In this briefing: Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD APL Apollo Tubes - Strong Margins Despite Disruptions Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size) Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside 1. Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD Steady Performance led by Volume Recovery: Jyothy Labs reported a steady Q4FY26 performance, with revenue growing 7.6% YoY to Rs 717 Cr, supported by healthy volume growth of 10.8%. Growth was driven by a strong recovery in Fabric Care and Personal Care, which expanded 14.4% and 20.1% YoY, respectively. Demand trends remained stable in rural markets, while urban consumption improved, aided by GST-led affordability benefits. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: APL Apollo Tubes - Strong Margins Despite Disruptions Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size) Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside Primer: HG Infra Engineering Ltd (HGINFRA IN) - May 2026 1. APL Apollo Tubes - Strong Margins Despite Disruptions Resilient Q4FY26 Despite Disruptions: Despite late-quarter disruptions (war impact, energy shortages, destocking), the company delivered ~Rs 5,500+/t EBITDA, driven by strong brand premium and better product mix amidst supply tightness in steel tubes. Management remains confident of sustaining Rs 5,000-5,500/t EBITDA, even in volatile conditions. Strategic Shift: Profitability Over Volume in Near Term: Given demand uncertainty and macro headwinds, management highlighted a clear pivot. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Primer: Sammaan Capital (SAMMAANC IN) - Apr 2026 Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector? Primer: Hexaware Technologies (HEXW IN) - Apr 2026 IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD 1. Primer: Sammaan Capital (SAMMAANC IN) - Apr 2026 Sammaan Capital is a mortgage-focused Non-Banking Financial Company (NBFC) in India, primarily offering home loans and loans against property, with a significant nationwide presence of over 220 branches. The company exhibits a concerning financial trajectory, with multi-year declines in revenue and net income, culminating in a significant net loss in the most recent fiscal year (FY25). This contrasts sharply with strong operating cash flow growth over the same periods. Despite poor fundamental performance, the stock shows strong momentum and value characteristics, trading at a significant discount to peers on a Price-to-Book basis.

In this briefing: Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector? Primer: Hexaware Technologies (HEXW IN) - Apr 2026 IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD Sector Update: Consumption 1. Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector? Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce. Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital. AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle. 2. Primer: Hexaware Technologies (HEXW IN) - Apr 2026 Hexaware is strategically positioned as a mid-tier IT services firm with a differentiated 'AI-first' strategy, leveraging proprietary platforms to drive growth in digital transformation, cloud, and automation services.

In this briefing: Primer: Hexaware Technologies (HEXW IN) - Apr 2026 IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD Sector Update: Consumption Auto Monthly Sales Volume - April 2026 1. Primer: Hexaware Technologies (HEXW IN) - Apr 2026 Hexaware is strategically positioned as a mid-tier IT services firm with a differentiated 'AI-first' strategy, leveraging proprietary platforms to drive growth in digital transformation, cloud, and automation services. The company has demonstrated robust revenue growth, outpacing the industry average. Following its successful $1 billion IPO in February 2025, the largest Indian IT services IPO, the company is backed by private equity major The Carlyle Group. This provides strong financial backing and strategic oversight, but Carlyle's significant 75% stake could present a future share overhang. While the company's valuation at the time of its IPO was considered attractive relative to mid-cap peers, it faces intense competition from both larger Tier-1 players and other niche service providers.

In this briefing: Samsung Electronics (005930 KS/Buy)Beginning of a Structural Shift LX International (001120 KS/Hold)Earnings Momentum Returning Veralto Acquisition Deep Dive: Small Deal, Big Strategic Implications! Aurinia’s Kezar Buyout: A Game-Changer Or Risky Gamble? APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD 1. Samsung Electronics (005930 KS/Buy)Beginning of a Structural Shift Samsung Electronics (SEC) is set to release preliminary 1Q26 results on Apr. 7. We estimate revenue at W124tr (+32.2% QoQ) and operating profit at W41.3tr (+105.9% QoQ), with the latter exceeding the consensus of W37tr. By division, we estimate operating profit at W37.2tr for DS (OP margin: 55.3%), W3.5tr for DX (OP margin: 6.3%), W0.2tr for Samsung Display, and W0.3tr for Harman. 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 this briefing: Tech Supply Chain Tracker (03-Apr-2026): CXL advantages in server memory setup IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD Sector Update: Consumption What Is ETH Worth? 1. Tech Supply Chain Tracker (03-Apr-2026): CXL advantages in server memory setup CXL has made significant strides in server memory configurations, enhancing data access speeds and resource management capabilities. SpaceX is initiating its IPO process, which could potentially value the company at an impressive $1.75 trillion in the market. TCL's acquisition of a majority stake in Sony's home entertainment division marks a strategic global joint venture in the tech industry. 2. IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive The Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.

In this briefing: Aurinia’s Kezar Buyout: A Game-Changer Or Risky Gamble? APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD Hybridan Small Cap Feast: 26 March 2026 Primer: Humm Group (HUM AU) - Apr 2026 Hansoh Pharma (3692 HK) - Robust Sales Growth and Sustainable BD Momentum 1. Aurinia’s Kezar Buyout: A Game-Changer Or Risky Gamble? Aurinia Pharmaceuticals entered 2026 with two major developments that materially changed its strategic profile. First, the company reported another year of strong commercial execution for LUPKYNIS, with 2025 net product sales rising 25% year over year to $271.3 million and 2026 guidance calling for further growth to $305 million-$315 million. Second, Aurinia announced a definitive agreement to acquire Kezar Life Sciences for $6.955 per share in cash plus a contingent value right tied to zetomipzomib-related development and other proceeds. 2. APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD We initiate coverage on APL Apollo Tubes Ltd (APAT) with an ADD rating and a 12‑month target price of INR 2,070 (35x FY28E adj EPS) With installed capacity of 4.5/5.0mn MT in FY25/Q3FY26, APAT is India’s undisputed structural steel tube franchise, commanding ~55% market share in the branded HRC‑based tube segment, with no credible domestic challenger at scale This is not a steel‑to‑tube story.

In this briefing: IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD Sector Update: Consumption What Is ETH Worth? Auto Monthly Sales Volume - April 2026 1. IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive The Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.9% QoQ CC and mid-tier companies ranging growth from -1.8% to +3.4%, as macro uncertainty, ongoing geopolitical tensions, and cautious client decision-making on large deals amid war escalation risks temper near-term revenue traction The rupee depreciation brings some respite to margins, but AI-led deflation concerns triggered the recent multiple de-rating Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting traditional SaaS/IT models Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.