicated 150bps net adverse impact on VNB margins for FY26E due to unavailability of GST ITCContent 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: ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance...

<ul><li>Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)</li><li>The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project Fortius</li><li>Margin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization efforts</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.

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project FortiusMargin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization effortsContent 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: Tech Mahindra, ICICI Lombard General Insurance...

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

<ul><li>ICICI Lombard General Insurance: ICICIGI reported in-line NEP growth at 14% YoY, although PAT witnessed a sharp jump (+29% YoY), ahead of our estimates</li><li>We believe that the steep growth in profitability was driven by slowdown in the topline growth, lower loss ratios, and continued high mix of realized capital gains (+34%YoY)</li><li>Given that ICICIGI lost market share across all major segments (except retail health) and lagged industry growth during Q1FY26, we expect this to reflect in deceleration in NEP during FY26E</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.

ICICI Lombard General Insurance: ICICIGI reported in-line NEP growth at 14% YoY, although PAT witnessed a sharp jump (+29% YoY), ahead of our estimatesWe believe that the steep growth in profitability was driven by slowdown in the topline growth, lower loss ratios, and continued high mix of realized capital gains (+34%YoY)Given that ICICIGI lost market share across all major segments (except retail health) and lagged industry growth during Q1FY26, we expect this to reflect in deceleration in NEP during FY26EContent 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: ICICI Lombard General Insurance, ICICI Prudential Life, Bank of Maharashtra

India

Bank of Maharashtra is a premier public sector bank in India, offering a wide range of banking and financial services including retail, MSME, and corporate banking. It provides deposits, loans, digital banking solutions, and services for the agriculture sector. The bank is headquartered in Pune, Maharashtra, and was founded in 1935.

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Maharashtra (BOMH IN)

HSIE Results Daily: Bank of Maharashtra, Mastek

Bank of Maharashtra: Bank of Maharashtra (BOMH) reported healthy Q4FY26 earnings on the back of strong all-round credit growth (22% YoY), stable...

HDFC Securities

HSIE Results Daily: ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance...

ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

HSIE Results Daily: ICICI Lombard General Insurance, ICICI Prudential Life, Bank of Maharashtra

ICICI Lombard General Insurance: ICICIGI reported in-line NEP growth at 14% YoY, although PAT witnessed a sharp jump (+29% YoY), ahead of our...

HDFC Securities

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