ABCAPITAL.NSE

Aditya Birla Capital Ltd.

Auto companies in India registered double-digit growth in wholesale volumes in February 2026, supported by strong demand across segments, according to a research report by Aditya Birla Capital.

In this briefing: Event Driven: Edelweiss ~ How Housing Finance Stake Sale Unlocks Value? Primer: Zydus Wellness (ZYWL IN) - Feb 2026 Lucror Analytics - Morning Views Asia Aequitas: JSW Cement IPO Lockup Expiry - US$180m Lockup Release, But Shares Have Traded Down Aditya Birla Capital (ABCAP IN): Global Index Inclusion & Big Impact 1. Event Driven: Edelweiss ~ How Housing Finance Stake Sale Unlocks Value? Edelweiss Financial Services (EDEL IN) is divesting a controlling 73% stake in Nido Home Finance to Carlyle Group and Aditya Puri for approximately INR 2,100 crore The transaction infuses INR 1,500 crore capital into Nido for growth while providing liquidity to Edelweiss for reducing corporate debt and strengthening its balance sheet This strategic move unlocks significant value by monetizing a mature asset at a premium valuation while pivoting the group towards an asset-light business model 2. Primer: Zydus Wellness (ZYWL IN) - Feb 2026 Zydus Wellness holds a dominant market position in several of its core product categories, including a near-monopoly in the sugar substitute market with 'Sugar Free' holding a 95.9% share, and a leading position in the glucose powder segment with 'Glucon-D' at 58.8%.

In this briefing: Bank AL Habib (BAHL): 4Q2025 EPS At Rs5.20, Down 16% QoQ (Earnings Lower Than Industry Expectations) Primer: Kristal.AI (1609643D SP) - Feb 2026 Kristal.AI: Bridging the Private Banking Gap (Initiation) Primer: Sakura Sogo REIT (3473 JP) - Feb 2026 Aditya Birla Capital (ABCAP IN): Global Index Inclusion & Big Impact 1. Bank AL Habib (BAHL): 4Q2025 EPS At Rs5.20, Down 16% QoQ (Earnings Lower Than Industry Expectations) Bank AL Habib (BAHL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs5.8bn (EPS of Rs5.20), down 23% YoY and 16% QoQ. The 4Q2025 result came lower than industry expectations due to higher-than-expected operating expenses. Non-Interest expense increased by 22% YoY and 4% QoQ due to higher marketing spend on remittances, in our view. This takes bank’s cost to income ratio to 67% in 4Q2025. 2. Primer: Kristal.AI (1609643D SP) - Feb 2026 Kristal.AI is rapidly scaling its AI-powered digital wealth management platform, having doubled its Assets Under Management (AUM) to over US$2 billion since 2022, with a strategic focus on the burgeoning India-Singapore-UAE corridor.

In this briefing: Primer: Kristal.AI (1609643D SP) - Feb 2026 Kristal.AI: Bridging the Private Banking Gap (Initiation) Primer: Sakura Sogo REIT (3473 JP) - Feb 2026 Aditya Birla Capital (ABCAP IN): Global Index Inclusion & Big Impact ETI - Operating Income Growth Alongside Tame Cost Pressures 1. Primer: Kristal.AI (1609643D SP) - Feb 2026 Kristal.AI is rapidly scaling its AI-powered digital wealth management platform, having doubled its Assets Under Management (AUM) to over US$2 billion since 2022, with a strategic focus on the burgeoning India-Singapore-UAE corridor. The company has successfully shifted its business model to a B2B2C approach, which now accounts for 55% of its revenue, by providing platform services to over 400 partners, including banks and brokers. Having achieved EBITDA breakeven, Kristal.AI is focused on sustainable profitability and is targeting a potential IPO within the next four to five years, supported by a recent Series B fundraising initiative to fuel further expansion and technological development.