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>Revenue for our coverage universe is likely to change by +2.2% QoQ</li><li>EBITDA is expected to change by +3.7% QoQ</li><li>Exports to MNC agrochemical and pharmaceuticals increased sequentially</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.

Revenue for our coverage universe is likely to change by +2.2% QoQEBITDA is expected to change by +3.7% QoQExports to MNC agrochemical and pharmaceuticals increased sequentiallyContent 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.

Chemicals (Q3FY26 Results Preview): Subdued growth, weak exports

<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>Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQ</li><li>Addition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25</li><li>Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarter</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.

Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQAddition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarterContent 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.

Chemicals (Q1FY26 Results Preview): Brewing momentum

<ul><li>In the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)</li><li>If private capex is picking up, then why isn’t that visible in credit growth of the banking system?</li><li>Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.</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.

In the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)If private capex is picking up, then why isn’t that visible in credit growth of the banking system?Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.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.

Capex Tracker: Private and central capex strong, states fall behind

<ul><li>Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launches</li><li>Management indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffs</li><li>Additionally, as per media articles, the company had paused JLR shipments to the US for almost a month in Q1FY26, on the back of higher tariffs</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.

Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launchesManagement indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffsAdditionally, as per media articles, the company had paused JLR shipments to the US for almost a month in Q1FY26, on the back of higher tariffsContent 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: Tata Motors, Tata Steel, SRF, Relaxo Footwears, Happiest Minds Technologies

India

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

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SRF Ltd (SRF IN)

Chemicals (Q3FY26 Results Preview): Subdued growth, weak exports

Revenue for our coverage universe is likely to change by +2.2% QoQ. EBITDA is expected to change by +3.7% QoQ. Exports to MNC agrochemical and...

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

Chemicals (Q1FY26 Results Preview): Brewing momentum

Acutaas Chemicals, Clean Science and Technology, and Aether Industries’ performance should be supported by ramp-up in recently-commissioned plants.

HDFC Securities

Capex Tracker: Private and central capex strong, states fall behind

Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&T, Maruti, Mahindra & Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.

HDFC Securities

HSIE Results Daily: Tata Motors, Tata Steel, SRF, Relaxo Footwears, Happiest Minds Technologies

Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use...

HDFC Securities

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