External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth (+23.6% YoY) and improving operating efficiency</li><li>Credit costs remained elevated largely driven by MSME (11% of AUM) and captive 2W/3W (1.5% of AUM), leading to management guidance for credit costs of upper end of 1.85-1.95% range for FY26</li><li>However, BAF’s post-pandemic cross-functional investments continue to drive higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.8%), which is likely to sustain during FY26-FY28E</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 Finance: Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth (+23.6% YoY) and improving operating efficiencyCredit costs remained elevated largely driven by MSME (11% of AUM) and captive 2W/3W (1.5% of AUM), leading to management guidance for credit costs of upper end of 1.85-1.95% range for FY26However, BAF’s post-pandemic cross-functional investments continue to drive higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.8%), which is likely to sustain during FY26-FY28EContent 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 Finance, Petronet LNG, Birla Corporation, Greenlam Industries...

<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>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...

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

<ul><li>DLF: DLF reported a stable quarter with pre-sales of INR 20.3bn (+39.1%/-83.2% YoY/QoQ), largely on the back of sustenance sales from recently-launched Dahilas</li><li>Collections improved significantly, led by robust bookings, to INR 33.2bn (+50.6%/+6.5% YoY/QoQ)</li><li>Moreover, it is heading towards the launch of the Mumbai project, along with Privana North in Q1FY26, following its next uber luxury project DLF 5 at the end of this fiscal, which should further improve margins</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.

DLF: DLF reported a stable quarter with pre-sales of INR 20.3bn (+39.1%/-83.2% YoY/QoQ), largely on the back of sustenance sales from recently-launched DahilasCollections improved significantly, led by robust bookings, to INR 33.2bn (+50.6%/+6.5% YoY/QoQ)Moreover, it is heading towards the launch of the Mumbai project, along with Privana North in Q1FY26, following its next uber luxury project DLF 5 at the end of this fiscal, which should further improve marginsContent 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: DLF, Torrent Pharma, Dixon Technologies, Zydus Lifesciences...

India

Petronet LNG is an Indian oil and gas company primarily engaged in the import, storage, and regasification of liquefied natural gas (LNG). It operates LNG receiving and regasification terminals, with major facilities in Dahej, Gujarat, and Kochi, Kerala, supplying regasified LNG to various sectors including fertilizers, city gas distribution, refineries, and power generation. The company was founded on April 2, 1998, and is headquartered in New Delhi, India.

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Petronet LNG (PLNG IN)

HSIE Results Daily: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries...

Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth...

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

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

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

HSIE Results Daily: DLF, Torrent Pharma, Dixon Technologies, Zydus Lifesciences...

DLF reported a stable quarter with pre-sales of INR 20.3bn (+39.1%/-83.2% YoY/QoQ), largely on the back of sustenance sales from recently-launched...

HDFC Securities

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