External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>The GAIL stock price has corrected 8% and underperformed the Sensex by 3% in the last three months</li><li>Our BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three-year CAGR of 8.6%), supported by higher domestic gas production and softer LNG prices resulting in improved volumes, (2) completion of major pipelines, and (3) improvement in earnings from the petchem segment.</li><li>At the current price, GAIL is trading at 11.5x Mar-26E EPS, a 4% discount to its five-year average despite the stronger volume growth outlook in its core business of gas transmission.</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.

The GAIL stock price has corrected 8% and underperformed the Sensex by 3% in the last three monthsOur BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three-year CAGR of 8.6%), supported by higher domestic gas production and softer LNG prices resulting in improved volumes, (2) completion of major pipelines, and (3) improvement in earnings from the petchem segment.At the current price, GAIL is trading at 11.5x Mar-26E EPS, a 4% discount to its five-year average despite the stronger volume growth outlook in its core business of gas transmission.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.

GAIL (India): Transmission Volume Growth on Track, Reiterate BUY

Thematic (Sector/Industry)

<ul><li>We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due to higher refining GRMs</li><li>Upstream segment earnings to decline by 0.2% YoY but grow by 6.3% QoQ owing to sequential rise in crude prices and rupee depreciation</li><li>We expect high LNG spot rate to have an adverse impact on natural gas offtake volume from Industrial and Commercial customers</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.

We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due to higher refining GRMsUpstream segment earnings to decline by 0.2% YoY but grow by 6.3% QoQ owing to sequential rise in crude prices and rupee depreciationWe expect high LNG spot rate to have an adverse impact on natural gas offtake volume from Industrial and Commercial customersContent 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.

Oil and Gas (Q2FY26 Result Preview): Strong refining margins to lift earnings

<ul><li>The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarter</li><li>Aggregate revenue/PAT grew by 5%/10% YoY across the HSIE coverage (~246 stocks) in Q1FY26</li><li>Ex-OMCs, aggregate YoY revenue/earnings growth for the quarter was 6%/5%</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.

The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarterAggregate revenue/PAT grew by 5%/10% YoY across the HSIE coverage (~246 stocks) in Q1FY26Ex-OMCs, aggregate YoY revenue/earnings growth for the quarter was 6%/5%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.

Quarterly Flipbook: Earnings growth and downgrade cycle bottoming-out

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury income</li><li>P&amp;M margins stood at 7.6% (+flat YoY) LT continues to guide for 10% order inflow growth (vs flat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%</li><li>NWC to sales stood at 10.1% (Q4FY25: 11%) and LT maintained FY26 guidance at 12%</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury incomeP&amp;M margins stood at 7.6% (+flat YoY) LT continues to guide for 10% order inflow growth (vs flat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%NWC to sales stood at 10.1% (Q4FY25: 11%) and LT maintained FY26 guidance at 12%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.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury income</li><li>P&amp;M margins stood at 7.6% (+flat YoY)</li><li>LT continues to guide for 10% order inflow growth (vsflat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury incomeP&amp;M margins stood at 7.6% (+flat YoY)LT continues to guide for 10% order inflow growth (vsflat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%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.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International...

India

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

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Gail India (GAIL IN)

GAIL (India): Transmission Volume Growth on Track, Reiterate BUY

Our BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three...

HDFC Securities

Oil and Gas (Q2FY26 Result Preview): Strong refining margins to lift earnings

We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due...

HDFC Securities

Quarterly Flipbook: Earnings growth and downgrade cycle bottoming-out

The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarter

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, a beat/(miss) of...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International...

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower...

HDFC Securities

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