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>NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target</li><li>This resulted in players like GR and KNR winning few projects but not enough to meet guidance</li><li>For our road coverage universe, awards win has been around 50% of the guidance</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.

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km targetThis resulted in players like GR and KNR winning few projects but not enough to meet guidanceFor our road coverage universe, awards win has been around 50% of the guidanceContent 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.

Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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.

Read Business Not Stock Prices

<ul>
<li>India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.</li>
<li>India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.</li>
<li>With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.</li>
</ul>


India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.
India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.
With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.


India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.</li>
<li>The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.</li>
<li>
Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.</li>
</ul>


India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.
The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.

Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.


Thematic Report: India Defense Sector - Moving Into Growth Phase

<ul>
<li>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

India

Larsen & Toubro Limited (L&T) is an Indian multinational conglomerate specializing in engineering, procurement, construction (EPC), hi-tech manufacturing, and services. The company operates across diverse segments including infrastructure, hydrocarbon, power, heavy engineering, defense engineering, IT and technology services, financial services, and development projects. L&T was founded in 1938 and is headquartered in Mumbai, India.

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Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target

HDFC Securities

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

Thematic Report: India Defense Sector - Moving Into Growth Phase

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

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Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target

HDFC Securities

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

​India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

Thematic Report: India Defense Sector - Moving Into Growth Phase

​India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...