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Equity Bottom-Up

<ul><li>Sundaram Finance’s (SUF) revamped strategy of product (retail CV, commercial lending) and geographic diversification (non-South) under the current MD has delivered improved AUM CAGR of 20% during FY23-FY25 (vs 9% CAGR during FY16-FY22)</li><li>The strong growth has been achieved despite the subdued CV industry volumes during FY24-FY25 (~2% CAGR)</li><li>Strong festive period, particularly in PVs and Tractors on the back of reduction in GST rates is likely to augment the loan growth going ahead</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.

Sundaram Finance’s (SUF) revamped strategy of product (retail CV, commercial lending) and geographic diversification (non-South) under the current MD has delivered improved AUM CAGR of 20% during FY23-FY25 (vs 9% CAGR during FY16-FY22)The strong growth has been achieved despite the subdued CV industry volumes during FY24-FY25 (~2% CAGR)Strong festive period, particularly in PVs and Tractors on the back of reduction in GST rates is likely to augment the loan growth going aheadContent 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.

Sundaram Finance: Value Emerging, Upgrade to ADD

Thematic (Sector/Industry)

<ul><li>Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 345, owing to the risk of weak refining and marketing margins</li><li>Q2FY26 EBITDA at INR 97.77bn (+1.2x YoY, +1.2% QoQ) and reported PAT at INR 64.4bn (+1.6x YoY, +5.2% QoQ) were below our estimates due to lower-than-expected refining margins and marketing volume.</li><li>Ambuja Cement: We maintain BUY with an unchanged TP of INR 680/share (16.5x its consolidated Sep-27E EBITDA)</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.

Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 345, owing to the risk of weak refining and marketing marginsQ2FY26 EBITDA at INR 97.77bn (+1.2x YoY, +1.2% QoQ) and reported PAT at INR 64.4bn (+1.6x YoY, +5.2% QoQ) were below our estimates due to lower-than-expected refining margins and marketing volume.Ambuja Cement: We maintain BUY with an unchanged TP of INR 680/share (16.5x its consolidated Sep-27E EBITDA)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: Bharat Petroleum Corporation, Ambuja Cement, Sundaram Finance...

<ul><li>Siemens Energy: Siemens Energy Ltd (SEL) delivered a muted quarter with revenue/EBITDA/APAT of INR 17.8/3.4/2.6bn, miss on our estimates by -12.1/-21.4/-19.4%</li><li>Revenue and EBITDA were impacted by weaker execution which we believe will pick up from FY26 as T&amp;D OB is strong and once there is significant execution, operating leverage will kick in on better margin mix</li><li>SEL received new orders worth INR 32.9bn (+94% YoY) on the back of strong demand both in domestic as well as export market, which led to an order intake of INR 107.6bn, as of 9MFY25</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.

Siemens Energy: Siemens Energy Ltd (SEL) delivered a muted quarter with revenue/EBITDA/APAT of INR 17.8/3.4/2.6bn, miss on our estimates by -12.1/-21.4/-19.4%Revenue and EBITDA were impacted by weaker execution which we believe will pick up from FY26 as T&amp;D OB is strong and once there is significant execution, operating leverage will kick in on better margin mixSEL received new orders worth INR 32.9bn (+94% YoY) on the back of strong demand both in domestic as well as export market, which led to an order intake of INR 107.6bn, as of 9MFY25Content 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: Siemens Energy, Shree Cement, ABB India, Sundaram Finance...

<ul><li>Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other income</li><li>AUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segments</li><li>Disbursement uptick remains a key monitorable as the overall CV and PV cycles remain soft</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.

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other incomeAUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segmentsDisbursement uptick remains a key monitorable as the overall CV and PV cycles remain softContent 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: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas production</li><li>In Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)</li><li>AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segments</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.

ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas productionIn Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segmentsContent 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: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

India

Sundaram Finance Ltd., together with its subsidiaries, provides various financial products and services in India. The Company offers savings products, car and commercial vehicle finance, insurance products, home loans and logistics services. Sundaram is based in Chennai, India.

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Sundaram Finance (SUF IN)

Sundaram Finance: Value Emerging, Upgrade to ADD

Sundaram Finance’s (SUF) revamped strategy of product (retail CV, commercial lending) and geographic diversification (non-South) under the current...

HDFC Securities

HSIE Results Daily: Bharat Petroleum Corporation, Ambuja Cement, Sundaram Finance...

Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 345, owing to the risk of weak...

HDFC Securities

HSIE Results Daily: Siemens Energy, Shree Cement, ABB India, Sundaram Finance...

Siemens Energy: Siemens Energy Ltd (SEL) delivered a muted quarter with revenue/EBITDA/APAT of INR 17.8/3.4/2.6bn, miss on our estimates by -12.1/...

HDFC Securities

HSIE Results Daily: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset...

HDFC Securities

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

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