External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Bajaj Auto: The company maintained a steady margin performance and expects this to continue into Q1 as well, on the back of operating leverage, forex tailwinds, and cost optimization efforts</li><li>Export sales continues to move upward, aided by good growth in Latin America and recovery in Nigeria</li><li>On the domestic front, we expect continuing product interventions for motorcycles and rising traction in the EV segment to aid growth</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 Auto: The company maintained a steady margin performance and expects this to continue into Q1 as well, on the back of operating leverage, forex tailwinds, and cost optimization effortsExport sales continues to move upward, aided by good growth in Latin America and recovery in NigeriaOn the domestic front, we expect continuing product interventions for motorcycles and rising traction in the EV segment to aid growthContent 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 Auto, Hero MotoCorp, Shree Cement, PB Fintech...

<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>Trent: Standalone revenue growth moderated to 16% YoY at INR 52.6bn due to headwinds from muted consumer sentiment and a shift in the festive calendar</li><li>Fashion formats reported a slightly negative SSSG in Q3 (9MFY26 SSSG was in low-single digits)</li><li>As highlighted in our Jan-26 report, the company has pivoted expansion from saturated South+West to relatively untapped North+East markets</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.

Trent: Standalone revenue growth moderated to 16% YoY at INR 52.6bn due to headwinds from muted consumer sentiment and a shift in the festive calendarFashion formats reported a slightly negative SSSG in Q3 (9MFY26 SSSG was in low-single digits)As highlighted in our Jan-26 report, the company has pivoted expansion from saturated South+West to relatively untapped North+East marketsContent 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: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services

<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

<ul><li>State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gains</li><li>Loan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained muted</li><li>Deposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balances</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.

State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gainsLoan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained mutedDeposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balancesContent 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: State Bank of India, Titan, Berger Paints, JK Cement, Kansai Nerolac,...

India

Kansai Nerolac Paints is a leading Indian manufacturer of a diversified range of decorative and industrial coatings. The company offers interior and exterior wall paints, wood and metal coatings, automotive coatings, powder coatings, and construction chemicals, along with professional home painting services. It is headquartered in Mumbai, Maharashtra, India, and was founded in 1920.

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Kansai Nerolac Paints (KNPL IN)

HSIE Results Daily: Bajaj Auto, Hero MotoCorp, Shree Cement, PB Fintech...

The company maintained a steady margin performance and expects this to continue into Q1 as well, on the back of operating leverage, forex...

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: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services

Trent: Standalone revenue growth moderated to 16% YoY at INR 52.6bn due to headwinds from muted consumer sentiment and a shift in the festive calendar

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

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement, Kansai Nerolac,...

SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain...

HDFC Securities

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