External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>Demand remained subdued across most consumer durables categories in the quarter</li><li>Cooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the south</li><li>Demand momentum in the wire &amp; cable (W&amp;C) segment slowed during the quarter, impacted by channel inventory reduction</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.

Demand remained subdued across most consumer durables categories in the quarterCooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the southDemand momentum in the wire &amp; cable (W&amp;C) segment slowed during the quarter, impacted by channel inventory reductionContent 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 Durables & EMS (Q4FY26 Results Preview): Soft summer demand, costs heat up

<ul><li>After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum since</li><li>Ahead of BEE norm changes for RAC and fans effective January, our channel checks reveal distributors accumulated stocks by late December</li><li>Wires and cables are set to post strong performance, propelled by price increases, even as rising input costs create margin headwinds</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.

After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum sinceAhead of BEE norm changes for RAC and fans effective January, our channel checks reveal distributors accumulated stocks by late DecemberWires and cables are set to post strong performance, propelled by price increases, even as rising input costs create margin headwindsContent 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 Durables & EMS (Q3FY26 Results Preview): Soft durables demand, EMS growth moderate

<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>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

India

TTK Prestige is a prominent Indian kitchenware company specializing in a diverse range of cooking and kitchen appliances, including pressure cookers, non-stick cookware, gas stoves, and induction cooktops. The company markets its products under the "Prestige" and "Judge" brands. Headquartered in Bengaluru, Karnataka, India, the company was founded in 1955.

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TTK Prestige (TTKPT IN)

Consumer Durables & EMS (Q4FY26 Results Preview): Soft summer demand, costs heat up

Cooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the south

HDFC Securities

Consumer Durables & EMS (Q3FY26 Results Preview): Soft durables demand, EMS growth moderate

After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum since

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

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

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