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Equity Bottom-Up

Go Digit General Insurance / Equity Bottom-Up

<ul><li>GoDigit hosted its analysts and investor meet to showcase its strategy and progress on (a) green renewals strategy, (b) distribution channel specific strategy, (c) way forward on commercial lines in the rates softening environment, (d) claims management in the motor TP segment, and (e) leveraging tech in multiple business aspects</li><li>As one of the new-age, tech-driven multi-line general insurers, GoDigit has emerged as the third-largest GI player (GWP: INR100bn with a formidable 6.7% market share as of Dec-25) and a right-to-win in its flagship motor TP business</li><li>We expect GoDigit to continue building its commercial segment presence (+80bps market share gains between FY25 and FY28E) on the back of inroads in the past couple of years, buoyed by a favourable treaty structure.</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.

GoDigit hosted its analysts and investor meet to showcase its strategy and progress on (a) green renewals strategy, (b) distribution channel specific strategy, (c) way forward on commercial lines in the rates softening environment, (d) claims management in the motor TP segment, and (e) leveraging tech in multiple business aspectsAs one of the new-age, tech-driven multi-line general insurers, GoDigit has emerged as the third-largest GI player (GWP: INR100bn with a formidable 6.7% market share as of Dec-25) and a right-to-win in its flagship motor TP businessWe expect GoDigit to continue building its commercial segment presence (+80bps market share gains between FY25 and FY28E) on the back of inroads in the past couple of years, buoyed by a favourable treaty structure.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.

Go Digit General Insurance: Building Scale, Managing Volatility. Maintain ADD

Thematic (Sector/Industry)

<ul><li>Maruti Suzuki: Maruti Suzuki’s Q4FY26 EBITDA margin at 11.7% was in line with our estimate of 11.7% and Bloomberg consensus estimate of 11.8%</li><li>We expect capacity addition, higher bookings backlog, and lower channel inventory to support near-term channel filling</li><li>Additionally, growth in FY27 should be aided by the addition of volumes from Victoris and e-Vitara, though partially negated by lost volumes of Ignis</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.

Maruti Suzuki: Maruti Suzuki’s Q4FY26 EBITDA margin at 11.7% was in line with our estimate of 11.7% and Bloomberg consensus estimate of 11.8%We expect capacity addition, higher bookings backlog, and lower channel inventory to support near-term channel fillingAdditionally, growth in FY27 should be aided by the addition of volumes from Victoris and e-Vitara, though partially negated by lost volumes of IgnisContent 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: Maruti Suzuki, Phoenix Mills, Dalmia Bharat, Go Digit General Insurance

<ul><li>Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs</li><li>Deposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)</li><li>Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segments</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.

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costsDeposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segmentsContent 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: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing margins</li><li>IOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumes</li><li>Reported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing marginsIOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumesReported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)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: Indian Oil Corporation, TVS Motor, SRF...

<ul><li>Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflation</li><li>The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies</li><li>The focus is to improve field force productivity with new divisions for launches and expand market reach</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.

Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflationThe company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapiesThe focus is to improve field force productivity with new divisions for launches and expand market reachContent 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: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

India

Go Digit General Insurance Limited, doing business as Digit, operates as a digital insurance company. The Company enables consumers to buy vehicle, travel, property, flight delay, health, mobile, holiday home, and shop insurance. Digit serves customers in India.

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Go Digit General Insurance (GODIGIT IN)

Go Digit General Insurance: Building Scale, Managing Volatility. Maintain ADD

We expect GoDigit to continue building its commercial segment presence (+80bps market share gains between FY25 and FY28E) on the back of inroads in...

HDFC Securities

HSIE Results Daily: Maruti Suzuki, Phoenix Mills, Dalmia Bharat, Go Digit General Insurance

Maruti Suzuki: Maruti Suzuki’s Q4FY26 EBITDA margin at 11.7% was in line with our estimate of 11.7% and Bloomberg consensus estimate of 11.8%

HDFC Securities

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies...

HDFC Securities

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

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