External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<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...

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

<ul><li>Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing profitability over topline growth</li><li>Outliers such as GODIGIT, NIACL, GICRE, and MAXL ticked both boxes, while IPRULIFE continued to disappoint on both fronts</li><li>In the LI business, companies witnessed green shoots on product mix alignment in the banca channel</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 insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing profitability over topline growthOutliers such as GODIGIT, NIACL, GICRE, and MAXL ticked both boxes, while IPRULIFE continued to disappoint on both frontsIn the LI business, companies witnessed green shoots on product mix alignment in the banca channelContent 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.

India Insurance: Q1FY26 - A Mixed Bag - Low on Growth, High on Profitability

<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

ICICI Prudential Life Insurance Company Ltd. is a prominent Indian life insurance company, a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company offers a diverse range of products including life insurance, health, and retirement solutions, as well as term plans, unit-linked insurance plans (ULIPs), and traditional savings plans. Headquartered in Mumbai, Maharashtra, India, the company commenced operations in the fiscal year 2001.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

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

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

India Insurance: Q1FY26 - A Mixed Bag - Low on Growth, High on Profitability

Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing...

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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52-week Range

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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

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

India Insurance: Q1FY26 - A Mixed Bag - Low on Growth, High on Profitability

Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing...

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

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.