External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Indus Motor Company (INDU) held its 37th Annual General Meeting today, following the release of its FY26 results.</li><li>To recall, the company reported gross margins of 10.3% in 4QFY26, down from 13.3% in 4QFY25 and 15.5% in 3QFY26.</li><li>We maintain our BUY stance on INDU, with the company trading at an FY27E PE of 4.8x and dividend yield of 13%.</li></ul>

Indus Motor Company (INDU) held its 37th Annual General Meeting today, following the release of its FY26 results.To recall, the company reported gross margins of 10.3% in 4QFY26, down from 13.3% in 4QFY25 and 15.5% in 3QFY26.We maintain our BUY stance on INDU, with the company trading at an FY27E PE of 4.8x and dividend yield of 13%.

Topline Flash Note: Indus Motor (INDU) - AGM Key Takeaways